San Clemente based attorney John Minnott is certified by the State Bar of California as a specialist in the areas of
Probate, Estate Planning and Trust Law
Attorney John Minnott has been proudly serving the local San Clemente community for over 25 years
John Minnott is admitted to practice only in California and thus he practices only in California. He is not licensed to practice in any other jurisdictions.
Nominating a Guardian of Minors – A parent can name a person to be the guardian of the person and/or a person or entity to be the guardian of the estate of a minor child should both parents die or become incapacitated prior to the child attaining the age of majority.
Nominating a Conservator of an Adult Unable to Handle His or Her Affairs – A competent adult can name a person to be the conservator of his or her person and/or a person or entity to be the conservator of his or her estate of that person if he or she should reach a point where he or she can no longer handle his or her affairs or is likely to become the victim of artful and designing persons.
Planning and the Living Trust
A Revocable Living trust does not in and of itself provide any estate tax savings. At present all property passing to a surviving spouse passes free of estate tax (the marital deduction). Property which does not qualify for the marital deduction can besheltered by the wealth exemption. There is no estate tax on estates which do not qualify for the marital deduction and which have a net value of $5 million (as adjusted annually for inflation) or less. In addition, a deceased spouse’s wealth exemption amount can pass to the surviving spouse thus allowing the survivor a wealth exemption of $10 million (as adjusted) (this concept is known as “portability”). As a result, the surviving spouse can receive the deceased spouse’s entire estate tax free without limitation and can pass more than $10 million (as adjusted), at the survivor’s death without tax.
Revocable Living Trust – A Revocable Living Trust is a substitute for a will, although a companion will accompanies almost every Revocable Living Trust. A trust is similar to a contract between the “settlor” (person creating the trust) and the “trustee” (person administering the trust) for the benefit of the beneficiary (person receiving the benefits from the assets of the trust).
Under California law a person may be the settlor, trustee and beneficiary of the same Revocable Living Trust.