Clark's Notes
Hold on tight to your money, and don't let your children see it until you die. Dammit, you had to work for every penny, and so should they. If you give them money now, they'll grow soft, reckless, and join the circus.
If you're afraid your kids will blow their inheritance on parties, DraftKings, and a G-Wagon, there are trusts that can help.
The more time you spend with your kids, the simpler your estate plan can be.
Once memory starts playing hide-and-seek, it's game over for estate planning. Nudge your parents to get theirs done or to dust off and update the one they made when Clinton was president, before it's too late.
If you inherit your parents' home and intend to make it your home, make sure you get the forms to the county assessor in time, especially the parent-child exclusion form and homeowner's exemption form - before the assessor reassesses the property and jacks up the property tax.
As of January 1, 2026, California’s Medi-Cal program has reinstated asset limits for long-term care eligibility, rolling back to the 2023 rules.
Also, as of January 1, 2026, the estate tax exemption is $15 million per person or $30 million per married couple - indexed for inflation in subsequent years. This eliminates the estate tax for almost everyone.
The 2026 California probate threshold is $208,850. This has nothing to do with the estate tax exemption. Don't confuse probate and estate tax. Just because you won't have an estate tax doesn't mean your estate won't go through probate.
Life insurance and retirement plans are off limits to your creditors when you die - if you've named a beneficiary. If you forget to name a beneficiary, then they will be included in your estate and will be fair game to your creditors.
A basic truth about estate planning: your estate plan will have a big impact. Whether you leave ten thousand, hundreds of thousands, or millions to your beneficiaries, it will change their lives. You are blessing them.
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