Creating a trust is intended, among other things, to secure one's assets and beneficiaries against the unexpected. However, even trusts depend on humans to function, and a trustee who no longer wishes to serve may create an unexpected wrinkle in an estate plan. It is wise to make sure that any trust you establish or serve has defined terms for how a trustee may resign, to avoid unnecessary complications if this occurs. In California, a trustee retains the right to resign, but must first meet some requirements.
California considers ABLE accounts
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.
Does passing a house onto an heir trigger tax reassessment?
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.
Should I start estate planning before my 40s?
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 as a non-citizen in America
Here in California, we enjoy a large number of non-U.S. citizens as a significant portion of our state residents. This reflects well on California as a progressive state that values people of all backgrounds, but also implies a number of legal issues when it comes to estate planning that one should not overlook.
