Estate Planning

After a divorce, many changes will take place automatically due to the divorce decree. The final judgment in a divorce can order property division, custody, child support, and alimony.

But some changes will need action on your part. Some of these changes are simple, like changing your name. But others will require some thought.
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The goal of estate planning is to make sure your property is handled according to your wishes following your death.

The difference between establishing an estate plan and simply expressing your wishes to your heirs is that an estate plan is legally binding. The courts will follow the instructions you leave in a valid will or trust and can order others, such as executors, to follow those instructions as well.
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Small business owners face some unique problems when they're planning their estates. If a business operates as a sole proprietorship, the law might not distinguish between business and personal assets.

Before and after death, a business owner can benefit from the protection a trust provides. A trust for personal assets can draw a clear line between personal and business assets for protecting assets from creditors, creating a business continuity plan, and planning an estate.

Here are some ways that creating a trust can protect your business.
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Even if you do not believe you have enough property to justify writing a will, a will can cover many matters unrelated to your property. For example, it can identify who will make healthcare decisions when you become incapacitated, designate guardians for your children, and convey your burial wishes.

Because wills can be so important when it comes to your descendants’ futures, it’s crucial to learn the mistakes to avoid when writing your will.

1. Writing a Will Without the Formalities

Under California law, a will must meet certain elements for a probate court to recognize it as a legally-binding will.

Almost everyone can benefit from an estate plan. But for small business owners, an estate plan could help your business avoid litigation or even liquidation upon your death.

Small business owners face different tax issues, including estate tax, that many salaried employees never worry about. Depending on the ownership structure of your business, your estate could own a piece of your company's assets and get taxed accordingly.

Why Estate Planning for Small Business Owners Is Different

Small business owners have different concerns than employees.
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Charitable trusts can help you support a tax-exempt charity and earn a tax deduction at the same time. These trusts do not necessarily make up part of your estate plan, but they can include provisions that activate at your death.

Charitable trusts are governed by complicated IRS rules. To make sure a charitable trust distributes your assets as you intended and earns the tax deductions you expected, you should consult a trusts lawyer and a tax expert before creating one.

Read on to learn some facts about charitable trusts.
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When you have worked hard over the course of your lifetime to accumulate wealth, you may worry about what will happen to it if you choose to pass it down. You may even have questions about who you wish to pass it down to. These are not uncommon fears that many people have as a result of not having the necessary conversations. Here are some of the most common fears of “sharing the wealth,” and how you can overcome them.

You’re afraid that it will create a sense of entitlement among your children.
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When you are establishing your estate plan it’s important that you remember to include all of your assets. And while this may seem easy, with more and more things turned digital, it is important not to forget about your digital assets.

What Are Digital Assets?

Digital assets include any account or service online that requires you to log into it or that is protected in some other way.
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Life is expensive. Money is necessary to help us in our daily lives. That’s why if you become disabled or pass away, your loved one may need to be able to access funds to continue to pay for necessities. But what can you do if all of the money is in your name or in your trust? That’s why cash availability planning is so important.

What Are Your Options?

Cash availability planning is the process of ensuring that your loved one has access to cash when you are disabled or deceased.
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When most people think about creating an estate plan, they are focused on the distribution of their assets when they pass away. But when you are unmarried and have no children – or even no surviving family members – you may be wondering about the importance of still having a comprehensive estate plan. It’s important to understand that estate planning is as important for single Californians as it is for those who are not single. But how should it be different?

Differences to Consider

There are many differences between single and non-single people when it comes to creating a comprehensive estate plan. One of the most prevalent things is the need for a power of attorney.
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For most people, debt is an unfortunate part of life. But is it also a part of death? You may be wondering what happens to your debt after you pass away and whether it will impact your family. Here’s what you should know.

When you die, all of your assets become a part of your estate and your estate becomes responsible for your debts. The amount of time that creditors have to make a claim against the estate in California is about a year.