Tag Archives: Wills

When the original of the trust document has been lost

A person who has a revocable living trust may inadvertently lose the original trust document. He or she will typically continue to hold title to assets in the name of the trust. The person can still furnish copies from his … Continue reading

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NEW IRS RULES

New IRS ruling where surviving spouse forgot to timely file the deceased spouse’s federal estate tax return and thereby failed to make portability election When one spouse dies on or after January 1, 2011, his or her federal estate tax … Continue reading

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Is there a need to save estate tax?

For persons dying in 2014, the estate tax exemption is $5,340,000. If the surviving spouse files a timely estate tax return for the first-spouse-to-die, the first-spouse-to-die’s exemption can be added to the surviving spouse’s exemption. This is called portability. Unless … Continue reading

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Rule Against Perpetuities

Most states including California have laws limiting the duration of trusts. In some instances, the trust is invalid if it goes on longer than (a)21 years after the death of the Creator and of every beneficiary living on the death … Continue reading

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Business Interests and Your Revocable Trust

If you own stock in a public corporation, your broker can help you re-title this stock into the name of your trust.  But if you have your own corporation, partnership or limited liability company, there is no outside manager to … Continue reading

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Tale of the Trust Protector

An irrevocable trust can designate a trust protector and give him or her certain powers, for example, to change the trustee or to move the trust administration to a different jurisdiction. A trustee is a fiduciary because he or she … Continue reading

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The need to file an estate tax return even when it is not required

A person can die in 2011 with up to $5,000,000 and his or her estate will pay no federal estate taxes. The federal estate tax return, form 706, is not required to be filed if the gross estate of a … Continue reading

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