It is estimated that between 42% and 45% of marriages in the United States will end in divorce.[1] In California, the divorce rate is even higher—approximately 10% above the national average.[2] Not only is divorce emotionally wrenching, it is also fraught with legal complexities—with nuances you may not even be aware of. If divorce is on the horizon for you, it is important to understand the impact of divorce on estate plans. This is something many people have probably never thought about.

This article and accompanying infographics seek to explain how Proposition 19 makes significant changes to the parent-to-child and grandparent-to-grandchild property tax reassessment exclusions and some important information you should know if you think you will be impacted by the change in law.

Life changes. So do people and circumstances. The person you were even a few years ago is probably not the same person you are today.

So those critical estate planning documents, like your advance healthcare directives, powers of attorney, guardianship nominations, wills and trusts need to be reviewed and updated regularly; once a year on your own, and every 5 years with your attorney. 

It's a frightening thought: The longer we live, the greater the chances are of becoming incapacitated. It's one more reason the attorney's at Rusconi, Foster and Thomas say an estate plan is critical. 

Estate planning is not a one and done event. It's critical to create, and periodically update documents the communicate your wishes to your loved ones if you die or become incapacitated.That's why the estate planning attorneys at Rusconi, Foster and Thomas are offering this checklist:

If “estate planning” sounds like something that is only necessary if you are wealthy or own real estate, think again. Contrary to popular belief, your estate includes everything you own. Therefore, if you would like a certain piece of personal property to go to specific person you should execute a will at the very least. Otherwise, the state will determine how your property is distributed at your passing.