Holly Nabiey’s Answers

Holly Nabiey

Anaheim Estate Planning Attorney.

Contributor Level 6
  1. California Estate Tax due upon death of a spouse?

    Answered 7 months ago.

    1. Christine James
    2. Holly Nabiey
    3. Steven M Zelinger
    4. Gregory Paul Benton
    5. Roy Hadavi
    6. ···
    7 lawyer answers

    I agree with the other attorney that, for those passing away in 2014, no estate tax will be due if the decedent's half of the estate (half of the community property plus any separate property) is below $5M ($5.34 M, technically). However, real property is not the only asset that is counted towards this $5M amount - it includes real estate, bank accounts, investments, retirement accounts and even life insurance -- so be very careful to add everything to determine whether there will be an estate...

    6 lawyers agreed with this answer

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  2. I am creating a trust for myself and spouse. I would like to create a basic living trust to avoid probate for our house and what

    Answered 7 months ago.

    1. Michael Leo Potter
    2. Ivette M Santaella
    3. Holly Nabiey
    4. Krishiv Mukherji
    5. Brett Alan Bjornson
    6. ···
    6 lawyer answers

    I agree with the other attorneys that you may customize the name of your trust as you see fit, however, it's not always a good idea to get creative. Remember, the nice thing about a revocable trust is that life doesn't change very much after the trust is set up. You and your spouse can continue to deposit checks into your accounts, make withdrawals at ease, continue to use your social security numbers in connection with the bank accounts (as opposed to a tax ID number), etc. One of the...

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  3. How do I go around getting information about money that is held in a trust for me?

    Answered over 1 year ago.

    1. Michael Raymond Daymude
    2. Holly Nabiey
    2 lawyer answers

    You will need to provide more pertinent information in order to receive a better answer. For example, is this a revocable or irrevocable trust. Who established the trust (i.e. your father, yourself or the company)? Is the trust funded (i.e. are assets titled in the name of the trust and, if so, what are those assets)? I'm sure that, once you provide more information, an attorney will be glad to give you a helpful answer.

    3 lawyers agreed with this answer

  4. What is the procedure for becoming a co-trustee?

    Answered over 1 year ago.

    1. Charles Richard Perry
    2. Holly Nabiey
    3. Joseph Franklin Pippen Jr.
    3 lawyer answers

    You could bring a co-trustee on board by having an amendment to the trust prepared that provides there will be two trustees acting instead of one. In this situation, Dad could name another trustee to act concurrently with him and can stipulate things such as whether each trustee may act alone or whether they must act unanimously. Of course, you have to remember that Dad would only be able to amend the A portion of the trust, but the B portion of the trust is now irrevocable as of the date of...

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  5. My mother died and her revocable trust is now irrevocable. I'm successor trustee. Applying for EIN. Should I take 645 Election?

    Answered 7 months ago.

    1. Holly Nabiey
    2. Peter Joseph Lamont
    3. James A Sylvester
    4. Michael Leo Potter
    4 lawyer answers

    A 645 election is usually a helpful tool in deferring the payment of income taxes. However, if your mother died recently and the asset received a step up in basis and you are selling it "ASAP", there should be little or no gain realized, which means little or no taxes will be owed, and I would think in such a case the 645 election would not make a difference. I'd consult with an estate planning attorney familiar with tax issues in your area. The name of the trust does not change now that...

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  6. What is a legal opinion letter and why is it needed for me to continue acting as POA for my mom's brokerage account?

    Answered 7 months ago.

    1. Holly Nabiey
    2. Michael A Kirtland
    2 lawyer answers

    Generally, a power of attorney is ineffective with respect to trust assets unless the power of attorney specifically grants you the authority to transact business on behalf of the trust estate. The brokerage probably wants a letter confirming that either the trust, the POA, or both, authorize you to be involved despite the assets now being transferred into a trust. If the POA or trust do not authorize it, then the Survivor's trust may have to be amended to add you as a Co-Trustee, thereby...

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  7. How much POA does a Sibling have once death has been established?

    Answered over 1 year ago.

    1. Holly Nabiey
    2. James P. Frederick
    3. George Costas Andriotis
    4. Diane Beth Weinberg
    4 lawyer answers

    There is probably nothing on point in the power of attorney that addresses this issue specifically, but you are correct that the holder of the POA does have a wide degree of control over final burial matters as long as those powers are not limited expressly by the POA or by any other law. In this case, I think approaching your sibling in a very respectful manner and explaining rationally to her the importance of this issue will help her understand just how meaningful this is to you....

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  8. Property will be transferred from a trust to a beneficiary and we want to avoid a property tax reassessment.

    Answered 7 months ago.

    1. Pardis Patrick Ashouri
    2. Holly Nabiey
    3. Dawn Danielle Stark
    4. Sandy L. Turner
    4 lawyer answers

    The Assessor's Office has very particular rules about when the parent - child exemption applies for property tax reassessment exclusion. You are correct that property transferred directly out of the trust to the Trustor's children would qualify for reassessment exclusion (avoid property tax reassessment, in other words). It is also permitted to transfer the property to two of the children, and allow the third child to receive the cash equivalent of their share from the trust estate. However,...

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  9. I need information reqarding trustee resignation in California.

    Answered over 1 year ago.

    1. Michael Raymond Daymude
    2. Alice A. Salvo
    3. Holly Nabiey
    3 lawyer answers

    Some trusts do not explicitly provide a resignation protocol but, in my experience, having an attorney prepare a basic resignation of trustee document that is signed by the currently acting trustee is sufficient. In these cases, I will typically also advise that another document be prepared for the new trustee to sign in order to formally accept the appointment. The trust should be reviewed thoroughly by an estate planning attorney to see what your options are.

    2 lawyers agreed with this answer

  10. Can a will/trust be contested even if there's a clause that states that anyone who contests this will shall get nothing?

    Answered 7 months ago.

    1. Christine James
    2. Holly Nabiey
    3. Gregory Paul Benton
    3 lawyer answers

    The No Contest Clause in a Will or Trust is usually construed to say that if the person contests the trust, AND they lose their case in court, THEN they will receive nothing under the trust -- not even the amount the Will or Trust purports to leave them. As a matter of public policy, California generally allows interested parties to contest a trust even if there is a No Contest Clause -- but the individual should be wary and understand that if they lose their contest, they will lose their...

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