Steven Matlin Greenwood’s Answers

Steven Matlin Greenwood

Thousand Oaks Estate Planning Attorney.

Contributor Level 12
  1. I would like to know what part of an intervivos trust gets recorded? Does the whole content of the trust recorded or just the

    Answered about 2 years ago.

    1. Steven Matlin Greenwood
    2. John Noah Kitta
    3. James P. Frederick
    4. Joseph Franklin Pippen Jr.
    4 lawyer answers

    Generally speaking the intervivos trust is never recorded; to the contrary, one of the attractive components of the living trust is its privacy. The grant deed conveying real property, which should generally be recorded, is not part of the trust agreement itself; it is merely the document that transfers the real property into the trust in question. Hope that helps.

    3 lawyers agreed with this answer

  2. My husband passed away and his IRA is now combined with mine. Who should I name as the beneficiaries?

    Answered about 2 years ago.

    1. Steven Matlin Greenwood
    2. John Noah Kitta
    3. Jeffrey Manuel Sydney
    4. James P. Frederick
    5. Joseph Franklin Pippen Jr.
    5 lawyer answers

    The answer to your question requires substantial analysis in relation to the trust document and your overall plan. The simple rule is that if you want the heirs to control the IRA directly, name the heir(s) as the beneficiary. If you want the trust to control the distribution of the cash, name the trust. Which is better depends upon a number of factors, e.g. does the trust provide for the management of IRA dollars adequately, do you seek continued asset protection and management of the IRA...

    3 lawyers agreed with this answer

  3. At the time of death, how is ownership of funds determined in CA bank accounts held jointly by an elderly parent & her child?

    Answered over 2 years ago.

    1. Mitchell Allan Port
    2. Steven Matlin Greenwood
    2 lawyer answers

    As a general rule, I NEVER advise clients to hold assets in this manner unless there is an overriding reason to do so. The primary problem revolves around the possiblility of the account being attached in its entirety by a creditor of only one of you, thereby subjecting the assets of all to the debt of only one. Additionally, this may cause the payment of a capital gains tax when none would have otherwise been payable. Regarding an estate tax, you should certainly be prepared to prove...

    3 lawyers agreed with this answer

  4. I NEED HELP! PLEASE

    Answered about 3 years ago.

    1. Steven Matlin Greenwood
    2. Steven J. Fromm
    3. Jerry E Shiles
    3 lawyer answers

    Under California law, heirs and beneficiaries of the trust creator(s) have a right to receive a copy of the living trust that has in full or in part become irrevocable. From your brief comment, it appears that your brother and sister, who are trustees, became so upon the passing of one or both of your parents. If you haven't alreaday received a copy of the trust, ask your current lawyer for a copy. The true nature of your lawyer and siblings actions can only be evaluated within the...

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  5. Mom just passed at the hospital. Have trust document and a long list of to do's. What should come first or how to prioritize?

    Answered about 2 years ago.

    1. Steven Matlin Greenwood
    2. Joel Steven Weissler
    3. James P. Frederick
    4. Joseph Franklin Pippen Jr.
    4 lawyer answers

    Please accept my condolences over the loss of your mother. Unless you have a comfort level educating yourself over all of the items required during the trust administration you have begun, I strongly recommend you seek legal counsel to guide you through the process. Aside from that with which you are already familiar (and assuming the living trust has now become irrevocable), statutory notice should be given to all heirs and beneficiaries, declaration must be filed with the county in which...

    2 lawyers agreed with this answer

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  6. The process of naming a new Trustee/Successor Trustee in California

    Answered almost 3 years ago.

    1. Steven Matlin Greenwood
    2. Bryan L Phipps
    3. Steven J. Fromm
    3 lawyer answers

    As has already been suggested, the first place to look is in the trust document itself. The more comprehensive trust documents DO have an appointment mechanism set forth. There is a little glitch here inasmuch as the sole trustee is no longer "lucid" and as such appears to lack capacity, i.e. no longer has the mental faculties to act as trustee. Whether the trusted friend can act as trustee under the power of attorney is an open question and has it's own problematic issues. If there...

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  7. I need an attorney who sole practice living trust only, specialty of living trust. please help. i would like to what documents

    Answered 6 months ago.

    1. Ronald A. Cabanayan
    2. Steven Matlin Greenwood
    3. Michael Leo Potter
    3 lawyer answers

    A good living trust based estate plan will include a revocable living trust custom designed to meet the needs of your particular situation, powers of attorney for financial matters, healthcare directives, a pour over will, HIPAA Directive, living will, and several other important attendant documents. Cost can run from minimal (several hundred $$) to $5,000 to $6,000 depending upon the depth of protection you want to bring to your family and quality of the documentation/service provided. You...

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  8. The broker failed to disclose to me that the other Trustee's brokerage account was the payee on several "investments".

    Answered almost 2 years ago.

    1. Michael Raymond Daymude
    2. Steven Matlin Greenwood
    3. Robert V Cornish Jr.
    3 lawyer answers

    Though your fact statement does not provide enough info, before you assume malfeasance or breach of duty, you must review the trust document and seek an explanation from the prior trustee. Most trust documents provide for "reasonable" compensation for trustee services; the transfers could be just that. Do not just to conclusions; I would however seek clarification as suggested.

    2 lawyers agreed with this answer

  9. I am co-trustee of my mother's living will. The other co-trustee will not let me see the trust. Can I ask her lawyer for a copy?

    Answered about 2 years ago.

    1. Steven Matlin Greenwood
    2. James P. Frederick
    2 lawyer answers

    I am going to begin by assuming that when you spoke of your "mother's living will" you were speaking of her revocable living trust. You stated that your mother has dementia. Has it progressed to the point of incapacity? In your circumstance, I think it would be fine to initiate a conversation with the lawyer who drafted the living trust. If you are co-trustee, he may be willing, after speaking with your mother (his client) to give you a copy with her permission. Conversely, he may not be...

    2 lawyers agreed with this answer

  10. If one house is to be sold and equally distibuted to 3 heirs does that money need to be deposited in a trust account

    Answered over 2 years ago.

    1. Steven Matlin Greenwood
    2. James P. Frederick
    2 lawyer answers

    Your question really requires more information. Let's assume that we are dealing with a living trust where the creator of the trust has passed away and the trustee is now attempting to administer the trust under its terms. Please bear in mind that that succesor trustee ( i.e. the new trustee in charge) has a FIDUCIARY duty to the beneficiaries of the trust and will be held responsible for any and all wrong doing, whether intentional or not. With that in mind, I would recommend that the...

    2 lawyers agreed with this answer