You may have heard that many seniors turn to Medi-Cal for help covering their health care expenses. You may also know about the asset limit used to determine eligibility for Medi-Cal. If you believe that your assets exceed the limit, you may be wondering why you can’t simply transfer those assets to an adult child. In this article, we will explain why transferring assets can cause Medi-Cal to impose a waiting period. Will You Need to Qualify for Medi-Cal? If you have never before needed to … [Read more...]
How Much is Too Much?
This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at the question of how much is too much to leave your children. Many people have pledged to give the majority of their wealth to charity. If you won’t leave all your assets to your children, the article provides resources for vetting worthwhile charities.How Much is Too Much? … [Read more...]
The Importance of Communicating Your Plans
Each of us will die eventually. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how planning can make your passing easier for those whom you leave behind. Specifically, this article will look at the importance of communicating your plans with your loved ones to avoid disputes after your death.The Importance of Communicating Your Plans … [Read more...]
Do I Need an Estate Plan? I’m Not That Old
We are often asked by prospective clients: “Do I need an estate plan?” This is particularly the case for folks under 40 or 50, who just can’t imagine themselves dead or incapacitated. We are also often asked about planning by our clients who have adult children with assets and children of their own. As we all know, we can't and don’t know the future. Should a premature death or disability occur due to an unexpected injury or illness, having an appropriate plan in place will reduce needless … [Read more...]
An Update On ABLE Accounts
We have previously wrote about the long-awaited arrival in California of the so-called ABLE accounts. Formally, known as an Achieving a Better Life Experience (ABLE) account, they are a low-cost, easy-to-access plan established by federal law that began rolling out in 2016 and is now available in California. Modeled after the so-called “529 accounts”, an educational savings program offered by individual states, ABLE accounts let children or adults with disabilities incurred before age 26 … [Read more...]
Disinheritance
Each of us will die eventually. This article looks at how planning can make your passing easier for those whom you leave behind. Specifically, this article by my friend and colleague Steve Hartnett, an estate planning expert, will look at how you can disinherit someone with the least disruption to the family.Disinheritance … [Read more...]
Your Planning Can Help Your Loved Ones
Each of us will die eventually. This article looks at how planning can make your passing easier for your loved ones. Specifically, this article by my friend and colleague Steve Hartnett, an estate planning expert, will look at the importance of the manner in which assets are left for your loved ones.Your Planning Can Help Your Loved Ones … [Read more...]
Planning for Step-Children
If your spouse has biological children, you may consider them your own. But, if you haven’t adopted them, they have no inheritance rights. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how to plan for step-children.Planning for Step-Children … [Read more...]
What Does It Mean to Administer a Trust?
A well drafted and comprehensive estate plan will likely make use of numerous tools and strategies throughout the plan. One of the most common of those tools is a trust. In fact, you may decide that you need more than once trust in your estate plan given how flexible and beneficial a trust can be. If you do decide to incorporate at least one trust in your estate plan, choosing your Trustee will be among the most important decisions you make when you create your trust because the Trustee is … [Read more...]
Tips for the First-Time Trustee
Trusts were once used almost exclusively by wealthy families as a way to guard and pass down the family wealth. Today, however, trusts are frequently included in the average person’s estate plan. One thing that all trusts have in common is the need to appoint a Trustee. If you were recently informed that someone appointed you to be the Trustee of a trust, you may be a bit intimidated at the prospect of fulfilling your duties as Trustee. To help get you started, we offer some tips for the … [Read more...]
