The rules for trusts are even more complicated with FDIC insurance. Here are the current rules, as of September 20, 2011, from the FDIC website. I hope this helps you.
Ownership CategoriesRevocable Trust AccountsThis section explains FDIC insurance coverage for revocable trust accounts, and is not intended as estate planning advice or guidance. Depositors should contact a legal or financial advisor for assistance with estate planning.
A revocable trust account is a deposit account owned by one or more people that identifies one or more beneficiaries who will receive the deposits upon the death of the owner(s). A revocable trust can be revoked, terminated or changed at any time, at the discretion of the owner(s). In this section, the t
These posts I am making from a past probate seminar I gave for NBI have generated a lot of interest. That’s great. I have a hunch this will generate the most. There are a lot of insolvent (BANKRUPT) probate estates in California. In many of these cases we can still put dollars in your pocket AND make it so the creditors can’t come after you once probate is done. It’s totally legal too!
Contact me directly or visit our website for information. www.californiaprobate.info
An estate is insolvent if, at fair valuations, the sum of the estate’s debts is greater than all of the estate’s assets (Cal Civil 3439.02).
Priority of payment of creditor claims. PC 11420 sets forth the order of payment of t
I am getting good feedback from my lecture notes so here are some more. This is also from my 2008 probate lecture to attorneys held at the Sheraton in downtown Sacramento. It was a lecture to a room full of people interested in the California probate process. This section is about creditors. There are ways we can use probate to reduce creditor claims against the decedent’s estate. Using these techniques properly can put more money in YOUR pocket if you are a beneficiary. If creditors are not handled property in a probate you could have PERSONAL liability after the probate ends. Make sure you hire the best probate attorney you can find.
Please contact me with questions about creditor claims or any other facet of California wills, trusts, probate, and estate planning. Also, you
As I mentioned yesterday I am a frequent lecturer on California probate and estate planning. Down below are my notes from a 2008 lecture on the probate process given here in Sacramento to a room full of attorneys. There are a lot of little issues involved with putting creditors on notice in probate. Failure to do so can leave the Personsal Representative (Administrator or Executor) personally financially liable. Yes, I said PERSONALLY LIABLE! Make sure you work with a qualified California probate attorney.
For more information contact me directly or visit our probate website at www.californiaprobate.info
Notice to Creditors, Beneficiaries and State Agencies – What Is Required