Tara Tyson Kulukundis was never well-known for her acting talents in New York or Los Angeles. The off-broadway and bit-part television actress did enjoy some notoriety decades ago and lived a comfortable lifestyle, at least until the death of her husband Manuel Michael Kulukundis.
A surprising number of people in California and throughout the country give little thought to long-term financial planning. Young adults may be more concerned with wealth building than wills, trusts and estate administration.
You may think you're too poor or too young to consider having an estate plan, but you're not. These are a few of the assumptions many people in Los Angeles make when they think about wills and trusts, health directives and estate planning strategies.
Legal experts say some people are so paralyzed by unknown changes in gift and estate tax laws that they are placing estate planning on hold. Many California experts believe not drafting estate planning documents, because estate tax exemptions and rates are uncertain, is a mistake.
Economic times have been hard in California. So, it would stand to reason, if there is a way to save a buck (or two) by doing something yourself, it would be a good idea. Right?
If you don't have an estate plan, you aren't alone. Many Californians die before drafting wills, creating confusion among heirs and leaving asset distribution to probate judges. Even individuals who have estate plans can wreak havoc among beneficiaries, if the plans are not updated regularly.
One of the most challenging factors in estate planning can be preserving your assets for heirs and beneficiaries. When wills and trusts are not set up properly, monitored and changed appropriately, assets that were meant for loved ones can turn into unintentional government tax revenue.
Teenagers typically do not think about medical directives, guardianships and estate planning. Most California teens and many parents don't realize or recognize that, once a child reaches 18, some health care and financial options are lost.
Planning for our deaths is not high on the priority ladder for most Los Angeles residents. However, as we get older, we begin to come to terms with the inevitable -- our mortality. What more, as parents, it isn't always a pleasant topic of conversation to have with our children.