At the end of a calendar year, a Torrance resident may take stock in where they have spent their money and what they need to do to save for the future. This is often the result of looking at one's earnings and how they might be affected by federal and state taxes. For some, a surplus of income may mean looking into options that include giving to organizations and individuals that can benefit from financial support.
Setting up a durable financial power of attorney is a good way to eliminate concerns about how your assets will be managed if your health takes a turn for the worse and you are unable to manage them yourself. A durable financial power of attorney is a document in which you appoint someone, called an agent, to manage your finances on your behalf.
Most California residents believe that their estate planning is finished once they execute a will. While a will is an excellent tool to provide information and guidance on how a decedent wishes to pass on their wealth and assets to their beneficiaries, there are options for individuals who wish to take more control of their estates. One tool that is well-suited to individuals who want to avoid probate is the revocable living trust.
If the worst should happen to you, do you know that your child with special needs will be protected for years to come? It is likely that you are your child’s main support system. If you are unable to be there, they will need someone else’s assistance. Creating an estate plan can ensure that person is acting in your child’s best interest.
There are a number of planning issues that California residents can run into when they are preparing their wills. On one hand, some people want to leave bequests to so many people that they cannot figure out how to include everyone in their estate plan. On the other hand, a person may wish to exclude a child or other close family member from their will and may fear the repercussions that will develop from that action.