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.
People in California probably remember revered actor Philip Seymour Hoffman for his roles in many of the most acclaimed Hollywood movies of the last decade. Hoffman, who died unexpectedly of a drug overdose in February, 2014, left behind a substantial estate, but the lack of direction for the distribution of this fortune was a matter of concern for friends, family members and other professionals in the field who couldn't fathom how he could leave $35 million unaccounted for.
People in California may have seen an interesting financial news editorial in Forbes recently. The article discussed the ways in which estate planning can shield people from unnecessary taxation, but that is really only the beginning of the benefits that an estates and trusts attorney can provide to people with substantial estates and complex estate planning needs.
People know that California is home to the largest and most progressive technology corporations in the world, so it's no surprise that what happens in California today could set the standard for the rest of the United States for years to come. The rapid growth and success of these technology giants has made many millionaires and billionaires, who, just like the rest of us, are faced with the important decision of what to do with their money during their life and after their death.
People in Hollywood and across the country were shocked and saddened by the sudden passing of one of the world's most talented and prolific actors. Philip Seymour Hoffman's untimely death brought national attention to the spreading epidemic of heroin addiction, but there are many other lessons to be learned from his death.
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 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.
Older people in California are in an undeniably awkward predicament when it comes to their retirement. People who have worked their entire lives in order to settle down and enjoy their retirement on their own terms may have seen a lot of their accumulated wealth simply vanish as rising taxes, higher costs of living and devastating declines in many popular investments have forced seniors to think about their twilight years and come to some tough conclusions.
People in California who are thinking about retirement and beyond, as well as people who expect a sizeable inheritance, should see a recent article in Forbes, which talks about the issues that can unfold when a person receives a life-changing amount of money as inheritance from a loved one. The psychological 'shock' of receiving a large amount of money can be a serious problem for some people, who may have trouble wrapping their heads around life with more money than they had envisioned.
People in California may be surprised to hear that, even in this economy, a recent survey has shown that well over half of all retirees do in fact have enough money saved up to provide an inheritance to heirs and loved ones. In fact, nearly two-thirds of this generation of retirees plan to leave money or other assets in their wills. The amount of all of this inheritance is pretty staggering as well. According to the study, future inheritance from retirees could tally up to over $6 trillion collectively.