College basketball fans in California may have heard about the passing of legendary North Carolina basketball coach Dean Smith earlier this year. His legacy as one of college basketball's greatest coaches was cemented, but after his death, tales of his generosity also began making national headlines.
People in California have a lot of uncertainty about the future, especially when unpredictable natural disasters strike. When tragic and scary events happen, it is human nature for people to feel helpless and fragile in their own mortality. When confronting these very difficult issues, some people may take solace in the fact that their legacy, including the financial well-being of their loved ones, is well planned. We cannot predict or avoid certain tragedies, but we can control what happens to our possessions, our loved ones and our own bodies, in the event of an incapacitating injury.
By this time of the year, most Sacramento residents will have received all the forms and paperwork necessary to file their income taxes for 2013. Some may find windfall refunds awaiting them; others will be less lucky and end up owing money to the state of California and to Uncle Sam. But while the subject of taxes is fresh in the minds of local residents, it is worth noting that there are options available for those wondering how to reduce federal taxes on their estates.
People in California may have seen a recent news editorial on the topic of leaving inheritance to children and other heirs. Everyone wants their future generations to thrive and prosper even after they are deceased, but how can a person make sure their children are going to use that money wisely and not blow it immediately on wasteful spending?