The Medi-Cal program is a jointly run federal/state government public benefits program. Many individuals are under the impression that Medi-Cal is only relevant to people who are broke. It is true that this program is designed to provide, among other things, a health insurance recourse for people with very limited monetary resources. At the same time, some who were never extremely poor do try to obtain Medi-Cal eligibility as senior citizens. This can be the case even when they are enrolled in … [Read more...] about Medi-Cal: It's Not Exclusively for the Needy
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Estate Tax: Citizenship Can Be a Factor
The federal estate tax is potentially applicable on asset transfers to anyone other than your spouse. It is possible to use the unlimited marital deduction to transfer any amount of property to your spouse free of the death tax. There is a gift tax that exists to stop people from giving gifts in an effort to avoid the estate tax. This unlimited marital deduction also applies to lifetime gift giving. The estate tax exclusion is $5.43 million. This is the amount you could transfer to anyone … [Read more...] about Estate Tax: Citizenship Can Be a Factor
Holistic Retirement Planning: Look Past the Active Years
The term "retirement planning" can trigger some beautiful thoughts. You can sit back, look out the window, and imagine all the things that you will be able to do during your active retirement years. This vision may include plenty of time on the golf course, fine dining, and exotic travel to all of the places that you always wanted to experience when you were busy traversing your career path. Without question, if you take the financial end of retirement planning seriously, your golden years can … [Read more...] about Holistic Retirement Planning: Look Past the Active Years
What Is a QTIP Trust?
The acronym QTIP may conjure certain images outside of an estate planning context. For our purposes as estate planning attorneys, the acronym stands for a qualified terminable interest property trust. This type of trust can be useful if you are a parent who is getting remarried. Protecting Your Children If you are getting remarried as a parent, you may have estate planning concerns. Clearly, you want to make sure that you provide resources for your new spouse to draw from after you are gone if … [Read more...] about What Is a QTIP Trust?
Should I Use a Revocable or Irrevocable Trust?
When you think about the financial decisions that you have made throughout your life, you recognize the fact that you have had many options. You weigh all of the factors when you make an important financial decision, and you go forward in a fully informed manner. This type of logic should apply to estate planning as well. Each family is different, and everyone is in a different financial situation. There are many different approaches that can be taken, and you should be fully apprised of all of … [Read more...] about Should I Use a Revocable or Irrevocable Trust?
Is a Living Trust Really Better Than a Will?
You may be under the impression that you should use a last will as your primary estate planning tool if you do not consider yourself to be enormously wealthy with a very complex estate. It can be natural to assume that a living trust is just a glorified type of last will that is really not going to provide much of a difference. In reality, there are some very tangible reasons why someone could suggest that a living trust is better than a last will. Let's look at some of the advantages that you … [Read more...] about Is a Living Trust Really Better Than a Will?
Can I Create a Trust for My Dog?
When you think about the situation that you may be in as a senior citizen, you can quickly realize why you may be able to benefit from dog ownership. As you get older, you lose loved ones along the way, and your family members are grown and busy conducting their own lives. A dog can provide you with a much-needed companion during this stage of your life. In addition to the companionship, a dog is a big responsibility, so you have a sense of purpose in your life once again. Many dogs are good … [Read more...] about Can I Create a Trust for My Dog?
Can a Veteran Get Long-Term Care Assistance?
When you think about the sacrifices that veterans make on a day-to-day basis, it can be mind-boggling. This is true for every veteran, but those who served during times of war take unimaginable risks to keep our country safe. How can you repay someone who makes this type of commitment for the common good? There really is no reward that is truly adequate, but veterans can reap some important benefits that can help them during their senior years. One of them is the retirement pension that … [Read more...] about Can a Veteran Get Long-Term Care Assistance?
Is Probate an Absolute Requirement?
You may have heard that your estate must pass through probate after you pass away, and that there is really no easy way around it. This is not necessarily true. There are certain types of asset transfers that would not be subject to the probate process. These transfers could take place organically, even if you are not intentionally trying to avoid probate. Let's look at a few of these probate-free asset transfers. Payable on Death Accounts If you were to open an account at a bank, you would … [Read more...] about Is Probate an Absolute Requirement?
A Legacy of Giving
You may want to consider your broader legacy when you are planning your estate. There are things that you could do to cast a meaningful shadow even after you are gone, and your impact can be felt in a positive manner on various different levels. Undoubtedly, your family is going to come first when you are engaged in your legacy planning efforts. It is important to make sure that you pass along monetary resources in the optimal manner, and the best way to provide for one person that you love may … [Read more...] about A Legacy of Giving
