There are many different reasons why it becomes necessary for people to go over their estate plan, whether they split up with their spouse, they want to remove a beneficiary or they adopt children. However, business issues, such as starting or closing a business, can also necessitate the revision of an estate plan. Whether you are an entrepreneur who is excited to launch a new business or you have decided to shut down your business after years of operation, it is pivotal to be mindful of how this move could affect your finances (and your financial future) and why it is so crucial to make sure that you adjust your estate plan accordingly.
When your parents move to an assisted living facility or pass away, you can be left with many personal items you have no room or use for. What can you do with the extra furniture, china and silver, clothing, jewelry and knick-knacks that your parents left behind? Like many California residents in the same situation, you can give these items to charity, put them in storage or haul them to the dump – or you can hold an estate sale.
You may have resigned yourself to the notion of having your estate taxed as being an inevitability. Many in San Jose come to us here at Temmerman, Cilley & Kohlmann, LLP with the same assumption, as well as concerns that having to pay tax will leave little to go their beneficiaries. Yet despite the seeming inescapability from death and taxes, you may be pleasantly surprised to learn that there is a strong possibility your estate will not even be taxed at all.
In all likelihood, you have some pretty specific ideas about the type of medical care and treatment you want and do not want at the end of your life. But who will carry out your wishes when the time comes if you are too ill or incapacitated to make your wishes known? This is where a California living will can serve you well.
With more people in California over the age of 75 accruing credit card debt and mortgages than in previous decades, it is becoming increasingly likely that you may leave debts behind for your heirs rather than assets. If you are in debt, it can be difficult to look beyond the present, but estate planning is still important at this stage. Specifically, it is important to take steps to protect your loved ones from having to pay off your creditors.
Running a family business comes with a lot of day-to-day demands. So, the owners of such companies may have their thoughts fixed on the present. However, it can be critical for such owners to also plan for the future. This includes having plans for what will happen with the business when they are no longer running it.