Estate Planning

A living trust is a popular estate planning option for individuals with considerable assets looking to provide for multiple generations, as well as for those seeking to avoid paying estate taxes. No matter why you choose to create a living trust, the trust will only work if it has assets.

A living trust is an entity that can acquire, hold, and dispose of assets in its name to fulfill the purposes of the trust.
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Marrying another individual who has children from a previous marriage presents various unique considerations. The same can be said when you have children from a previous relationship yourself.

One such consideration involves your assets and what happens to them after you die. Without an estate plan, intestate succession dictates the distribution of your assets.

If you do not yet have an estate plan, it is vital to understand how the laws of intestate succession will apply to your blended family and how you can create a comprehensive estate plan to secure your family’s future.

Hopefully, you will live to a ripe old age and watch your children grow from tiny tykes to wonderful, thriving adults. Sadly, life doesn’t always go the way you want it to; there is a chance, no matter how small, that you won’t survive to see your children grow up.

As much as you might not want to think about this possibility, it is one that you should plan for if you want to protect your children. The simplest way to plan for this outcome is to arrange for guardians in case of your demise.

Choosing the Right Guardians

As soon as you have your first child, you choose guardians in case anything happens to you.
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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.

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.

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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