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Could an ILIT suit your estate planning needs?

You may want to protect and provide for you family in many ways. This desire may have led you to take out a life insurance policy that could help your family financially in the event of your death. These policies are common and do provide assistance after the death of a loved one. However, the proceeds of these policies could potentially face taxation.

In order to further ease burdens on your family, you may want to help them avoid dealing with estate taxes after your death. Fortunately, a variety of methods could help you carry out this action. When it comes to avoiding taxes on life insurance proceeds in particular, you may want to take a closer look at an irrevocable life insurance trust.

Is your estate plan ready for your divorce?

Creating an estate plan not only provides security for your loved ones, but it can give you peace of mind as well, especially if your plan includes elements to protect your wishes while you are still alive. When you made your estate plan, you likely anticipated few major changes in your life. However, life often throws curve balls, and now you are facing a divorce.

Naturally, you have a lot to think about and plan. Preparing for a divorce can be time consuming as you gather and valuate your assets, determine custody of your children and decide who gets the house. One important item on your to-do list you should not postpone is the revision of your estate plan.

When does a California family need a special needs trust?

The types of tools you should use as part of your estate plan depends on the needs and objectives of your individual family. Every estate plan is different, and you can take steps to ensure that your plan meets your needs and helps you take care of your loved ones after you are gone.

If your California family cares for a special needs person, you can create a special needs trust to ensure that this person has the care he or she needs long into the future. This specific type of trust can protect assets and money you set aside for a person who lacks the capacity for self-care or money management. You may find it beneficial to explore the benefits of adding a trust as part of your complete estate plan.

Your estate plan and your addicted child

Like many families, yours may be watching with sorrow as one member struggles with addiction. The opioid epidemic knows no boundaries, and families from every corner of society have felt the impact of its control on the lives of loved ones. While many deal with feelings of shame and guilt, you may be among those who are also looking for a way to protect the rest of your family from the devastating effects of a sibling's addiction.

If you have resolved to make your estate plan, you may be hesitating because you are uncertain how to navigate your loved one's substance abuse. This conflict is becoming more common, and a skilled and experienced attorney can counsel you on some alternatives for your unique situation. However, you may wish to know how some options have played out in similar circumstances.

Diagnosed with terminal cancer? Protect your medical care wishes

Different cancers kill hundreds of thousands of people every year, many here in California. If you've received a terminal cancer diagnosis you may be wondering what you can do to make sure your medical care wishes are respected and honored going forward. After all, what you want and what your family members may want may be very different. At the end of the day, it is your life and your body. You should get the final say.

Cancer is not something anyone or any family wants to deal with, but it happens. Upon receiving a terminal cancer diagnosis, you may focus on living the rest of your life to the fullest and less on your impending demise. Anyone would rather focus on the former rather than the latter. Nevertheless, it is also important to make sure your final affairs are in order, including having protections in place for end of life care. You can accomplish this through estate planning and setting up advanced directives.

What happens to your assets if you die intestate?

You may have recently found yourself looking over many of the possessions you have accumulated over the years. Some of them may hold a considerable amount of meaning to you, while others you may simply have obtained out of necessity or passing interest. Nonetheless, you may still have begun wondering what would happen to your assets after your death.

Many people find themselves considering this idea at some point in their lives, and it can often lead to the start of estate planning. You may wonder whether creating an estate plan is necessary or even useful for your situation. However, estate planning could offer benefits to anyone, and if you do not create a plan, California state law dictates who receives your assets.

“What will happen to the dog?” Estate planning for family pets

When it comes time to plan for the future of your estate, you probably have several assets and pieces of property to consider. 401(k)s, trusts, bank accounts, family heirlooms, expensive items of jewelry and more. You will also likely develop a plan for how to care for your children and grandchildren after you’re gone.

But do you have a plan for what will happen to the family cat or dog?

You may want to think twice about DIY estate planning

Due to your sense of independence, you may enjoy doing a variety of activities and completing certain tasks on your own. As a result, you may have a fond place in your heart for do-it-yourself projects. Though many DIY alternatives can help you meet desired goals through less expensive means while also giving you a sense of accomplishment, doing everything yourself may not always work in your best interest.

One task that you may wish to think twice about before handling on your own is estate planning. Though many online sites and other options exist that allow you to complete forms on your own, these avenues mainly only offer surface benefits. Certainly, DIY planning may present a cheaper alternative when looked at simply, but it can also present issues that may prove costly later.

Living alone and thinking about the future

Almost half of adults in the country now are single. Many are divorced, some never married and others widowed. As society changes, so do living arrangements. According to Bloomberg, the number of adults who live alone hasn't changed much since 1990 - but a shift is coming soon.

One recent study projects that it will be a very different picture by 2060. Specifically, it predicts that non-Hispanic whites without close kin will double, and non-Hispanic blacks in the same situation will triple in that time. A lack of reliable data limits the predictions to these two groups.

What to do with all that stuff

If you own a home and have a growing family, you probably have a lot of stuff. Outside of the things you use every day like your furniture or your car, there are many items you hang onto in cabinets, on shelves and within storage spaces that you haven't touched in years. Even if you haven't used them, these items are probably important to you in a sentimental or emotional way. Their presence supports your existence intrinsically even if they aren't always practical.

These items could be pictures, hand sewn quilts or other family heirlooms you and your loved ones have held sacred for generations. Or, they could be more recent like the china set you got for your wedding or the antique jewelry you received from your late grandmother. These items are based on your past, but you hope to hold them into the future. Are past items always practical when considering future needs?

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