There is various tax saving strategies that can be put into that will prevent finances in an estate from being depleted. Unfortunately, many people do not understand just how much taxes can affect one's finances in the long-term.
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.
Legal documents used in estate planning have unique purposes. California advisers usually recommend that everyone creates a will. The same advice may not apply to revocable trusts, depending on individual estate plan desires.
California estate plans often include trusts that have dual roles. Assets in revocable living trusts benefit individuals during their lifetimes and reward beneficiaries when the trust creator, also known as a settlor, is no longer alive.
Not every person requires a trust to complete an estate plan. Sometimes a will and powers of attorney cover everything necessary for an estate. In other circumstances, trust instruments are needed to ensure assets and heirs are protected from probate and, sometimes, even from an inability to manage inheritances.
Events like Hurricane Sandy make pet owners think about what would happen to a loved animal when owners were unable to care for them. Natural disasters and an owner's incapacity or death can separate a pet from a human friend.
Many people believe that having a will is all that is needed for a proper estate plan. The reason for that belief may be a lack of knowledge about other estate planning tools like the revocable living trust.
The belief that trusts are only for wealthy individuals is fading as Californians discover the estate planning benefits of trusts. Sometimes wills are enough for the distribution of assets to heirs. Often trusts are beneficial supplements because they serve multiple purposes -- not the least of which is potential estate tax savings.
Actor and filmmaker Dennis Hopper was 74-years-old at the time of his death in 2010. Two months before he died of cancer, Hopper celebrated his recognition of celebrity on the Hollywood Walk of Fame with his 7-year-old daughter, Galen -- Hopper's fourth child and the daughter of his fifth wife.
The management of a California family's $11 million trust fund is under careful watch by federal law enforcement officials and family members. A probate judge in Los Angeles County recently approved a $50,000 compensation payment to one of the estate trustees, who is under FBI scrutiny.