UPCOMING Legal Webinars
ATTEND A FREE ESTATE PLANNING WEBINAR OR VIEW OUR ARCHIVE
CunninghamLegal offers a regular schedule of free, live, online Estate Planning webinars and Living Trust creation, presently replacing our in-person workshop events. We cover not just the basics, but complex issues like blended families, taxation, special-needs heirs, and asset protection. Just like our in-person estate planning workshops, you get the chance to connect with estate planning attorneys to ask questions.
Estate Planning After Divorce: Protect Yourself & Your Assets
Selling or Merging a Law Practice in California?
Estate Planning for $15M Estate
Trust Administration Workshop
If Someone Dies with Debt, Who Pays It?
Estate Planning Workshop
CPE COURSE: Hidden Taxes When You Inherit
What You Should NOT Put in a Living Trust!
Things You NEED to do if You or a Loved One is Terminally Ill
Medi-Cal vs Medicaid: What You Need to Know Before a Crisis
Mid Year Economic Update: What Investors Should Expect Next
Who Needs a Living Trust?
Long Term Care Awareness: Planning for Care, Costs, and Control
Education Is More Expensive. Are You Saving the Smart Way?
Trust Administration Workshop
Estate Planning Workshop
Coffee and Conversation Workshop
Should You Consider Converting a Large 401(k) or IRA to a Roth?
Estate Planning Workshop
Big Capital Gains? Opportunity Zones May Still Help
Economic Reality Check: What 2026 Changed and What 2027 Brings
Estate Planning After Divorce: Protect Yourself & Your Assets
Selling or Merging a Law Practice in California?
Estate Planning for $15M Estate
Trust Administration Workshop
If Someone Dies with Debt, Who Pays It?
Estate Planning Workshop
CPE COURSE: Hidden Taxes When You Inherit
What You Should NOT Put in a Living Trust!
Things You NEED to do if You or a Loved One is Terminally Ill
Medi-Cal vs Medicaid: What You Need to Know Before a Crisis
Mid Year Economic Update: What Investors Should Expect Next
Who Needs a Living Trust?
Long Term Care Awareness: Planning for Care, Costs, and Control
Education Is More Expensive. Are You Saving the Smart Way?
Trust Administration Workshop
Estate Planning Workshop
Coffee and Conversation Workshop
Should You Consider Converting a Large 401(k) or IRA to a Roth?
Estate Planning Workshop
Big Capital Gains? Opportunity Zones May Still Help
Economic Reality Check: What 2026 Changed and What 2027 Brings
Estate Planning FAQs
In California, the difference between a will and a living trust becomes very clear when your estate is handled after your death. A Will outlines your wishes but must go through probate, a public, expensive, and often lengthy court process. A Living Trust, when properly funded and structured by an expert attorney, can help your estate avoid probate, provide privacy, and allow assets to be distributed more quickly.
California Proposition 19 affects property taxes by changing how property tax assessments are transferred, adjusting the tax base protections from Prop 13 of 1978. It allows some homeowners to transfer their tax base when moving, but it also limits the ability for children to inherit their parents’ low property tax rates unless they live in the home as their primary residence and meet some other criteria. This can result in much higher property taxes for heirs.
If you have a blended family or a second marriage, you will likely need a more specialized Estate Plan. Without careful planning, your current spouse and children from prior relationships may have competing claims on your estate. Tools such as marital property agreements, tailored trusts, and updated beneficiary designations can help your wishes get carried out after you are gone.
Probate is the legal process of validating a will and distributing assets through the court system. It can be slow, costly, and public. You can help your heirs avoid probate by getting help from an expert attorney in creating and properly funding a living trust, which transfers your assets outside of the court process which can create a smoother transition for your heirs. If you are the executor or inherit an estate that must go through probate, it is strongly suggested that you work with a qualified probate attorney to help you navigate the system.
A trust can help protect your assets from creditors and lawsuits, particularly if it is an irrevocable trust. These specialized trusts can take many different forms, and can help shield your wealth from certain legal claims while still allowing you to pass assets to your heirs and potentially reduce estate taxes.
Trust Administration FAQs
The most common trusts in California are Living Trusts. After the original “Grantors” and Trustees pass away, the trust generally names a Successor Trustee. This new Trustee is responsible for administering the trust according to the terms within the trust and the laws of California, including distributing assets to Beneficiaries of the trust. Many successor trustees find they need expert advice from a qualified California Estate Lawyer experienced in Trust Administration to do this work properly.
The most common mistakes in trust administration include failing to properly title assets in the trust, missing important tax deadlines, keeping poor records, and neglecting to notify beneficiaries as required by law. Avoiding these mistakes can prevent legal disputes and costly penalties. It is important to remember that a Trustee bears personal responsibility for errors in administering the trust.
A Successor Trustee should consider hiring a lawyer as soon as they begin the Trust Administration process, especially when dealing with multiple beneficiaries, complex assets, tax issues, or potential family disputes. Early legal guidance can save significant time, money, and stress.
Business & Tax Planning FAQs
Forming an LLC in California can protect your personal assets by creating a legal separation between you and your business. This means that if your business faces a lawsuit or debt, your personal property—such as your home, savings, and investments—is generally shielded from those claims. You should consult a qualified business attorney when choosing the right business structure for your company, and potentially forming an LLC in California, including help with the critical wording in your California LLC Operating Agreement.
To prepare your business for succession or a sale, you should clean up your financial records, resolve any outstanding legal issues, review and update contracts, and work with legal and financial professionals to structure the succession or sale in a tax-efficient way. Doing this well can increase your chances of realizing the full value of the company and maintaining its stability through the transition.
HOW TO LEARN LOTS MORE!
Ready for more in-depth information about Estate Planning? Take a look at our extensive educational material or consider ordering the popular book “Savvy Estate Planning” by our founder, Jim Cunningham.
Or better yet, contact us for an initial consultation with a lawyer on your own custom estate plan.