NEW ADDRESS EFFECTIVE MARCH 1, 2016!
Practicing Law since 1978 Randy Spiro has been practicing law since 1978, specializing in the area of estate planning. He represents executors in probating estates and trustees in administering trusts. He prepares federal estate tax returns, wills, revocable trusts and irrevocable trusts. He also assists clients in funding trusts by transferring assets into the trust and in changing the beneficiary of IRAs, retirement plans and life insurance policies. Bar Admissions Los Angeles County Bar Association Beverly Hills Bar Association United States Tax Court ![]() Bachelor of Arts-UCLA (1975) Juris Doctor-Loyola Law School (1978) Masters of Science in Taxation-Golden Gate University (1980) Professional Associations and Memberships Beverly Hills Estate Planning Council- Past President Honors and Awards
Frequently Asked Questions about Current Estate Laws A Will covers assets in the name of a person when he or she dies and these assets then go through a court process called probate. A Living Trust is a document separate from a Will, and if assets are transferred to the Trust while the creator of the Trust is alive, they do not go through probate at the person's death. IRAs, retirement plans, annuities and life insurance allow a beneficiary to be designated. Bank and brokerage accounts can designate a beneficiary by words such as 'ITF' (in trust for) or 'POD' (payable on death). Assets held in joint tenancy pass to the surviving joint tenant(s) when one joint tenant dies. .............4% of the first $100,000 The creator's social security number. Not if a preliminary change of ownership form is filed along with the deed in which the appropriate exclusion is claimed. When a revocable trust is signed, a separate Will should be created that says that any assets not transferred to the trust during the creator's life are to be given to the trust at the creator's death. To name someone to speak for you at the hospital when you are unable to communicate. To give that person the right to consider relief of suffering in determining whether or not to withdraw life support. When you originally bought real estate, you received a title insurance policy. This is a contract, not a deed. It has come to my attention that title insurance companies who have issued title insurance policies on real estate that you purchased individually may deny coverage if you later transferred the real estate to your revocable trust. The solution, which I strongly recommend, is for you to contact each title insurance company which you have a policy with and request a CLTA 107.9 endorsement to add your revocable trust as an additional insured. The title insurance company may charge a modest fee. But in return, you will receive peace of mind. Remember, the purpose of title insurance is to protect you in case the person who sold you the real estate had some problem with his or her title/ownership that was not discovered by the title insurance company which issued you the title policy. Problems with title typically surface when you or your successors later attempt to sell your real estate, so the time to address this issue is now. |