I would agree with the attorney you spoke to over the phone. Generally speaking, community property is liable for debts incurred by either spouse before or during the marriage. Fam C §910. So anything your parents earned through marital efforts during the course of their marriage, community property, is liable for the debt. Also, assets held in a revocable trust can be attached to by creditors. There is a somewhat popular misconception that revocable trusts can shield assets from creditors....
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I would add that if real property is involved, the process should take much longer (see months) than if the estate was merely a bank account and a few stocks. In the latter case, the waiting time is 40 days after the decedent's passing.
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The answer by the previous attorney is incorrect. See California Probate Code § 16061.5(a) Beneficiaries and heirs have a right to a copy of the trust upon written request.
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Most attorneys I know charge a few hundred dollars at most to do this. If you show up with a copy of the old deed and a copy of the trust, a good estate planning attorney can knock this out in an hour.
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No. The nomination of another attorney to handle the decedent attorney's practice is proper since only a professional licensed to practice the profession of the professional corporation may be a shareholder. Corp C § 13401(b), (d)
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You have the right to specify the method of disposal for your body. Health & S C § 7100.1. Furthermore, you can even petition the court to compel somebody to comply with your wishes. Prob C § 4766(e).
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I disagree with the non-California attorney. The wife can refuse to sell the home in a partition action if a valid waiver was executed. See California Code of Civil Procedure Section 872.710(b). That being said, its doubtful that a valid waiver was executed because most people do not anticipate one down the line. Hence, if somebody wants a partition they will end up getting one most likely.
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Yes, beneficiaries may disclaim all or part of their interest in the estate provided they comply with the proper requirement. Prob C §§260-295. IRC §2518. Also, you need to disclaim within 9 months of death. The answering of this question does not create an attorney-client relationship.
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If you transfer the property into a revocable trust and have your daughter as the beneficiary, then upon your passing it is very likely that she will be able to keep the old assessed value of the triplex. It is a called a parent-child exclusion. Also, there will be no gift taxes associated with this transfer although there might be an estate tax issue. The reason for a potential estate tax issue is because you do not specify how much the triplex is worth. Frankly, your situation is...
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Tell the tenant that rent is, per the lease agreement, $850, not $500, $1,000 or whatever figure the tenant concocts. Then accept only $850 as rent from the tenant. As the previous attorney correctly notes, if you accept payment for an additional month after the fixed lease has expired, a month-to-month tenancy will arise. In that case, you would have to give them 30 day notice to vacate.
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