Are you planning on going on vacation this summer? While having your estate planning affairs in order is always a good idea, if you plan on traveling this summer, it is absolutely essential to be sure that they're in order should anything happen to you while you are away.Here is a quick checklist of estate planning documents that you should be sure have been recently prepared, reviewed or updated before you travel.
Going On Vacation? You Better Have These in Order!
Important Estate Planning Documents for Your 18-Year-Old
If you have a high school senior in your home, then you are probably gearing up for a major event this month - - graduation! This summer will be a period of transition for your entire family. Whether your graduating senior is headed off to college in the fall or choosing a different life path, it still is a period of transition as your teenage child may be turning 18 (or perhaps already has turned 18!).And if you already didn't feel like you have lost some control of your child's life during their teenage years, when he or she turns 18, this will become legally true. This is when your child will be legally considered an adult and you, as parents, will lose certain rights you once had before.When most people think of estate planning, they typically associate it with something that you do when you are older or when you have money. However, when your child (or grandchild) turns 18 years old, they legally are given the right to govern their own life. This means that you, as a parent, lose your access to your child's financial, educational and medical information. This is great provided all is well and fine, but as life would have it, there are circumstances that a parent of an 18-year-old child would never even think about needing to go through that could happen. And that's what estate planning is all about. It is a means of handling situations that could happen.Below are two must-have estate planning documents that we recommend to every client of ours with an adult child (or grandchild):
The Top 5 Estate Planning Mistakes People Make
It's a terrible tragedy to see people work hard, scrape and save their whole lives, then just throw away their money - - and their family's future - - when they die. Unfortunately, this happens all of the time!You may be wondering how this can happen to someone who diligently watches his or her financial affairs and successfully builds a good size estate. It's often just plain lack of knowledge. Think about it...most of our knowledge is acquired through experience. But, few of us have yet to experience the consequences of death (unless someone close to you has passed away and you've been involved in handling his or her estate).Here are just a handful of some of the most common mistakes that we see people make when it comes to managing their estate while they're alive (and how to avoid them!).
Estate plans should involve more than just wills and trusts
Another week has passed and another Hollywood figure has lost his life to an unexpected medical emergency. Director John Singleton was only 51 years old when he suffered a stroke and was taken off of life support by his loved ones. As he survived in a coma in a California hospital prior to his death, his mother and children were in court fighting over whom should be able to control his medical and financial affairs.
5 Reasons You May Need to Get Your Living Trust Reviewed
So, you had your Living Trust prepared a few years ago. Bravo! You're already a lot further ahead than majority of other people in your same shoes. However, a big mistake people make when they've had a Living Trust prepared for them is that they have a tendency to think that it's a "one-and-done" type of plan. Like most things in this life, your Living Trust requires some maintenance to ensure that it works the way it was intended to when the time comes. Here are five reasons that you may need to have your Living Trust reviewed.
Supreme Court undertakes review of trust taxation case
The laws surrounding estate planning can be complex and are ever-changing. One of the ways that the laws that affect California wills and trusts can be affected is through judicial orders. The U.S. Supreme Court is currently hearing arguments on a court case that involves how states may or may not tax trust income based on the connection those trusts have to the states.
Sudden death of actor shines light on need for estate planning
California residents who grew up in the 1980s and 1990s may be familiar with the original television series, "Beverly Hills, 90210." The show followed the lives of several privileged teenagers growing up in the wealthy Southern California community identified in its title. One of its breakout stars, Luke Perry, played a rebellious youth who was a fan favorite season after season.
What are intestacy laws in California?
An estate plan is a set of legal documents that explains how a California resident wants their assets and wealth distributed after they have passed away. Common estate planning tools may include but are not limited to wills, trusts and powers of attorney. While practically anyone can benefit from the execution of a personal estate plan, everyone should be aware of how their assets will be managed if they pass away without one.
Giving to charities through estate planning
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.
The difficult topic of writing an heir out of a will
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.
