Editor’s note: This is the third installment of an occasional series about common misconceptions by consumers about the Medi-Cal Long Term Care program which provides financial assistance in paying for care in a skilled nursing facility. As many of our clients already know, we regularly assist families who are facing care issues for a family member who may need long term care including advice and assistance in obtaining benefits available under certain Veterans and Medi-Cal programs. In … [Read more...] about Medi-Cal Myths Pt. III – More on The Guv’mint’s Gonna Take My Home
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Do It Yourself Wills and Trusts are not a Quick Fix
Here's a good rule of thumb: do-it-yourself (DIY) is for remodeling and arts and crafts. Sure, there are great DIY magazines out there and DIY products online for you to try. But when it comes to drafting your will or trust, or any other estate planning tool, DIY is not the way to go. DIY wills and trusts can ultimately cause you more problems than you could imagine. Despite the low cost and simplicity of DIY wills, trusts and other online legal forms, there is still a great risk that your … [Read more...] about Do It Yourself Wills and Trusts are not a Quick Fix
Why a Probate Lawyer Needs to Know the Probate Code
The probate code is a collection of laws on all issues related to 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, any probate lawyer you work with must understand how those laws could affect your estate. Why is a standardized set of … [Read more...] about Why a Probate Lawyer Needs to Know the Probate Code
Taxes and Inheritances: Planning and Coping
When someone passes on, his or her assets are typically left behind to a beneficiary. If you find yourself the recipient of money, you may have a big question on your mind: will I have to pay taxes? Before we go any further, remember this: it is a good idea to speak with a qualified estate planning attorney to ensure that you are paying all necessary taxes. Whether or not you are required to pay inheritance tax depends on how much money you are receiving, the state in which you live, and … [Read more...] about Taxes and Inheritances: Planning and Coping
Asset Protection Planning: Should You Be Worried?
Common goals of many folks is to build up their estate assets so that they can live comfortably during the Golden Years and – hopefully — have a nest egg left to pass down to their children, grandchildren, and/or other loved ones. These goals could be threatened, however, if the hard earned assets are put at risk – and they could be at risk without you even realizing it. The best way to protect your assets, your future, and your loved ones is to include asset protection planning as a component … [Read more...] about Asset Protection Planning: Should You Be Worried?
Guardianship v Conservatorship in California
Guardianship v. Conservatorship in California from Timothy Murphy Once notice has been given to the necessary people, but before the scheduled court hearing, a court investigator will interview the relevant individuals, including the child in some cases. The investigation may include home visits, review of the child’s school and medical records, background checks on the person seeking guardianship and any other persons living in their residence. Learn more about guardianship v. … [Read more...] about Guardianship v Conservatorship in California
Steps to Take When a Parent Dies
When a parent dies, the surviving family members are typically at a loss as to what needs to be done legally, to handle their assets. Here’s a step-by-step guide to get you started on what you need to do when a parent dies. The best advice, though, is to first consult with an experienced and qualified estate planning attorney to make sure you have covered everything. He or she can help guide you through the process, comply with the many legal requirements of estate administration and help you … [Read more...] about Steps to Take When a Parent Dies
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...] about You Don’t Have to Be Sick to Need Medi-Cal Planning
Understanding the Annual Gift Exclusion
One part of overall estate planning is considering how to minimize taxes as much as possible. This includes not only estate taxes but also gift taxes. When you transfer ownership of property, even as a gift, the IRS will impose a tax. There are some exceptions or exclusions to the gift tax that is typically imposed. Here is what you need to know. First, what is considered a gift? According to our federal government, a gift is “any transfer to an individual, either directly or indirectly, … [Read more...] about Understanding the Annual Gift Exclusion
Is there a California Inheritance Tax?
Receiving an inheritance may be exciting for some, but stressful for others. There are many questions that arise when individuals get word that they are about to inherit from a loved one. The most common question is: will I have to pay an inheritance tax? Luckily, if you live in California, there is no California inheritance tax, but that is not true in every state. Here is what you need to know: What is inheritance tax? An inheritance tax, as the name implies, is a tax imposed by the … [Read more...] about Is there a California Inheritance Tax?
