People in California know that steadily increasing taxes at the federal and state level can be a huge burden for older Americans, but Californians may not even realize that their burden is actually worse than those imposed in many other states across the country. According to a recent study, California is one of the nation's 10 least-friendly states when it comes to taxing retirees.
People in California may have seen a recent news article about a new variation on the old theme of family members behaving badly when it comes to fighting each other for a share of a wealthy benefactor's inheritance. The sad fact is that money, combined with grief at the loss of a loved one, can lead to some serious family in-fighting when the terms of the will are not crystal clear on how to distribute the deceased's assets.
People in California may have seen a recent financial news article about the tremendous multi-trillion-dollar inheritance boom that is just getting underway here in the United States. According to a recently published paper, the Baby Boomer generation is set up to receive a whopping $8.4 trillion in collective inheritance over the next several decades. This isn't an isolated phenomenon; it could impact about 2/3 of all baby boomer households, with the average inheritance amounting to a sizeable $300,000 per household.
People in California know how important it is to have a will. Not only does a person's will provide him or her with the ability to express final earthy sentiments and provide comfort and closure to loved ones, it has powerful legal and financial implications that will impact the world long after the person is gone. But on the other hand, dying or becoming incapacitated without a will can be a legal and practical nightmare, as the disposition of a person's personal property and assets is essentially left to up to the court system, which will blindly and systematically dictate who receives what without any consideration for what the deceased would have wanted.
People in California probably have a lot of New Year's resolutions on their mind, as people strive to make 2014 better for themselves and their loved ones. This includes people who have elderly and aging parents and family members who grow more and more susceptible to health issues as the years go by. Many concerned children think a lot about their parents' health, but they may not fully appreciate the need to be concerned about their parents' financial well-being, as well.