Creating an estate plan can be confusing, challenging and rewarding all at the same time. This is particularly true when you take into consideration long-term care planning, as it brings you face-to-face with the possibility that you may require regular health care assistance at some point in the future.
Once you create an estate plan, you'll feel much better about the state of your affairs. However, don't assume that you're set for the rest of your life.
The simple thought of estate planning has the potential to raise your blood pressure and make you sweat. And if you're actually in the process of making estate planning decisions, there's a good chance you'll feel even more anxious.
As your parents age, it's natural to have concerns about their estate plan. Even if they have a plan in place, it never hurts to discuss it with them to ensure that they haven't overlooked anything of importance.
For many Californians, estate planning is about setting their loved one's up for as much financial stability as possible. In many cases, this means splitting an estate amongst children or leaving everything to a surviving spouse. While many individuals wish they had more assets to leave to their loved ones, there are some instances where an estate planner may be concerned about leaving too much.
With the ringing in of a New Year, people often reflect on the events that have personally affected them over the last year. Some of these events may be joyous, such as the birth of a grandchild or marriage, but others may be heartbreaking, such as the passing of a loved one. While these events and their remembrance can give rise to a whole host of emotions, they should also spur consideration of what the future may look like. While this often takes the form of goal planning, such as changing jobs, losing weight or being more communicative with loved ones, individuals should also think about their estate and how it will be handled when their time comes.
Thinking about the future can be inspiring but it can also be a difficult task. Just as its name implies, successful estate planning requires foresight and diligence. While this is true for the initial creation of an estate plan, it holds true as time passes and life changes occur. This is why Californians need to be thoughtful about how and when to modify their estate plans. This is really the only way to achieve desired outcomes. This week, this blog will look at some common estate planning mistakes. Those who find themselves susceptible to any number of them should consider reaching out to an estate planning attorney to figure out how best to remedy the situation.
Planning for the future can be a complex process. An estate plan needs to be tailored to fit your needs. This may mean benefiting a charitable cause, taking care of a long loved pet or providing as much financial security to your loved ones as possible. Depending on your goals, you'll need to turn to certain estate planning vehicles, such as wills and trusts, and customize them so that they further your best interest.
A lot of estate planning is focused on the distribution of wealth upon an individual's passing. While this is certainly an important aspect of the estate planning process, it is only a portion of what should be a comprehensive estate planning approach.
To some, creating an estate plan seems like a monumental task. Even after they get over the fact of having to consider their own mortality, many Californians struggle to decide how to distribute their assets.