California Estate Planning Lawyer Blog

The California Attorney General Bill Lockyear says a one-year investigation of the Paul Getty Trust in Los Angeles confirms that funds were inappropriately used. John Van de Kamp, a Los Angeles district attorney and an a former state attorney general, has been appointed as the independent monitor who will oversee the charitable trust for one year. One of his responsibilities will be to monitor the bi-annual reports that the trust is now required to give to the attorney general’s office.

Reports of inappropriate conduct included the use of $21,500 in charitable funds to purchase artwork for retiring trustees. Funds were also used to pay for first-class travel and expensive dinners for Barry Munitz, the Getty’s former chief executive, and his wife. No charges will be filed. The J. Paul Getty Trust is the third largest private foundation in the U.S.

In California, the Attorney General is the legal overseer of charities that do business in the state. The Attorney General can:

· Conduct investigations and bring legal actions to protect the assets of California charities and insure the assets are used for their intended charitable purposes.

· Has jurisdiction to investigate alleged mismanagement of assets belonging to nonprofit schools and hospitals.

Continue reading "California Appoints Former State Attorney General As Overseer of $9 Billion Getty Trust" »

In Calaveras County, 15-Year-Old Morgan Thomas saved the lives of three kids after she lost her own life during a horseback riding accident on her birthday earlier this month. Morgan is one of many Californians who have agreed to become organ donors in the event that their death allows them to give their organs away to save other people’s lives.

In California:
· There are more than 700,000 registered organ donors.
· 5,000 new donors sign up each week through the DMV.

The number of people waiting for organ transplants:
· In the U.S.: More than 92,000 people.
· In California: More than 19,000 residents.

Continue reading "15-Year-Old California Girl Donates Organs And Saves The Lives Of Three Children" »

In Los Angeles last week, Jesus Duran and Sofia Aguayo were arrested and are being investigated for defrauding sick and elderly homeowners of $5 million.

Jesus Aguayo, a licensed real estate broker, and Sofia Aguayo, a licensed real estate agent, are believed to have searched for homes that were unoccupied and had delinquent property taxes, paid off these taxes, and filed fake claims to seize the property. They are also accused of getting rid of possessions in the homes so that tenants could occupy the houses.

The couple is accused of illegally taking and renting approximately 100 homes and may be charged with up to 20 felony counts, including burglary, elder abuse, forgery, and grand theft.

Beginning January 1, 2007, in California, financial Institutions will be required by law to report any suspected incidents of elder financial abuse.

Continue reading "California Couple Is Arrested For Taking Homes From The Elderly" »

Last week, Anchorage attorney and Security Aviation, Inc. business head Mark Avery filed a 21-page defense against a California lawsuit claiming that the other two trustees of the May Smith Trust gave their consent to his borrowing more than $50 million to finance his company’s rapid growth.

Avery, who was one of three trustees entrusted with managing widow Smith’s $150 million in assets, is being accused by the two other trustees of mishandling her trust. The two trustees filed a suit in civil court in San Francisco in July, and they are now asking Avery to produce complete financial records.

Smith, who died on July 15, was the widow of Australian tycoon Stanley Smith.

Continue reading "Security Aviation, Inc. Business Owner Mark Avery Responds To California Lawsuit Accusing Him Of Taking More Than $50 Million From Widow’s Trust Fund" »

The beneficiaries of New York Yankees Pitcher Cory Lidle might not be able to collect on a $1.5 million benefit following his death due to the cause of his death. Under his baseball union’s benefit plan, his beneficiaries are entitled to an accidental death benefit of $1.05 million and a $450,000 life insurance benefit except for if his death occurs in “any incident related to travel in an aircraft ... while acting in any capacity other than as a passenger."

Lidle and his flight instructor were killed last week when the four-seat Cirrus SR20 they were riding in hit a 52-story building on Manhattan's Upper East Side. It is not clear who had been driving the plane at the time of the crash. He is survived by his 6-year-old son Christopher and his wife Melanie.

Life insurance policies require that you name a beneficiary.

Continue reading "Beneficiaries Of New York Yankees Pitcher Who Died In Plane Crash Could Lose Out On $1.5 Million Benefit" »

In California, Governor Arnold Schwarzenegger has signed a group of reform bills into law that will protect the rights of the elderly and the disabled by improving the way conservatorships are supervised by the courts. The new law will help prevent conservators from abusing their handling of the personal and financial affairs of adults whom the courts have ruled as incapable of handling their own affairs.

The package of bills, called the Omnibus Conservatorship and Guardianship Act of 2006, consists of the following:

•AB 1363 by Assemblyman Dave Jones, D-Sacramento
Mandates improved court oversight, increased information sharing with relatives of conservatees, and expanded assistance to non-licensed conservators and guardians through conservatorship and guardianship court proceedings.

Continue reading "California Governor Schwarzenegger Signs Conservator Reform Bills To Protect The Elderly And The Disabled" »