Residents in California who have been divorced or widowed may well choose to get married again. The opportunity to start fresh with a new partner may bring someone great joy for many years. However, couples in this situation should also take the time to plan what they want to have happen to their estates after one or both partners die.
As a resident of California who is caring for someone with special needs, you will also have to handle unique areas of litigation that many others may not have to within their lifetime. Even matters involving trusts can differ. In fact, there are special needs trusts that are available specifically for people in your situation.
Previously, each person in California and the rest of the United States was entitled to a federal estate tax exemption of $675,000. This meant that parents who wished to leave a monetary gift for a child tax-free could each give the child $675,000 and not have to worry about the federal government taking a portion of it. A new tax law has increased the federal state tax exemption, which may give people reason to update a will or trust.
It seems that everything is set in place for your estate. You have signed up a competent and trusted individual to assume power of attorney in the event you are disabled and can no longer make plans for your estate. But what if the person with your assigned power of attorney goes to your California bank to handle an issue with your account only to be turned away? Unfortunately, finanical institutions rejecting people with power of attorney is a real scenario that people are experiencing to their confusion and frustration.
If you have a California living trust, you also may wish to execute a pour-over will so that your will and your trust work together in the most effective manner. As FindLaw explains, your pour-over will instructs your executor to pour over all of your assets into your living trust.
None of us want to think about our parents getting old and passing away, but it is an inevitable fact of life. For many senior citizens in California and elsewhere, the golden years can be full of uncertainty, sadness and loneliness. They may feel less useful than before and that their younger family members are leaving them behind as they live busy lives. Fortunately, you can show your parents that they are just as important to your family as they always were.
It can be difficult to accept the fact that cognitive ability declines for some senior citizens, especially those who suffer from dementia or Alzheimer’s disease. At the early stages of these conditions, many seniors are still living independently and have full control of their finances. Our team at the Law Offices of Roshni T. Desai has seen the heartbreaking results of older and vulnerable Californians who have been taken advantage of by unscrupulous people. If your parent is beginning to show the symptoms of a cognitive disorder, you may worry how to protect him or her from being targeted in this manner.
If you are a California resident who feels strongly about the type and quantity of medical care you receive, you may wish to consider executing a medical power of attorney that will give someone else the power to make medical care decisions for you if and when you are unable to make them for yourself. Aging Options explains that while your appointed representative can go by a variety of names, such as your health care agent, surrogate or attorney in fact, he or she will be charged with making your medical care decisions in the event a physician determines that you do not understand the decisions you must make and/or that you cannot communicate those decisions.
California residents can plan wisely for the future when they choose a power of attorney to assist with financial management. Making the decision with mental faculties intact is important, a fact that seems to favor selecting a POA before getting too old. Yet, including another person in financial decisions can be risky. What can individuals do to minimize the risk?
If you are a California resident who believes that estate planning should be a major part of your life, you may have heard about living wills and wondered what they are and how they differ from regular wills. Actually, as FindLaw explains, a living will is not a will at all. Whereas a regular will allows you to state who you want to receive your assets and various pieces of your property upon your death, a living will allows you to state your medical treatment preferences if you are terminally ill or suffer an injury or illness that leaves you in a permanent vegetative state.