Estate planning offers many advantages and protections to those who use legal tools properly and understand their limitations. However, many estate plans involve terms that are not possible to enforce, or create tensions between potential beneficiaries. Such seems to be the case with the estate plan of late soul music legend James Brown. By now, it has been over a decade since Brown passed away, but his estate remains unresolved.
With the passage of the new lax laws, many estate plans require revisiting and possible revising. For many years, estate planning professionals navigated complex tax avoidance systems to help clients keep more of their own estate to pass on to their beneficiaries.
As you consider your estate planning needs and your emergency and end-of-life care preferences, it is very likely that you may decide to name a health care agent. Such a person acts on your behalf, making medical choices that align with your wishes. Depending on the nature of your wishes, some of those close to you may find it difficult to act as your health care agent, so be sure you choose your health care agent carefully.
Building an effective estate plan is an important part of providing for the ones you love with your resources. However, in some cases, even those who fail to create an estate plan during their lifetimes may end up with their resources placed into a constructive trust upon passing away. Constructive trusts are a certain kind of trust that arises when a court acknowledges the rights of an heir despite the absence of an established trust at the time of a benefactor's death.
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.