In drafting an estate plan, people must give rational and careful thought to how they want their property distributed. Then they must account for the effect that applicable laws and rules will have on that plan. Fortunately, an estate plan can be closely tailored to comply with the laws and fulfill a person's intent.
There are many ways a person can pass wealth on to descendants. One of these is the trust, which comes in a wide variety of forms to suit a person's needs. Trusts can be particularly useful if a person has minor children or other young descendants who could benefit from receiving their inheritance once they become older and more financially mature.
Mike Wallace entered the living rooms of many Sacramento, California, homes for nearly six decades until his retirement in 2006. The journalist will always be remembered for asking the tough questions at the right time. Most recently, however, the "60 Minutes" anchor passed away at the age of 93. News of Wallace's health in his final days is a strong reminder for individuals to establish durable power of attorney in a timely fashion.
Many California residents have prized personal possessions. These can include pieces from a hobby collection, such as antique china, coins or cars. Other items may have been handed down through family generations, such as a grandfather clock, a jewelry set or artwork. While some of these objects may have substantial monetary value, they likely also have a great deal of value for reasons personal to the owner.