Many people who go through estate planning in California express the desire to avoid the probate process. What does that mean? Probate is the legal process of distributing one's assets after death, either pursuant to the instructions in one's will or without a will. Avoiding probate is not currently done to lessen the tax burden because most people are exempt from federal estate taxes under the current laws.
Many people in California avoid the topic of their own mortality. Others view death as an inevitable part of life, and therefore want to be as prepared as possible. Especially if someone plans to pass on a family business, or wishes certain items of sentimental value to be given to a particular loved one or friend, it may be wise to consider estate planning as a valuable tool for documenting one's wishes regarding future asset distribution.
The majority of California residents recognize the need for some form of estate planning. For some, this involves creating a will; for others, it involves creating a trust and power of attorney to go along with the will. However, one aspect of everyday life that is generally forgotten about during the estate planning process involves digital assets. For things to run smoothly, it is vital that this aspect be accounted for in order to aid in the estate administration process.
It is certainly not unusual to note that doctors, dentists and many other medical professionals have multiple and distinct planning needs that are flatly dissimilar from individuals in other career fields.
If you worked hard for decades, making all requisite payments to government entitlement programs through payroll withholding taxes, you're dutifully entitled to receive benefits under the Medicaid program in the event you need long-term care, right?
If you're lucky enough to have a second residence where family getaways and annual vacations occur (by a river perhaps, or far off in the woods), you likely feel truly blessed.
Legions of aging baby boomers in California and across the country believe that many of their financial concerns regarding health care will abate as they enter their senior years, owing to their eligibility for Medicare benefits they have worked hard for over decades.
Are aspects relating to your so-called "digital assets" -- which are likely expanding in seemingly exponential fashion -- just about to drive you crazy? Are you having trouble simply keeping track of them?
If your Southern California family has recently dropped off a child at college to begin his or her newly exciting life as a freshman, you and your spouse might be thinking that you've thought of everything that needs to be taken care of.
Land is certainly in no short supply in the United States. It's a big country, and many millions of individuals and families own deeds to real property.