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.
If your parents are elderly California residents and you fear that you may one day have to make the painful decision to move them out of their home and into an assisted living facility or nursing home, you should begin planning for this eventuality as soon as possible. Since your parents likely are not wealthy enough to afford the extraordinary costs of assisted living or nursing home care, applying for Medicaid may be their only option.
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.