Walnut Creek, Pleasanton, Fairfield, San Francisco
When the famous actress Farah Fawcett passed away from cancer, she had left most of her estate to her son. Some of her fortune she had set aside for the Farah Fawcett Foundation to “provide funding for alternative methods of cancer research, clinical trials, prevention ,” according to the foundation’s website. Now this foundation is under investigation by the California Attorney General’s Office for fraud.
Do you remember the posters by the freeway telling you that the world would end on May 21st? You probably do – because you are still alive. Doom’s Day did not arrive after all, despite the fact that a radio station based out of Oakland, California heavily advertised it. While I was not one of the believers in Doom’s Day, some people did believe that the 21st day of May would bring an end to his world and made imprudent decisions about their estate.
In May 2011, a man, age 55, almost finished his pre-dinner bicycle ride when a vehicle, perhaps a blue truck, struck him. The man flew through the air, and landed approximately 30 feet away, according to The Virginian-Pilot. He ended up at Sentara Virginia Beach General Hospital with serious injuries, including nine broken ribs, a broken clavicle, and a broken pelvis. The crash remained under investigation, and was classified as a felony hit-and-run. The bicyclist didn’t see the vehicle. The ride began as an ordinary route the cyclist rode often, for the past 32 years, on his way to and from his home.
After searching by air, boat and under water, a car that plunged into the Chesapeake Bay in Virginia Beach, VA, in March 2011 resulted in the driver’s body found dead, according to The Virginian-Pilot. Investigations remained ongoing to find out what caused the driver, age 51, to drive off the Chesapeake Bay Bridge-Tunnel’s southbound span at about mile marker 8 between the crossing’s two tunnels. The water was about 40 to 45 feet deep and 50 to 52 degrees, making survival unlikely. Rescuers found a 2007 Toyota Avalon belonging to the driver.
Earlier this year, two bicyclists, father and son, died when a Buick sedan driver hit them when they were out on a Sunday bike ride , according to WWAYTV3. Reports showed the driver might have been driving while under the influence of controlled substances. Law enforcement arrested the driver at the scene for felony death by motor vehicle, cocaine possession, and felony driving while impaired. The father died instantly. Besides the son riding with him, he also had twin sons, age 7. The twins will have to live on without a father. The son who rode with the father, was in critical condition, rushed to the hospital, and died the night after, 10 days before his 18th birthday.
A man, age 51, was suddenly killed in early 2011 when his truck collided with an Amtrak train, carrying 125 passengers, in New Kent County, Virginia, according to WVEC. The man, from Wakefield, VA, died at the scene when he failed to yield the right of way to the train, and attempted to cross the tracks. None of the passengers on the train, traveling from Richmond area to Newport News, were injured. The crash occurred on private property with a railroad crossing sign, without any signals. The exact details of what caused the train accident remained under investigation.
Most people are glad that 2010 tax season is finally over, but that means it is time to start 2011 estate and tax planning. By knowing the changes in tax laws, people can save from taxes and use the cash for paying off other debts to stay out of bankruptcy. The following were created or extended as a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ( “2010 Tax Act”):
Part of estate planning is giving instructions to be taken care of when a person is no longer able to take care of him/herself like in making financial or healthcare decisions.
Nursing homes have been sued for abuse, and some nursing homes have many people like accountants or attorneys go there to give seminars that persuade them to give money away for estate planning devices, or home foreclosure prevention plans, that are not sound. To choose a nursing home, visit the nursing home to meet the staff.
A spouse omitted from a person’s will or trust may be considered an omitted spouse under California Probate Code, entitled to share in the deceased’s estate, because s/he is not provided for in the trust or will.
An omitted spouse is a surviving spouse who married a decedent after the execution of a testamentary instrument, where the testamentary instrument fails to provide for the spouse. An omitted spouse is entitled to receive a share in the decedent’s estate as if the person died intestate. Testamentary instrument includes wills and living trusts.
President Obama signed in 2010 the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act). The 2010 Tax Act changed the estate, gift and generation skipping tax (GST) laws. These changes create estate planning opportunities for real estate investors.
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FAIRFIELD
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