After fans in California mourn the deaths of their favorite or most idolized celebrities, they often begin discussing the fate of those celebrities' estates. Unfortunately, most discussions concerning celebrity estate plans circle around the estates' deficiencies and, in some cases, squabbling families left in the throngs of probate. At first glance, it does not appear that David Bowie's recent death will incite any such distress among surviving family members. Most people believe that the singer and actor utilized at least one trust -- although likely more -- to ensure the smooth transition of his estate after his death.
There are many things to think about when designing an estate plan. Much of the focus in estate planning will be on making sure intended beneficiaries are taken care of in California. This may involve creating a trust for one's heirs. However, many times people will forget about their pets and do not realize that pet owners can create a trust for their pets that they may unexpectedly leave behind.
When couples marry, they are usually not concerned with financial matters at first. On the other hand, with their change from single to married status comes some potential tax advantages in California. However, tax advantages do not only apply while the married couple is alive, it also helps as far as administering an estate to beneficiaries in the future. Couples can do this through a smart trust administration strategy.
When it comes to planning an estate, people have a multitude of options and strategies and various legal documents and instruments available in order to achieve their estate planning goals. With so many options available, it can be confusing to many people in California on how best to proceed. For instance many people may be confused about what exactly a trust is and in what situation a trust can be a useful estate planning tool.
Many times, obtaining life insurance is an important part of a person's estate planning strategy. However, in some cases, just simply having life insurance is not enough for California residents. Those with large estates or who have beneficiaries who are not good at managing money may also want to consider creating trusts to go along with their life insurance policies. There are many ways in which a trust can help with administering and managing a life insurance policy and its benefits.
Just a few months ago, the world learned the shocking news that Robin Williams passed away, leaving behind three adult children and his wife of almost three years. Many people in California are likely still in shock over the news of his death. However, less than five months after his death, his wife, Susan Schneider Williams, initiated proceedings asking the court to provide clarification on what appears to be a well-planned trust.
When it comes to estate planning, some California parents ignore the benefits of the choices available to them. One example is using a trust to make sure that assets pass to intended parties. Using a trust can give parents more control over their estate versus leaving it up to a court or in the hands of an executor. Some parents might be concerned about privacy and do not want their will publicly available in probate court. A living trust could be the answer due to the fact that such a trust is not subject to probate.
California residents who feel they have some assets to protect may be wondering whether a trust is the right choice and what type of trust they may need. Trusts might be a good choice for individuals who are planning their estates and need to protect their assets from potential creditors or who want to make sure the money they leave behind is properly administered when they are unable to do so. Trusts may result in tax advantages for the very wealthy, and they can provide more privacy than a will.
There is various tax saving strategies that can be put into that will prevent finances in an estate from being depleted. Unfortunately, many people do not understand just how much taxes can affect one's finances in the long-term.
Not long ago, a world record was broken in the state of California. No, it wasn't something as flashy as a land-speed record, but it is a smart one according to observers. By purchasing a life insurance policy worth $201 million, a California tech mogul smashed the previous record by $101 million.