Gregory Cabo represents clients with their estate planning needs, including wills, trusts, special needs trusts, revocable and irrevocable trusts, durable power of attorney and advance health care directives (living wills), and related property law, corporations law, and contract law issues.
What is Estate Planning?
Estate planning is much more than preparing a last will and testament and a living trust or other “simple form” which are often peddled by “document preparers” who are not attorneys.
Complete estate planning encompasses placing all of a person’s financial affairs in order to plan for the future and after their death. The goal of estate planning is to ensure that your wishes regarding your property and family are honored while maximizing your enjoyment of your estate during your lifetime and planning for your beneficiaries after death.
Estate planning in Orange County, California
Other than just preparing estate planning documents such as a will and trust, appropriate planning may include structuring a family owned and managed business for succession with buy sale agreements, transferring real and personal property to avoid taxes and probate, drafting community property agreements, transmutation agreements, or other documents related to marriage or divorce, planning for incapacity by preparing a durable power of attorney and an advanced health care directive, or planning to minimize federal and state estate taxes.
In addition, estate planning may include providing for minor children, providing for beneficiaries with special needs, or for family members facing creditor problems, substance abuse, marital obligations or other unique situations. Attorney Gregory Cabo will evaluate your personal and financial situation and address each of your objectives in preparing your estate plan.
Trust Administration in Orange County, California
While a living trust can reduce the costs and delays involved in winding up a decedent’s affairs after death, many administrative duties have to be completed by the successor trustee. Legal documents have to be prepared, full accountings of income, assets, and debts have to be performed, appraisals have to be completed, tax returns filed, and other complex matters may arise, that take time and cost money to complete.
After the death of the settlor, the trust continues on as a legal entity through the successor trustee who is in charge of identifying and managing trust assets, paying debts and taxes, and distributing the trust assets to the beneficiaries according to the terms of the trust.
Claims Against an Estate in Orange County, California
One of the purposes of estate administration is to ensure that the decedent’s debts and liabilities are paid. While the law requires that “known or reasonably ascertainable” creditors are given notice of the administration, this does not always happen. Further complicating matters, is that probate is not always commenced, leaving the creditor in the dark as to who is in charge of handling the decedent’s debts.
In either case, creditors of a decedent must act quickly as the time with which to bring your claim is very short (usually one year from the date of death or shorter if notice has been given) and is procedurally involved. Therefore, you should immediately seek legal advice from an attorney regarding your situation.
Contact the Law Offices of Gregory W. Cabo today to discuss your situation and options, and learn how to pursue your claims.
Wills and Trusts Challenges in Orange County, California
Litigation over wills, trusts, conservatorships, and related financial elder abuse claims can be difficult to understand and is extremely complex. Wills and trusts can be legally challenged in a number of ways, including for lack of testamentary capacity, or documents procured as a result of undue influence, fraud, duress or menace, or mistake of the testator.
Challenges involving “disqualified” persons can invalidate a will or trust provisions. In addition, challenges against the personal representative, executor, or successor trustee regarding the performance of their duties may be brought to remove them as the personal representative, executor, or trustee when they have failed to perform their fiduciary duty.
The Probate Court also may have jurisdiction to determine community property claims if a party to a divorce dies during the dissolution of marriage proceedings.
Probate litigation is further complicated with specific time limitations by which to bring your actions (statute of limitations) and by terms of the estate planning documents. No-contest clauses, for example, can disinherit a beneficiary who undertakes any action that attempts to frustrate the estate plan or its administration.
Financial Elder Abuse in Orange County, California
Our elder population in Orange, Riverside, and Los Angeles Counties has grown in the last decade due to advances in modern medicine. Elders are some of the most vulnerable members of society and are particularly susceptible to fraud and exploitation of their wealth.
In California, the Elder Abuse and Dependent Adult Civil Protection Act allows a civil tort lawsuit against the perpetrator of financial elder abuse against a person or entity who has wrongfully taken, concealed, or disposed of property of an elder or a dependent adult with the intent to defraud. It extends to those who assist in the taking, secreting, and appropriating of the elder’s property.
Anyone, including financial institutions and their representatives, care providers, friends, family members, and even a spouse can commit financial elder abuse. The elder can bring financial elder abuse claims while living or the estate or the heirs can bring these claims after death.
Bringing financial elder abuse claims to the probate court is extremely complex. Further, there are certain time limitations with which to bring your claims. You should immediately seek legal advice from an attorney regarding your situation.
Seeking an Orange County Probate Litigation Attorney?
Whether you have a relatively few assets or have a considerable estate that requires sophisticated estate and tax planning, your estate planning should start now.
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