If you are currently enjoying your retirement years, or will be soon, there is a good chance that you will face the need for long-term care (LTC) for you, or a spouse, at some point down the road. If that time does come to pass, covering the cost of LTC may involve qualifying for Medi-Cal benefits. Medi-Cal is California's version of the federal Medicaid program. Like many people, you may have heard stories about impoverished spouses that have you concerned about relying on Medi-Cal for help … [Read more...] about Understanding the Spousal Impoverishment Rules
Not all that long ago, trusts were used almost exclusively by wealthy families as a tool to pass down the family wealth while maintaining a certain degree of control over how that wealth is used by future generations. Trust have evolved, however, to the point where it is now common to find a trust in even a relatively simple estate plan. When a trust is created, the trust creator must appoint a Trustee to administer the trust. If you recently learned that you were appointed to be the Trustee of … [Read more...] about The New Trustee’s Trust Administration Checklist
Protecting your loved ones is likely an important reason why you created an estate plan. For your estate plan to fully protect you and your loved ones, however, you may need to incorporate funeral planning into the plan. While it may not be easy to consider, the reality is that protecting your loved ones often calls for you to consider your own death. To help you understand, let's look why you need to plan for the cost of dying. Death Is Expensive Thinking of your death and funeral in … [Read more...] about Why You Need to Plan for the Cost of Dying
The loss of a spouse is one of the most emotional experiences you will probably have to go through over the course of your life. The last thing you may wish to think about while you are grieving the loss of a spouse is something as seemingly mundane as updating your estate plan. Failing to do so, however, could lead to some unintended and unwanted consequences. Let's explore some common changes that you may wish to your estate plan following the death of a spouse. Last Will and Testament – … [Read more...] about Changes to Make Following the Death of a Spouse
Life insurance often plays an important role in a comprehensive estate plan. It can, however, play very different roles within that plan. The purpose a life insurance policy has within your estate plan will determine, to a large extent, which type of insurance you should purpose. Understanding the different types of life insurance policies available is clearly important. Let's explore your life insurance options. Types of Life Insurance While there are some hybrids and variations of … [Read more...] about Understanding Your Life Insurance Options
The elderly are constant targets of electronic theft. Although all of us are potential targets, the elderly are especially vulnerable because they may have less experience with computers and electronic technology. Adults age 60 and older may not have as much technical experience as younger generations. Furthermore, as we age, we become subject to memory loss, which may cause us to believe we recognize email addresses or senders’ names. However, this makes them more likely to open phishing emails … [Read more...] about Protecting An Elderly Person’s Privacy On the Internet
Creating a comprehensive estate plan is one of the most important things you will do during your lifetime. When done properly, your estate plan will ensure that your loved ones are well provided for in the event of your untimely death as well as distribute your assets pursuant to your wishes. If not executed properly, it can wreak havoc with your finances and fail to provide the protection for your loved ones that it was intended to do. Given the importance of your estate plan, the first step in … [Read more...] about Choosing an Estate Planning Attorney
A power of attorney, or POA, is a legal document that has been around in varying forms for centuries. The concept, or purpose, behind a power of attorney is the ability to give another person the legal authority to act on your behalf. The extent and the duration of the authority depends on the type of POA that you execute. Although POAs are widely used by people of all ages, they are particularly popular with the elderly. Unfortunately, they are also widely used by people who want to take … [Read more...] about Basics of Powers of Attorney
Many people choose to put off estate planning because they feel it is not a necessity until a later time in life. The truth is, everyone needs to have an estate plan in place. This will help to prepare for the unexpected. Below are five key of the benefits of having an estate plan. To commence your planning, schedule a meeting with an experienced and qualified estate planning attorney today. Give you and your family peace of mind. With a plan in place, you and your family members will … [Read more...] about What are the Benefits of Estate Planning?
When someone dies, they typically leave behind various estate assets. This may include cash, investments, personal property or real property. All of the decedents property must be legally transferred upon his or her death. How the property is handled depends on a number of factors. Property held in joint tenancy with another person will pass by operation of law to the surviving joint tenant when the one of the joint tenant dies. In many cases, property held by husband and wife as community … [Read more...] about What Happens To One’s Property After They Die?