Any difficulty in refinancing a property in California that is owned by a living trust is a function of the bank or lender handling the refinance, and not a function of the law concerning living trusts.
Most lenders will require the owner of a property in a living trust to take the property out of ownership of the trust before putting a new loan on the property. This requirement is because of a mistaken belief by the lender that they could not foreclose on the property if the loan is not...
There is not really enough information to answer this question. Without being able to read other articles of the trust (such as Article VI), you could tell if there was an overall provision that directed a deceased child's share to that deceased child's children.
As written, with no other language in the trust that says otherwise, it appears that the intention was to only distribute property to those children who were actually alive at the time of the death of the surviving Grantor (i.e.,...
The answer is found in Probate Code Section 15660, as follows:
15660. (a) If the trust has no trustee or if the trust instrument requires a vacancy in the office of a cotrustee to be filled, the vacancy shall be filled as provided in this section.
(b) If the trust instrument provides a practical method of appointing a trustee or names the person to fill the vacancy, the vacancy shall be filled as provided in the trust instrument.
(c) If the vacancy in the office of trustee is not...
The general answer to your question can be found in Civil Code Section 1092, which provides as follows:
1092. A grant of an estate in real property may be made in
substance as follows:
"I, A B, grant to C D all that real property situated in (insert
name of county) County, State of California, bounded (or described)
as follows: (here insert property description, or if the land sought
to be conveyed has a descriptive name, it may be described by the
name, as for instance, "The...
Based on the brief description you have provided, if the total value of the property and cash is less than $5,250,000, there would be no income or federal estate taxation on the value of the estate. Moneys held in retirement accounts such as IRAs and 401k plans could be income taxable immediately, or the tax liability spread out over several years.
For a complete answer, your aunt and uncle should consult with estate planning legal counsel wherever they live.
If you have lived here for 4 years, work here, own a house and have children born here, you are likely to be residents of the United States for purposes of the federal estate tax exemption. Being a non-citizen does not automatically equal being a non-resident.
I can assist you with your planning. I am located in San Jose, near the Westgate Shopping Center about 6 miles from Mountain View down Highway 85. You can view more information at my website. I also do special planning for...
The short answer is this: If there was an existing living trust and it was revoked properly and replaced by a Will instead, then the Will would govern the distribution of the estate.
There are several issues that need to be examined, however. First of all, was the living trust revoked properly? The trust itself may have language that states how it may be revoked, otherwise the general Probate law would govern. Second, are there still assets titled in the name of the living trust,...
The short answer is that the parents needs to have an estate plan that leaves the property and cash in a "supplemental needs trust" for the benefit of the adult. Such a trust, sometimes called a "special needs trust," is designed to only supplement any government assistance being received by the beneficiary of the trust (in this case, the adult). The terms of the trust, if properly designed, will assure as much as legally possible that the assets of the trust are not considered to be an...
You would want to create a supplemental needs or special needs trust for him. Properly drafted, the trust would be able to accept contributions from family members or their estates while still preserving SSI and other potential benefits for your son (such as Medi-Cal for health, housing, etc.)
You should have assistance from an attorney who specializes in these kind of trusts.
If the trust in question is one set up to benefit you with your own property, then the answer is "no." This is called a "self-settled" trust, and provides no asset protection in California.
Some states permit you to create self-settled trusts that can provide asset protected, such as Nevada. However, such trusts also require you to turn over control of the property to a third party, typically a trustee that is a resident or corporation in the state where the trust is created.