Speaker: Margaret M. Hand
July 12, 2017, 12:00 – 1:30 P.M.
Wendel, Rosen, Black & Dean LLP
1111 Broadway, 19th Floor, Oakland, CA
California law has long recognized a settlor’s right to restrict a beneficiary’s use of trust assets. Restraints on alienation, spendthrift clauses, shutdown clauses and wholly discretionary trusts are a few of the tools settlors may use when creating a trust for the benefit of someone likely to have creditor problems. Using colorful stories about deadbeat beneficiaries, Margaret M. Hand will discuss the use of these tools, describe those circumstances in which they work well and describe those circumstances in which they are of limited or no use.
RSVP REQUIRED BY 10AM JULY 10.
If you are an EBTEL member send an email to admin@EBTEL.org with “July 12 Brown Bag RSVP” in the Subject line. Go to EBTEL’s website for other registration options.
John L. McDonnell, Jr. named to Best Lawyers in America for 2020. Recognized for his professional abilities, John was nominated by leading lawyers in the Trusts & Estates practice in Northern California.
It’s critical that the couple understand and adhere to the rules governing their acts. Married clients often establish a Family Trust to control the disposition of their assets During their lifetimes, clients may transmute (that is, change the form of) property, whether from separate to community, from community to separate or from the separate property of one spouse to the separate property of the other spouse. A transmutation isn’t valid unless made in writing by an express declaration that’s made, joined in, consented to or accepted by the spouse whose interest in the property is adversely affected. The writing must contain language that expressly states that the characterization or ownership of the property is being changed.
High property values in California highlight the need for careful property tax planning. If you have owned your property for many years, it is likely that your property's assessed value for property tax purposes is significantly lower than today's fair market value. If your property should be reassessed, you or your family members could be faced with a significant increase in the annual property tax.