When you have a close family, the last thing you would expect after you are gone is for your loved ones to fight over your estate. Unfortunately, this is a common scenario for many California families, as we at the Law Offices of Alice A. Salvo are aware. Naturally, you want to help your family avoid conflict and stay close, and one of the most effective ways to achieve this is by carefully planning your will or trusts to avoid any confusion or hard feelings.
As a reasonably well-to-do California resident, you may have heard your friends and neighbors talking about their various trusts and wondered if you, too, might benefit from setting up a trust. There are many different types of trusts, and which one(s) may be best for you depends on your own situation, goals and objectives.
You may have heard your California friends and neighbors talking about their durable powers of attorney and wondered what these things are, how they work, and whether or not you should have one. As Caring.com explains, a durable power of attorney is your signed legal document authorizing someone else to make decisions for you in the event you cannot make them for yourself.
If you are a California resident who already has an estate plan, you may well wish to review and revise it based on the Tax Cuts and Jobs Act that Congress passed late last year. As Market Watch explains, this new law exempts estates worth up to $11.2 million from having to pay any federal estate tax. This is double the amount of the prior exemption.