Say you're doing your estate planning and you know that you want to disinherit one of your children. They expect to be in your will, but you want to cut them out and give your assets to other heirs.
Have you simply not gotten around to doing your estate planning yet? Do you have some vague idea about what you want to do with your assets someday and how you want to write a will, but you haven't actually taken any steps to get that plan in place?
A lot of estate planning is focused on distributing wealth upon an individual's passing. While this is certainly a significant portion of the estate planning process and there are a number of legal vehicles through which to achieve this, there are other matters that are of critical importance when creating an estate plan. One of them is long-term care planning, which often comprises of Medicaid planning and considering long-term care insurance. Yet, there is another issue that far too often goes overlooked during estate planning: health care decisions when incapacitated.
Most Californians who engage in estate planning do so in order to protect their loved ones' financial well-being as fully as possible. These people also tend to hope that their estate will be well protected, ensuring long-term viability and thereby creating a sense that their legacy will be established.
Building and running a successful business takes time, money, and a whole lot of dedication. For many entrepreneurs, their business is their life's work and their legacy. As such, they really should plan for the future of the business when the time comes that they are no longer around to run it. This often comes up in terms of retirement, but it should also be carefully considered when engaging in estate planning. After all, forgetting to address a business in your estate plan may cause it to be left in the hands of someone is inept in business affairs.
There are a number of ways to create an effective estate plan. Unfortunately, there are just any many mistakes that can be made that leave estates susceptible to improper or unwanted distribution. Avoiding these common mistakes takes diligence, but it is something that most individuals can achieve with the assistance of an experienced legal professional.
Estate planning may seem simple enough, but depending on the circumstances at hand it can actually be quite complicated. These challenges are often the result of family dynamics. Individuals who fail to create an estate plan or create only the most basic of estate plans can have their estates fall into the hands of individuals they never intended to touch it.
The digital era has revolutionized the way we live our lives. Without access to the Internet, many of our daily activities would come to a halt. Our banking, bill paying, and investing are often all conducted in a paperless fashion. While this electronic world has made just about everything more convenient, it can also pose some estate planning challenges.
The loss of a loved one, regardless of whether it is expected, can be tragic. The emotional harm suffered during this time can be enough to leave an individual overwhelmed, but these surviving family members usually have more to deal with in the aftermath of their loved one's death. Oftentimes chief amongst them is settling matters related to the deceased's estate. Through effective and holistic estate planning, though, Californians can save their loved one's the trouble while at the same time provide for them in a way that they see fitting.
In late December, we discussed the importance of estate planning after becoming a parent.