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.
On Tuesday, February 24, 2015, Ron Chauvel and associate Angel Riley appeared as guests on the Chinese radio show known as Sound of Hope Radio Network, FM 96.1. During the segment, Ron and Angel provided the Mandarin-speaking audience general information on estate planning, the differences between a Trust and a Will, the purpose of the Powers of Attorney, and answered callers’ questions.
For all real property, the County records deeds and maintains records to determine title. Over time, a number of changes can occur such as: a joint tenant passes away; you create a Trust; a Trustor dies; you gift away all or part of your interest in the real property; a divorce; or some other reason to change title to real property.
A Charitable Remainder Trust (“CRT”) allows the creators to gift assets to a charitable organization of their choice while retaining the right to receive the income from the trust assets for life or a period of years. At the death of the creators, the trust is terminated and the charitable organization will receive the remainder of the trust assets.
One of the main reasons to form a limited liability entity or a corporation is to avoid personal liability. When you follow all of the corporate formalities in forming a limited liability entity or corporation, you receive the benefit of limited liability. This means that you have limited personal liability for the company's debts or other liabilities. However, for every rule there is an exception. In this case, owners, shareholders, or members of a limited liability entity or corporation can be held personally liable if a piercing of the corporate veil occurs.
When creating your Trust, it goes without saying that you spend a considerable amount of time selecting a trusted family member or friend to serve as your Trustee. The California Probate Code provides that the Trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the Trust. To satisfy such a standard, the Trustee must exercise reasonable care, skill, and caution in investing and managing your trust assets.