Kristal Trust Law

TITLE CONCERNS? I often get calls about this, so I wanted to share a great event organized by a local law library. If you’re struggling to prove ownership or inherited a home with no paperwork, this free clinic is your chance to get expert help.

ASK A LAWYER: PROPERTY TITLE CLEARING CLINIC
Get help clearing your title. Free clinic to consult with a volunteer attorney one-on-one over Zoom or in-person. Advance registration required.
Thursday, September 19, 2024, 10:00am – 12:00pm

Check the first comment for a link to their flyer.

As an estate planning attorney, I can't stress enough the importance of checking your title during your lifetime - when you’re in control. And if you own real property in California, please, please consider setting up a living trust!

Photo by Stijn Dijkstra

If you are a low-income landlord, register for this presentation:
Low-income Landlord Assistance: Move-Out Agreements Presentation
February 15th, 2024
5:30pm to 6:30pm
Free Zoom presentation by Legal Access Alameda Staff Attorney Bianca Torres
This presentation will help landlords in Alameda County understand their rights and duties when they are trying to negotiate a move-out agreement with a tenant. The presenter will spend time talking about Oakland agreements, which have special rules that must be followed, as well as minimum relocations costs that must be offered. Landlords can also get assistance via the Legal Access Alameda Low-income Landlord Callback Clinic.
Advance registration required for presentation, signup here

Landlord-Tenant Presentation Please fill out this form to receive a zoom link.

Dear clients and friends -

🥂 Cheers to a Prosperous and Well-Planned 2024!

May your assets grow, your liabilities shrink, and let's hope family debates are more about board game nights than who gets the vacation home!

And don't forget, topping your New Year's resolutions should be setting up or updating your trust. Remember, a good estate plan is like a great New Year’s resolution – start early and stick with it!

Back by popular demand: our classic 'Happy New Year from Your Lawyer' pic – an oldie but a goodie as we step into 2024!

Landlord-Tenant Law is not my area of practice but if you are a Bay Area tenant facing an eviction lawsuit, watch this video
https://youtu.be/wWcyzM3lvFE?si=BrbtpmDK80y9-wL9
Local landlords may also find this presentation useful.

How the Eviction Process Works: A Guide for Tenants and their Advocates From August 31, 2023Program DescriptionThis participatory training focuses on what tenants and their advocates need to know about the eviction process in Ala...

Estate Planning for your Apple account
Apple allows you to add a Legacy Contact to your account. This grants the designated person access in case something happens to you.
https://aclawlib.wordpress.com/2023/10/06/faq-friday-access-to-an-iphone-account/
Photo by Brad Pouncey on Unsplash

Are you considering adding your responsible and supportive adult child to your bank account for financial management? Hold on a sec! Before you make a move, let's weigh these pros and cons:
Pros:
🚀 Convenience: It does make managing finances easier. Your son or daughter can handle transactions, online payments, checks, and communicate with the bank.
🏥 Incapacity Planning: If you end up in the hospital and can't handle your finances, your adult child can step in, access your account, and pay bills if needed.
🚫 Avoiding Probate Hassle: Your account funds may face probate upon your passing. But adding your child as a co-owner ensures funds pass smoothly without the probate process.
Cons:
💳 Exposure to Child's Creditors: Your funds aren't protected from your child's financial risks and creditors! Their divorce or unexpected lawsuit could turn into your financial nightmare for you.
👨‍👩‍👧‍👦 Family Conflicts: If you have more than one child, adding just one to your account may affect sibling relationships.
🚫 Unintended Disinheriting: Be cautious! Upon your death, the surviving co-owner inherits everything. If this account is your main asset and you have more children than bank accounts, think twice.
Think About Alternatives:
🔍 Consider other options like setting up a living trust and/or a durable power of attorney for a safer solution.
If you have further questions or concerns, you can schedule a free 15-minute call (link to my website in the first comment). I'll be happy to answer and explain.

A Personal Journey: From Law Student to Estate Planning Lawyer ..Many years ago, as a second-year law student, I took a course with a simple yet intriguing name: "Wills and Trusts." Little did I know that this decision would shape my path and lead me to where I am today—a dedicated trust lawyer.
I can still vividly recall the moment I opened that priceless textbook filled with words that held the key to understanding the intricate world of estate planning. Amongst the pages, there was a small cartoon depicting a simple message: "Daddy doesn't know why birds migrate. Ask me about ways to avoid probate." That image set me on a transformative journey. At the time, I was a parent to a minor daughter who had a greater interest in birds than in jurisprudence. I had a lot to learn—not just about the necessity of avoiding probate, but even about the probate procedure itself.
Over the years, I spend my days drafting trusts and helping my clients and their families navigate the complexities of estate planning and, yes, avoiding probate.
If you find yourself among those who are unsure why probate is typically undesirable, I invite you to reach out to me for a complimentary 15-minute conversation (see links in the comment).
Moreover, I strongly believe in the power of education and would be more than happy to offer you a free presentation for a group of your 12-15 friends, neighbors, or coworkers. If you are a real estate, insurance, or financial professional, this event may be especially useful for you and your clients. It's an opportunity to discuss your concerns and explore the steps you can take to protect yourself and your loved ones.
Let's embark on this journey together.

