Retirement accounts are integral to financial planning, as they offer a reliable source of income in the twilight years. However, it's crucial to understand what happens to these accounts upon the account holder's death to ensure your loved ones are adequately prepared and benefits are properly passed on.
Estate planning isn’t just about thinking about what happens after you're gone. A comprehensive estate plan can also protect you and your assets should you become incapacitated and unable to manage your affairs on your own.
Inheritance, in its simplest form, is the transfer of assets, property, or wealth from one individual to another upon the initial owner's passing. A will or trust typically governs this process, outlining how the assets should be distributed among the beneficiaries.
Making your way through the probate process in California can be a daunting task, especially while dealing with the loss of a loved one. The process involves many steps, from filing the initial petition to the final distribution of assets, and each step comes with its own legal requirements and potential challenges.
In today’s world, many people have digital assets worth hundreds of thousands or even millions of dollars. However, the biggest problem with digital assets is their accessibility. When you pass away or become incapacitated, your digital assets could be lost forever if your heirs are unable to access them or they do not know about their existence in the first place.
Estate planning is a way of taking responsibility for the financial well-being of yourself and your loved ones. Because life is unpredictable, it is important to attend to such matters as promptly as possible. At the Law Office of Rodney Gould, in Sherman Oaks, California, the founder and principal attorney has impeccable credentials and has been successfully practicing law for more than 30 years.
Many of us have no doubt seen ads on TV touting the benefits of reverse mortgages for seniors. A reverse mortgage taps into the equity in one’s home to provide either a lump sum, a monthly payment, or a line of credit—thus, you’re paid instead of having to pay the lender.
The death of a spouse is one of the most painful experiences in life. Not only is it emotionally taxing but can also create financial uncertainty. Many people assume that the surviving spouse automatically inherits everything.
When a person dies in California, the decedent's estate, assets, and surviving family members must pass through the probate process. During probate, the deceased person's assets are gathered and assessed, debts and taxes are paid, and the remaining assets are transferred to the rightful inheritors.
According to data from the U.S. Bureau of Labor Statistics, roughly 30% of American households can expect to receive some sort of wealth transfer (inheritance) in their lifetime. Understandably, those who receive this inheritance will want to know how this new wealth will affect their lives, and central to this is being able to answer the question, “Is my inheritance taxable?” since taxes could reduce the total amount you receive.
