Sacramento Estate Planning Blog

Estate planning is often viewed as the process through which a plan is devised to address property distribution upon one's death. While this certainly makes up a large portion of estate planning, dealing with assets is not the only matter that needs to be addressed. As part of their estate plan, California residents should also think about what they need to do in order to ensure that they can afford long-term care costs, should the need arise.

Long-term care planning often involves piecing together long-term care insurance, Medicaid and other investments and benefits programs to cover projected costs. Unfortunately, many California residents find that they don't qualify for government benefits, such as Medicaid or Supplemental Security Insurance, which puts them at risk of financial hardship. However, there are certain steps that can be taken to better ensure that people qualify to receive benefits.

Last week on the blog we discussed the tragic passing of Anthony Bourdain and some of the more particular issues he addressed through his will. It highlights an important concept: estate plans can be custom-tailored to meet an individual's desires. This means that if an individual wants to leave assets to particular people or in a particular way, he or she can do so in a way that is legally enforceable. Also, by being clear and thorough in one's estate plan, he or she can avoid confusion and the costly process of probate and probate litigation.

Of course, the only way you can ensure that you utilize the estate planning tools necessary to meet your needs is to fully understand those options. Most Californians have a basic understanding of the most elementary estate planning tools, but even these can be fraught with unexpected complexities. Dealing with other documents, like trusts and powers of attorney can be even more detail-oriented.

Previously on this blog we discussed the role of a conservator in California and how he or she can play an important role in estate planning matters. As a quick recap, a conservator is an individual who is appointed by the court to care for an individual's daily care and health needs or the individual's financial matters when that individual is incapable of handling such matters on his or her own.

There are two types of conservatorships. The first is conservatorship over an individual, where an appointed conservator provides personal care for an individual who is incapacitated. This means that a conservator in this situation will be responsible for ensuring that the incapacitated individual has adequate food, health care, clothing and shelter. This type of conservatorship can carry great responsibilities, including making medical decisions that can have a profound impact on the incapacitated individual's life.

Estate planning and the various issues that can arise from it can affect people of all walks of life. Although many in California may think that estate planning is mainly meant for the rich, this simply isn't the case. It can be beneficial, however, to look at how estate planning issues affect the wealthy, as it can have direct correlations with the average person.

As an example, let us look at Stan Lee, the co-creator of many popular comic book characters, including Spider Man and the Hulk. The 95-year-old, whose estate may be worth as much as $50 million, currently suffers from a multitude of health problems, including hearing, vision and memory issues. These issues may be putting his estate at risk. How? According to some individuals, Lee's health problems make him susceptible to undue influence.