Too many people assume that estate planning is only for the rich and old, but the truth is, the young and broke can benefit from having a plan in place, too. According to U.S. News Money, estate planning has nothing to do with your net worth but everything to do with protecting your loved ones in the event of your death. Whether you are in your 20s and living in your parent's California home or you are 40 and have a house and family of your own, now is the time to begin thinking about to whom your assets will go in the event of a tragedy.
There are many aspects of life that can be very challenging but bringing a marriage to an end and dealing with estate planning issues can be especially complicated. Furthermore, some people find themselves dealing with both of these matters simultaneously, which can be especially difficult. For example, someone whose marriage may have come to an end may also need to go over their estate plan to remove their ex as a beneficiary or find a new executor. These tasks can result in emotional challenges also, which can be counterproductive in some instances.
As the parent of a California special needs child, you may have considered setting up a special needs trust for him or her to ensure that the money will always be there to provide the care (s)he needs, even when you are no longer around to provide it yourself.
A diagnosis of a disabling medical condition can be devastating and life-altering. Sadly, Alzheimer’s disease and dementia are only a couple of the age-related conditions that can keep you from being independent in your senior years. You and other California residents may wonder how to protect your assets and your loved ones’ inheritance if you are diagnosed with the early stages of Alzheimer’s.
Californian residents like you who are dealing with establishing guardianship will have a lot on your plate. The Law Offices of Roshni T. Desai are here to help guide you as you determine what you need to know about guardianships and how they factor into your unique situation.
In California, holding legal responsibility over another person can seem like a heavy weight to bear. At the Law Offices of Roshni T. Desai, we're here to help you figure out the things you need before you embark on this journey with the person you're overseeing. First, we will look at the differences between guardianships and conservatorships.
If a loved one in California broaches the subject of discussing estate planning during a holiday get-together this year, it may seem counterintuitive to you. After all, the holidays are a time for fun and festivities, and a discussion about your final wishes seems like it might be depressing.
Santa Ana residents have to deal with the issue of taxes every year of their adult lives. Yet few realize that even one's death may not signal an end to their tax liabilities. The assets that one has accumulated in hopes of passing on to their beneficiaries may also be subject to tax. However, just as is the case with one's income taxes, there are tax mitigation methods that may help to reduce (or even eliminate) one's estate tax liability.
If you are one of the many Californian for whom charitable giving is a way of life, you may wish to look into establishing one or more charitable trusts to benefit your church, your favorite charity, your alma mater, etc. The beauty of a charitable trust is that it likewise can benefit you as well.
As the California parent of a disabled or special needs child, you face unique estate planning considerations, and the decisions you make while making plans for the future can have a huge impact on your disabled child’s life after your passing. At the Law Offices of Roshni T. Desai, we recognize that you have many options at your disposal when crafting your estate plan, and we have helped numerous clients facing similar circumstances uncover solutions that meet their needs.