A financial writer notes in a recent article the business dimensions closely attached to any request made by an adult child for money from parents to fuel a commercial venture.
We noted what is a virtual truism in our immediately preceding blog post of July 10. We stated therein that, “Estate planners have always dealt with planning-related misconceptions, which abound in the general public.”
Some California individuals and families that contact experienced estate administration attorneys do so forearmed with a fair bit of relevant knowledge and an attendant appreciation concerning a need to timely act.
Estate administration is a legal realm marked by a prominent irony, namely this: high numbers of people insisting that they cannot be benefited by a tailored estate plan who actually have a dire need to think about and execute relevant planning documents.
Lots of things contribute to would-be estate planners becoming actual doers, of course. Procrastination is often ultimately defeated by a replaced sense of urgency that increases as time goes by. Children grow up, with parents naturally thinking of ways to help them in future years. Select loved ones might have special needs, which mandates recognition of that fact and the employment of a legal plan to address it. Family legacy concerns might loom large.
There is likely a debate at the ready in response to an estate planning professional’s recent comment that “a lot of clients want to take advantage of this new law.”
If you’re a would-be estate planner who continually procrastinates while knowing that it’s important to put things in place, it might be useful for you to evoke a metaphor or image that can help you get started.
In today’s above-cited blog headline, the referenced “you” refers to the individual who establishes a trust. The legal designations for that person are actually several and liberally substituted. Trust creators are sometimes called trustors, grantors or settlors, with even other terms occasionally being used. We’ll just go with creator in today’s post entry.
Cryptocurrency these days is more than the mere concept of a few futurists that it was just a few short years ago. The realm of this alternative-to-cash universe is now solidly entrenched and growing, and at least a bit more understood in the general public than it used to be.
It is no surprise that individuals, couples and families in California and nationally find a compelling utility in trusts from an estate-planning perspective. They are impressively flexible legal tools that can be creatively tailored to promote diverse goals. We note on our website at the Law Offices of Connie Yi that, because of that, they "can be an integral piece of estate planning."