Please note: The material in these articles, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the posts. The articles should not be considered, nor are they intended to constitute, legal advice. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500.
When a trustor passes away and a trust becomes irrevocable, modification or termination of the irrevocable trust is not permitted without court approval. In the event the settlor or beneficiaries wish to modify a trust, a settlor and/or beneficiaries must all consent to the modification and petition the court for approval of the modification.
People often loan money to businesses, friends and acquaintances based on a handshake and an understanding that the borrower will repay the loan. Unfortunately these deals do not always work out. The borrower may stop making payments. The parties may have a disagreement about the amount owed or how much should be paid each month. A borrower may claim the loan was a “gift” and that he or she does not owe anything. Without a written agreement, these disputes can quickly become a fight about one person’s word over the other. A promissory note is good way to avoid these disputes before they start.
The recent Decision in Ridgeway v. Wal-Mart covers critical pay issues for California carriers. Wal-Mart paid its drivers based on mileage, activity pay and non-activity pay as defined in its Driver Pay Manuals. The drivers claimed they were not paid for various work time including pre- and post-trip inspections, waiting time, fuel and washing time, layovers and other non-driving time.
Complete estate planning which includes a trust, will and powers of attorney for health care and property is not only important to protect your assets from probate, but is also necessary to ensure that your children from a previous marriage or relationship receive your assets.
In our review of estate plans that predate 2011, many trusts for married couples consist of a survivor’s and decedent’s trust at the death of the first spouse. Prior to 2011, this set up was necessary to protect the deceased spouse’s federal estate tax exemption. However, since 2011, an individual’s federal estate tax exemption is portable to his or her spouse. Therefore, there is no longer a necessity to create the decedent’s trust at the first death.