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Articles written by diana wade


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  • MediCal Chargeback, part 1

    Diana Wade, LDA|Aug 20, 2022

    A Trust can save you hundreds of thousands of dollars by avoiding MediCal benefit "charge back" or recovery against your home for benefits paid to skilled nursing homes. It's not uncommon to pay $5,000/month in a nursing home. If the resident doesn't have much cash, even if they have a house, MediCal (public benefit program) will pay that rent for them for as long as they live. Before 2017...law offices used to prepare documents they called "House Trusts" to help clients legally avoid MediCal...

  • Legal Document Services in Tehachapi, part 3

    Diana Wade, LDA|Aug 6, 2022

    If you are reading this article, I am assuming you are at least thinking about an estate plan. So let's continue! What are the benefits of a Living Trust? A trust does not get filed with the court. A will does. Transferring your biggest assets into a trust makes it a whole lot easier for your heirs – I should say kids, to manage your assets upon your death. The person you name as the successor trustee can manage your assets if you become incapacitated. It can also be highly customized to fit y...

  • Legal Document Services in Tehachapi, part 2

    Diana Wade, LDA|Jul 23, 2022

    If you are reading this article, I am assuming you are at least thinking about an estate plan. So let's get started! As you can imagine it is important to figure out what you own and how you own it. In California, people who die without a plan will have their property distributed according to California intestacy law. That's a fancy way of saying how to distribute your property to the closest living relative. This requires a probate. So what kind of a plan? Wills and trusts both manage how your...

  • Legal Document Services in Tehachapi, part 1

    Diana Wade, LDA|Jul 9, 2022

    Did you know that more than half the people in the United States die without an estate plan? – not even a will! The daily life here in California and in Tehachapi can be all-consuming. From finding a job that allows you to live here, to driving kids to and from activities, taking care of aging parents...on and on. Finding the time to create an estate plan can be daunting. And what about the COVID-19 pandemic? Just goes to show you how unpredictable life can be. Life is short and certainly p...

  • Spousal transfer

    Diana Wade, LDA|Jun 25, 2022

    Question: My husband died recently and I need to transfer the property into my name. How do I do that if my name is not on the deed? I thought since I am the surviving spouse I can just transfer the property into my name. Remember, this information is not legal advice. Please consult an attorney if you need direction on what procedure to use in your case. Answer: Fortunately there is a simple solution, but it does require a court order. According to "How To Probate and Estate in California" by N...

  • Changes in 2022 for TOD deeds

    Diana Wade, LDA|Jun 11, 2022

    The 2022 changes are to mitigate the risk of improperly procured TOD deeds by changing execution requirements and requiring notice to heirs. The most immediately significant change is that two witnesses must now sign a California TOD deed. Both witnesses must be present at the same time and must either see the property owner sign the TOD deed or hear the owner acknowledge the signature. California's newly enacted witness requirement complements the existing rule requiring TOD deeds to be...

  • What is better, a will or a trust?

    Diana Wade, LDA|May 28, 2022

    A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California if you have assets like a house, and it is worth more than $166,000, there will be a probate in most circumstances). However, if you have minor children, creating a will that names a guardian is critical to protecting both the minors and any inheritance. Deciding between a will or a trust is a personal choice, and some experts recommend...

  • Why would my attorney recommend a payable on death account? (part two)

    Diana Wade, LDA|May 14, 2022

    The are some drawbacks with POD account, of course. You can't name an alternate or contingent beneficiary. If the person you name predeceases you, that account will likely transfer to the estate. Then it will likely go through probate. POD accounts may result in issues regarding paying taxes, debts and other expenses of the estate. It gets messy if the executor of your estate is not the beneficiary of the account. The executor is the person in charge of paying those debts and administering the...

  • Why would my attorney recommend a payable on death account?

