Californians recently witnessed one of the largest initial public offerings of stock in Silicon Valley history when California-based Facebook, Inc. went public. For some, like Facebook's co-founder Mark Zuckerberg and other insiders, the IPO will only add to their already considerable financial assets. These 20 and 30-year-old millionaires prove that estate planning is not only the concern of the elderly; indeed, minimizing estate taxes and maximizing asset protection are very much on their relatively young minds.
Many California pet lovers may be concerned about what will happen to their beloved pet after they pass away. A good estate plan should ensure that four-legged friends and other companions are cared for. Fortunately, over the years the law has increasingly come to recognize that some people want to provide for pets in their wills and has created mechanisms for them to do so.
As previously noted on this blog, Michael Jackson's estate is one example of excellent estate administration that continues to manage the estate's assets and preserve the musician's legacy after his death. The Kinkade Family Trust has already proven essential in protecting the legacy of Thomas Kinkade and his estate's future earnings after the artist's sudden death on April 6 at his Northern California home.
A well-worn maxim tells us that death and taxes are the only two things of which we can be certain. Under particular circumstances, we can also be certain that the occurrence of the former will trigger the latter. Everyone should be aware of the estate tax, but especially those whose estates stand to be diminished because they exceed a specified dollar threshold. Proper estate planning can help avoid unnecessary taxation.