It is an optimal case for estate administrators and heirs, of course, when a wealth creator passes while leaving behind significant assets that are well protected and in a smartly crafted estate plan. That ideal scenario allows for inheritances and a related passage of property precisely in keeping with a drafter's wishes.
In response to today's above-posed headline query, the answers are many.
That above headline admonition is far from rocket science regarding just about anything important, right? You study before a test. You train before a physical competition. You try to save a bit of money beforehand rather than just sliding into debt to procure some new asset.
We are going to surmise at the Bay Area estate and tax planning Law Offices of Connie YI, PC, that many readers of our blog will offer up a qualified answer to the above-posed headline question.
California business owners -- regardless of the size and type of their created enterprises -- never forget how hard they worked to transform their entrepreneurial visions into profitable companies.
If you're a reflective and proactive person who once worked closely with an experienced attorney to craft a well-tailored estate plan, you might now reasonably pose this question to yourself: Have I ever taken a second look at my plan to ensure that it is still timely and responsive in all particulars?
The benefits of sound estate planning are many.
When it comes to thinking about their heirs, most planners across Alameda County and the Bay Area likely focus most of the time on matters relevant to asset transfer and inheritance. That is certainly understandable.
We have noted in past blog posts of our Alameda County estate planning firm that standardized strategies and outcomes in the estate administration realm are both illogical and impossible.
"When an old man dies, a library burns to the ground."