Daniel Timothy Quane Law Blog

The Homestead Exemption from the Bankruptcy Estate

In re Gebhart

The homestead exemption allows a bankruptcy debtor to claim the equity in their family home as exempt from being included in the bankruptcy estate.  The remainder of the debtor’s assets not subject to an exemption are included in the bankruptcy estate and used by the trustee to pay the debtor’s creditors. The debtor may... Read More

Personal Liability and Taxable Income Resulting from Short Sales and Foreclosures

The Role of the Marital Standard of Living in Determining Spousal Support

            Cal. Fam. Code §4330(a) states that a court may award spousal support in an amount and for a period of time that is based on the standard of living established during marriage.  The martial standard of living is the base reference point from which the court analyzes the Cal. Fam. Code... Read More

The Constitutional Right to Homeschooling

A review of Jonathon L. v. Superior Court (L.A. County Dept. of Children and Family Servc.) (2008) 165 Cal.App.4th 1074

            The Los Angeles County Department of Children and Family Services (DCFS) filed dependency petitions on behalf of three... Read More

Utilizing Fractional Share Discounts to Reduce the Taxable Estate

            Fractional share interest discounts are a relatively simple technique to reduce the taxable estate.  Fractional share interest discounts work well where an estate is only slightly above the lifetime estate tax exclusion or as a first step to reduce an estate greatly in... Read More

The Attorney’s Duty to Assess Competency

            The primary role of an attorney in providing counsel to a client is to represent the client’s interests.  However, there may come a time when the client becomes incapacitated and is no longer capable of acting in his or her best interest or following the advice of the attorney guiding the client to proceed in the client’s best interest.  Incapacity... Read More

Revocation of the Family Trust by One Spouse

A review of Masry v. Masry (2008) 166 Cal.App.4th 738

             Edward and Joette Masry created a revocable living trust (Family Trust).  The property transferred to the trust was community property as it was acquired during marriage.  The trust named Edward and Joette each as a trustor... Read More

Reduction of the Taxable Estate with GRATs

            A grantor trust is established by the grantor irrevocably transferring property to a trust during his or her lifetime while retaining an interest for a number of years with the remainder to the beneficiary.  The remainder interest to the beneficiary is subject to gift tax and its value is ascertained per the tables provided by... Read More

Reducing the Taxable Estate with Qualified Personal Residence Trusts (QPRTs)

             A qualified personal residence trust (QPRT) is an estate planning tool utilized to transfer assets out of a wealthy individual or couple’s estate in order to reduce or eliminate the amount of estate taxes due upon their death.  A QPRT operates by an individual or couple transferring a... Read More

Reducing the Taxable Estate with Family Limited Partnerships

             The family limited partnership (FLP) and the limited liability company (LLC) are excellent estate planning techniques to reduce the taxable estate.  The estate planning advantages of the FLP also apply to the LLC so this article will simply refer to FLP’s for clarity.  A FLP is a limited... Read More