- Divorce
- Theft
- Estate PlanningA major reason people want to do estate planning is to protect their hard-earned assets, whether for themselves or their loved ones. A frequent concern is the possibility that there will either be issues with creditors/legal judgments and settlements or a bankruptcy situation for both the estate holder or the heirs, or divorce for the heirs. Wanting to protect the estate from those types of claims is essential, and it’s a form of protection not offered with individual retirement accounts (IRAs). One way to do that is through a private retirement plan (PRP), a program held under California state creditor law. It’s a unique form of estate planning that
- WillsA living will, which is a type of advance medical directive, doesn’t deal with the distribution of assets in an estate the way a traditional last will and testament does. Instead, it’s designed to make known the medical wishes and preferences of the person who draws it up. It’s done so that in the event that that person becomes unable to speak or is unconscious, their wishes are clearly available for medical staff and close family to understand and implement.
- TrustsA first-party special needs trust is used for the property owned by the person with special needs. That property includes assets such as damages from lawsuits or personal injuries, inheritances or life insurance payouts, retirement plans, or divorce settlements. If people with special needs own these assets outright, they could become ineligible for government benefits. Transferring them into a first-party special needs trust effectively moves the ownership from the person to the trust, so the person will no longer be denied benefits due to owning these outright.
- Power of AttorneyPower of Attorney: A power of attorney is a legal document that gives someone else the authority to make financial or legal decisions on your behalf. A power of attorney can be used for a limited time or for an extended period of time, depending on your needs.
- Probate
- Bankruptcy
- Tax LawDuring your life, you pay all kinds of taxes: income taxes, property taxes, sales taxes, and so on. And at the end, the government still wants to tax you on the assets you have left at your death.