Legal Question in Wills and Trusts in California

Sounds like your father needs a comprehensive Estate Plan. First, he needs a trust to hold his apartments and other assets. Without a trust you are looking at potentially significant Probate costs. Presumably you would be the beneficiary upon his death. That means that you would take the property with a step-up in value, meaning that if you sold the property the tax would only be on the increase in value since your father's death and not on the appreciation that is accumulating during his ownership. The other elements of such an Estate Plan would include a Will, a Health Care Directive and a Power of Attorney. You could also be a co-trustee, giving you the power to manage the assets right away or a successor trustee that would take over if your father became too ill or incapacitated to manage. Please feel free to call me and I would be happy to discuss your situation further.

Your father needs a comprehensive estate plan that takes account of the tax issues that might, and probably will, arise if you are not careful in his planning. The likely best way to do this will be through a trust and possibly some entities. A lot depends on the value of the various properties and the total value of his estate. It would also be a good idea to have a Health Care Directive and a Durable Power of Attorney.

Please feel free to give me a call. Our lawyers specialize in this type of work and we would be glad to assist you.

Jon Reich