One of the areas covered in many Californians' estate plans is what actions they want and don't want taken to extend their lives if they are unable to speak for themselves. These can be spelled out in detail in an Advance Health Care Directive and overseen by a health care power of attorney. In California, the Natural Death Act allows people to be removed from devices and not undergo procedures that would keep them alive if they choose.
Being named as the executor of an estate or the trustee for a trust is quite the responsibility. It will be your job to interpret and follow the last wishes of a loved one. This could include the division of assets, the allocation of physical items and even clearing out a living space.
It used to be that estate planning largely involved deciding how much money each of your children would get when you died, and who would inherit the good silverware and vacation home in La Jolla. For many Californians, it still is.
It happens in many families where the roles reverse and adult children become responsible for the welfare of their parents. If a doctor has diagnosed your parent with dementia or other mentally impairing disease, it may be time to start taking steps to ensure that you will be able to manage affairs when the time comes.
Most people think of estate planning as designating how assets will be handled after they die or if they are no longer able to speak for themselves. However, certain aspects of estate planning, like living trusts, are important for protecting your assets while you're still alive and well.
Everyone wants their heirs and beneficiaries to get as much money as possible when they pass away. They've worked hard for that money and assets that they've accumulated, and they want to see it continue to be used for good and for the benefit of their family.
Some Californians live on top of gas and oil. If these valuable resources are in the ground under your property, you may be getting some nice royalty income on a regular basis. Even if you sell your home, you can retain the rights to what is underneath it.
As a young adult, you have a lot of new responsibilities. You might think that you have everything covered, but have you made an estate plan? An estate plan is an important part of being an adult, especially if you have a spouse and children, because the estate plan lets those who are left behind know what to do with your assets.
Many Californians are permanent legal residents from countries around the world or are married to someone who is. In the tax world, these people are referred to by the rather un-politically correct term "resident aliens." This is an important term to know when you are developing your estate plan and have a large estate because the taxation rules for non-citizens are different than for citizens.
Politics impacts virtually every aspect of our lives, whether we realize it or not. That's because our elected leaders make and sign the laws by which we all are required to live. The new Trump administration and the Republican-led Congress have indicated that there are a number of areas in which they plan to exert their authority in the near future.