When you hear about the Medi-Cal program, you may immediately draw certain conclusions. Medi-Cal is a needs-based program, so you may assume that you must impoverish yourself to qualify for Medi-Cal coverage. First off, it is important to understand why Medi-Cal is relevant to senior citizens who will be qualified for Medicare. Some elders will need long-term care eventually, and Medicare does not pay for such living assistance. Medi-Cal does pay for long-term care, and this is why many … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Medi-Cal?
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Marriage in the Golden Years
As we live longer, a marriage later in life is becoming more common with our aging society. That means changes to your estate plan are more crucial than ever. It also means the likelihood of new family members, from adult children to grandchildren and sometimes even great grandchildren. Social Security Benefits There are a number of dynamics that potentially play out when it comes to your social security benefits. Even if you’ve carefully prepared, you now have to consider more than just … [Read more...] about Marriage in the Golden Years
Can an IRA Be Used for Estate Planning Purposes?
On the surface, the value of an individual retirement account is self-explanatory. You contribute into an individual retirement account so that you have a nest egg to draw from during your golden years. However, when circumstances are right, an individual retirement account can also be useful from an estate planning perspective. Let's look at the details. Traditional Individual Retirement Accounts You would contribute into a traditional individual retirement account with pretax … [Read more...] about Can an IRA Be Used for Estate Planning Purposes?
How Can I Preserve My Legacy?
When you are planning your estate, you may be concerned about how you will be remembered after you pass away. If you feel this way, you can engage in a more comprehensive form of estate planning called legacy planning. There are various different things that you can do to craft a lasting legacy. In this blog post, we will provide some food for thought. Preserving Wealth Legacy planning is not all about money, but we should touch upon wealth preservation. People who are exposed to the federal … [Read more...] about How Can I Preserve My Legacy?
When Is an Estate Tax Return Due?
Accumulating wealth is one thing, but preserving it is another. Though you pay taxes throughout your life, there is also a federal estate tax that can impact the future of your family if you have enjoyed a considerable level of financial success. You should put together a statement of net worth when you are planning your estate to determine whether or not you are exposed to the estate tax. When you are doing so, you must include your real property and the value of life insurance policies that … [Read more...] about When Is an Estate Tax Return Due?
How Do You Find an Elder Law Attorney?
The aging of the baby boomer generation is having a significant impact on the country's demographic makeup. A lot of people are approaching senior citizen status at the same time, and as a result, people are asking questions about legal matters that are relevant to seniors. Elder law attorneys answer these questions. There are various different elder law matters that everyone should be aware of, and long-term care is foremost among them. Medicare does not pay for living assistance, and most … [Read more...] about How Do You Find an Elder Law Attorney?
What Is the Difference Between SSI and SSDI?
You hear various different acronyms when you are looking into government programs, and it can sometimes be confusing, especially when they are similar. In an effort to clear things up, we will look at the difference between SSI and SSDI in this blog post. Social Security Disability Insurance (SSDI) People with disabilities are often incapable of earning much income, but they have needs like the rest of us. The government accounts for this through the implementation of programs that provide … [Read more...] about What Is the Difference Between SSI and SSDI?
Are Trusts Only for the Rich?
If you are beginning to devise your estate plan, you may assume that you should use a last will as a primary vehicle of asset transfer because you are not wealthy. Some people are under the impression that trusts are only useful for high net worth individuals. Some people who have been very successful from a financial standpoint are exposed to the federal estate tax. To be exposed, your assets must exceed $5.43 million in 2015. Individuals who are in this position do in fact use trusts to gain … [Read more...] about Are Trusts Only for the Rich?
What Is the Difference Between a Living Will and a Living Trust?
You are probably well aware of the existence of a legal document called a last will or last will and testament. This is a commonly utilized estate planning document. A will can be used to state your final wishes regarding the way that you want your assets to be distributed after you pass away. Some confusion can arise when it comes to estate planning documents that have similar sounding names. In addition to the last will, there is also a legal document called a living will. Because just about … [Read more...] about What Is the Difference Between a Living Will and a Living Trust?
Are There Different Types of Special Needs Trusts?
Everyone needs health insurance, but it is more essential for some people than it is for others. Clearly, individuals with special needs are going to require care and treatment throughout their lives, and health insurance is an absolute must for these individuals. Most people get health insurance coverage through their jobs. Since people with disabilities are unable to work in many instances, this presents an obstacle. For these folks, Medicaid is often the solution. It is called Medi-Cal … [Read more...] about Are There Different Types of Special Needs Trusts?
