When you're running a family-owned business, you might want a family member to take over the company in the event your death, but what about retirement? If you want to retire, and enjoy yourself in your golden years, you might want to consider a business succession plan.
A lot of California families think it's best to keep their estate planning a secret. They meet with their estate planning lawyers and create a solid plan, but they don't tell anyone about it. Although this can work in many cases, it also increases the chances that family members will try to contest the estate plan after you're gone.
As you start writing your wills, one of the questions you will need to answer is who you want to be given power of attorney. This person will be able to make decisions related to your care and treatment, as well as whether or not to continue life support.
Parents of special needs children may want to create a special needs trust to provide for their kids in the event the parents die or become incapacitated. Such a trust brings a great deal of peace of mind. Because it will allay the all-encompassing fear of "Who's going to take care of my child when I'm gone?", a special needs trust should be a part of every estate plan belonging to a parent caring for a child with a severe disability.
Imagine you've been toiling away at your job for the last two decades, diligently setting aside as much as you can for your Individual Retirement Account (IRA). Maybe you don't have to imagine it; maybe you've been doing exactly that for the last three decades. Regardless of your IRA situation, this account needs a special approach when you include it in your estate plan. Don't just put your spouse's name on the beneficiary and think you're done with this account -- you may need to revisit your estate planning for your IRA at a later time.
You've considered all of your children and planned for them in your estate plan, but now your children have children of their own. As such, you might want to plan for your grandkids too. How you plan for your grandkids in your estate will depend on whether they're currently minors or adults, and other factors.