Are you in a serious relationship but not married? Let me remind you that California is not a state that recognizes common-law marriages.
If you and your lifelong partner are not married, it's important to pay attention to estate planning. This article highlights some challenges that unmarried couples may face and offers valuable tips to help secure your future together. Take a look!. And contact me if you have more specific questions.
Unmarried And Living Together? Be Aware Of These Financial Challenges (see my first comment)
Photo by cottonbro studio

Meanwhile IRS announces tax relief for victims of severe winter storms, flooding, and mudslides in California
https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-severe-winter-storms-flooding-and-mudslides-in-california
Instead of doing my taxes I am reading a discussion about how long it takes the average person to do their taxes...

Via Veronica Joyner (Lawyer on the Beach Group)

"Everybody knows they should have a will, and not having one can leave heirs with a big mess. But just having a will isn’t enough. Big mistakes are common—from leaving decisions to the last minute and failing to update documents to mismatching beneficiary designations.
What follows are some of the biggest mistakes people make when doing their wills, according to attorneys who have seen these missteps far too often."

The Biggest Mistakes People Make With Their Wills | Kanebridge News The Biggest Mistakes People Make With Their Wills

Life after death (via Buddhist Humor 2.0)

Happy Valentine's Day!
On this day, you should let your significant other know how much they mean to you.
Please let me remind you that Estate Planning is an act of love and a way to say “I Love You" (you may want to look at this old Forbes article)
Lily Garipova and I invite Russian speakers to our webinar "Любовь, доверие, траст" - ссылка в комментарии.

10 Estate Planning Ways To Say “I Love You" Putting a thoughtful estate plan in place is a selfless act of love that benefits those you leave behind.

Basic Things You Should Know About Your 401k Plan
FAQ
Q1. Can I put a 401(k) account in a living trust?
A1. No. Retirement accounts should not be transferred into your living trust. If you change the ownership structure of your 401(k), the IRS will regard it as an early withdrawal.

Q2. Can a trust be a beneficiary of a 401(k) plan?
A2. Yes, you can designate a trust as the future beneficiary of your 401(k) retirement account.

Q3. Should I make my living trust the beneficiary of my 401K?
A3. It may be a good idea if beneficiaries are minors, have a disability, or shouldn't be trusted with a large sum of money.

What Happens to Your 401(k) When You Quit? Learn about the many things you can do with a 401(k) when you leave a job, from rolling it over to an IRA to transferring the funds to a new 401(k) plan.

Death and Taxes: Franklin vs. AI
Some say, an estate plan is just a pile of documents written in intimidating legalese. I believe estate planning is more of an art - juggling countless potentials, attempting to foresee the unforeseeable.
Sandy Tayts introduced me to Wonder, a baby AI art generator which can transform words into art. This is generally what we, estate planning attorneys do for a living.
My first thought was to check how Wonder understands some basic estate planning concepts.
Naturally, I started with Benjamin Franklin - “In this world nothing can be said to be certain, except death and taxes”
Look at the AI's interpretation!
Which one do you like the best?

Avoiding Probate In California
For decedents who died prior to April 1, 2022 the California Probate Code provides that probate estates of $166,250 or less do not need to be probated. Deaths on or after April 1, 2022 the threshold amount is $184,500. If the estate consists of assets in excess of the prescribed amount a probate is necessary.

The Probate Code sections that were updated are as follows:

PC §13100 (Affidavit to Transfer Personal Property): $184,500
PC §13150 (Petition to Determine Succession to Real Property: $184,500
PC §13200 (Affidavit to Transfer Real Property of Small Value): $61,500
PC §6600 (Small Estate Set Aside): $95,325
PC §13050 (Exclusion amount): $18,450
PC §13600 (Collection of salary): $18,450
Practically, this means that those passing with less than $184,500 of assets in their name will typically NOT have to do a full probate.

Just a couple of reasons why you may need an irrevocable trust:
protecting your assets;
protecting your beneficiaries.

The sanctioned oligarch Alisher Usmanov, the 5th-richest person in Russia, previously transferred his assets to trusts and doesn't own them anymore: report Alisher Usmanov's spokesperson told Reuters his properties were transferred to irrevocable trusts in 2006 for estate-planning purposes.

Traditional: holiday wishes, thoughts, and concerns.

Please consider these mistakes of celebrities, when you are creating an estate plan.
The next time your family doesn’t want to discuss planning, mention one of these celebrity stories to get the conversation started.
https://www.forbes.com/sites/matthewerskine/2021/06/18/lessons-to-be-learned-from-failed-celebrity-estates/?sh=554583db7f69

Lessons To Be Learned From Failed Celebrity Estates Mistakes in the Estate Planning of high profile celebrities is one very good way to learn the lesson of what not to do.

If any of your family members are residents in long term care facilities (nursing homes, assisted living facilities, memory care units, independent living facilities, etc.), you may want to contact your representatives and and urge them to support H.R. 3733.
On June 30, Congressmembers Claudia Tenney and John Larson introduced H.R. 3733, a bipartisan bill that would guarantee nursing home residents' right to critical in-person support from up to two essential caregivers, even during a pandemic. The essential caregivers are designated by the resident or the resident's representative and would have up to 12 hours of access to the resident each day.
https://www.house.gov/representatives/find-your-representative

Thank you, Justin!
I am going to print it out for my office.

"The Maine Legislature is considering a proposal to create a new option for sending off the dead — a flaming funeral pyre..."
What a great news for those who want to go out like warriors! I personally know some people who would love to write this into their estate plans.
People have already started talking about group discounts or options to dispose of all the deceased' hockey or golf equipment at the same time!

Viking-style flaming boat funerals could soon be legal in Maine The bill introduced in Maine requests that non-profit organizations that own more than 20 acres be allowed to hold open-air cremations. One such organization is Good Ground Great Beyond, who are hoping to hold these Viking-style funerals.