Legal Question in Elder Law in California

We have just discovered that a relative, conserved by the public guardian, is being assessed a bond fee under CA probate code 2942(c) of .25% of the estate value. But the latter is being calculated not as the value of his current account with the guardian, but this plus the appraised value of anticipated future payments from his CalPERS pension and long-term care insurance. This makes the total "value of the estate" about 5 times larger than it would otherwise be (he has no other significant assets). I've looked at probate code 2942(c), 8850, and 8902, and find no statutory authority for appraising these future payments as part of the estate and basing bond fees thereon. I'd like to know if there is some justification for this I am not aware of, or have legitimate grounds for an objection--and possibly even a wider investigation, if this is part of a pattern--here.

Asked on 8/29/22, 8:35 pm

1 Answer from Attorneys

Timothy McCormick Haapala, Thompson & Abern, LLP

Without knowing the details of the accounts and the accounting for the fee, it's hard to say. However, often times "stream of income" assets also have current cash value. That may be the basis for the fee calculation.

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Answered on 8/30/22, 12:58 pm

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