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Future Planning: What to know about Living Trusts in California

2021-04-09T00:23:41+00:00

As you get older, you begin thinking about how you will pass down your possessions to loved ones. Whether you're a private resident with children or a landlord with various properties within Sonoma County, a living trust could be your best option. Is a Living Trust in California right for you? A living trust is a good option if you own possessions and assets that you wish to pass on. Under living trusts, you (the trustee) would bestow an estate to the beneficiary. California's living trust can also bypass the state's complicated probate process. What are the advantages of a [...]

Future Planning: What to know about Living Trusts in California2021-04-09T00:23:41+00:00

Wills vs. Living Trusts: Keeping Private Matters Private

2021-04-09T00:35:54+00:00

Wills vs. Living Trusts: Keeping Private Matters Private In June, Richard Harrison died. Although his name may not seem familiar, you would probably recognize his face: Richard was the “Old Man” on the History Channel’s popular “Pawn Stars” television show, which features the Gold and Silver pawn shop in Las Vegas. Then, in July, Richard’s Will was filed in Nevada state court, and the media noticed that someone was missing: one of Harrison’s three sons, Christopher. In fact, to say Christopher was “missing” from the Will is a bit misleading—Richard’s Will says that Richard “intentionally and with full knowledge failed [...]

Wills vs. Living Trusts: Keeping Private Matters Private2021-04-09T00:35:54+00:00

Estate Planning Basics: Trust Vocabulary

2021-04-09T00:31:31+00:00

Estate planning is a complicated topic that involves a lot of specialized jargon. Sometimes it’s easy for us practitioners to forget that not everyone is as well-acquainted with that jargon as we are. With that in mind, I thought it would be helpful to provide a brief list of important vocabulary words related to trusts—some of the most complex estate-planning structures. So, here are some common terms you’ll hear related to trusts and what they mean. Grantor, Trustee, Beneficiary The person who creates a trust is known as the grantor, trustor, or settlor. “Settlor” is used because establishing a trust [...]

Estate Planning Basics: Trust Vocabulary2021-04-09T00:31:31+00:00

When Should You Review Your Living Trust?

2021-02-09T20:32:55+00:00

When Should You Review Your Living Trust? Hi there. Law Offices of Bridget Mackay, Bridget Mackay here in Petaluma, California. I practice in the area of estate planning and elder law. Today I want to talk about reviewing your trusts. If you're out there and you have a living trust. Maybe you got it done in the 90's. Maybe you got it done in the 2000's. Maybe you got it done in the 2010's. All of you should review this trust or have it reviewed with an experienced estate planning attorney. In our office we have clients back every [...]

When Should You Review Your Living Trust?2021-02-09T20:32:55+00:00

Why Review Your Trust – A Tale Of Caution

2021-02-09T20:36:24+00:00

Why Review Your Trust – A Tale Of Caution Hi there, Bridget Mackay here with the offices of Bridget Mackay in Petaluma, California. We work in estate planning and elder law. And today I want to talk about a tale of caution. It has to do with divorce and trusts. In this tale of caution, we knew someone who had created a trust, not with us but with someone else. And he did it during a time that he was married to his wife of 25 years. In the trust, he disinherited his two natural children. Not only once [...]

Why Review Your Trust – A Tale Of Caution2021-02-09T20:36:24+00:00

What Is The Difference Between Guardian Of A Minor Child And A Trustee?

2021-01-19T01:14:51+00:00

In today's video blog, Bridget talks about a question she received from a young family recently wanting to know the difference between a guardian of a minor child and a trustee. [Transcription] Hi there. Bridget Mackay here. And, I'm an estate planning attorney and elder law attorney in Petaluma. I have a question or had a question from a young family recently wanting to know the difference between a guardian of a minor child and a trustee. Just to put this in context to answer this question. If a family who had minor children were to create a trust, [...]

What Is The Difference Between Guardian Of A Minor Child And A Trustee?2021-01-19T01:14:51+00:00

How Does A Successor Trustee Take Over A Trust?

2021-03-29T20:42:17+00:00

How Does A Successor Trustee Take Over A Trust? In this video blog, Petaluma Trust Attorney, Bridget Mackay discusses the authority needed to take over as a successor trustee. [Transcription] Hi there. Bridget Mackay here, I am an estate-planning attorney and elder law attorney in Petaluma, California. And, today I want to talk to you about a question I get somewhat often, and I got one, got it most recently. And that is, when someone asks how they can, they're the successor trustees to a trustee. So, let's just give an example of a parent created a trust named [...]

How Does A Successor Trustee Take Over A Trust?2021-03-29T20:42:17+00:00

Taking Care Of Your Pet In A Trust

2020-06-29T22:02:47+00:00

Taking Care Of Your Pet In A Trust [transcription of video] Hi there, my name's Bridget Mackay. I'm an attorney in Petaluma, California. And this is Talia, my three-year-old Bernese Mountain Dog. Today, I'm going to talk a little bit about taking care of your pet in your trust. There's a lot of ways to do it and a lot of folks like to do it, but one of the ways, and the most complete way, is to create a pet trust within your trust in which you fund it with money, $10,000, $5,000, whatever it is. You appoint a [...]

Taking Care Of Your Pet In A Trust2020-06-29T22:02:47+00:00

Why A Co-Trustee Could Be A Terrible Idea!

2021-01-19T01:28:38+00:00

Hi there, Bridget Mackay here. I'm an attorney in Petaluma, California, and I practice in the area of estate planning and elder law. Today on my video blog, I want to talk about appointing two trustees in your trust, or co-trustees. This is a tale of caution for me. I've, in the past, had cases where parents don't want to hurt a child, and so they appoint both children in a trust. Or, they want to spread the jobs out, so they make one child in charge of all the finances and another child in charge of all the [...]

Why A Co-Trustee Could Be A Terrible Idea!2021-01-19T01:28:38+00:00

What Happens To Your Trust While Going Through A Divorce?

2021-03-29T18:57:32+00:00

Hi, there. Bridget Mackay from the law offices of Bridget Mackay. I do estate planning and elder law in Petaluma, California. Today, I want to talk about a question I had from a client the other day who's getting a divorce. We did a trust for them. The question from the client was, "Can I just go and do a separate trust and transfer all my assets in there?" Well, when divorce and estate planning collide, there are some yes and no to those questions. Number one, until your divorce is final or until there is a final resolution [...]

What Happens To Your Trust While Going Through A Divorce?2021-03-29T18:57:32+00:00