It's a scary reality that millions of Americans live with a chronic illness. In fact, some statistics indicate that more than 130 million people are affected by these conditions, and that number is only expected to grow for the foreseeable future.
On its face, estate planning can seem relatively easy, especially for those who just want to leave their assets to their spouse or children. For these individuals, a simple will may suffice to meet their needs, but even these documents can be fraught with legal issues. For an example of the complexities and confusion that can arise when a will is improperly handled, just read our recent post about Aretha Franklin's estate and her handwritten wills. To avoid potential problems related to the creation of a will, Californians should consider working closely with an estate planning professional.
For many Californians, their retirement accounts make up a significant part of their estate. Pension plans, 401(k)s, and IRAs are some of the major accounts. When properly addressed in an estate plan, Californians can rest assured that their assets will pass into the right hands upon their death. That may sound simple enough, but the process of estate planning can actually be quite complicated, especially when the law is in a state of flux.
The truth is that estate planning can be beneficial for anyone. Still, many Californians mistakenly think that estate planning is reserved for those with massive amounts of wealth and large families. In order to see its benefits, one just needs to be able to look closely enough at the details of estate planning, which can be especially helpful considering everyone's circumstances are different.
Self-help resources abound in our technological age. They can help you learn to do just about anything, from build a house to draw cartoons. Estate planning is no exception. Many online businesses offer cheap services to help individuals create wills, trusts, and powers of attorney. So, then, the question becomes whether or not it is worth it to seek out the assistance of an estate planning attorney when dealing with these matters.
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.