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Posts tagged "Estate Planning"

President proposes changes to estate planning laws

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.

Good estate planning eliminates common errors

As many California residents may know, having an estate plan provides some certainty that an estate may be divided according to a benefactor's wishes when death occurs. Taking control over one's estate also allows an individual to make sure family members inherit according to their needs.

An appropriate time for estate planning

California couples often make big plans for the future during the initial year of their marriage but do not think in terms of estate planning. Without realizing it, they may be costing themselves vital opportunities to secure a stable future for their incipient family and accumulating property should something happen to them individually or as a couple.

Essential times to revisit a will

Residents in California may understand the importance of a will, but many may for get to keep the documents updated. There are specific events in life that should trigger a review of their last will and testament to ensure it still reflects their final wishes. If it needs to be updated, making changes soon after a change can prevent confusion in the event of an unexpected death.

Preventing possible mistakes in estate planning

Some Los Angeles residents may have experience in dealing with various complications related to estate planning. Although estate planning can be one of the most important subjects for families to discuss, it is often neglected. Moreover, even in cases where families act to secure their respective estates, the process can still be derailed by various complications.

Is a holographic will valid in California?

California law recognizes the validity of holographic wills for any residents of the state. A holographic will is a handwritten document in which the testator describes their preferred disposition of the estate after their passing. So long as the will follows the specific previsions of the law, the court will consider it to be valid. However, it may sometimes be easier to invalidate a holographic will than a regular will.

Determining if a trust is a worthwhile estate planning tool

A trust may be a worthwhile estate planning tool for many people who live in California. As a general rule of thumb, anyone with a net worth of $100,000 or more may benefit the most from a trust. They may be even more effective for those who also own a business, want to care for a disabled family member or want to delay distribution of assets to children or other heirs.

How can someone become a guardian in California?

When someone wants to become a guardian of a child in California, they typically do so by filing a petition with the court. Other relatives of the child must be given notice in addition to the parents if they are living. If either one of the parents object, the court will hold a contested hearing at which the intended guardian will need to show that it is in the best interests of the child to appoint him or her as the child's guardian.

Estate planning benefits of Section 529 accounts

People in California who save for their dependents' college tuition in a Section 529 college savings account are able to accumulate tax-free accounts. This is a major factor for why people choose this type of account, but what many people might not realize is that these accounts are also beneficial during estate planning.

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