Estate planning is probably not the most entertaining activity for most Californians; however, planning appropriately the first time around can prove beneficial in a number of ways. Regardless of one's life chapter, the details to planning a will can seem overwhelming. The following information dives into the topic of estate planning and gives a few ins and outs of this legal and financial process.
You may still have all your mental faculties, but as you get older, you might worry that someday you will be unable to make financial decisions. What will happen then? At the Law Offices of Alice A. Salvo, we are prepared to answer the questions of California residents who are concerned about preserving their loved ones’ inheritance or protecting an elder from abuse.
If you have not reviewed your California estate plan in the past couple of years, you may be in for a pleasant surprise when you do. The Tax Cuts and Jobs Act that Congress passed and President Trump signed into law late last year may have dramatically increased the value of your estate, giving your heirs and beneficiaries more than you thought.
If you are a California parent or grandparent who wants to help pay for your children's and/or grandchildren's future college expenses, you may wish to consider setting up a 529 plan for each of them. Per the U.S. Securities and Exchange Commission, a 529 plan is a college savings plan that benefits your child or grandchild while giving you tax advantages.
As a California resident, if you have not have heard much about estate planning in general or living wills in particular, you may wish to find out more about the benefits a living will can give you. You probably know that your will allows you to state how and to whom you want your assets distributed when you die. But what about a living will? What does it do for you?
If you are a California resident who always has managed all aspects of your financial life yourself from budgeting to keeping a checkbook register to handling your own 401(k) and other investments, you obviously are very intelligent and very organized. You may be someone who is operating a family business basically on your own. Have you ever wondered, though, about who will handle these things and make financial decisions for you during times when you cannot do so yourself? If so, you may wish to think about executing a financial power of attorney.
If you are one of many people across California who are working on your estate plan, you are probably devoting considerable time to deciding who you want to have your assets after your passing. Depending on your situation, you may also be taking steps to disinherit one or more of your children, or you may also be considering leaving your children unequal amounts for some reason or another. At the Law Offices of Alice A. Salvo, we understand how establishing a trust can help you down the line, should you decide to disinherit a child, and we have helped many California residents create theirs and work through other common estate planning issues.
As a California parent of a special needs child, you face unique estate planning needs that differ broadly from those faced by parents whose children who not have disabilities. At the Law Offices of Alice A. Salvo, we have a comprehensive understanding of the important estate planning considerations special needs parents face, and we have helped many clients plan for their futures, and those of their children.
One of your goals throughout your life has no doubt been to take advantage of the work that you do in Woodland Hills to save up assets to benefit your future generations. Several of those that we here at The Law Offices of Alice A. Salvo have had the privilege of working with shared to same goal, only to come to us concerned that their estates would be greatly depleted by taxes. It is a legitimate concern, but one that you may not even need to worry about.
Naming an executor to carry out a will is one of the most important decisions a resident in California can make. An executor's task is to guard the property of a deceased person until all outstanding taxes and debts are taken care of, after which the remaining assets are given to the recipients listed in the will. However, some people may find problems with an executor after he or she has been appointed. According to California law, there is recourse if an executor exhibits certain problems.