Because elder law can affect almost anyone at any time, you never know when you might need to contact an elder law attorney. In the best possible scenario, you will only need an elder law lawyer to help prepare you for what might, and will, happen to you as you get older. In many situations you won’t have to deal with a family or personal elder law emergency. Even if such a situation arises, your lawyer can help you ensure you have the proper plans in place. Topics covered in this report … [Read more...] about Free Report: Why California Elder Law Matters
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IRS Announces 2015 Estate and Gift Tax Exemptions
The IRS has announced the annual inflation adjustments for 2015. The unified federal gift and estate tax exemption, including the amount an individual leaves to his or her beneficiaries at death and the amount of reportable gifts during life, will be $5.43 million in 2015. This amount has increased from $5.34 million, the federal estate tax exemption in 2014. This means that a decedent in 2015 will be able to pass $5.43 million tax free, cumulative of gifts which exceed the annual federal gift … [Read more...] about IRS Announces 2015 Estate and Gift Tax Exemptions
Is There a California Estate Tax?
A well constructed estate plan will include the implementation of tax efficiency strategies when estate tax exposure is present. You should certainly inventory your assets carefully when you are devising your estate plan so that you can determine whether or not you are exposed to death taxes. As we all know, there are federal taxes, and there are state-level taxes. There is a federal estate tax that can potentially impact Californians. This tax carries a $5.34 million exclusion until the … [Read more...] about Is There a California Estate Tax?
What Are the Disadvantages of a Conservatorship?
Sometimes adults become unable to handle all of their own affairs due to incapacity. Under these circumstances, in California, the matter of conservatorship enters the picture. In California, a conservator is someone who is appointed by a court to make decisions on behalf of someone who is incapacitated. In some states, a guardian would be appointed to handle personal decision-making, and a conservator would manage the financial affairs of a ward. In California, a conservator would handle all … [Read more...] about What Are the Disadvantages of a Conservatorship?
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 report include: Federal Gift Tax Unlimited Marital Deduction Annual Gift Tax Exclusion Estate Tax Efficiency Strategeis Summary Conclusion References 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?
Medicaid (Medi-Cal), SSI, and Special Needs Trusts
Medicaid is a government health insurance program for people who have very limited financial resources. In California, the program is called Medi-Cal. You do not have to be disabled to qualify for Medicaid, but many people with special needs are unable to earn much income. As a result, they qualify for Medicaid or Medi-Cal, and this coverage is extremely important for people with disabilities. The acronym SSI stands for Supplemental Security Income. As the name would suggest, this is a … [Read more...] about Medicaid (Medi-Cal), SSI, and Special Needs Trusts
Free Report: What is the Difference Between Medicare and Medicaid?
Medicare and Medicaid have similar sounding names, and they are both health insurance programs that are run by the government. Topics covered in this report include: Medicare Medicaid/Medi-cal Long-term Care Expenses Medi-cal Planning Summary References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is the Difference Between Medicare and Medicaid?
Free Report: What are the Drawbacks of Probate?
You should have a basic understanding of probate when you are engaged in your estate planning efforts. This is a legal process that comes into play if you do not take steps to facilitate asset transfers outside of probate. Topics covered in this report include: Public Access Expenses The Waiting Game Avoiding Probate Summary References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What are the Drawbacks of Probate?
How Long Does the Probate Process Take?
The legal process of probate can be a factor when postmortem asset transfers are taking place. In the state of California, if you are transferring more than $150,000 to someone other than your spouse, the estate will most likely have to pass through the probate process. Property can be claimed with a simple affidavit if the estate is valued at less than $150,000 as long as there is no real estate that is valued in excess of $50,000. It is also possible to transfer assets to your spouse outside … [Read more...] about How Long Does the Probate Process Take?
Is There a Medi-Cal Asset Maximum?
Medicaid is a government health insurance program that is potentially available to people who have very limited financial resources. It is jointly administered by the federal government along with each respective state government, and in California, the program is called Medi-Cal. There is an asset limit of $2000 for an individual applicant, but some of your belongings are not considered to be countable. Your home is not a countable asset, and you can retain ownership of one vehicle that is … [Read more...] about Is There a Medi-Cal Asset Maximum?
