It is common for young people to believe one of the most common myths about estate planning: that creating an estate plan is reserved for older or wealthier individuals, not them. Many of them think that they do not have to worry about the end of their life when they are so young.
For many Californians, an essential goal of their estate planning is avoiding probate. However, unless someone spends much of their time examining estate law issues, they might not know why so many people wish to avoid the probate process. Today, we aim to demystify probate by discussing the primary reasons a person might want to keep their estate out of the process.
Few among us want to think about what will happen in the event we are suddenly incapacitated. Who will ensure we get medical care according to our wishes? Who will pay our bills?
A contribution to charity provides all sorts of benefits, both to you and the cause to which you’re donating. In addition to supporting an important cause, donors often also receive tax benefits. By incorporating charitable giving into your estate plan, you can extend these benefits beyond your lifetime. Below, we outline some of the ways Californians can give to charity through their estate planning.
Many of us have heard the old saying, “Nothing is certain except for death and taxes.” Sometimes, the two go hand in hand. When creating an estate plan, it is essential to consider tax implications for your property and assets. Today, we look at the essentials of “death taxes” in California.
People often ask us, “What is the difference between a guardianship and a conservatorship in California?” In many ways, the two accomplish the same goal. Both are a process where the courts give someone legal authority to manage another person’s affairs. However, the duties and responsibilities involved vary between the two, as does the age of the person the court seeks to protect.
Many people make charitable giving a part of their estate plans. Giving assets to charity provides tax benefits as well as a legacy you can be proud of. But with so many charitable organizations out there and numerous methods of giving, where does one start?