In general terms, asset protection planning involves organizing a person's assets and liabilities and developing strategies to protect them from each other. Some forms of asset protection seek to shelter assets from excessive taxation, while others focus on creating barriers between creditors and assets.
Estate planning is an important part of protecting the ones you love and preparing for the future. However, estate planning can grow very complicated when a couple divorces and when one of the spouses remarries, especially if the new spouse has children. Depending on the nature of your relationship with a potential heir, there is a chance that your wishes may face a challenge after you pass away.
You've done the important work of protecting your estate and resources in order to be able to leave something for your family and loved ones. You realize — unlike many California residents — that it's wise to consider how the estate planning decisions you make now may affect your family later on.
Estate planning is an important part of building a plan for the future, and when those plans must change radically, you must consider how to adjust your estate planning priorities. Divorce is certainly a life event that can enormously affect your estate plan. If you face a divorce in California, it is important to find an experienced divorce attorney who can help you navigate this difficult season. However, a divorce attorney often has limited experience with the finer points of estate planning, which can create challenges in the property division portion of a divorce.
As you grow older, making sure that your affairs are in order becomes more and more important. This is also crucial for those who suffer from conditions that compromise their ability to communicate or make decisions. For individuals with concerns about their own ongoing ability to make financial decisions, a durable financial power of attorney may prove to be a useful legal tool.
As you begin to work out how to disperse your estate both throughout your life and after yours away, a well-balanced estate plan is exceptionally useful. Estate planning, in part, helps ensure that you do not sacrifice more of your estate to various taxes than you have to. One of the essential things that you should take into account is the amount of value that an individual may give away through gifting, tax free, throughout one's lifetime or after.
If you and the one you love are approaching marriage, or recently married, you have some very important legal steps to consider. Estate planning may already be on your radar, but by the time you marry your spouse, it is time to start putting plans into action to create a safer, more prosperous future together.
It has now been more than a year since the late (and inarguably great) artist Prince passed away suddenly, leaving a vast estate to his heirs with no proper estate planning in place. Unfortunately, the issues of his estate continue to unfold, delivering a potent warning to those who have yet to establish a proper estate plan.
California is considering a new type of savings account that may help those with disabilities build up resources without threatening their needs based benefits from subsidy programs. These accounts are known as ABLE accounts, which stands for "achieving better life experience." The accounts are only available to select individuals, but offer some great advantages to those who qualify, and may help those who suffer with a disability build up some resources for later in life.
California estate planning can get exceptionally complicated, especially when it comes to how to protect your interests when passing real estate from one person to another. If you own a piece of real estate, then you almost certainly would want to pass that on to someone when you pass away, but this is not always as simple as just making a transfer of property.