    Diana Wade, LDA|Apr 30, 2022

    With a payable on death account or paid on death account, you name a beneficiary who gets the account when you die-no probate, no hassle. The person you name has no rights to the money until you die, so you can spend it all or change the beneficiary whenever you want. A payable on death account is created when you make an agreement with your financial institution – usually your bank. The bank has a formal, legal agreement that lets you tell the bank who they should hand over your money to a...

  • Common questions about the use of a Transfer on Death Deed (part three)

    Diana Wade, LDA|Apr 16, 2022

    What does my beneficiary need to do when I die? Your beneficiary must do all of the following: (1) RECORD evidence of your death (Prob. Code § 210). (2) File a change in ownership notice (Rev. & Tax. Code § 480). (3) Provide notice to your heirs that includes a copy of this deed and your death certificate (Prob. Code § 5681). Determining who is an "heir" can be complicated. Your beneficiary should consider seeking professional advice to make that determination. (4) RECORD an affidavit af...

  • Common questions about the use of a Transfer on Death Deed (part 2)

    Diana Wade, LDA|Apr 2, 2022

    If I sell or give away the property described in a TOD deed, what happens when I die? If the deed or other document used to transfer your property is RECORDED before your death, the TOD deed will have no effect. If the transfer document is not RECORDED before your death, the TOD deed will take effect. I am being pressured to complete this form. What should I do? Do NOT complete this form unless you freely choose to do so. If you are being pressured to dispose of your property in a way that you...

  • Common questions about the use of a Transfer on Death Deed (part 1)

    Diana Wade, LDA|Mar 19, 2022

    When you die, the identified property will transfer to your named beneficiary without probate. The TOD deed has no effect until you die. You can revoke it at any time. Can I use this deed to transfer business property? This deed can only be used to transfer (1) a parcel of property that contains one to four residential dwelling units, (2) a condominium unit, or (3) a parcel of agricultural land of 40 acres or less, which contains a single-family residence. How do I use the TOD deed? Complete...

  • Common estate planning documents (part 1)

    Diana Wade, LDA|Mar 5, 2022

    Preparing a will has long been a fundamental building block of any estate plan. With a properly drafted will, you can arrange for your estate to be distributed and administered according to your wishes. In your will you can: • appoint an executor to manage your estate through the probate process • appoint a guardian for your minor children or disabled beneficiaries • make specific bequests of property or assets to specific beneficiaries • designate assets to be placed in trust for family members...

  • What is better, a will or a trust?

    Diana Wade, LDA|Feb 19, 2022

    A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate. In California, if you have assets like a house, and it is worth more than $166,000, there will be a probate in most circumstances). However, if you have minor children, creating a will that names a guardian is critical to protecting both the minors and any inheritances. Deciding between a will or a trust is a personal choice. Some experts recommend...

  • Grant deeds and quitclaim deeds

    Diana Wade, LDA|Feb 5, 2022

    Often a client will ask me to transfer a property and will ask about which deed is best. Since I am not an attorney and cannot give legal advice, I simply tell them what the differences are and let them decide. However, this information is only for general guidance. Consult an attorney if you are not sure. Grant deeds and quitclaim deeds will give ownership of a piece of property to another person. However, the difference between the two is that a grant deed conveys the property interest the...

  • Common questions about living trust (part 2)

    Diana Wade, LDA|Jan 22, 2022

    Is it a good idea to put my house in a trust? The main benefit of putting your home into a trust is the ability to avoid probate. The probate process is a matter of public record, while the passing of a trust from a grantor to a beneficiary is not. Having your home in a trust can also help you avoid a multi-state probate process. Do you pay taxes on a living trust? Revocable trusts are the simplest of all trust arrangements from an income tax standpoint. Any income generated by a revocable...

