Trusts are an important part of estate planning because of their ability to minimize estate taxes and potentially avoid probate. A trust is essentially a fiduciary agreement, one based on trust and confidence, between the person making the trust (trustor) and the trustee. This agreement gives the trustee the authority to manage the assets of the trust and distribute those assets to the beneficiaries as specified in the trust agreement. There are several different types of trusts with their own … [Read more...] about Are Revocable Trusts the Only Option?
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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...] about Understanding Incapacity as part of Incapacity Planning
Why Probate is a Part of Estate Planning Sacramento Residents Must Consider
The probate code is basically the set of laws regarding wills and estates. There is a Uniform Probate Code which was created for the purpose of simplifying the probate process and standardizing the laws regarding wills, trusts and intestacy. The Uniform Probate Code also addresses gifts, as well. Because the probate code is an important part of estate planning Sacramento residents should understand how those laws could affect their estate. Why is a standardized set of laws a good … [Read more...] about Why Probate is a Part of Estate Planning Sacramento Residents Must Consider
Should I Convert to a Roth IRA?
Not everyone who has an IRA is aware of their ability to convert a traditional IRA or employer-sponsored retirement plan to a Roth IRA. The truth is, making the conversion is quite simple, especially if you understand how to make the conversion. You decide whether to transfer all of your existing retirement account balance to your new Roth IRA or just a portion. Here is what you need to know. How IRAs work in general An Individual Retirement Account, or IRA, is basically an investment … [Read more...] about Should I Convert to a Roth IRA?
According to Elder Law Attorney Sacramento Nursing Home Planning is a Must
Nursing home care can be very expensive. Many private health insurance policies don't cover these long-term care services. For California residents who need long-term care, Medi-Cal is the most common source of funding. In fact, Medi-Cal covers nursing home care expenses of nearly 65% of Californians residing in nursing homes. However, applying for and receiving assistance from Medi-Cal takes planning. Ask your elder law attorney Sacramento nursing home planning is a must. Medi-Cal and nursing … [Read more...] about According to Elder Law Attorney Sacramento Nursing Home Planning is a Must
Famous Lake Tahoe Casino in Bankruptcy
Nevada natives are likely familiar with Frank Sinatra’s casino at Lake Tahoe. Built in 1926, the Cal Neva was purchased by Frank Sinatra in 1960. Though it has seen many different owners since that time, the Cal Neva is still known as Frank Sinatra's casino. The landmark was closed in 2013 for renovations for nearly three years. Unfortunately, the casino is now in bankruptcy. The unfortunate state of Cal Neva The renovations at this Lake Tahoe casino were never completed. Several months … [Read more...] about Famous Lake Tahoe Casino in Bankruptcy
Using a Living Trust for Nursing Home 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 nursing home 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 … [Read more...] about Using a Living Trust for Nursing Home Planning
Veterans Benefits Sacramento Residents Should Know About
If you are a veteran living in Sacramento, there are so many different types of assistance available to you through the Veterans Administration. This assistance can be provided through an assisted living facility, in your home, in a nursing home or provided by others, including friends, family members, or healthcare professionals. There are many Veterans benefits Sacramento residents may be eligible for without knowing it. If you or a loved one falls into this category, here is what you need to … [Read more...] about Veterans Benefits Sacramento Residents Should Know About
Trusts and Trust Administration in Sacramento
Regardless of your purpose for creating a trust, that trust will need to be administered. Trust administration involves investment management, implementing charitable giving strategies, risk management, insurance planning and business succession planning, when applicable. The trustee you select to manage your trust and its administration will be responsible for carrying out the terms of the trust. Trusts are useful in minimizing estate taxes and in avoiding costly probate. There are … [Read more...] about Trusts and Trust Administration in Sacramento
Why You Might Need California Special Needs Trusts
Trusts are very valuable estate planning tools that provide a way to hold and manage assets for the benefit of your loved ones. You have the opportunity to include your own instructions as to how the property should be distributed and under what circumstances. A trust is an especially valuable tool if you have a loved one with special needs. California special needs trusts are a particular type of trust used just for this purpose. If you are considering whether you need to establish a … [Read more...] about Why You Might Need California Special Needs Trusts
