Placing a loved one in a nursing home is difficult enough without having to worry about the tremendous expense involved with it. Oftentimes, these costs are significant enough to deplete most, if not all, of the assets of the individual. When a nursing home is the only option, the extra expense has to be met somehow. So what can you do to keep these expense down? It is tempting to allow the nursing home staff to attend to your loved one’s every needs. But this is the same as employing a … [Read more...] about How To Manage Long Term Care Costs
In order to qualify for Medi- Cal Long Term Care benefits, you as an applicant must fall below certain income and asset thresholds. However, not all your assets are taken into account when it comes to determining whether you meet the requirements. Countable vs. Non-Countable When you submit an application for Medi-Cal Long Term Care benefits, your assets fall into two categories: countable and non-countable. Only your countable assets are part of the equation for determining whether you’ll … [Read more...] about Medi-Cal Planning Tips
Parenting is a tough job--and it doesn’t end when your children become adults. Tough decisions are still required to be made even after your children reach adulthood, like how to treat them under the terms of your estate plan. As a parent, your first reaction is likely that you will treat them all the same, of course! This is, unfortunately, a common estate planning mistake. None of your children are the same so why must they be treated the same in your estate plan? This does not mean you should … [Read more...] about Common Estate Planning Mistakes: Treating All Children the Same
Americans enjoy a longer average lifespan than the majority of the world. The average female can expect to live to see her 85th birthday. Advances in medicine, technology, and science have allowed us to live longer, but at a cost. Illnesses that would have killed us a century ago can now be treated. A heart attack that would have caused death a century ago can now be managed with emergency medicine and the latest technology. All of this, however, has a financial cost. If you are fortunate enough … [Read more...] about Things You Need to Know about Long Term Care Insurance
Even in the best of times, people are always looking for ways to save money. During tough economic times, like we have seen over the past few years, finding ways to save money becomes even more important. Cutting corners when it comes to estate planning, however, is not one of the ways you want use to cut costs. Let’s look at just one example of the bad estate planning that results when trying to save money by “do-it-yourself” estate planning. Imagine the following scenario. You decide that … [Read more...] about Transferring Ownership of Your Home–An Example of Bad Estate Planning
Elder abuse is more common than you might think and it often goes unnoticed. If you have an elderly loved one who lives in an assisted living facility, nursing home, or who receives home care, he or she may be at risk for elderly abuse.It is important to stay on top of the warning signs so that if your loved one becomes a victim, you are able to get the help that is needed. Physical abuse and neglect are common forms of elder abuse. A staff member may hit or harm your loved one out of anger … [Read more...] about Is Your Elderly Loved One Being Abused?
You’ve, likely, heard the term, “power of attorney.” Powers of attorney are legal documents used to authorize someone else to act on your behalf, in some sort of legal situation. There are financial, health care, real estate, and business powers of attorney. Financial powers of attorney are often called, “General Durable Power of Attorney.” “General” means that the document covers a myriad of situations, mainly financial and personal business oriented. “Durable” means that the power of … [Read more...] about What’s a Power of Attorney?
The federal estate tax can be reduced or even eliminated with advanced estate planning measures for any estate. In fact, the federal estate tax is a voluntary tax; if you don’t plan, you volunteer to pay it. Here is a memorable federal estate tax lesson from the owner of Hooters, the infamous restaurant chain. When Robert H. Brooks died, his family sold Hooters, in part, because was it worth approximately $250 million dollars and the estate tax, at that time, was 46% or $115 million dollars. … [Read more...] about A Federal Estate Tax Lesson from a Surprising Source
In America, we insure our homes, vehicles, businesses--some of us even insure our pets. Along with all these types of insurance, we are also all told that we simply cannot be caught “dead” without life insurance. Do you really need life insurance? Is it the best option for you? Only you can make that decision, but there are some things to consider when contemplating the purchase of life insurance. If you are part of a young family with no other means of support in the event of your death, life … [Read more...] about Life Insurance–So I Need It?
A special needs trust, sometimes referred to as a supplemental needs trust, is a specific type of trust used to provide support for a special needs individual. This exceptional estate planning tool should be considered by anyone who has a child or loved one who qualifies. So what is a supplemental needs trust and why would I want to create one? A Special needs trust, or SNT, may be used for an individual who is physically or mentally disabled or who suffers from a chronic or acquired … [Read more...] about What You Need to Know about a Special (Supplemental) Needs Trust