Are you putting off your estate-planning efforts in the hope that one of your beneficiaries will develop some financial restraint or learn how to manage his or her fiscal affairs? There is a possible solution that will allow you to quit delaying your estate planning and start the ball rolling.
There is a lot to think about when creating an estate plan, including what will happen to you and your finances in the event you become incapacitated.
"Joint tenancy" and "tenancy in common" are property ownership arrangements used when a property has two or more owners. In cases of joint ownership of a property, it will be established whether the multiple owners will hold the property as tenants in common or as joint tenants. The biggest difference between these two forms of joint ownership comes into play when one of the owners passes away.
There's no way to predict that you're going to have a child with special needs. You simply decide to have a baby, and hope for the best. Then, on the off-chance a special needs baby is born, the parents respond in beautiful ways to make sure their child has best and most comfortable life possible. In one case of a special needs dad, who found out that both of his sons had cystic fibrosis in 2002, that's exactly what he did. He made sure that his children with cystic fibrosis would be well-taken care of.
Numerous California residents create revocable living trusts every year, but not all of these individuals will take advantage of their numerous benefits. In fact, it's not uncommon for individuals to waste the amount of money they spend on trust creation by never reaping their full advantages.
California parents love their children more than anything -- well, almost more than anything. Many parents arguably love their pet dogs and cats just as much as their human children. The problem is, dogs and cats are considered property under the law and they can't, themselves, own property. As such, this creates some challenges for those who want to ensure that their animals are well taken care of following their deaths -- challenges that could be resolved via a pet trust.
A testamentary trust is written within a will, or it's written within another document that has been incorporated into a will by reference. Such a trust goes into effect at the death of the will creator (a.k.a, the settlor). One of the primary reasons why estate planners seek the benefits of a testamentary trust is because it protects a minor child's bequeathed assets.
A family argument over the fate of a $92 million estate wages on in Napa Superior Court. The dispute erupted between two daughters of a multi-millionaire landlord, businessman and vintner who amassed a considerable amount of wealth during his life. The daughters are in disagreement about what happened to the $92 million estate, which also included approximately $38 million intended to fund charitable works for disadvantaged youth.
California estate planners have a lot of options for organizing their finances and distributing their wealth after they're gone. One of those options might include the creation of a living trust instead of a will.
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.