You're growing worried about your parent. Alzheimer's has set in, and memory issues have turned into safety issues. Maybe a stove was accidentally left on. Maybe your parent got lost outside of the house and couldn't get home. You think it's time for mom or dad to go into an assisted living center, just for the sake of safety.
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.
A trustee in the state of California has the responsibility of managing property in a trust that has been established for an individual's beneficiaries. The trustee is required to adhere to the requirements that the creator of the trust, also known as the settlor, mandated.
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.
Los Angeles residents with high-value estates may be interested in the latest court filing by the executors of the Lou Reed estate. This filing outlines the value of most of Reed's property, though some high-value assets have been left out.
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.
Trusts can have significant benefits for Los Angeles individuals with defined goals for estate assets. During estate planning, the creation of a trust must be balanced with the costs of establishing the document and maintaining the trust, in the present and the future.
The estates of wealthy California residents can be subject to high federal taxes unless provisions are made to preserve assets. One goal of estate planning is to minimize the tax burden so that beneficiaries are not deprived unnecessarily of full inheritances.
The reason most Los Angeles residents have an individual retirement account is to help supplement income in later life or, following an account owner's death, to add to the financial support of a surviving spouse. However, some California residents see IRAs as assets meant to be passed through an estate to heirs.
Independence is a precious possession that seniors often guard carefully as long as they feel sound in body and mind. Even when age or illness interferes with that independence, older people can be hard-pressed to give up activities like driving or balancing a bank statement.