Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...]
Deciphering Medicare Benefits vs Medi-Cal Benefits
Many folks continue to be confused about the differences between Medi-Cal and Medicare. Both Medicare and Medi-Cal, which is California’s name for the Medi-Cal program, have their originals in federal law. They were originally enacted in 1965 under President Johnson’s Great Society programs. Both programs have evolved over the years. Medicare was focused on providing health care for the elderly while Medi-Cal was focused on providing health care for the poor. California’s Medi-Cal … [Read more...]
Answers To Your Living Trust Questions (1 of 3)
Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans. We’ve found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions. I am confused about the different types of trusts. Is a living trust always called “living trust”? Great … [Read more...]
What is the difference between a “Conservator” and a “Guardian”?
In California, a “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. In some other states, this person is called a guardian. However, as noted below, in California, a guardian is the person appointed in connection with a minor (under 18) child. Examples of decisions would be where someone lives and what medical … [Read more...]
Differences Between a “Conservator” and a “Guardian”
The terms conservator and guardian vary in their usage from state to state. In California, they have specific and different meanings. Let's explore them. A “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. Examples of decisions would be where someone lives and what medical treatment he or she receives. In … [Read more...]
Estate Planning Considerations Entering the New Year (part 1 of 2)
As we approach the New Year, many folks include among their resolutions creating or updating their estate plans. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to … [Read more...]
Can a Living Trust Help with Disability Planning?
One of the main benefits of living trust planning is disability planning. You maintain control over your finances only if you have disability planning; otherwise, the court may step in, through the conservatorship process, and takes over (even if you’re married.) Your disability trustees who you have hand picked have control over any assets that are funded into your trust. This means that those you select to step into your shoes, should you become disabled, can only manage, invest, and pay … [Read more...]
Understanding Incapacity as part of Incapacity Planning
A person's ability to comprehend things happening around them is referred to as "mental capacity." With legal proceedings in particular, the term capacity generally refers to as the ability to understand the nature and consequences of the legal proceedings. In the legal context, it can also refer to whether the person is competent enough to enter into a legally binding agreement. If this becomes an issue, you may need incapacity planning. "Capacity" in the area of estate planning When it … [Read more...]
You Don’t Have to Be Sick to Need Medi-Cal Planning
Simply because you are healthy right now doesn't mean you may not need long-term care when you get older. This is a common misconception shared by many. The truth is, you don't have to be sick to need Medi-Cal planning. You may not have health issues at the moment, but who can predict how healthy they will be in 40 years? An unexpected injury could also leave you with health issues that require long-term care as well. In fact, more than two-thirds of all individuals over the age of 65 need … [Read more...]
How is a Durable Power of Attorney Different from a Living Trust?
When it comes to estate planning, there are so many beneficial options, depending on what you need to accomplish. A durable power of attorney is a common tool. So is a living trust. So, what is the difference and how do you know which one you need for your estate planning. What is the definition of a Durable Power of Attorney? A power of attorney is a flexible estate planning tool that allows you to choose someone who will handle all or part of your personal affairs, including making health … [Read more...]
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