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.
California families who have a much-loved furry friend will usually take it for granted that they'll outlive their pets, but if you're an elderly person, you might not be so sure. Your faithful companion could outlive you and what will happen then? Who will take care of your pet?
Some Newport Beach parents think that they should start giving money away to their children right now, as they're getting older, to avoid different estate planning and tax consequences when they die. If you're one of these parents, you're definitely on to something. If your children are as good as you are -- or better -- at handling their finances, this could be a good idea.
You probably weren't thinking about your last moments on earth when you adopted your pet, but time marches on and we may not always be available to care for our furry little friends. In the event you die before Fido, do you have a plan for his care?
Irrevocable trusts are popular options for people when they are going through the estate planning process for various reasons. These are not uncommon options, but most people tend to put regular trusts in place. When the option exists to create an irrevocable trust, you should educate yourself as to what it entails and how it can be beneficial for you.