Ever thought of providing in your California will or living trust for unequal distributions to your children, disinheriting a child or leaving gifts to charity or to friends, then this posting is important. Some parents believe that unequal distributions may be necessary because they have already helped to support or educate one of their children or feel that one of their children has a spendthrift issue. There may also be times when a parent has remarried and wants to leave assets to his or her current spouse and is concerned that the children of the first marriage will not understand.
A recent article in the New York Times discusses having a conversation with your children about your plans before you die in order to decrease the chance that they will challenge your estate plan after you die. The article quotes a wealth mediator who says that the children and grandchildren may not like what you have chosen to do, but at least they can feel like they were informed and hopefully will respect your wishes. The kids may get angry at the situation but their anger will be directed at you, not at the favored beneficiaries after your death. Communication can also help relieve the tension between the adult children of a first marriage and the children and/or spouse of the second marriage. The article is worth reading.
If you want to discuss how to distribute your property to your beneficiaries with a qualified California tax lawyer, call Mitchell A. Port at (310) 559-5259.