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Don’t call it “asset protection”

I was just reading about a new California case that cut into the asset protection world a little bit.  It’s the case of Kilker v. Stillman, 2012 WL 5902348 (Cal.App. 4 Dist., Unpublished, Nov. 26, 2012). Asset protection, in most cases, is simply estate or asset planning that happens to include some protection elements to it. For example, creating an irrevocable trust has some creditor protection elements to it but the purpose is NOT asset protection. Rather the purpose is tax planning generally. If one sets up a trust for the purpose of avoiding creditors the Courts do not like that. In fact, it can be construed to be a fraudulent conveyance and the whole transaction undone. The Kilker case involved a person that created a Nevada trust for asset protection and told everybo
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Timeshares and estate planning

Client’s often ignore their timeshare. They typically cost much more than they are worth but you should not ignore them when doing your planning. Failing to properly plan for your timeshare can leave your loved ones with a big pain in the neck… in addition to the ongoing maintenance fees! I deal with dozens of probate and trust administration cases per year. That is, cleaning up affairs after death. Cases with timeshares often have extra headaches. Do not ignore your timeshare. If you have a living trust transfer the title to your trust. This often costs extra money (especially in states like Hawaii) but it’s worth it! Talk to me about planning for timeshares or cleaning up after the fact. -John
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Thomas Kinkade Estate Dispute Settled

It’s amazing how poorly planned many celebs are. Thomas Kinkade’s estate debacle was yet another in a long line of messed up celebrity estates. The Sacramento Bee has reported that it has been settled privately. Here is a link to the article.
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10 requirements to close a probate

“My brother is taking too long to close my dad’s probate….”  I hear statements like this a lot.  Many times they are correct but many times they are not. The purpose of this post today is to give you 10 things to look for which need to be done for the probate to be closed. I am aiming this post at you as a beneficiary of a probate rather than the Executor. However, if you are wondering what your attorney should be doing then these factors may help you as well in administering a California probate case. TEN requirements to close a California Probate: 10. At least 4 months have elapsed since the date letters were issued by the Court; 9. At least 60 days have elapsed since the last notice to creditors was sent; 8. At least 90 days have elapsed since notice to the Department of H
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