High Net Worth Orange County Estate Planning

Nepotism is common in many industries, especially in Hollywood.

Giving family members and close friends a leg up is considered an unfair advantage. There are arguably more successful people who were able to ascend as a result of nepotism than those who earned their success without any help from their family or close friends.

In Hollywood, actors who happen to be children of those who already work in the entertainment industry as actors, directors, or writers are usually given far more access to lucrative opportunities. The entertainment industry is saturated with a seemingly infinite number of talented and attractive people competing for a limited number of spots in the spotlight. It would be hard for most people to resist the temptation of exploiting any unfair advantages available for them to leverage.

The business of fame is heavily influenced by who knows who. Some might say that success in the entertainment biz boils down to a matter of manipulating the persona and appearance of the celebrity in question, in order to meet highly subjective standards. As such, the persuasion of a parent may make the job of the casting director easier. Taking the parent’s word that their child will be the next breakout star would probably be easier than honestly and fairly looking through each and every application and audition tape.

Despite nepotism being discouraged and frowned upon, most parents would not disagree with the desire of giving their children the opportunity to live a better life than they ever did. Almost all parents want their children to have more access to resources than they had so that their children may experience more of life’s goodness than hardships.

Nepotism children may receive inheritances from their parents. Many high-net-worth people in Orange County, California consult with an estate planning lawyer with the types of expertise mentioned here.

Estate planning considerations include wills, trusts, beneficiary designations, medical directives, and tax liability. A will is a legal document that specifies how a deceased’s assets are to be distributed. An executor will be appointed in the event that the deceased is survived by minor children. A trust is a legal agreement where a trustee takes ownership under a fiduciary duty to a grantor and manages the assets for the beneficiaries. 

Wills and trusts involve many complexities and technicalities. It is best to work with a law firm that specializes in estate planning to ensure that the documents are drafted accurately and legally. If a will or trust turns out to not have met the legal requirements, the document may be rendered invalid, compromising the effective transfer of assets. Of course, the deceased will not have the ability to make further changes to the document in order to rectify any errors, which is why estates should be planned for in advance.

Some studies suggest 67% of Americans don’t have a will or estate plan.

New Year’s Estate Planning Resolutions

There is ultimately no way to predict the future. And though parents can never truly know what will happen to their children when they pass, estate planning ensures that their assets are handled according to their wishes.