Liza Hanks

Caring.com Expert

About

Liza Hanks is the founder and owner of FamilyWorks Estate Planning, a law firm with offices in Campbell and Los Altos, California, that specializes in creating affordable estate plans for families of all ages.

She's also the author of The Busy Family's Guide to Estate Planning (Nolo, 2007) and taught estate planning and taxation at Santa Clara University Law School from 2003 to 2006. She's a 1996 graduate of Stanford Law School, a former magazine editor, and the mother of two children, ages 12 and 6. In 2001, she left a large Silicon Valley law firm to start a practice that makes a positive difference to children and families.

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Recently Published on Caring.com

  1. Thursday October 01, 2009

    1. How can I ensure annuity protection when seeking Medicaid coverage?

      Question - The rules for qualifying for Medicaid, as you've already discovered, are complex. Medicaid began, really, as a welfare program to provide medical care for the indigent. To qualify, a participant may, as a general rule, have no more than $2,000 ($3,000 for a couple) in non-exempt assets...

  2. Wednesday September 30, 2009

    1. Who pays taxes after receiving money from trust?

      Question - Accounting for trust income tax can be really complicated. The basic rule is that, for distributions of trust income, the income tax is paid, up to a certain point, by the person who receives the distribution at his or her individual income tax rates...

  3. Thursday September 17, 2009

    1. Are family corporations a good or bad idea?

      Question - It's one way parents can pass along property to children. But be forewarned: There are complicated rules about gifting shares in private corporations. You are all on safe ground if your parents properly valued those shares and reported the gift of those assets to the IRS if they were above the annual...

    2. Whose Social Security Number goes on an irrevocable trust?

      Question - An irrevocable trust requires its own tax ID number, called an Employer Identification Number or EIN. It's like a Social Security Number, but instead of being for a person, it is for the trust.You get one online from the IRS website or over the phone by calling 800-829-4933...

  4. Monday September 14, 2009

    1. Should I put my parent's home in trust?

      Question - It depends.Sorry--that doesn't sound like an answer. But there are a couple of issues to consider before you can make the best decision.First, if either of your parents are ill or just need help managing their finances, then a trust can be an efficient way to manage all of their assets--and you should consider doing it...

  5. Saturday September 12, 2009

    1. What can I do to get money from a trust fund?

      Question - If you are named as a beneficiary of a trust set up in California, you need not live in the state to be entitled to take money under it. And California law gives you the right to see a copy of the trust document as it relates to you. If the trustee will not give you a copy, or gives you a...

    2. How can property be deeded after a death? Do you need probate?

      Question - The answer depends on local procedures. Start by asking the probate clerk in the county in which your husband died for the correct procedure to follow. When divorce proceedings intersect with probate issues, certain issues stay in the family court system, while others are decided in the probate court...

  6. Thursday August 13, 2009

    1. Is it legal to distribute funds from a joint checking account after death?

      Question - Double check with the bank to be sure you are a joint owner on the account. If you are listed as a joint owner of the checking account--and it sounds as if you are--then you can certainly write checks for your neighbor. You could also write checks to cover your own needs, so your neighbor showed a lot of trust in adding you to his account...

  7. Monday February 16, 2009

    1. How do I go about changing the beneficiary on an irrevocable trust?

      Answer - In legal jargon, it’s the trustee, who is charged with managing the trust assets, who is generally also responsible for providing information about the transactions. Beneficiaries are those named to get the trust assets.

    2. What legal recourse do I have with my drug abuser/alcoholic brother who has POA for our mother before he manages to go through my mothers money?

      Answer - If you do have a valid power of attorney, make sure that your brother does not have access to your mother's assets. Remove cash and valuables from the house; make sure the bank accounts are not accessible to him by meeting with bank officials and emphasizing to them that you are the sole designated agent...

    3. Can I transfer property to my own name with a power of attorney?

      Answer - Transferring your mom’s property into your own name could be risky business—unless the document specifically provides that you can do it. Otherwise, as the agent under your mom’s power of attorney, your job is manage the property for her benefit, not transfer it to yourself.