  • Common questions about living trust (part 1)

    Diana Wade, LDA|Jan 8, 2022

    What is the main purpose of a living trust? A living trust is designed to allow for the easy transfer of the trust creator or settlor's assets while bypassing the often complex and expensive legal process of probate. Living trust agreements designate a trustee who holds legal possession of assets and property that flow into the trust. Is a living trust really necessary? Living trusts allow estates to avoid probate, the court process that otherwise oversees the paying of creditors and...

  • Transferring assets from a trust (part 2)

    Diana Wade, LDA|Dec 18, 2021

    There are times, as the successor trustee, you may find that the decedent, such as your parent, signed a trust document designating certain assets to be held in trust but for some reason failed to actually transfer title into the name of the trust. I have seen trusts that have failed to record the new deed to the family home. You should see an attorney for advice on whether you should record or not. Generally, assets not transferred to the living trust could still be subject to probate....

  • Transferring assets from a trust (part 1)

    Diana Wade, LDA|Dec 4, 2021

    So the question comes up, "How do I transfer assets out of a trust to the beneficiaries?" One example might be Debbie sets up a living trust for her own benefit with herself as the initial trustee. Debbie names her daughter Carol as the successor trustee, and names her grandchildren as the ultimate beneficiaries of the trust. Debbie would then formally transfer items of property to the trust by putting her name as the trustee of the trust on the relevant deeds, accounts and title slips. At...

  • Spousal property transfer

    Diana Wade, reprinted from Estate Planning - CALDA|Nov 6, 2021

    Question: My husband died recently and I need the transfer the property into my name. How do I do that if my name is not on the deed? I thought since I am the surviving spouse I can just transfer the property into my name. Fortunately there is a simple solution, but it does require a court order. According to "How To Probate and Estate in California" by NOLO, any property - community property or separate property - that goes outright (not subject to a life estate or in a trust) to the decedent's...

  • Transferring property out of a trust

    Diana Wade, reprinted from Estate Planning - CALDA|Oct 23, 2021

    Often there are questions about how to transfer real property out of a trust. Your parents have died and they created a living trust years ago to avoid probate. How do you transfer the property out of the trust to the beneficiaries of the trust? The successor trustee is named in the trust to distribute the property. Keep in mind that this is meant as a general overview and should not be a substitution for legal advice regarding your specific situation. The following is what typically happens:...

  • What is better, a will or a trust?

    Diana Wade, reprinted from Estate Planning - CALDA|Sep 25, 2021

    A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California if you have assets like a house, and it is worth more than $166,000, there will be a probate in most circumstances). However, if you have minor children, creating a will that names a guardian is critical to protecting both the minors and any inheritance. Deciding between a will or a trust is a personal choice, and some experts recommend...

  • California deeds, part 2

    Diana Wade, reprinted from Estate Planning - CALDA|Sep 11, 2021

    This article (Part 2 of 2) will help you understand about California deeds, including the different types of deeds and available options, when transferring real property interests. We have tried to answer many of the most frequently asked questions about assignments of title in California, provide a basic understanding of simple terminology relating to real property, and explain the function of the most common deeds utilized by California real property owners. Affidavit - Death of Joint Tenant...

  • California deeds, part 1

    Diana Wade, reprinted from Estate Planning - CALDA|Aug 28, 2021

    This article (part 1 of 2) will help you understand about California deeds, including the different types of deeds and available options, when transferring real property interests. We have tried to answer many of the most frequently asked questions about assignments of title in California, provide a basic understanding of simple terminology relating to real property, and explain the function of the most common deeds utilized by California real property owners. Grant Deed The most used type of...

  • Types of business enterprises, part 2

    Diana Wade, reprinted from Estate Planning - CALDA|Aug 14, 2021

    Business Corporations A business corporation is an entity created by the person or persons who organize it. This legal entity may own property, enter into contracts, sue and be sued. Because it is a person, it is subject to taxation. Its owners, called shareholders, also pay tax on certain distributions made to them, such as cash dividends. This is often referred to as double taxation. Shareholders are protected from liability and their loss is limited to the amount of money they invest in the...

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