The capital gains tax is a tax that can be levied when you realize a gain. A gain is realized when the assets that have appreciated in value are sold and you take possession of the liquidity. Capital gains are divided into two distinct categories for tax purposes. There are short-term capital gains, and long-term capital gains. A gain is a short-term capital gain when the asset in question is sold within one year of the original acquisition. Short-term capital gains are taxed at your regular … [Read more...] about What Is the Capital Gains Tax?
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What Benefits Do Trusts Provide?
There are multiple different types of trusts used in the field of estate planning, and they do not all accomplish the same objectives. Let's look at some of the benefits that you can gain if you utilize the right type of trust. Asset Protection Asset protection is a concern for many people. You may be concerned about your own personal resources while you are alive, and you may also want to protect assets that you are leaving to loved ones. There are trusts that can be used for asset protection … [Read more...] about What Benefits Do Trusts Provide?
Can I Protect My Injury Settlement With a Special Needs Trust?
In many cases, people with disabilities are unable to earn much income. As a result, they qualify for need-based government benefit programs. Medi-Cal is a source of health insurance for people with financial need, and Supplemental Security Income can provide a basic level of financial support if you can qualify. An improvement in financial status could result in a loss of need-based government benefit eligibility. As a response, assets can be protected through the creation of a special needs … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
Do Assets in a Living Trust Get a Step-Up in Basis?
Before we get into the concept of the step-up in basis, we should explain some of the reasons why you may want to use a living trust as the centerpiece of your estate plan. First of all, you do not have to be afraid of the word “trust.” Many people think that you sever your direct relationship with your assets when you create any type of trust. This is not the case with a revocable living trust. You as the grantor of the trust you can maintain control of the assets throughout your life. After … [Read more...] about Do Assets in a Living Trust Get a Step-Up in Basis?
Probate in California: Basic Questions and Answers
Probate in California: Basic Questions and Answers from Timothy Murphy After someone dies, you can begin a probate case by filing a petition with the local Superior Court clerk’s office The petition asks the court to start a new case. Learn more about Probate in California in this presentation. … [Read more...] about Probate in California: Basic Questions and Answers
What Is the Current State of Nursing Home Costs in California?
Every person who is serious about the implementation of a plan for aging should take nursing home costs quite seriously. People often overlook the matter for two different reasons. For one, they assume that Medicare will pay for long-term care. Secondly, they think that it is unlikely that they will ever need nursing home care. Both of the above notions are fallacies. Medicare is set up to handle rehabilitative care after an illness or an injury, but it does not pay for long-term custodial … [Read more...] about What Is the Current State of Nursing Home Costs in California?
Do Elder Law Attorneys Practice in Other Areas?
The area of elder law is a legal specialty that is quite relevant at the present time. There is an unprecedented aging of the population underway due to the fact that the baby boomers are attaining senior citizen status. Elder law attorneys counsel people who are concerned about the eventualities of aging, so there are a lot of questions to be answered. The major source of concern within the elder law community is the matter of long-term care and the expenses that go along with it. Medicare … [Read more...] about Do Elder Law Attorneys Practice in Other Areas?
Free Report: What Questions Should I Ask a California Elder Law Attorney
Elder law attorneys are legal professionals who focus their practice on assisting senior citizens with the legal problems they face. When you consult with an elder law attorney, you can create an intelligent and informed plan that leads to a comfortable and secure future. Topics covered in this report include: Is there any particular elder law issue that I should be concerned about? How expensive is long-term care? How long is the average length of stay? Do most people require … [Read more...] about Free Report: What Questions Should I Ask a California Elder Law Attorney
Free Report: What Questions Should I Ask a Northern California Elder Law Attorney
As you are going through life, your elder years can seem very distant. However, if you ask anyone who has gotten older, they will tell you that time flies, and you can come to a rather rude awakening at some point. Topics covered in this whitepaper include: Is There Any Particular Elder Law Issue That I Should Be Considered About? How Expensive is Long-Term Care? How Long is The Average Length of Stay? Do Most People Require Long-Term Care as Seniors? Does This Mean that I May … [Read more...] about Free Report: What Questions Should I Ask a Northern California Elder Law Attorney
What Are the Disadvantages of a Power of Attorney?
Incapacity planning is an essential piece of the puzzle when you are devising a long-term plan for aging. Many elders become unable to make sound decisions at some point in time, and you can account for this through the execution of a certain type of power of attorney. You are probably aware of the fact that a power of attorney is a legally binding document that can be used to give another person the power to act on your behalf. A standard power of attorney would no longer be in effect if the … [Read more...] about What Are the Disadvantages of a Power of Attorney?
