Bay Area Estates and Tax Law Blog

Can you sense it?

Although many of our readers might not perceive it in any manifestly overt way, they nonetheless can intuit that there is an unprecedented amount of cash and other assets being shifted around presently. The movement owes to vast amounts of wealth owned by baby boomer individuals and couples now intent on passing it along to future generations.

Don’t exactly relish broaching the topic of estate planning with one or both of your parents?

Well, join the crowd. A recent Forbes article addressing that subject matter cites study findings indicating that most adult children “don’t feel it is their place to bring it up” with mom and/or dad. They prefer waiting for their parents to take the lead.

Kudos to any couple that has the foresight to execute a well-considered estate plan during marriage, especially married partners with children. Despite their best intentions, many spouses don’t get around to crafting a strategy that addresses life’s core concerns and safeguards against the downsides.

Sound and timely estate administration protects assets, helps ensure their future distribution and lawfully minimizes tax outlays. It also designates trusted parties to act on behalf of planners concerning key financial and health matters during periods of incapacity or upon death. Among other things, such appointments grant powers of attorney to responsible third parties over money matters, end-of-life considerations and crucial issues concerning children’s best interests.

It’s quite likely that most divorcing California residents will want to secure help from an experienced family law attorney. After all, there is often a lot to think about and manage when a marriage comes to an end, ranging from child-centric matters (e.g., custody and support) to marital asset distribution.

The role of proven legal counsel in that process can be centrally important. Notably, too, the same is often true concerning the input of another professional. We duly note on our website at the Bay Area Law Offices of Connie Yi that “if you are divorcing, be certain your divorce attorney is not the only attorney you receive legal advice from.”