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Sacramento Estate Planning Attorney

Posts tagged "heirs"

A brave new world of inheritance issues


People in California know that science has contributed to our lives in ways that never seemed possible only a generation ago. In particular, new advances in human health and reproduction science have made conception through alternative means relatively common in society. Statistics from the Center for Disease Control and Prevention have shown that the use of assisted reproduction technology has far more than doubled in the last 10 years.

California couple finds golden fortune while walking their dog


Most people in California have probably daydreamed about one day stumbling upon a treasure chest or finding a lottery ticket, but for one couple in Northern California, this dream-like scenario actually came true. The couple was out walking their dog one afternoon when they noticed something partially buried at the base of a tree. Upon further inspection they unearthed an astounding bounty of gold coins dating from the 1800s.

Spending and saving for the future requires balance


People in California may have seen an interesting article in the Wall Street Journal several weeks ago about a family, their differing personalities and their differences in their approach to financial planning. It's a story that plays itself out in millions of households across the U.S., but still rarely gets the attention it deserves.

California fails the test for retirement-friendly states


People in California know that steadily increasing taxes at the federal and state level can be a huge burden for older Americans, but Californians may not even realize that their burden is actually worse than those imposed in many other states across the country. According to a recent study, California is one of the nation's 10 least-friendly states when it comes to taxing retirees.

Generational wealth transfer slowly getting underway


People in California may have seen a recent financial news article about the tremendous multi-trillion-dollar inheritance boom that is just getting underway here in the United States. According to a recently published paper, the Baby Boomer generation is set up to receive a whopping $8.4 trillion in collective inheritance over the next several decades. This isn't an isolated phenomenon; it could impact about 2/3 of all baby boomer households, with the average inheritance amounting to a sizeable $300,000 per household.

Developing good financial habits for wise inheritance spending


People in California know how important it is to develop and adhere to smart financial habits, especially in a time of economic turmoil. But spending habits, and even the way people think about money in general, is also influenced by a number of societal factors that make life unique for people raised in a particular time period. As a result, people who want to pass down money to heirs and loved ones in a later generation need to think about their differences and how to fully maximize their money for the generations to come.

Retiring in style may no longer be an option for some


Older people in California are in an undeniably awkward predicament when it comes to their retirement. People who have worked their entire lives in order to settle down and enjoy their retirement on their own terms may have seen a lot of their accumulated wealth simply vanish as rising taxes, higher costs of living and devastating declines in many popular investments have forced seniors to think about their twilight years and come to some tough conclusions.

Inheritance can take some getting used to


People in California who are thinking about retirement and beyond, as well as people who expect a sizeable inheritance, should see a recent article in Forbes, which talks about the issues that can unfold when a person receives a life-changing amount of money as inheritance from a loved one. The psychological 'shock' of receiving a large amount of money can be a serious problem for some people, who may have trouble wrapping their heads around life with more money than they had envisioned.

Estate planning choices should be explained to heirs


Readers here in Sacramento may have seen a recent financial editorial about inheritance, and the people who are faced with tough decisions about where their money should go after their death. This isn't a dilemma for the super-wealthy or those with a substantial estate, this is an issue that affects nearly everyone who has assets and wishes for their distribution when they pass on.

Inheritance surprises may be in store for many heirs


People in California may be surprised to hear that, even in this economy, a recent survey has shown that well over half of all retirees do in fact have enough money saved up to provide an inheritance to heirs and loved ones. In fact, nearly two-thirds of this generation of retirees plan to leave money or other assets in their wills. The amount of all of this inheritance is pretty staggering as well. According to the study, future inheritance from retirees could tally up to over $6 trillion collectively.

My Sacramento law practice, Michael A. Sawamura, Attorney at Law, focuses on wills, trusts and estate planning law in addition to business law and corporate defense services. My clients include professionals, government employees, small businesses, blue-collar workers and national corporations.

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