To say that a common core of estate planning considerations and strategies is equally applicable for both heterosexual and same-sex couples, respectively, is an obvious oversimplification.
Sometimes a would-be estate planner in California or elsewhere knows exactly who they want to leave their estate to, but is fuzzy on the details regarding asset distribution, timing considerations, trust specifics and additional concerns.
The financial publication Wealth Management notes at the outset of a recent article on select professionals and the duties they owe to clients that estate planning attorneys haven't historically been deemed to be providing investment advice in narrow terms when they work on behalf of clients.
The following is not meant to be a tale imparted for shock value or to entice any person to run immediately to a proven estate planning attorney in an attempt to fool-proof future plans or guarantee upside results regarding every tangent of life going forward.
Understandably, you need knowledgeable and on-point legal acumen brought to bear on your behalf if you are the scion of a family fortune with a strong eye on passing along great wealth to following generations.
There was certainly a time when judges in California and across the country were uniformly disinclined in family law matters to spend more than a moment of time -- if any time at all -- considering the interests of Fido and/or Fluffy in a divorce matter. Pets were -- and still are -- deemed personal property. Courts have historically been a bit impatient with pet-related issues and averse to engaging in any best-interest analysis.
Although certified public accountants provide valuable assistance to their clients across a wide universe of financial matters having material tax-related implications, their services do not typically extend in equal fashion to the giving of reflective advice on estate planning and administration.
A growing number of younger individuals, such as those in their 30s, are beginning to take advantage of the many types of estate planning trusts.
A chart appearing in a recent study focused upon estate planning reveals a clear trajectory regarding Americans' progressive appreciation of key planning considerations as they get older, coupled with their increased willingness to proactively embrace estate planning.
A recent article in an online California publication is quite instructive -- even eye-opening -- regarding the need for any estate planner to periodically revisit material points in planning documents and, if necessary, make adjustments to conform with present realities.