CALL US:  (925) 314-9999
barr_admin

The Limited Effectiveness of “No Contest” Clauses in California Trust & Estate Litigation

June 12th, 2017

One of the biggest misconceptions in California trust litigation concerns the effectiveness of no contest clauses.  This article explains no contest clauses and their limited effectiveness in California trust and estate litigation. _________________ A “no contest clause,” according to California Probate Code section 21310(c), is “a provision in an otherwise valid instrument that, if enforced, would…

barr_admin

Probate Code 16004.5: Release of Trustee’s Liability

February 21st, 2017

At the conclusion of a trust administration, trustees sometimes ask beneficiaries to acknowledge receipt of their final distribution and release the trustee of liability.  While seeking a release is permitted under California Probate Code Section 16004.5, the release must be given voluntarily by the beneficiary.  This article discusses Section 16004.5 in the context of Bellows…

barr_admin

A Trustee’s Reasonable Reserve

February 21st, 2017

In a trust administration, a “reserve” is money the trustee retains for a period of time after the trustee believes the trust administration is complete. The key here is the world believes, because sometimes, when it seems all the work is done—property sold, tax returns filed, taxes paid, creditors’ claims extinguished, and beneficiaries’ gifts distributed—things…

barr_admin

Millennials – Saving by the Numbers

February 21st, 2017

Almost half of all Americans under the age of 30 do not save for retirement.  Further, there appears to be a disparity between what many millennials believe to be good financial planning, and what they practice.  According to a Wells Fargo Millennial Study conducted early in 2016:   85% of millennials say that saving for…

barr_admin

Trump v. Clinton on Estate Taxes

February 21st, 2017

As this dismal election season slouches towards Gomorrah, we examine the candidates’ positions on two issues familiar to San Francisco Bay Area trust and probate attorneys—the federal estate tax and the “step up” basis rule for capital gains. The federal estate tax is a tax levied upon a person’s estate at their death.  (Some states…

barr_admin

Baby Boomers – By the Numbers, Retirement Looks Bleak

February 21st, 2017

Many baby boomers—the 76 million Americans born between 1946 and 1964—have retired or are heading toward retirement, with roughly 10,000 retiring every day.  Are they prepared?  Based on savings statistics and actuarial charts, the answer is a resounding no.  Insufficient savings and a lack of planning paint a gloomy picture for many retirees.  This means…

barr_admin

Avoiding Trust Litigation—the Benefits of a Trust Accounting

February 21st, 2017

Many estate and trust litigation cases could be avoided if non-professional trustees understood the benefits of preparing a trust accounting. The Role of Trustee Trustees must make the beneficiaries aware of the existence of the trust, keep them informed of the administration, and respond to their reasonable requests for information.  The duty to account is more…

barr_admin

The Prudent Investor Rule for Trustees in Litigation

February 21st, 2017

In the midst of a trust contest or other trust-related litigation, it’s easy for trustees to forget that their duties to the contesting beneficiaries continue notwithstanding the ongoing litigation.  A trustee might assume his or her position and immediately face litigation (a demand for an accounting, an emergency conservatorship, or a challenge to the trust,…

barr_admin

Guidance to Trustees Regarding Trust Distributions

February 21st, 2017

When we represent trustees, and particularly when some aspect of the trust administration may be disputed, we often advise them to manage the beneficiaries’ expectations about when they will receive their inheritance.  Many people, having heard that living trusts avoid probate, assume that a trust administration is simple, and that the trust property somehow passes…

© 2017 Barr & Young Attorneys | Developed by Comrade Web Agency