California is reportedly experiencing a housing crisis, which is occurring alongside booming levels of business for Airbnb and similar real estate rental companies. However, short-term renting is not welcomed in many cities in the state. For example, Santa Monica passed an ordinance tightening restrictions against rental real estate transactions and setting up a system of registration of available properties.
California residents who engage in estate planning often ask questions about the difference between a health care power of attorney and a living will. Generally, people have little understanding of what each does until they meet with their estate planning attorney for a review of their needs. A living will generally is a legal instrument that the individual signs and that expresses his or her concerns about end-of-life decisions.
A person's concern for the beneficiaries of his or her estate will be best appreciated by not leaving an estate of cluttered personal possessions. In California and elsewhere, this may lead to personal altercations among beneficiaries, and to burdensome expenses and wasted time in resolving the estate. Estate planning may be facilitated by disposing of some personal possessions prior to one's death.
It was probably inevitable that Michael Jackson's estate would become embroiled in extended battles with the IRS over the value of his assets in California and elsewhere. One major sticking point is the value of Michael's name and likeness. Because these have the continuing potential to earn income, the IRS has contested the $2 million value listed by the executors. This issue may not have been amenable to estate planning protections, but other issues being fought out might have been better planned by his estate planners or perhaps better handled by his executors.
If your townhome is in a home owner’s association (HOA), you have the added perk of amenities in common with all of your neighbors. Having facilities in common with your neighbors enables you to enjoy a pool, tennis court, or park-like surroundings with others in a community atmosphere.