Probate is the court-supervised process of estate administration and property distribution after an individual dies. In California, probate can be a lengthy and expensive process. Legal fees - which are based on the size of the estate - and court costs can eat up a significant portion of any estate. Fortunately, it is possible to avoid probate in California with some careful estate planning.
Estate planning inevitably requires making some assumptions about the future. But none of us can clearly predict the circumstances and needs of our heirs long after we are gone. Fortunately, California law allows a testator to leave some asset distribution decisions to be made later by a beneficiary, through a tool known as a power of appointment.
People who call the Sacramento area home know that a community is built one family at a time, and when people work together for mutual financial prosperity the community is strengthened. That is the philosophy of Michael Sawamura, who has made Sacramento his home and puts the needs of his clients first and foremost. He believes in the Sacramento community and wants to see his friends and neighbors prosper. By offering sound legal and financial strategies for estate planning to his clients, he has done just that for the last 25 years.
People in California who have worked for decades in order to ensure a healthy and prosperous retirement might be shocked to know that their pensions and retirement accounts might not be as safe as they had banked on. According to a recent AARP bulletin, pension "clawbacks," in which pension plan administrators go after money already guaranteed or disbursed to retirees, are becoming more common across the U.S.
There are several important documents to consider when developing an estate plan. Arguably, one of the most important documents to consider might be the advanced health care directive. This document is essentially a document that spells out what a person's wishes would be regarding potential medical treatment if they were ever to become incapacitated or unable to make their own decisions due to illness or disability.
Seniors in California may not know where to turn for good, trustworthy financial and legal advice. There are literally hundreds of firms and businesses out there advertising for legal and estate planning services, many at an extremely low cost. It can be very difficult for unwary customers to tell the established reputable firms from the imposters and scam artists. When it comes to something as important as you and your family's financial future, it is worth taking the time to thoroughly investigate and research any estate planning service or company before trusting your time and money with them.
Residents in California who are planning for the well-being of their future generations and heirs probably have a lot of common goals. For one, they want their heirs to be able to enjoy their inherited assets, whether it be a taste of the good life or a little extra something to help them make their ends meet or send their kids to college. Moreover, they probably want to avoid punitive taxes on the assets and property they plan to leave for their heirs and beneficiaries.
People have probably heard it from the time they earn their first paycheck, "You need to start saving for retirement!" There is wisdom in these words, but unfortunately, there are many other facts of life that make this advice difficult to follow at times. Residents of Sacramento have student loans to pay off, rent to pay, and anything they actually can save for is probably for something short-term, such as a house, vacation or a new car.
As Californians age and start to consider retirement planning and estate planning issues, they may want to think about their own potential need for long-term care. It may not be a pleasant thought for people to confront their own human frailty, but when it comes to ensuring that you are prepared for any health issue, long-term health insurance may be an essential that should not be overlooked.
Many people in California have some sort of life insurance policy. Life insurance is a tried-and-true method of providing some level of financial support for surviving loved ones after a person's death; when everything goes according to plan, life insurance can be a valuable part of a person's overall estate plan. But just like the other components of an estate plan, there is a risk to putting things on autopilot when it comes to your life insurance policy.