Beginning the estate planning process is not always something people like to consider, but it is something that everyone, and especially married couples, needs to do. For married couples, the basic issues that your estate plan will have to address will be very much the same as those confronted by single people. However, because you are in a relationship and many of your estate planning choices will affect your spouse, there are some issues you might want to spend a little more time discussing … [Read more...] about Approaching Estate Planning When You're Married
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What Is a Conservatorship?
It is important to consider the eventualities of aging when you are planning your estate. A comprehensive estate plan will address the period of time that will precede your passing. While it may not be the most pleasant thing in the world contemplate, a very significant percentage of senior citizens ultimately become incapacitated. Some people become physically incapacitated and unable to communicate. Others suffer from cognitive impairment. Alzheimer's disease is an enormous threat once … [Read more...] about What Is a Conservatorship?
What Is an Elder Law Attorney?
Elder law is the legal specialization that focuses on matters that are of particular interest to senior citizens. At the present time, the baby boomer generation is reaching retirement age. The population is going to be aging for quite some time. As a result, elder law is very relevant to a significant percentage of senior citizens during our current era. If you want to be fully prepared for the eventualities of aging, you should discuss elder law matters with a licensed elder law attorney. … [Read more...] about What Is an Elder Law Attorney?
What Is a Special Needs Trust?
When you are engaged in the process of estate planning, you should explore all of your options carefully and act in a fully informed manner. There are various different ways to facilitate future asset transfers, and the optimal course of action will vary depending on the circumstances. Special Needs Planning If you want to provide for someone with special needs, you should be aware of government benefit eligibility rules and regulations. Many people with disabilities are enrolled in the … [Read more...] about What Is a Special Needs Trust?
Pets and Life Insurance
People with pets come to our offices because they want to create a pet plan. Like estate plans, pet plans address issues that arise should you die or become incapacitated. As the name implies, however, pet plans are specifically designed to address the needs of your pet when you are no longer able to care for the animal. Some of our clients ask us if they can use life insurance as a part of their pet plans. While a good insurance policy can be a great way to protect your pet, you can only use … [Read more...] about Pets and Life Insurance
DIY Estate Planning Mistakes That Can Cost You: Part 1
In recent years, the popularity of do-it-yourself estate planning has led to some significant, and often very costly, mistakes. People who try to create estate plans on their own often have little to no experience in the law, and making even a simple mistake as they go about creating a plan they want to rely upon can be serious problem. Over the next two weeks, we’re going to take a closer look at some of the more common do-it-yourself planning mistakes that people make, and why you want to … [Read more...] about DIY Estate Planning Mistakes That Can Cost You: Part 1
Why You Need a Power of Attorney and a Will
The idea that you can create a simple estate plan by choosing to create a single document, such as a power of attorney or a will, is something that too many people believe. Do-it-yourself planning sites and books sometimes appeals to people who don’t like the idea of spending money on hiring an attorney to help them create an estate plan. Because of this, people interested in do-it-yourself planning sometimes believe that creating a single tool will be enough. Unfortunately, this is not the … [Read more...] about Why You Need a Power of Attorney and a Will
Survey: Boomers Say Preserving Family Memories More Important Than Inheritances
According to a recently released study from the Allianz Life Insurance Company of North America, a large majority of baby boomers and other senior say their most important inheritance concern is preserving precious family memories and heirlooms. Family Stories v Inheritances Survey respondents overwhelmingly said that keeping their family history and stories alive is by far their greatest desire when they consider their legacy. 74% of people age 72 and older, as well as a whopping 86% of baby … [Read more...] about Survey: Boomers Say Preserving Family Memories More Important Than Inheritances
What Is Legacy Planning?
Legacy planning is a holistic and comprehensive form of estate planning. When you take the right steps, you can cast a long shadow even after you are gone. In this post we will provide some food for thought. Asset Transfers When you plan your legacy, you facilitate future asset transfers to your loved ones. There are various different ways to go about it. If you are exposed to the federal estate tax, your financial legacy could be severely impacted. The maximum rate of the tax is 40 … [Read more...] about What Is Legacy Planning?
Can I Give Away Assets to Qualify for Medi-Cal?
The majority of senior citizens will qualify for Medicare when they reach the age of 65. You obtain eligibility through the accrual of retirement credits. You can earn up to four credits per year while you are working and paying taxes. Once you have accumulated 40 credits, you will be qualified for Medicare coverage when you reach the age of eligibility. If you are going to qualify for Medicare at the age of 65, you may wonder why you should concern yourself with Medi-Cal rules and regulations. … [Read more...] about Can I Give Away Assets to Qualify for Medi-Cal?
