This is another in a series of blogs on the basics of estate planning by my friend and colleague Steve Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate planning attorneys do many things. We help people structure their affairs for the various stages of their lives. When the client is starting out, we may help them establish a basic plan. This might include: A Financial General Durable Power of Attorney. This would allow someone … [Read more...] about Basics of Estate Planning: Estate Planning for Major Life Events
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What Do Elder Law Attorneys Charge for Their Services?
In many cases, elder law attorneys will charge an hourly fee for an initial consultation.Any subsequent fees will be based on the type of legal services provided. For example, the fees for probate services are set by state statute, which makes it easy to know what to expect. Often, however, an elder law attorney can quote a flat fee for further planning services at the completion of the initial consultation. What Type of Legal issues do elder law attorneys handle? As with other legal … [Read more...] about What Do Elder Law Attorneys Charge for Their Services?
Basics of Estate Planning: Privacy and Estate Planning
Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Read the following article by my friend and colleague Steve Hartnett on this important issue. Basics of Estate Planning: Privacy and Estate Planning If you have any questions about this topic, we can help. … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
Basics of Conservatorship
In California, there is a legal distinction between a conservatorship and a guardianship. Although both relationships require a court proceeding to be established, a conservatorship is established for adults and a guardianship is established for children. If an adult loved one needs someone to legally take control of their care, then you may need to establish a conservatorship. Understanding all of the complexities involved in establishing a conservatorship for the elderly can be a challenge. … [Read more...] about Basics of Conservatorship
The Benefits of a Living Trust for Medi-Cal Planning
It is a common misconception that any type of living trust can protect your assets from nursing home expenses. While there are various types of trusts, not all of them offer asset protection. Those that do are subject to certain requirements or limitations. However, if you engage in proper Medi-Cal planning, including the use of an appropriate trust, you may be able to avoid exhausting your assets just to pay for nursing home costs. Revocable Living Trusts A revocable trust, more commonly … [Read more...] about The Benefits of a Living Trust for Medi-Cal Planning
Irrevocable Medi-Cal Trusts Can Help With Your Medi-Cal Planning
When it comes to the potential need for long-term care, our Medi-Cal lawyers recommend creating an appropriate plan that will protect your assets, especially your home, from Medi-Cal recovery. One way to do that is to create an irrevocable Medicaid trust. Here is what you need to know. Homeownership and Medi-Cal benefits Although you can qualify for Medi-Cal benefits and still own a home, you should know that Medi-Cal can place a lien on your home after your death if you are later admitted to … [Read more...] about Irrevocable Medi-Cal Trusts Can Help With Your Medi-Cal Planning
Understanding the Law is Part of Proper Medi-Cal Planning
Medi-Cal, California's Medicaid program, provides no-cost or low-cost health insurance for blind, disabled, pregnant, or in a long-term facility. The program also provides benefits for non-disabled, non-elderly and qualifying adults aged 19-64 whose income levels are at or below 138% the Federal Poverty Level. It is important to know that the Medi-Cal benefits are available if you qualify or you have a loved one who qualifies. Understanding the law is an important part of proper Medi-Cal … [Read more...] about Understanding the Law is Part of Proper Medi-Cal Planning
Basics of Estate Planning: IRAs
IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read the following article by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney. Basics of Estate Planning: IRAs If you need assistance with IRA planning, we can help. … [Read more...] about Basics of Estate Planning: IRAs
Basics of Estate Planning: Powers of Appointment – Part 2
Trusts can be very flexible instruments. One of the ways to add flexibility is by using powers of appointment. In Part 2 of his blog, my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, continues his examination of the different types of powers of appointment and how that can impact taxation. Basics of Estate Planning: Powers of Appointment – Part 2 If you need assistance with a power of attorney issue, we can help. … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2
Basics of Estate Planning: Powers of Appointment – Part 1
Trusts can be very flexible. One of the ways to add flexibility is by using powers of appointment. This article will examine what a power of appointment is and how it may be used to add flexibility to a trust. The following article by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, examines the tax consequences of powers of appointment. Basics of Estate Planning: Powers of Appointment – Part 1 If you have questions about powers of appointment, … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 1