  8. Saturday December 27, 2008

    1. Can the trustee of an irrevocable trust be changed?

      Answer - It depends. The first thing to find out is whether that irrevocable trust permits the changing and replacing the trustee, and on what grounds such a change can be made. If so, it may spell out an easy way to remove and replace the trustee. If not, you had best consult with an estate planning attorney...

    2. Does a durable financial power of attorney for my mother...

      Answer - No, it does not. An agent is not responsible for the debts of the person for whom he or she is acting.

    3. Will a reverse mortgage continue to accrue interest even during probate?

      Answer - You should discuss this with the reverse mortgage lender, as terms and conditions will vary. Generally, though, the interest on a reverse mortgage is due when the house is sold, so if there's a time delay between the death of your parent and the sale of the house, the estate is responsible for the increased...

    4. If not named specifically in a will, can children of the deceased protest for inheritance?

      Answer - Assuming your mother's husband is the biological or adoptive father of all five children, it depends on what his will says.If it specifies that he intended to leave nothing to the other children, and give all he had to his youngest daughter, then that's what the law requires...

  9. Wednesday December 10, 2008

    1. How to create a non-contestable will?

      Answer - It sounds as if you've done a good job in getting your mother's affairs in order.Wills are actually quite difficult to contest. Your mother's husband would have to prove either that your mother did not have the capacity to make a will because she was not mentally competent to do so, or that she was put...

  10. Monday November 24, 2008

    1. Is it wise to make one child both the trustee and agent in a power of attorney?

      Answer - It depends on your family dynamics.Often one child is entrusted with both jobs. The agent acts for a parent when they are alive, but incapacitated; the trustee usually is empowered to act after death, but sometimes during life, if the parent resigns as trustee...

    2. Should I get a second legal opinion about saving my mother's estate?

      Answer - You should definitely seek another lawyer's advice.It is difficult to sort through complicated facts like these remotely, but certainly, with so much at stake, you need to be sure that you've explored all possible avenues of recourse. This is especially true if you think that your mother was not competent to act when she transferred those assets...

    3. How can I protect my mother's finances from her "friend?"

      Answer - Based on what you've described, and the very real possibility of elder abuse, it would seem wise to pursue using that power of attorney to organize and protect your mother's finances. You need to review that document to see how it defines incapacity: some documents go into effect upon signing, in which...

  11. Tuesday October 28, 2008

    1. Will my husband's aunt's jointly owned CDs in a credit union automatically be transferred to her trust or us upon her death?

      Answer - Your husband's aunt does not need to put those CDs into the trust. Assets owned in joint tenancy automatically transfer to the surviving owners when the other joint tenants die; they do not pass by trust.

    2. Will my husband's aunt's jointly owned CDs in a credit union automatically be transferred to her trust or us upon her death?

      Question - Your husband's aunt does not need to put those CDs into the trust. Assets owned in joint tenancy automatically transfer to the surviving owners when the other joint tenants die; they do not pass by trust.

    3. Can I pay myself a salary from the family trust?

      Answer - It depends on what the trust itself says about how the assets can be used for your mother's benefit, and on who the trustee is. Typically, such trusts will specify that the assets can be used for the "health, maintenance, and support" of the beneficiary; sometimes for their "comfort, welfare, and happiness...

    4. Can I pay myself a salary from the family trust?

      Question - It depends on what the trust itself says about how the assets can be used for your mother's benefit, and on who the trustee is. Typically, such trusts will specify that the assets can be used for the "health, maintenance, and support" of the beneficiary; sometimes for their "comfort, welfare, and happiness...

  12. Wednesday October 08, 2008

    1. How do I transfer deed to my father's house to my name?

      Answer - You will need to file a deed transferring the house to your name in the county where it is located.It doesn't cost much to record a deed, usually $8 to $10 dollars. A title company should be able to prepare one for you at a minimal cost. Or you might be able to do it yourself with help from the county...

  13. Thursday October 02, 2008

    1. Should my mom put my sister's name on the deed to her home?

      Question - Your mother could do that. But it may not be a great idea for a number of reasons. First, if she puts your sister's name on the deed now, she'll actually be making a taxable gift of one-half the value of the house to her. She'll have to file a gift-tax return by April 15 of the year following the transfer...