When it comes to handling significant resources in estate planning, it can certainly feel as though the popular saying "more money, more problems" is true. Because California has many more regulations than most other states, understanding how to navigate through the maze of laws and guidelines is a full time job. Many people find this so daunting that they simply put off dealing with it.
Estate planning is not one-size-fits all, especially for parents with dependent children. While it is good to have a plan for the long-term care of your loved ones, it is also important to consider the short-term needs of your children if and when the unthinkable happens and you don't make it home.
California is bright and beautiful, and it's no wonder why so many people choose to live her. However, for individuals with significant resources, or even just an owned home, the probate process can significantly drain the value of their estate if they do not or cannot build provisions to avoid it.
While many people throughout the country envy California for our beautiful landscapes and wonderful weather, others wonder how it is possible to live here under what may look like excessive taxation compared to other states. This is sometimes a misguided notion, as California does not use all the forms of taxation available.
Regardless of the nature of your estate and the duties that the executor of your estate must perform, it is important to review your estate plan every three to four years to refresh your memory of the details and to make sure your current choice of executor is correct. In many instances, you may find that your executor needs to be replaced.
As we progress through the stages of life, our estate planning needs may change significantly. Young people with no dependents and little property may not need much in the way of estate planning, but once families form, it is time to start considering these issues seriously. For young parents, establishing some estate planning is an absolutely essential part of protecting their children and each other.
Estate planning is a complicated business, but in community property states, it is even more so. Under community property laws, spouses both enjoy one-half ownership of all their marital property, which can greatly complicate matters when it comes time to create an estate plan. If you are married and are beginning to think about how you'd like to pass on your estate, it is very important to consider how this state-specific issue may affect your planning.
As you create your estate plan and prepare for the possibility that you could become incapacitated, you may choose to appoint a health care agent to make medical decisions on your behalf. This is an important decision that may greatly impact not only your own health and well-being, but also your estate and potentially the relationships between your loved ones.
Some of our readers may already be familiar with the sad saga of actor Mark Salling. The actor gained prominence on the television show "Glee." However, in Dec. 2015, he made headlines for another reason.
When developing your estate plan, it is important to understand the all of the exemptions and protections you can use to keep your property safe from costly challenges and taxation. With careful planning, you can use many legal tools to create protections for your property and your beneficiaries. For those with substantial estates, it is important to understand two of the most widely used protections: the personal exemption and marital deductions from the estate tax.