Revocable Living Trusts in Northern California: More Questions Practical Options from Timothy Murphy A living trust is a great estate planning tool to have but it’s not the only tool you require Other devices, such as a will, powers of attorney, and advance medical directives will also play key roles in your estate plan. Learn more about revocable living trusts in Northern California in this presentation. … [Read more...] about Revocable Living Trusts in Northern California: More Questions Practical Options
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Estate Planning in Northern California: More Questions More Answers
Estate Planning in Northern California: More Questions More Answers from Timothy Murphy The plan you need is one that will address all of your concerns and give you as many options, and protections, as possible. Learn more about Estate Planning in Northern California in this presentation. … [Read more...] about Estate Planning in Northern California: More Questions More Answers
What Is a Stretch IRA?
Estate planning attorneys often help people who want to take things a couple of steps further. You want to craft a suitable legacy to leave behind to your loved ones, but you should also plan ahead for your active retirement years and the twilight years that will follow. When you think about an individual retirement account or IRA, you probably envision a retirement nest egg, and this is the idea behind these accounts. However, if you do not need the assets in your individual retirement account … [Read more...] about What Is a Stretch IRA?
What Is Estate Tax Exclusion Portability?
You should brace yourself for possible taxation when you are devising your estate plan. There are those who are under the impression that the estate tax is only a factor for extremely wealthy people, but this will depend upon your perspective. When you are inventorying your assets to determine your estate tax position, you have to understand the fact that everything that you own personally counts, even your home. We practice law in northern California. Throughout this region, real estate can be … [Read more...] about What Is Estate Tax Exclusion Portability?
Medi-Cal FAQs: Will the Government Take My Home?
Medi-Cal is California's version of the Medicaid program that is in place around the country. The program is jointly administered by the federal government along with the state of California. Most people are aware of the fact that Medi-Cal is only available to people with very limited financial resources. If you will retire with assets, and you are going to qualify for Medicare, you may wonder why Medi-Cal would ever be relevant to you. It would be logical to assume that Medicare would help if … [Read more...] about Medi-Cal FAQs: Will the Government Take My Home?
Why Is a Living Trust Better Than a Power of Attorney?
Everyone is aware of the fact that you have to take care of things that will happen after you pass away when you plan your estate. At the same time, you should also think about the period of time that would logically precede your passing. People often become unable to make sound decisions at some point in time, with Alzheimer's disease being a leading culprit. Plus, there can be physical incapacitation that prohibits your ability to communicate decisions. To account for the possibility of … [Read more...] about Why Is a Living Trust Better Than a Power of Attorney?
What Is the Difference Between an Inheritance Tax and an Estate Tax?
You should educate yourself about taxation when you are devising your estate plan. People sometimes have misconceptions, and we will provide clarity in this blog post. Federal Estate Tax There is an estate tax on the federal level. We practice law in California. Some states have state-level estate taxes, but there is no estate estate tax in California. However, if you own valuable property in a state that does have a state-level estate tax, the tax in that state could be a factor for … [Read more...] about What Is the Difference Between an Inheritance Tax and an Estate Tax?
Can I Give Away My Assets to Qualify for Medi-Cal?
Many older Americans will someday need help with their activities of daily living, and long-term care is very expensive. Many older Californians ultimately try to qualify for Medi-Cal coverage, because Medicare does not pay for long-term care. Medi-Cal does pay for custodial care if you can obtain eligibility. Eligibility Requirements You are probably aware of the fact that Medi-Cal is a government program that provides health insurance for people with very limited financial resources. There … [Read more...] about Can I Give Away My Assets to Qualify for Medi-Cal?
What Is Estate Administration?
Estate planning can seem like an exercise in document creation. Indeed, you have to state your wishes in writing in one way or another. However, estate administration is another facet that you should consider when you are devising your estate plan. Last Will If you use a last will to serve as a vehicle of asset transfer, the person who will administer the estate is called the executor or personal representative. We should point out the fact that a female estate executor is sometimes referred … [Read more...] about What Is Estate Administration?
Intestacy in Northern California: What Is It What Does It Matter
Intestacy in Northern California: What Is It What Does It Matter from Timothy Murphy The personal representative will have to determine if you left behind any debts and use your estate assets to pay them. If you left behind more debts than assets, you leave behind an insolvent estate. Learn more about Intestacy in Northern California in this presentation. … [Read more...] about Intestacy in Northern California: What Is It What Does It Matter
