Estate Planning

Many things change after a divorce. You will probably change residences, see your children part-time, and lose possession of at least some of your marital assets. And while you can fight to control these changes, they happen largely out of your control. Instead, a judge often has the last word on your final divorce decree.

But there is one thing you can control.
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An estate plan is a set of legal documents that describe an individual’s wishes for what will happen following their death. These documents typically discuss the distribution of their assets, wealth, and personal belongings after they pass away.

Creating an estate plan is an important step for everyone, regardless of economic status. But it is equally important to review and revise the plan periodically.

Updating your estate plan ensures that it reflects any changes in your life circumstances or wishes.

As your parents get older, you may begin to worry about who will care for them in their final years. You likely have your own responsibilities and can’t afford to be a full-time caregiver. But that doesn’t mean that you want them to suffer as old age makes it increasingly difficult for them to take care of themselves.

With any luck, your parents have a plan for self-care and you won’t need to take any action. But if that isn’t the case, you can make sure that they spend their final years comfortably if you plan properly.
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Life is full of surprises. Although having conversations about retirement and end-of-life care is difficult, early-stage estate planning can give you and your loved ones some much-needed peace of mind.

Situations in life are ever-changing, especially when it comes to family and assets. As such, it's critical to consider the financial and social implications of your estate. While many people assume estate planning is something to be done later in life, the earlier you begin planning for your future, the better prepared you'll be.
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Inheriting assets is one of the cornerstones of estate planning. When you prepare to leave behind a legacy, you’ll likely want to set aside funds and property for your loved ones.

Unfortunately, taxes are often a key concern for the parties involved when it comes to inheritances. Inheritance and estate taxes may sound the same, but critical differences set these two taxes apart.

Any tax collected upon death by state and federal governments can significantly impact heirs and result in severe implications for loved ones.
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Blended families are typical across California, but how do you ensure financial security for your spouse, children, and loved ones in these arrangements?

Although blended families bring biological and non-biological members together, California law often provides unique rights and protections for children of different spouses. Therefore, if you have a blended family, you’ll need to plan carefully to ensure that inheritances, guardianships, and other assets are accounted for.

Any financial planning process can feel daunting, but establishing a comprehensive estate plan will help prevent legal troubles for your family and loved ones down the road.
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As a new parent, your child is the most important thing in your life. They are your future, and you can’t wait to watch them grow and thrive.

But as much as you want to be with them for every second of their childhood, you need to acknowledge that something might happen to you before your child grows up. If this unfortunate incident occurs, the best way you can protect your child is to have a will in place that looks out for their needs.

When Parents Die Without a Will

If you and your spouse die without a will, your child is the one most likely to suffer.
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Many people think estate plans are only useful for wealthy families and individuals. This view is deeply mistaken.

Developing an estate plan is an important tool for protecting your property and assets in the event of your death.
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A living will is not the same as your last will and testament. Your living will describes your wishes while you are still living but unable to communicate. Specifically, your living will tells your family, doctors, and the courts how to make medical decisions on your behalf.

Read on to learn about what to include in your living will in California.

Living Wills, DNRs, and Healthcare Powers of Attorney

California law refers to living wills as advance health care directives.
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When you are named as an executor of someone’s estate, it indicates an enormous amount of trust and respect. However, serving as an executor presents many potential challenges and difficulties.

Those appointed to this position are given certain ethical and legal rights and obligations. In the state of California, executors are held to a specific fiduciary standard.

If you have been named the executor of a late loved one’s estate, it is a good idea to speak with a skilled estate planning attorney.
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Estate planning may not be the first thing that California families think about when packing their children off for college. But this time of change for your family is an ideal time to take another look at your existing estate plan, see if it’s still meeting your family's needs, and set up some legal protections for your new college freshman!

Why is estate planning so important when kids go off to university? There are several very good reasons, both financial and healthcare-related. Here is a closer look at a select few.

College Students Are Legal Adults

When your child turns 18, you may no longer have input into their medical and health care decisions or access to their financial records. They can make their own decisions about healthcare, medical procedures, and financial decisions, including applying for loans and credit cards.
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