Fremont estate planning lawyerThere are often changes to estate tax laws when a new administration enters office, so the fact that President Trump plans to repeal the estate tax is not all that surprising. California’s decision to change their estate laws, should the repeal go through, is a little unexpected. Yet, given the controversy surrounding the new President, it is not really any more surprising than the repeal itself. It does create some interesting obstacles for wealthy California residents - and you should be fully aware of them. The following explains further.

What the Repeal Should Mean to California Residents

If President Trump were to repeal the estate tax law, those that are currently required to pay a 30 percent estate tax (taxpayers can pass up to $5.45 million to heirs, tax-free, and married couples can pass a total of $10.9 million) would no longer have to do so. When totaled, it is a pretty significant cut out of the estate. In fact, 2015 taxation totals on just half of the 10,800 estate returns filed amounted to more than $18 billion.

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Fremont estate planning lawyerWhen children grow up and start their own families, grandparents may want to consider a reevaluation of their current estate plan to ensure they have made provisions for their grandchildren. This may be especially critical if there are any special circumstances, concerns, or issues within your family. Learn more about leaving an inheritance for grandchildren with help from the following information.

Making Provisions for Minor Grandchildren

Leaving behind a gift or inheritance to a minor child (those under the age of 18) is a fairly complex matter. You cannot simply leave them the assets and hope it all works out. Instead, you must appoint a guardian to manage and oversee the assets until the child becomes of age, or until they are able to manage the money on their own.

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Fremont estate planning lawyerWhen married persons create an estate plan, both parties are generally involved. What can you do, though, if you want to get serious about planning your estate and your spouse is still reluctant to get on board? Nagging certainly will not do the trick, nor will threatening or begging. Still, there are some ways that you may be able to ensure your heirs do not miss out. The following information explains further, and it provides some strategies for dealing with a spouse who seems reluctant to get on board.

Do What You Can On Your Own

While it is often best to have your spouse's support before creating an estate plan, you may not ever be able to persuade them to get on board. This does not mean you cannot create an estate plan on your own. Assets that are yours - solely yours - can be drafted into an estate plan, regardless of whether or not your spouse participates in the process. Further, you can ensure you have named your power or attorney for health or financial decisions, should you become incapacitated.

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Fremont estate planning attorneysThinking about the end of your life is not an easy task – especially if you are still fairly young or currently in the prime of your life. Yet failing to do so can have serious consequences for you and those you love the most. Of course, you are not alone. In fact, statistics suggest that only about half of all Americans have a valid will. Do not continue leaving your family unprotected. Learn how creating a will can improve the future of your family, and how you can create one that protects everyone’s best interests.

How Creating a Will Can Protect You

People do not generally consider how a will can help them, yet there are some clear benefits to having one. If, for example, you become incapacitated, a will can help ensure your wishes are followed. Further, you can name someone you trust to make any medical decisions you have not already considered. It is also possible to assign someone to watch over your financial affairs. In short, a will can protect and preserve your interests in the face of the unthinkable.

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Fremont estate planning attorneysPeople often assume that estate planning is for the rich, or for those nearing the end of their life. Is this really true, though? Does everyone need to create an estate plan, or is it just for certain people? Is there a correct time to start?  Or are these just common misconceptions that get in the way of planning for the future? The following can help you better understand the purpose, intent, and timing of estate planning, and why you should consider creating one, regardless of your income level.

Not Just or the Rich

Despite the misconception surrounding estate planning, the process is not just for those that have a lot of money, property, or assets to leave behind. In fact, even those with little to no assets can benefit from estate planning. There may be family heirlooms or trinkets that your children or other heirs may want. You may have final expenses, and someone you trust may need to close out your bank account, social media accounts, or other personal accounts. Further, if you have children, it is important that you name a guardian for them to ensure they are raised by someone you trust.

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Willett Law Firm

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Fremont, CA 94538

Phone: 510-791-2244

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