People in California are becoming aware of the importance of estate planning due in part to the number of prominent people who have recently passed away without having one. The lack of a plan can cause chaos and tie up an estate in probate for years. Simply having an estate plan may not resolve all of the possible issues that could arise, regarding distribution of estate assets.
Another year is coming to an end. With the beginning of 2019, aspects of the new tax law will come into play in California. Among these are new limits and parameters on estate and gift amounts. Both provide important tools for reducing estate taxes.
People are living longer in California and in many cases they are remaining healthy well into their later years. Eventually, age will catch up with a person and one's health can begin to fail. Health care directives can specify to one's family exactly what one's desires and directives are regarding end-of-life care or care if one becomes incapacitated.
Baby boomers are retiring at an astonishing rate in California. Now in their 50s and 60s, many baby boomers are stepping back from careers to enjoy grandchildren, golf and other retirement pursuits. One issue they may need to pay attention to is their estate plans. Many estate plans are created when families are young, and one of the chief concerns is care for children if parents die prematurely. Once the children are grown, wills and other estate plan documents may need to be revised to reflect changes in a family's financial situation and their desires for asset distribution.
As people are living longer lives in California, their health does not always keep up with the elapsed time. Dementia is a term that is being heard more and more often. Sadly, it can negatively impact the care and well-being of those suffering from the malady. There have been many names in the news of elderly celebrities who are embroiled in legal battles over their care and finances. Such names as Tim Conway, Casey Kasem and Nichelle Nichols are all subjects of legal disputes with their families over such things as health care directives.