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Posts tagged "estate planning"

8 estate planning myths every young adult should know

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.

Protecting your non-citizen spouse from estate taxes

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.

What changes to estate tax laws will we see under Trump?

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.

How to leave assets to your grandchildren

Often, when people do their estate planning, they include their grandchildren only as alternative beneficiaries. That means that they receive an inheritance only if their parent (the grandparent's child) dies before the grandparent. Even if someone dies without a will and has no living children, grandchildren will receive the assets that would have gone to those children.

Discussing your estate plan with your family over the holidays

If there's anything that people dread discussing over family holiday get-togethers more than politics, it's financial issues. However, the holiday season brings family members together who rarely if ever see each other during the rest of the year. Therefore, it is practical time to discuss serious matters like estate plans.

What's the best way to leave a vacation home to family members?

Many Los Angeles area families have a vacation home. It may be a getaway cottage in Big Sur or a place farther north in Napa or Sonoma wine county. Regardless of the location, when people draft their estate plan, they generally leave the property to their children.

Ensure that your kids aren't left out of your will if you remarry

When people remarry, they often rewrite their wills to ensure that their new spouses are covered. Unfortunately, their children from previous marriages and relationships may be left without any inheritance, even if that's not what their parents intended.

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