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March 2014 Archives

The importance of intent in a will

The overriding purpose of a will is for someone to communicate their wishes as to how their assets will be distributed after they pass away. Essentially, a will establishes the rules for distribution, including who is responsible for administering the estate, and it identifies beneficiaries. Without such a document, a person’s belongings may be distributed according to California law, which may prevent a person’s preferred beneficiaries from being able to receive them.

Record-setting insurance purchase shows smart estate planning

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.

Was 'Billie Jean' Michael Jackson's lover? A DNA test may say so

Michael Jackson’s estate is embroiled in more controversy. It was recently revealed that the King of Pop could have fathered a child, who is now 31 years old. Brandon Howard, who is the son of famed R&B singer Miki Howard, is rumored to be the son that Jackson sung about in his 1983 hit “Billie Jean.” Miki Howard apparently went by the nickname “Billy”, and in an example of art potentially imitating life,  Jackson’s song, interestingly enough, has the lyrics, “Billie Jean’s not my lover, she’s just a girl who claims that I am the one, but the kid is not my son.”

Estate plans prevent California judges from making your choices

A probate judge will decide what's best for your estate assets and minor children should you die intestate. Dying without a will means you forfeit control over the distribution of possessions and child guardianship. California succession laws, Probate Code sections 6400-6414, define what happens when you ignore estate planning.

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