Planning a California estate does not only include dealing with how assets are distributed after one's death. Estate planning also includes managing assets while living. For those with a significant amount of wealth, it is important to protect assets from creditors as well as other potential risks.
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.
An adult lifetime is spent carefully gathering, managing and protecting assets. If you're like many Los Angeles residents with considerable wealth, some or a great deal of those assets will outlive you to benefit the ones you love. Many affluent Californians supplement estate planning documents with trusts, to ensure that heirs and beneficiaries preserve assets wisely and receive the maximum benefits.
A large inheritance received during a time of grief would seem like a great comfort. Without proper thought and consideration, though, that windfall can create more problems than solutions.
The parents of baby boomers have reached an advanced age. The children of the World War II generation are baby boomers. Members of the country's largest-ever generation were born between 1946 and 1964, which means some Los Angeles boomers are already grandparents living in retirement.
Parents of a disabled child often worry how to set up an estate plan that provides an inheritance without disqualifying the child from valuable government benefits. Estate planning trusts can be designed to help a special needs beneficiary without sacrificing Supplemental Security Income or Medi-Cal, the California Medicaid program.