Navigating the Probate Process: Factors Affecting Duration According to California law, unless a federal estate tax is filed, the personal representative must finish the probate process within a year of being appointed. The personal representative in this situation may have 18 months to finish the probate process. The personal representative is required to submit a…
What Is a Will and Its Components? A will is a formal document that specifies what is a will and how you want your possessions and financial resources to be divided up after your death. Additionally, it might detail your desires for the care that will be provided for your children in the event of…
The Disadvantages Of Probate Estate Planning Attorney Joseph Hudack knows that there are numerous drawbacks to probating a will. The probate procedure is pricy, drawn-out, and intrusive. Costs associated with the court, legal counsel, personal representatives, bonds, and accounting all add up. The cost of probate typically ranges between 3% and 8% of the gross…
What Happens When An Hoa Is Dissolved? Estate Planning Attorney Joseph Hudack says that after the HOA was disbanded, homeowners may have to deal with various everyday problems that the HOA had previously taken care of: Who will care for the condominium building’s external and structural components, for instance, if the HOA is a condominium…
The Truth About Disbanding an HOA? One of the reasons why ending a HOA is so challenging is because of this. An HOA cannot be dissolved without the consent of many interested parties. If residents want to disband their HOA but one or more interested parties object, the HOA shall continue to exist. The board…
Terminating a Homeowners Association Technically, yes, but practically, it is impractical due to the difficulty. Most homeowners have not given legal or practical considerations any thought when it comes to terminating a homeowners association (“HOA”). Therefore, as was covered in this article, homeowners should exercise caution before attempting to dissolve their HOA and speak with…
What to Do if You Think Your HOA Is Fraudulent? HOA Fraud – Theft, fraud, or embezzlement can occur in any organization, while it’s not a pleasant subject, volunteer organizations like homeowners’ associations are particularly susceptible. Members must be able to spot fraud with ease and comprehend how to effectively safeguard their association because significant…
How to Manage the A-B Trust? Re-Registration The A-B Trust – The trustee is appointed in accordance with the terms of the trust agreement upon the passing of the husband or wife. Since the husband and wife are typically the first trustees, the sole trusteeship usually passes to the survivor when the first trustee passes…
Dividing the Trust Estate Planning Attorney Joseph Hudack knows that the main concern is correctly dividing the trust into two sub-trusts after the first death. This split is done by determining the fair market value of all the trust’s assets as of the date of death. The trustee will then be able to choose which…
Administration of the A-B Trust Upon the first spouse’s passing, the living trust is divided into two components, Trust A and Trust B (A-B Trust). These two components are also known as the “bypass trust” and the “survivor’s trust.” The assets of the trust’s deceased grantor, which generally include both the decedent’s separate property and…