When a parent becomes mentally impaired, it is only a matter of time before they need help taking care of their own personal and financial affairs. Some of the common signs of diminished capacity are disorientation and memory loss. When you see these signs, it may be time to consider taking steps to provide necessary care. It would be best however to make plans ahead of time. Whichever path you take, there will be many difficult issues ahead, but our Roseville elder law lawyers can … [Read more...] about How Do I Know if We Need a Conservatorship?
BLOG
Treasury Releases New Inflation Adjustment on Taxes
The new tax law doubled the estate tax exclusion through 2025. This article, by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, looks at the exact amount of the new exclusion (it’s not what you thought) and how it might be useful. The article also examines why there’s no reason not to take advantage of the newly-doubled exclusion. Treasury Releases New Inflation Adjustment … [Read more...] about Treasury Releases New Inflation Adjustment on Taxes
How Are You Planning for Long-Term Care (LTC) Expenses?
What’s the right direction for you in planning for future medical expenses? The odds are even that you’ll need long-term care (LTC) after age 65, at least for a while. Here, my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, explores some possible paths for covering those potential costs. How Are You Planning for Long-Term Care (LTC) Expenses? … [Read more...] about How Are You Planning for Long-Term Care (LTC) Expenses?
Basis is Important in Estate Planning – Part 2
When choosing the direction to take in estate planning, it’s important to consider the impact of the proposed estate plan on income tax basis. Basis is often overlooked when estate planning strategies are considered. This second of a two part article by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, examines how common estate planning strategies impact income tax basis. Income Tax Basis in Estate Planning – Part 2 … [Read more...] about Basis is Important in Estate Planning – Part 2
Basis is Important in Estate Planning – Part I
When choosing the direction to take in estate planning, it’s important to consider the impact on income tax basis. This first of a two part article by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death. Upcoming … [Read more...] about Basis is Important in Estate Planning – Part I
Medi-Cal Lawyers Can Help You Plan for Long-Term Care
It’s no secret that long-term care can be quite expensive. Many private health insurance policies don't cover these long-term care services. For California residents who need long-term care, Medi-Cal may be an important source of funding. In fact, Medi-Cal covers the long-term care expenses of the majority of Californians who are residents in nursing homes. However, applying for and receiving assistance from Medi-Cal requires planning. Being prepared for the potential need for long-term health … [Read more...] about Medi-Cal Lawyers Can Help You Plan for Long-Term Care
The Probate Process – Step by Step
When a loved one dies, the money and property included in their estate needs to be distributed to their heirs. In many cases, the estate must go through the probate process in order for the assets to be properly distributed. The basic probate process requires completion of several steps in order to close probate and make those distributions. Here, our probate attorneys will explain the most basic steps of the probate process in the great state of California. Appointing a personal … [Read more...] about The Probate Process – Step by Step
Update on California’s End of Life Option Act
There has been a very recent development in California’s End of Life Option Act. The Act is the law that permits terminally ill adult patients with capacity to make medical decisions to be prescribed an aid-in-dying medication if certain conditions are met. The law went into effect on June 9, 2016. Last week, a judge in Riverside County ruled that the Act was passed illegally during a special session of the Legislature called by the Governor that was supposed to focus on specific health care … [Read more...] about Update on California’s End of Life Option Act
Hey Mom and Dad: Can You Help Me with My Down Payment? (Part II)
Last month, we discussed the pros and cons of lending money to a family member for the purposes of assisting them with the down payment to obtain a home loan. This month we will focus on the consequences of simply transferring the money to them as a gift. If instead of loaning a child a certain amount to be used as a down payment on a home, the funds are simply gifted to them, there are still some tax issues that must be considered. As we noted last month, in 2018, gifts under $15,000 per … [Read more...] about Hey Mom and Dad: Can You Help Me with My Down Payment? (Part II)
Hidden Threats to Your Assets
Are your hard-earned assets safe? You may think they are; however, once you recognize some of the numerous hidden threats to you assets you might not be as certain that yours are safe. In an effort to encourage everyone to protect their assets through comprehensive estate planning, we at the Northern California Center for Estate Planning & Elder Law will point out several common, yet less obvious, threats to your assets. Nursing home/long-term care expenses – nursing home/LTC expenses … [Read more...] about Hidden Threats to Your Assets
