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.
In many cases, estate planning is considered something that the elderly or middle-aged concern themselves with, but younger individuals can benefit greatly from beginning their estate plan ahead of a normal time frame. The truth of the matter is that none of us are guaranteed any more days on Earth than we have already lived, so if you are a person in your 20s or 30s, you should consider how your estate might be handled if you suddenly passed away, and how you might protect the ones you love against this possibility.
Estate planning is a complex process, and the best laid plans can prove very difficult to implement if you do not take special care to leave your executor the tool he or she needs to abide by your instructions. These days, many assets are solely or primarily digital assets, so it is important that you make appropriate provisions to ensure that your digital assets are included in your estate plan, as well as ensuring that your executor has authority and the proper information needed to access your digital assets.
For many Californian's, their home is an essential component of their estate plan. However, maintaining an effective estate plan becomes more complicated the more changes occur to to the assets within an estate, and modifications or additions to your home may change how you approach this asset and its tax implications.
Whenever there are any assets to divide after a person passes away, there is the great possibility for tensions and squabbling among beneficiaries. If you worry that your loved ones may fight over an inheritance, there are some concrete steps you can take to combat this possibility.