The President of the United States recently revealed a new tax legislative proposal which could have significant implications for those concerned with planning their estates. The plan would revamp the Tax Code in a way that could increase tax liabilities for some beneficiaries in California and other states. This has caused many people to reexamine their estate planning strategies.
California natives may not know that filing a living will can protect their medical rights in the event that they require artificial life support to live. A living will, or advance directive, outlines an individual's life support wishes, such as whether they want to be resuscitated or whether they would like life support to continue to keep them alive. It also prevents family members from being forced to make these important decisions on the individual's behalf. Often, it can be extremely uncomfortable for a loved one to guess what an individual would want in a medical situation. A family member may have to decide whether to prolong that person's life or not to let them go.
Over the years, California residents may need to revise financial decisions they made earlier in life. This might be true for estate plans as well; what sufficed at one time of life may be inappropriate in another.
As many California residents may know, having an estate plan provides some certainty that an estate may be divided according to a benefactor's wishes when death occurs. Taking control over one's estate also allows an individual to make sure family members inherit according to their needs.