If you are concerned about long term care costs, you are not alone. According to the study Aging in Place in America, more people over the age of 65 are afraid of moving into a nursing home than are afraid of death. One of the problems with our fears is that so many of us choose to ignore them. Ignoring the possible need for nursing home care means that you miss out on the valuable chance to plan ahead. Not only does planning ahead let you shape what your nursing home experience might look … [Read more...]
Gifting Your IRA to Your Favorite Charity
If you have money in an Individual Retirement Account (IRA), you know you can’t take out distributions without paying taxes on the money you withdraw. For many older folks with large portions of their personal wealth tied up in IRAs and other tax-advantaged retirement accounts, the tax implications of taking money out of an IRA can impede their ability to give large sums to the charity of their choice. If you want to give money to a charity you support, taking the cash out of your IRA and … [Read more...]
Can Medi-Cal Go after My Estate after I Am Gone?
If you are a senior, you may have heard a few horror stories about qualifying for Medi-Cal and/or about the potential threat Medi-Cal could pose to your estate after you are gone. Because there are numerous myths and misconceptions about Medi-Cal eligibility, it is not wise to rely on the accuracy of those stories. Instead, you should learn the truth about Med-Cal eligibility requirements as well as how the Medi-Cal Estate Recovery Program (MERP) could impact your estate after your death. Toward … [Read more...]
Confused about Medicare vs. Medi-Cal vs. Medicaid?
Many people are confused about the differences between Medicare and Medi-Cal. While these programs may sound similar, they are in fact two distinct and different programs. Medicare is an entitlement program that is funded by the federal government. It does not depend on one’s assets or income. Benefits are earned by virtue of payments made into this program over one’s working lifetime. When one retires from the workforce at age 65 or so, or earlier due to a disability, Medicare coverage … [Read more...]
Social Security Benefits Upon Death
If you are like most people paying into the social security system, you wonder if you will ever see a return on your investment. Will social security benefits be there for you in your time of need? Social security is not just for retirement, it helps if your spouse dies. Good news! Social security has survivorship benefits. This means that if your spouse dies, you and your minor children receive benefits. Here’s a rundown of your social security benefits as a spouse: You receive a … [Read more...]
Considering a “529” College Savings Plan?
Have you considered investing in a college savings plan, such as what is commonly called a "529 plan"? If you’re like most people, you want to help contribute to your child’s education by saving for his or her many college expenses. It can be stressful committing to the best savings plan so that you’re able to reach your goals. With the right plan, you can benefit greatly while investing in your child’s future. Take a look at the information below to learn the benefits of a college savings … [Read more...]
A Role for Life Insurance in an Estate Plan
When creating your estate plan, you will not only have to decide how your assets will be distributed, you will also need to make sure that your loved ones are always protected by having enough assets including, perhaps, life insurance. We’ve outlined information below to help you better understand the importance of life insurance. If you have any questions, or if you’d like to make sure that you have enough life insurance coverage, contact a qualified and experienced estate planning … [Read more...]
Estate Planning Concerns for Parents of Young Children
Think you don’t need an estate plan yet? Parents of young children have many responsibilities. This includes always ensuring that their children are safe and cared for. If you’re a parent, it’s important to have an estate plan in place. Take a look at some of the things that you can do to make sure that your children are always cared for. If you have any questions about how parents of young children can protect their children with an estate plan, meet with a qualified, experienced estate … [Read more...]
Why You Should Avoid Probate
Many people want to avoid probate, because they hear so many negative things about the process. It’s important to understand what’s involved in probate, so that you can better plan and decide whether you care if probate is avoided, or not. Take a look at the following information, to learn more. If you have any questions, or if you’d like to discuss probate avoidance techniques, contact an experienced and qualified estate planning attorney. Settling an Estate Probate is a lengthy … [Read more...]
Elder Law FAQ
Many seniors have elder law related questions about their future. If you or a loved one is a senior, it’s important to make sure that you have the right plan in place so that all of future needs are met. Take a look at the answers to some of the most frequently asked elder law questions. If you have additional questions or if you’d like to work on your individual plan, consult with a qualified elder law attorney. What care options do I have for the future? You can get the care that … [Read more...]
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