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Phone: 925-852-6014

Free 30 Minute Initial Consultation. Telephone Conferences Available via Phone and Video.

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Estate planning for California grandparents

On Behalf of | Feb 27, 2023 | Estate Planning |

Estate planning is essential for all California residents, including grandparents. Grandparents have unique considerations when planning their estate, such as how to distribute their assets among their children and grandchildren while minimizing taxes and other expenses.

Make a will

A will is a legal document that outlines how your assets will be distributed after your death. This is particularly important for grandparents who want to ensure that their assets are distributed to reflect their wishes.

Consider trusts

Trusts can be a useful tool for grandparents who want to leave assets to their grandchildren. Trusts can help protect assets from creditors and provide tax benefits.

Review beneficiary designations

Grandparents should review beneficiary designations on all their accounts, including retirement accounts and life insurance policies, to ensure that they are up-to-date and reflect their wishes. Life circumstances can change and grandparents’ estate planning should reflect their current wishes.

Plan for incapacity

Grandparents should consider what would happen if they become incapacitated and cannot make financial or healthcare decisions for themselves. Having a plan, such as a power of attorney or healthcare proxy, can ensure your wishes are carried out.

Minimize taxes

Grandparents should consider how taxes will impact their estate, and take steps to minimize them. This may include making gifts to grandchildren or establishing trusts.

Consider long-term care

As grandparents age, they may require long-term care. It is crucial to consider how payment for this will occur while ensuring their assets are protected.

Communicate with family

Communicating your estate planning wishes with your family, including your children and grandchildren, should be a priority in sound estate planning. This can help safeguard against disputes and keep everyone is on the same page.

Planning for the future as a grandparent

By understanding their options, grandparents can guarantee that their wishes are carried out and that their assets are protected for future generations.