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June 2019 Archives

When trusts are better than wills

From an estate planning perspective, it may be better for California residents to have a trust as opposed to a will. One of the benefits of a trust is that it can help those who become disabled during their lives. Instead of having a guardian appointed by a judge manage a disabled person's affairs, the trust can name a person to fulfill this role. When an individual does die, assets can be transferred without a need to go through probate.

Is long-term care insurance an option as you near retirement?

The care people need as they get older often becomes more expensive. Nursing homes can cost thousands of dollars a month, while skilled in-home nursing support can cost hundreds of dollars an hour. Unfortunately, those expenses usually arise at a time when the ability to earn money is much lower than it was in years before.

Estate planning is important for parents of young children

Many otherwise responsible adults can make the avoidable mistake of delaying critical estate planning decisions for too long. None of us truly know how much time we have in life. Even the healthiest adult can become the victim of a crime or wind up fatally wounded in a car crash or workplace accident. Medical issues, like a heart attack or stroke, can also strike with little warning.

Deceased musician's estate involved in financial dispute

The estate of Chris Cornell, who rose to fame in California and throughout the county during the 1990s as the head of Soundgarden, is involved in a financial dispute regarding college tuition. The late musician's daughter is requesting payment from the estate according to terms established in a 2004 divorce. The estate, however, claims it is only required to pay for college expenses, and since the daughter is no longer attending school, she is not entitled to payment.

Tom Petty's family feuding over his estate

Since his death in October 2017, Tom Petty's family has feuded over the late singer's estate. California residents who are creating their estate plans could learn something from the details of this celebrity case. The dispute revolves around a trust established by Petty, the Thomas Early Petty Living Trust, and some potentially contradictory provisions in it. Tom Petty's widow has alleged that two of his daughters are unjustly demanding control of certain intellectual property.

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