If your estate plan were a movie, who would you cast in the supporting roles? First, there should be an attorney, the skilled estate planning professional who knows California probate and tax law and who can come up with all kinds of strategies to maximize what your heirs and beneficiaries will receive.
Tax planning and estate planning often go hand-in-hand, since it is a priority for many California families to preserve assets to pass along to the next generation. There a lot of different ways to go about doing this that are all perfectly within the bounds of the law, although some tax minimization tactics are more controversial than others. In choosing any type of estate tax plan, it is crucial to receive qualified and reliable advice and to structure the passage of assets in strict accordance with the law.
A personal trust set up by rookie NBA player Michael Carter-Williams is making the news as a surprisingly wise decision from a first-time professional athlete. Players from the NBA declare bankruptcy at a startling rate of 60 percent within their first five years of retirement, indicating that financial management may not be a top priority for players in the league.
As we make our way through the first part of the holiday season, many of us are reminded that as much as we love our families, they can be complicated. Even in the most harmonious of clans, disagreements can arise or a crisis can strike, causing the dynamics to alter. These issues may impact an estate plan, particularly when the conditions call into question the gifts that have been previously designated to a family member who may no longer be a responsible or grateful recipient.
A recent study of the giving habits of the four major generations showed that baby boomers are the most philanthropic. Although baby boomers only make up 34 percent of the people who give to charitable causes, they are reponsible for contributing 43 percent of the total amount donated. In total, boomers give nearly $62 million each year.
If you are the beneficiary to a loved one's trust, there is no doubt that you want the trust to be handled appropriately. While most people choose a trustee to that they believe they can trust, sometimes the has ill intentions or simply does not understand how to be a good trustee. If you notice that a trustee is not following the terms of the trust, it is important to know that you can take action to make sure he or she starts adhering to the terms, or that a new trustee is appointed.