People in California who have lost a loved one know that the emotional toll of grief and sadness can be overwhelming. The loss of a close friend, relative or spouse can make functioning normally difficult, if not impossible. Often though, before a person can properly grieve, they first have to deal with the practicality of winding down their loved one's affairs and settling their estate after death. Having a practical plan in place for one's own affairs after death can be very useful, especially when it comes to naming a capable person to perform the essential tasks that must be done.
People in California know that the Great Recession has been hard on many families, as unemployment rates have skyrocketed, and tax increases have resulted in a tremendous decimation of wealth across nearly every generation. People may be surprised to find out that older Americans have received a disproportionately high amount of this burden.
Readers in California may have heard about the ongoing troubles surrounding the estate of deceased rapper Nathaniel Hale, popularly known as Nate Dogg, who died of complications from multiple strokes in 2011. Hale reached widespread popularity for his collaborations with some of the biggest names in hip-hop, as well as critical acclaim in the form of four Grammy nominations. He died at the young age of 41 and did not leave a will, leaving the disposition of his substantial estate to be determined by the California probate court.
People in California are forced with a lot of tough choices as they decide how to save their money. Obviously, people want to protect as much of their money from unnecessary taxation as possible, but because every person's situation is different, there is no such thing as a one-size-fits-all estate plan. When it comes to retirement, the next generation of retirees has some scary realities to face, but with the right estate planning strategies, they may just be able to create a healthier financial situation than they thought possible.