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.
Most people think that estate planning only consists of a detailed account of how one's assets will be distributed upon his or her death. While this does make up a substantial portion of estate planning, it is not the only thing that needs to be considered. Another important element of estate planning is how one's medical and financial affairs will be handled in the event that he or she suddenly becomes unable to make decisions pertaining to those matters on his or her own.
Last week on the blog we talked about how to handle hard assets like family heirlooms during estate planning. This can be a difficult task considering the fact that these assets often carry significant sentimental value. This means that many individuals may want to acquire those assets upon your passing, and deciding whom to leave such assets can be challenging. Therefore, you need to take care when determining how you want to distribute those assets upon your passing so that they are handled exactly as you'd like them to be.This, after all, is the challenge of estate planning. To start, you need to envision the future of your estate and your loved ones. Then, you need to develop strategies that seek to bring that vision into reality. This often means utilizing a number of legal vehicles, including wills and trusts.An attorney who is experienced and skilled in estate planning can help guide you through the process. He or she can advise you as to the advantages and disadvantages of each estate planning tool and create a legal strategy that supports your best interests. Therefore, before signing off on a finalized plan, you should have a full understanding of what each trust entails, as well as each will provision, including the conditions placed upon distribution of assets.By working with a legal professional you trust, you can rest assured that you're estate will be handled in accordance with your wishes. This is no small thing, as far too many people fail to adequately plan for the distribution of their estate on their passing. This is why the legal team at our law firm is dedicated to helping individuals and their families create customized legal strategies that work for them.