Join Lizzie Allison and Team Celebrate on Martin Luther King Jr. Day at Rolling Hills Church in El Dorado Hills to make 200 birthday party boxes for the El Dorado County foster children. Click here for story and details from the El Dorado Village Life.
The California courts are becoming quite lenient in ruling that assets are in a trust. Here is the State Bar of California Trust and Estate Section’s summary of Carne v. Worthington, filed April 13, 2016, Fourth District.
Decedent executed a revocable trust in 1985 (the “1985 Trust”), and real property located on Via Regla was transferred to the 1985 Trust. Decedent executed an irrevocable trust in 2009 (the “2009 Trust”) which stated, “I transfer to my Trustee the property listed in Schedule A, attached to this agreement.” The sole asset listed on Schedule A was the Via Regla property. Decedent’s daughter filed a petition to confirm the validity of the 2009 Trust and that the Via Regla property was an asset of the 2009 Trust. The trial court found the transfer of Via Regla to the 2009 Trust was not valid because decedent was required to transfer title to the Via Regla property by a deed, and because decedent did not personally own the property at the time of the transfer.
The appellate court reversed. The language quoted above in the 2009 Trust was sufficient to convey the property to the 2009 Trust, and decedent was not required to execute a deed. While decedent did not own the property individually at the time of the transfer, his signature on the 2009 Trust was sufficient to convey title from the 1985 Trust to the 2009 Trust because the 1985 Trust was a revocable inter vivos trust, he owned the property as sole trustee of the 1985 Trust, and he had the power to transfer real property owned by the 1985 Trust.
Although this is a very favorable ruling, I highly recommend you actually transfer title of your assets to your trust, so your children do not have to rely on the kindness of a judge to avoid probate.
I am a huge 49er fan, so today, the NFC Championship game, is a big deal. I’m ready to see what the Niners and quarterback Colin Kaepernick can do against the Atlanta Falcons.
The 49ers have significantly changed their offense to exploit Kaepernick’s unique talents. Coach Jim Harbaugh knew what Kaepernick could do (run like a gazelle and throw laser beam passes down field) and he adjusted his offensive scheme to match. Harbaugh didn’t force Kaepernick to subsume his talents to Harbaugh’s system, i.e. fit square peg in round hole. Rather, he saw something truly special in Kaepernick and made the decision to abandon “best practices” and let Colin be Colin. So far so good. I’m writing this 1 hour before kickoff.
What is the “offensive scheme” you are using in your business. Is it the scheme the experts tell you to use? Or is it the scheme that exploits your unique talents – which by definition are unique to you and not what the experts have considered.
Your business will work best when it is structured around your strengths. You were made different than anyone else, for a reason. You think the way you do and you do things the way you do so you can help the people you were meant to help. Go with it. Clear the decks and evaluate how you can best use your unique strengths in your business. Isn’t that why you started your own business in the first place?
Bonnie Lee on Tax law changes you need to know for 2013.
Great post from David Katz about what a real entrepreneur is and what it is not. After describing the glorified gamblers and their venture capitalist enablers, he says:
This whole picture of entrepreneurship reeks. It’s only true for a small subset of entrepreneurs – ones that make high risk plays with VC capital and years without profitability. Founders who make these plays are really half entrepreneurs, half gamblers.
If you build your life around dependency on outside capital, is it any wonder you’ll be stressed when said capital is about to run out? You have only yourself to blame – you walked into a high risk, high gain situation. If that’s what you want, great, but don’t go hijacking the term ‘entrepreneur’ to describe only people like you. I do low risk, good gain business, and I have every inch of claim on the word ‘entrepreneur’ that you do. I don’t spend my time in airplanes, I don’t get up at 4:50am, I’m never stressed, I have plenty of free time to use how I see fit.
I am also not rich by a long stretch. Maybe one day I will be, maybe I won’t, who knows. What I know is that I love my work, that I have an income that allows me to live exactly like I want to live, and that my business has been supporting me and our team of five for many years.