California residents who own collections of art, coins, cars and other valuables may be interested in how to leave them to heirs. There are several things to consider before deciding on a home for precious treasures. One of the first things for a collector to do is to discuss with family and friends any interest they may have in owning a collection or selected items. Appeal and lifestyle could drive the decision on who receives tangible items from a collection.
Estate planning for pet owners
California animal lovers may be interested in an article discussing arrangements to care for a pet after the owner dies. Through the use of trusts and other estate planning documents, this can be taken care of in advance.
Asset protection and estate planning
California residents who want to distribute their assets to family members and other beneficiaries after they die have several tools at their disposal. Proper estate planning can often include much more than the creation of a will. Creating a trust be an effective way of carrying out the grantor's wishes while instituting a degree of control over how and when the assets are distributed. A properly-drafted trust can also avoid the time and expense of probate and in some cases can be used as a means of avoiding or reducing the estate tax burden.
4 elements of estate planning
Estate planning is a process that California residents may need to take seriously. If it is done properly, an estate plan might be able to reduce taxes heirs will have to pay on the estate, document how a person wants to handle end-of-life decisions, arrange for the care of minor children if both of their parents die, and avoid probate court.
Digital assets in estate plan
When California residents think of estate planning, they probably call to mind wills, powers of attorney and trusts. Now, the electronic age requires consideration of what will happen to digital assets when the owner dies.
California estate planning
Although considering the end of life is not uplifting for residents in California, creating a will and final testament is the best way to prevent headaches and complications for a person's heirs after their death. If such a document is not made, the state will carry out an estate plan for the deceased, irrespective of the needs of their heirs or personal wishes. Drafting a will with a professional usually runs between $500 and $2,000 but can be done for much less if an online service is used and the needs are straightforward.
Leaving instructions for when you're gone
However unlikely it might seem, a large rock could fall on a clear Fullerton night and kill you. Rather than trying to figure out the odds of such a thing happening, it might be better to contemplate this question: Have you made an estate plan to pass on your belongings to those you love and care about most?
Resident alien estate planning
Because of our region’s heritage and evolution, we in Fullerton have perhaps a fuller understanding of the immigration issues than other areas of the nation. It’s not unusual for a resident of the Fullerton area to marry a non-citizen, or for two non-citizens to marry and settle here.
Breaking tradition for blended Fullerton families
Blended families break tradition by definition. In the past, most married couples tried to stay together despite serious marital differences. The reason most often cited by those couples for staying together was that they were doing it for their children.
Estate planning: It's about more than sharing wealth
Sometimes people get caught up in a numbers game when they're looking ahead to when they will pass their assets on to heirs, whether they live here in California or elsewhere.
