With divorce and remarriage relatively common occurrences, it’s also common for the question of blended families to come up in estate planning. Sometimes when couples embark on second marriages, one or both may already have children from their previous relationships, as well as property and assets they bring into their new marriage. But what happens if the child from the first marriage never develops a relationship with the new spouse—for example, if they live far away, or have already grown to adulthood before their parent is remarried? This may raise the fear that they won’t receive their fa ..read more

While most people expect that their later years will be a time of lessening responsibilities—children growing up and leaving the nest, careers winding down and retirement ahead—it can also be a time of unanticipated change and resetting. Gray divorce, or divorce after age 50, has doubled in the U.S. since 1990 and continues to climb among older adults. The process of divorce requires a thorough assessment of marital assets, negotiation over what each spouse will walk away with, and a restructuring of the family as each party moves into their new single life. It also provides an opportunity to ..read more

When a parent or other older relative starts to develop Alzheimer’s or another form of dementia, the signs may not be immediately apparent. They may start out still able to manage familiar day-to-day tasks, but gradually lose the ability to handle more complex matters independently. One of the first noticeable signs may be problems managing their finances, especially if they have previously been reliably responsible with their money. For their well-being, and your peace of mind, it is important to recognize early signs of money problems related to dementia so you can act appropriately to prote ..read more

The ability to avoid the probate process to pass on assets after death is often one of the primary motivations behind estate planning. The legal process of probate, which validates a deceased person’s will (if there is one), is lengthy and expensive, and can substantially delay the distribution of an estate to the intended beneficiaries as well as reducing what they ultimately receive. Like other assets, bank accounts are generally subject to probate. However, there are exceptions that can allow the account to pass to your chosen beneficiary directly, without the hassle of probate. Understandi ..read more

For those of you who have done the work and put together a probate avoidance estate plan for your family, congratulations! These documents are drafted to stand the test of time and should not need to be adjusted when you have little changes in your family coming of age or updates to your assets. So, that begs the question, when should someone revisit their estate plan? Here is a quick list of events and dates that should prompt a close look at your estate planning documents and a visit to your estate planning attorney’s office. Remember that many estate planning attorneys offer a quick review ..read more

This bill was signed by the Governor in 2021 and the findings are due back by January of 2024 from the Judicial Counsel. This has many fiduciaries shying away from serving as Conservators, so what are likely to be the impacts of this Bill on the options people have when they are unable to care for themselves and can good estate planning help avoid the need for any court-supervised help in certain cases? AB 1194, also known as the Conservatorship Bill, is legislation introduced by the California State Assembly to reform and strengthen conservatorship laws within the state. This bill seeks to ad ..read more

Courtroom dramas and legal stories are a popular staple of entertainment and ripped-from-the- headlines shows and films, but what is seen in media is rarely an accurate representation of how cases are resolved. In addition, the plethora of legal information on the internet (some accurate, much not) can create a false sense of expertise in a field that requires advanced degrees and considerable experience to hone an attorney’s skills. The result can be clients who unfortunately act against their own best interests. Many lawsuits are launched out of a sense that a considerable injustice is bein ..read more

We assist with annual compliance with filing requirements. Here are 2 downloadable worksheets and resources for clients to provide updates:   CTA-Census-Intake_Fillable-1Download Annual-Summary-of-Transactions_Fillable-1Download The post Client Resources: Corporate Compliance appeared first on N.M Law ..read more

In July 2022, California passed AB 2245, the Partition of Real Property Act, which replaced the Uniform Partition of Heirs Property Act. This bill applies to any actions for the partition of real property filed on or after January 1, 2023. Understanding how the changes introduced in this bill can potentially affect the rights of an undivided interest holder in California and impact the fair market value of an interest is essential for effective estate planning when real property is involved. How Does AB 2245 Change Existing Law? The Uniform Partition of Heirs Property Act (UPHPA) was approved ..read more

FDIC Insurance, or lack thereof, could be a new exposure to liability for a fiduciary responsible for other people’s money. A Trust account is not treated like a traditional individual bank account and special rules apply. To make matters even more complicated, the rules will be changing in less than 12 months. Trustee’s should arm themselves with the details on coverage, particularly given recent bank failures and buy-outs based on bank runs. Here are the basics: When the number of primary beneficiaries is five or less, the calculation of coverage can be determined by multiplying the number o ..read more