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Klaus Gottlieb, Estate Planning Attorney
California | (805) 703-2282 | WealthCareLawyer.com

Offices in San Luis Obispo and Cayucos

Legal Accomplishments:
Klaus Gottlieb's legal journey is marked by noteworthy achievements. After nurturing a long-held dream of studying law, he turned it into reality by graduating from Northwestern California University School of Law in Sacramento in April 2021. His dedication and aptitude were evident when he passed the July 2021 California Bar Exam on his first attempt, a feat in a state with a 53% pass rate. His legal expertise is in Trust and Estates, where he uniquely combines deep legal knowledge, counseling skills honed as a physician, financial acumen as an MBA, and a knack for creative problem-solving. He teaches Wills and Trusts at Monterey College of Law, sharing his expertise and practical experience in estate planning with aspiring JD candidates. He is a member of the California Bar, the California Lawyers Association, and the San Luis Obispo County Bar Association.

Prior Career Highlights:
Before law, Dr. Gottlieb had a multifaceted career. As a physician, he practiced in both private and academic settings, reaching the rank of Full Professor at George Washington University. His medical expertise led him to testify frequently as a medical expert witness. In the pharmaceutical industry, he held executive positions, reflecting his leadership and analytical skills. He served 16 years in the United States Naval Reserve, including deployment in the Global War on Terrorism, achieving the rank of Commander, Medical Corps.

Educational Background:
Dr. Gottlieb's educational journey spans continents and disciplines. After medical school at the University of Bonn, Germany, he pursued an MBA at Indiana University, graduating with highest honors (Beta Gamma Sigma). He also passed the level I Chartered Financial Analyst (CFA) Exam and completed a Master of Science in Biotechnology at Johns Hopkins.

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California

State Bar of California

State Bar of California  # 339060

Member

Current

San Luis Obispo County Bar Association

Current

California Lawyers Association

Section of Trusts & Estates

Current

Q. beneficiaries who would like partial payment before the 120 day notification is up. Is there a waiver they can sign

January 14, 2024

A: If beneficiaries of a living trust wish to receive a partial distribution of trust assets, such as proceeds from the sale of a condo, before the 120-day notification period has elapsed, there are a few considerations:

Trustee Discretion: The trustee has the discretion to make distributions. However, the trustee must act in accordance with the trust document and the best interests of all beneficiaries. The trustee should be cautious about distributing assets before the end of the notification period, as it could potentially expose them to liability, especially if there are later contests or claims against the trust.

Waivers: Beneficiaries may sign a waiver to receive early distributions. This waiver should be carefully drafted to ensure it adequately protects the trustee from future claims related to the early distribution. It should explicitly state that the beneficiary is aware of their right to contest the trust and is choosing to receive a partial distribution before the end of the notification period. It's advisable to have these waivers drafted or reviewed by an attorney.

While beneficiaries can potentially receive a partial payment before the 120-day notification period is up, it involves risks and should be approached with caution and legal guidance. Waivers can be used but must be carefully drafted to protect the interests of all parties involved. ... Read More

Q. If a person is the successor trustee of a trust that was written by said person who also is sole beneficiary. Takes pape

January 14, 2024

A: It appears you are describing a situation involving a trust and a successor trustee, who also happens to be the sole beneficiary. Here are some pointers:

Trustee's Job: The person who took over the trust (the successor trustee) has to do what's best for the person who made the trust (the beneficiary). If they don't, they might be breaking the rules of being a trustee.

Understanding and Agreement: If the person who made the trust was in a nursing home and maybe didn't understand what they were signing, then what they signed might not be valid.

Pressure and Elder Abuse: The situation sounds like the trustee might have unfairly influenced or taken advantage of the person in the nursing home, especially if they made decisions that were good for them but not for the person who made the trust.

Your Part: If you were promised money by the person who passed away and you helped take care of them, you might have some rights. But promises that were just spoken can be hard to prove.

Taking Action: If you think the trustee did something wrong, like not managing the trust right or pressuring the person who made the trust, you might be able to challenge what they did. This could mean going to court.

Get Legal Help: This situation is complicated, so it's important to talk to a lawyer who knows about trusts and estates. They can look at everything that happened and tell you what you can do.

Every trust and estate situation is different, and the details really matter. A lawyer can help you understand your rights and what steps you can take next. ... Read More

Q. I just sold my late father's house which was in a trust so the proceeds went to the trust. What are the tax implications

January 13, 2024

A: The tax implications of selling a house that was held in a trust can be complex and depend on various factors, including the type of trust, the terms of the trust, and the tax laws applicable to the trust and the beneficiaries. Generally, if the trust is a non-grantor trust, the trust itself may be responsible for paying capital gains tax on the sale of the property. The capital gains tax would be calculated based on the difference between the selling price and the original purchase price or the adjusted basis of the property.

Once the trust has paid any applicable taxes, the remaining proceeds can be distributed to the beneficiaries according to the terms of the trust. As beneficiaries, you and your brother would typically not pay taxes again on the proceeds received as a distribution from the trust, as the trust would have already accounted for the capital gains tax. However, if the distribution from the trust is considered income to the beneficiaries, then there may be income tax implications for you and your brother individually.

It's important to consult with a tax professional or an estate attorney who can provide advice based on the specific details of your father's trust and the current tax laws. They can help determine the tax responsibilities of the trust and any potential tax liabilities for you and your brother as beneficiaries. ... Read More

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