A revocable living trust is an asset transfer vehicle that can facilitate efficient asset distributions outside of the legal process of probate. This type of trust can be useful for people of relatively ordinary means. If you use a will instead of a trust, the probate process enters the picture, and it can be time-consuming and expensive. To learn more about revocable living trusts, schedule a consultation with a licensed estate planning attorney. Click here to read the whole article or … [Read more...] about Free Report: What Is a Revocable Living Trust in California?
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What Is the Difference Between a Revocable Living Trust and a Medicaid (Medi-Cal) Trust?
Medicaid is a need-based government health insurance program that will pay for long-term care. In California, the program is called Medi-Cal. Medicare will not pay for custodial care, so many people who were never financially needy ultimately look toward Medicaid or Medi-Cal to pay for living assistance late in their lives. Medicaid is a need-based program, so you must be able to prove that you have very limited resources if you want to qualify. You could create a Medicaid trust to get … [Read more...] about What Is the Difference Between a Revocable Living Trust and a Medicaid (Medi-Cal) Trust?
Free Report: What is the Annual Gift Tax Exclusion in California
You have to be aware of federal transfer taxes when you are planning your estate. If you are exposed, there are steps that you can take to reduce the burden. Topics covered in this whitepaper include: Federal Gift Tax Unlimited Marital Deduction Annual Gift Tax Exclusion Estate Tax Efficiency Strategies Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is the Annual Gift Tax Exclusion in California
How Much Can You Transfer Free of Estate Tax?
How Much Can You Transfer Free of the Estate Tax? from Timothy Murphy Earning a significant store of wealth is only half the battle. Once you have achieved your financial goals, you have to address your legacy. … [Read more...] about How Much Can You Transfer Free of Estate Tax?
What Is a Conservator?
A conservator is someone who is appointed by a court to act on behalf of an adult individual who is incapable of handling his or her own affairs. Each state has different rules regarding conservatorship, and the terms are used in different ways depending on the jurisdiction. Another term used for a conservator is guardian. In some states, a guardian handles the personal affairs of a ward who cannot act on his or her own, and a conservator handles the ward's financial affairs. In others, a … [Read more...] about What Is a Conservator?
Is There a National Organization of Elder Law Attorneys?
Before we look at a national organization that is known for educating elder law attorneys, we should explain why you may want to discuss your future with one of these legal professionals. As you are going through life, you are dealing with day-to-day concerns as a working person. This is well and good, and because of the fact that people are generally focused in the moment, future considerations are often put on the back burner. Though this is understandable, time is passing, and your senior … [Read more...] about Is There a National Organization of Elder Law Attorneys?
Dangers of Online Estate Planning
The Internet is full of websites that sell downloads and worksheets that will produce generic legal documents. They offer legal documents of all kinds, including things like wills and trusts. Can anyone with a computer create an effective estate plan using DIY tools that are being offered online? Consumer Reports Study The highly respected magazine Consumer Reports was wondering about this question back in 2012. They decided to find an answer. Consumer Reports staffers went online, and they … [Read more...] about Dangers of Online Estate Planning
Tuning Up Your Estate Plan
If you have already established your estate plan, congratulations! You have done something that will protect you and your loved ones now and in the future. However, like regular medical check ups, conducting periodic reviews of your plan as well as updating the plan when life events call for it are just as important as creating the plan in the first place. It would be prudent for you to review your estate plan every three years just to be sure that your plan is up to date with all current laws … [Read more...] about Tuning Up Your Estate Plan
What Is the Difference Between a Conservatorship and a Power of Attorney?
Statistics indicate that a significant percentage of elders become unable to make sound decisions at some point in time, and under these circumstances, a conservator could be appointed by the court to manage the affairs of an incapacitated adult. The appointment of a conservator can provide a solution under difficult circumstances, but there are some potential drawbacks to take into consideration. For one, family members can have differing points of view with regard to the ideal … [Read more...] about What Is the Difference Between a Conservatorship and a Power of Attorney?
What Is a Pour-Over Will?
A pour-over will is a type of will that you would want to include in your estate plan if you are using a revocable living trust as your primary vehicle of asset transfer. Before we look at pour-over wills, we should explain why you may want to establish a revocable living trust. Efficient Asset Management When you convey property into a revocable living trust, you are referred to as the trustor or grantor. While you are alive and of sound mind, you can serve as the trustee and control the … [Read more...] about What Is a Pour-Over Will?
