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Posts tagged "estate plan"

Joan Rivers' estate plan in New York and California

According to the estate plan set up by Joan Rivers through her will, she was officially a resident of New York before she passed away. That would mean that the laws in New York would usually have to apply to her estate, and it would be taxed at a full 16 percent. However, Rivers apparently set up some provisions to get away from that high tax rate.

Unintended consequences and estate planning

When doing estate planning in California, much of the focus is going to be on setting up a plan so that money is distributed at the right time to the right people. This is often done with a trust. There will also be some focus on how this can help from a tax perspective. While this is all well and good, it can accidentally ignore the human element of the process. This can lead to some unintended consequences.

An estate plan helps your heirs significantly in California

Some people in California skip out on creating an estate plan for the simple reason that they do not like to think about passing away. It is a difficult and sometimes uncomfortable subject. However, an estate plan can be a significant help to your heirs, so it is something that you may want to consider. Even if you have a long life ahead of you, planning for the future can be beneficial.

Estate planning mistakes to avoid

Estate planning is one of the most critical parts of wealth management. It involves developing wealth, preserving it, and arranging for the succession of it. If done well, it can result in a person living a good lifestyle and still having a sizable estate that can go to their heirs. If done poorly, the money can run out in the person's lifetime or be less than hoped for when the time arrives for it to go to the heirs.

Livings trusts area a great estate planning tool

When an individual or a couple in California is looking at managing their assets, there are a variety of tools to consider. A will is one of the most well known, but it may not be able to offer all of the benefits that you want. For that reason, when doing your estate planning, it is important to consider other tools as well.

A power of attorney is a useful tool for estate planning

Making financial plans of any kind entails looking at the full range of tools available. This holds true for estate planning, which can be approached in a wide variety of ways. One of those is signing a form to grant a trusted individual power of attorney.

Estate planning options

When preparing for the golden years, a critical factor is making sure that finances are in good order. This includes estate planning, which combines making sure that the later years of life are taken care of and that finances are apportioned to the next generation as desired. There are multiple components to consider.

Estate planning is essential if you have a special-needs child

All Californians who have children should have an estate plan in place to ensure those children's care and financial support if something happens to their parents. However, this is especially true for parents of children with special needs. Sometimes, those children will need care and financial assistance into adulthood. Even if they won't, you want to make sure that they have a guardian who is able and willing to care for them properly.

Young children affect estate planning

Planning for the future includes a wide variety of considerations. One is the age of children that will need to be provided for if their parents pass away. If sons and daughters will be adults at the time, they may be able to handle managing inherited funds directly. However, if they are very young, estate planning will need to take a different approach.

Tips for women doing estate planning

The demographics of wealth in the United States are changing rapidly. Increasingly, women control financial resources that in many cases are greater than those of their significant other. Indeed, one estimate claims that women currently control $14 trillion worth of assets with that figure projected to grow to as much as $20 trillion in the next six years. This has substantial effect on estate planning by women, since they now have more resources to actively manage.

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