There can be a lot to deal with when two California families combine into one. This is often seen in the context of blended families when one individual with children marries another individual who is not the children's parent. In some instances, each spouse has children from another relationship.
While much of estate planning is focused on the distribution of assets upon one's passing, it really encompasses much more than that. Estate planning should also delve into important health care and financial decisions, especially in the event that an individual becomes incapacitated. After all, these matters are inextricably linked to the distribution of assets because these health-related and financial decisions can have a profound impact on the remaining value of an estate.
Getting divorced can be emotional. After all, two individuals who were once in love have to come to terms with the fact that they are no longer right for each other. While this process can leave individuals feeling upset, distrusting, and sad, it also provides them with an opportunity to secure a fresh start. While many individuals consider this new beginning to pertain to the way one lives life, it should also affect how one plans to dispose of his or her assets after death.
Should estate planning focus on leaving children as well off financially as possible? While some see no problem with doing this, others think that it could cause children to be spoiled and unappreciative of hard work.
Actor Luke Perry, best known for his work on "Beverly Hills 90210," recently passed away at the young age of 52. Nobody expects to suddenly pass away so young, which makes Perry's death all the more tragic. It is usually in these circumstances that families find themselves struggling to figure out what to do with their lost loved one's estate. In the absence of an estate plan, matters can get messy, the distribution of assets can be costly and time-consuming and family members may vie over wanted property.
Fashion icon Karl Lagerfeld recently passed away, leaving many wondering what will become of his estate. Lagerfeld, who was 85 at the time of his passing, had a pet cat, Choupette. The feline has even become famous in his own right, with an Instagram account and followers, table book and career modeling. Because this pet was so well cared for during Lagerfeld's life, many think that he may have left his estate in a way that ensures that Choupette is taken care of for a long time to come.
The vast majority of people who find estate planning imperative are those who have children. These individuals often want to make sure that their assets are left to their kids and their spouse in a way that protects their financial future and maintains the estate's financial viability. While these individuals certainly should consider how best to plan for the distribution of their estate upon death, even those without children should consider engaging in estate planning to ensure asset distribution that fits their desires.
No two families are the same. Some families may appear "traditional," with two spouses remaining married for the long-term and raising children, while others are "untraditional." These latter families can involve step-parents and step-children, unmarried couples, families with adopted children and even children conceived through artificial means. Regardless of the dynamics of a family, estate planning is crucial.
Estate plans can address significant wealth. When familial tensions run high, these plans can run into conflict, with multiple parties claiming that they should have their fair share of an estate's assets. Those who are not prepared to head off these disputes can have their estates distributed in a way that is in opposition to their wishes.
It's no secret that divorce is a common occurrence in California and throughout the country. So, too, is remarriage after divorce. While statistics show that less than one out of every five divorced individuals remarry, the rate is significantly higher for those 55 and older. For this population, remarriage occurs 57 percent of the time.