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.
For many in Woodland Hills, the thought that they would ever be in a position to not make decisions for themselves may seem unfathomable. Yet no one can anticipate when they may become incapacitated, and without the proper planning, one might find his or her decision-making privileges handed over to another who they may not know. States often employ public caretakers and guardians to assist people who have become incapacitated or been determined to be incompetent. While many of these professionals fulfill their duties admirably, others may have proven themselves to be less than honest.
Few people like to think about what will happen to them if they become incapacitated as the result of an accident or becoming elderly. However, if you are a California resident with definite ideas about what types of care you would and would not want in such a situation, the California Probate Court allows you to make an advance health care directive fully expressing your wishes.
When working through your estate planning in Woodland Hills, it is easy to base your decisions off of your current situation. Right now, you may not even be considering the prospect of having to pay for added services as you age. Yet you may soon discover that it often costs money to get older, particularly if you have to spend an extended period of your golden years in a nursing home. Without the right planning, you may find that many of the assets you hoped to leave to your beneficiaries will be depleted to pay for your care.
When you wed your spouse in Woodland Hills, you likely did so with every intention of providing him or her with the very best you could, both during your lives together and once you passed on. Yet, as we all know, different factors can often cause the feelings a couple shares to sour and eventually seek a divorce. All too often, clients come to us here at The Law Offices of Alice A. Salvo in a panic after learning that the loved ones whose estates they are parties to failed to amend their wills following their divorces. If you forget to take this all-important step, does that mean that your ex-spouse still maintains whatever rights and powers you endowed upon him or her in your will?
Estate planning can be complicated in any situation, but familes that have been blended through marriage and divorce can create additional obstacles to overcome. If you are attempting to build an estate plan in California with a blended family, you may have run across some confusing issues. We at the Law Offices of Alice A. Salvo are experienced in handling this or any other type of planning and can assist you as you create the perfect plan for your family.