If your estate plan does not include a Medi-Cal planning component, it probably should. Like many people, you may have never before needed to turn to Medicaid (Medi-Cal in California) for help with your healthcare expenses – but that could change when you are older. Because you may eventually need to rely on Medicaid, let's see what you need to know about Medi-Cal You May Need Medi-Cal Even If You Are Covered under Medicare. At age 65, you will likely be automatically enrolled in Medicare. … [Read more...]
Why does My Estate Planning Attorney Need so Much Information?
Effective estate planning does require full disclosure. It involves the discussion of your private finances, personal life, personal goals as well as the topics of death, dying, and disability. If you’re like most people, you find these topics difficult to discuss, especially with someone outside of your family. An experienced and qualified estate planning attorney realizes this and will gently guide you. And, you will be relieved to discover that you gradually become more comfortable with … [Read more...]
Can I Disinherit My Spouse?
When you contemplate your estate plan, you typically focus on who you want to inherit your assets when you are gone. What happens though if there is someone you specifically do not want to inherit from your estate? More specifically, what happens if you want to cut your spouse out of your Will? Can you do that? Let's see how California treats an attempt to disinherit a spouse. Last Will and Testament Basics At its most basic, a Last Will and Testament is a legal document that communicates a … [Read more...]
What You Need to Know about Osteoporosis
As we age, the natural aging process can cause physical and mental deterioration. Many of us will also develop osteoporosis. Because the more you know, the better you can plan and prepare, let's explore what you need to know about osteoporosis. What Is Osteoporosis? Osteoporosis, which literally means porous bone, is a disease in which the density and quality of bone are reduced. Our bones are living tissue and constantly changing. From the moment of birth until young adulthood, bones are … [Read more...]
Why Do I Need an Estate Plan?
If you have yet to create an estate plan, you likely have an explanation for why that is so. You may feel you don’t need one yet, either because you have yet to amass a sizeable fortune or because you have yet to settle down and start a family. The truth, however, is that every adult can benefit from estate planning. To help you better understand the importance of estate planning, let's explore why you need an estate plan. Ensuring that Your Wishes Are Honored Like many people, you may be … [Read more...]
Beware of Do-It-Yourself Legal Forms
In the modern digital age, almost any form can be located easily with just a few clicks of a mouse. Legal forms and kits are among the forms that can now be accessed rapidly and easily on the Internet. While it may be tempting to save a few dollars by using a do-it-yourself legal form, the ultimate cost could be much greater than the dollars you initially saved. It seems as though there is a legal form required for almost anything you do. From getting married to starting a business to estate … [Read more...]
Interaction between Education Savings (“529”) Accounts and ABLE Accounts
In previous newsletters, we have discussed both so-called “529 accounts”, which are a type of tax-efficient education savings accounts and ABLE accounts, which are a relatively new type of account that can be established to provide additional resources for persons receiving Supplemental Security Income (SSI) benefits. While each account is for a different purpose, they do share some similar features. Due to a recent law change, it is now possible to make limited transfers from existing 529 … [Read more...]
What You Need to Know about Medi-Cal
Like many seniors, you may find yourself faced with the need to qualify for Medicaid for the first time in your life. Having never before needed to rely on Medi-Cal (California's Medicaid program), you may know very little about the program. To get you started,we will explains what you need to know about Medicaid. Long-Term Care Costs Prompt the Need to Qualify for Medicaid. You are not alone! As of 2020, the average cost of a year in long-term care (LTC) in California is over $112,000. … [Read more...]
Planning for the SECURE Act
As we advised in last month’s newsletter, the “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It was effective January 1, 2020, for most purposes. This is the second in a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This article examines planning strategies for dealing with the Secure Act. As laid out in the first article in the series, the Secure Act requires more rapid distributions of … [Read more...]
Why Do I Need an Estate Plan?
If you have yet to create an estate plan, you likely have an explanation for why that is so. You may feel you don’t need one yet, either because you have yet to amass a sizeable fortune or because you have yet to settle down and start a family. The truth, however, is that every adult can benefit from estate planning. To help you better understand the importance of estate planning, a Roseville estate planning attorney at the Northern California Center for Estate Planning & Elder Law explains … [Read more...]
