In California, a “guardianship” refers to the situation where the person needing the care and support is a minor. A “conservatorship” refers to the situation where the person needing the care and support is an adult who is incapacitated or incompetent.
Due to changes in federal and state laws over the past decade, many of the AB trusts created prior to 2011 may no longer be the most desirable method of estate planning for a married couple.
A Family Pot Trust, also known as a discretionary, sprinkling, or common pot trust, is a mechanism that allows estate planning clients to provide for their beneficiaries without requiring a rigid structure of distributions and payments.
Before you go running out to establish a Generation-Skipping Trust, you should evaluate whether estate taxes are likely to be a concern based on the size of your estate, current exemption limits, and your intended beneficiaries