Top Menu

Author Archive | David Foley

Property taxes. Grandchildren defined.

Proposition 193 excludes from reassessment transfers of real property between parents and eligible grandchildren. Though a living trust is not required, your living trust attorney can advise on the application of the law and apply for its benefits. An eligible “grandchild” for purposes of Proposition 193 is any child of the parents who qualifies as […]

Continue Reading 0

Real Estate Taxes in California

Property taxes – giving your house to your kids California allows real estate owners to transfer their residence to their children without increasing the real property taxes. It has nothing to do with whether the owner has a living trust, a will, or powers of attorney. It is a benefit to children of property owners. […]

Continue Reading 0

Pick the Right Person as Trustee

Pick the Right Person as Trustee   By making a revocable living trust, you have reduced the cost and expense of administering your estate at death. The slow, tedious, and expensive probate process is avoided.  The person you named as successor trustee takes over for you. But you might think: could I have avoided a […]

Continue Reading 0

Living Trust: Copy vs Original

Living Trust: Copy vs Original Can you, or a family member, find your trust (a copy) or your will (the original)? Many decades ago, the family lawyer who wrote the original will would want to hold onto it (with the client’s permission), and not even charge a low or reasonable storage fee. One reason was […]

Continue Reading 0

How Trusts differ from Wills

How Trusts differ from Wills Trusts and Wills have this in common– each states how assets will be distributed at death. But they differ in many ways. WILL: Two witnesses sign. TRUST: No witnesses sign. WILL: Should not be notarized. TRUST: Virtually all trusts are notarized. But notarization is not legally required. WILL: The will […]

Continue Reading 0

Refinancing when your home is in a Living Trust

Refinancing when your home is in a Living Trust You want to refinance your San Diego house which is in your trust. Interest rates are reasonable, if not low, for mortgages, or “deeds of trust”. But you fear that rates might rise soon, so you want to work fast in shopping for a good loan. […]

Continue Reading 0

Can My Son’s Creditors Take His Inheritance?

Can my son’s creditors take his inheritance? What will happen to my property when my children inherit? After death, one’s property will be controlled for awhile by a person’s estate or living trust. But eventually ownership will be transferred to the heirs. Will their creditors be waiting? It took me a lifetime to accumulate what […]

Continue Reading 0

Don’t use Joint Tenancy to avoid Probate

Don’t use joint tenancy to avoid probate Having a trust avoids probate at death. Probate is expensive. It keeps your family from receiving your assets for a substantial time, often for more than a year, after you die. But here is a seemingly simple way to avoid probate. Suppose a single mom owns a house […]

Continue Reading 0