According to public records, while on medical leave from Apple in 2009, co-founder Steve Jobs and his spouse are said to have placed at least three properties into trusts. One reason for doing this may have been their desire to keep their assets from being disclosed in the event of his death. Jobs died on October 5 from pancreatic cancer in California at the age of 56.
When someone with special needs receives an inheritance or a personal injury award, they may no longer be eligible for needs based government benefits. However, this type of one-time windfall can be put into a trust for the recipient's benefit so they can continue receiving their government benefit. This is called a "special needs trust" (SNT), and it is an important part of estate planning for California residents with special needs.
In a case that illustrates the kind of problems California attorneys who provide estate planning services deal with regularly, a judge ruled that their mother's adoption severed three siblings' legal connection to their aunt, which caused them to be denied any part of the aunt's estate. The Virginia probate decision frustrated the siblings, who were already in the process of dividing up their aunt's belongings. However, the adoption eliminated the siblings' legal rights, even though it happened when their mother was already 53.
It goes without saying that a person's whose finances remain fixated 'in the red' may more than likely leave an estate that reflects the same. While residents here in California all hope to live in a debt-free environment that allows our primary focus to be on asset protection, the reality of day-to-day living for most people means financial obligations in the form of mortgage payments, car loans and credit cards. Given our current economy, there may be many individuals finding it difficult to manage their finances and ensure that all financial obligations are met in a timely and comprehensive fashion. Doing so usually requires some degree of financial planning whether you live in California or somewhere else in the United States.