By Timothy P. Murphy © 2016 All Rights Reserved TIM’S TIMELY TRUST TIPS One of the goals of our new newsletter is to provide our clients with practical information so that their future affairs can be handled in an orderly, efficient and cost effective manner. In furtherance of this goal, we will periodically include columns, like this one, that include tips and reminders to help you prepare for the future. ALWAYS HAVE VALID I.D. In the course of our work, we often have to prepare … [Read more...] about Tim’s Timely Trust Tips
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Medi-Cal Myths Part II – The Guv’mint’s Gonna Take My Home
By Timothy P. Murphy © 2016 All Rights Reserved MEDI-CAL MYTHS: PART 2: The Guv’mint’s Gonna Take My Home Editor’s note: This is the second 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 … [Read more...] about Medi-Cal Myths Part II – The Guv’mint’s Gonna Take My Home
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...] about How is a Durable Power of Attorney Different from a Living Trust?
SASSNA Provides Resources for Sacramento’s Children with Special Needs
Since 2011, Sacramento Autistic Spectrum and Special Needs Alliance (SASSNA) is devoted to ensuring the well-being of children with special needs in the Sacramento metropolitan area. Their "conceptual and practical interventions" are highly influential in increasing the quality of life for these young people. The history of SASSNA SASSNA is a California tax-exempt nonprofit corporation comprised primarily of families of mentally-diverse youth, professionals, mentally-diverse adults, and other … [Read more...] about SASSNA Provides Resources for Sacramento’s Children with Special Needs
Disability Planning Can Save Your Government Benefits
Whether you have a child with special needs or you have a parent dealing with health-related disabilities, disability planning is something you should definitely consider. Regardless of where you child or parent may fall on the disability spectrum, you will want to ensure that your loved one has sufficient resources to be well-cared for in the future, without jeopardizing their eligibility for government benefits. Here are a few things to remember about disability planning. Why Is Disability … [Read more...] about Disability Planning Can Save Your Government Benefits
7 Basic Steps of the Probate Process
When a loved one dies, the money and property included in their estate need 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. This article will explain the 7 basic steps required in the California probate process. Before the probate process can formally begin, you need a personal … [Read more...] about 7 Basic Steps of the Probate Process
Medi-Cal and Nursing Home Care
Long-term care facilities, such as nursing homes and assisted living facility, are typically quite expensive for families. Unfortunately, most private health insurance policies do not cover services at nursing homes. To make matters worse, Medicare coverage for nursing home care is very restricted. Most people do not have insurance policies that include coverage for private long-term care. The most common financial resources for California residents in need of long-term or nursing home care is … [Read more...] about Medi-Cal and Nursing Home Care
Is There a California Estate Tax?
Is There a California Estate Tax? from Timothy Murphy We pay taxes on different levels all throughout our lives. You would probably like to think that your death is not going to be a taxable event. Unfortunately, the tax man has other ideas. … [Read more...] about Is There a California Estate Tax?
The Basics of Trust Administration in California
Trust attorneys will agree that a trust is a valuable estate planning tool. Trusts are useful in minimizing estate taxes and in avoiding costly probate. There are actually many benefits. But, when it comes to trust administration, it is equally important to understand what is involved and to select the right person or entity to serve as your trustee. The legal definition of a trust Trusts are basically fiduciary agreements between a trustee and the grantor, who is the person making the … [Read more...] about The Basics of Trust Administration in California
6 Things You Need to Know about Guardianship
Parents with minor children are always concerned about their welfare. Part of that concern is who will take care of their children if something happens to them. While you may not want to consider the possibility of your children being without their parents, you can, at least, have the peace of mind that planning ahead can provide. In California, you need to plan ahead for guardianship for your minor children, should anything happen to you. 1. What is guardianship? Guardianship is a legal … [Read more...] about 6 Things You Need to Know about Guardianship
