Question 1: I’ve made an advance healthcare directive. Do I have to register it with the state? No. There is no legal requirement that you register or file any advance healthcare directive you might have made with a government office. Advance healthcare directives in California have to meet specific legal requirements, but registering them is not one of those. The California Secretary of State’s office does offer a voluntary registration service, but you are not obligated to use it. Question … [Read more...] about Do I Have to Register my Health Care Directive in California? 3 Questions
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States Upgrading Medicaid Application and Processing
State legislatures and governors are currently facing the question of whether they will choose to expand Medicaid under the terms of the healthcare law. So far a majority of states appears to be on track to adopting the expansion that would allow anyone earning up to 133% of the poverty limit to receive Medicaid, or as it is known in California, Medi-Cal. However, according to a new study from the Kaiser commission on Medicaid and the Uninsured and the Georgetown University Center for Children … [Read more...] about States Upgrading Medicaid Application and Processing
Thinking of Charitable Giving? Consider a CRT
Estate planning is more than creating a will or thinking about the kinds of advance medical directives you want to have in place. It’s also about considering how you want to be remembered after you die and whether you want to make charitable donations a part of your legacy. If you are thinking of giving to charity through your estate plan you may want to consider a CRT, short for a charitable remainder trust. While these trusts are a little complicated and you should discuss them in more depth … [Read more...] about Thinking of Charitable Giving? Consider a CRT
Two Questions on the Differences Between Irrevocable and Revocable Living Trusts
When putting together an estate plan that makes use of at least one living trust, it is important to understand the difference between an irrevocable living trust and a revocable living trust. The most basic and self-evident difference between the two is that an irrevocable trust cannot be revoked. There are, however, significant differences between the legal and tax consequences of the two devices of which one should be aware. What are the differences in revocability? To say that the … [Read more...] about Two Questions on the Differences Between Irrevocable and Revocable Living Trusts
As Parents Age, Consider Different Levels of Elder Care
Americans continue to get older, and more and more adult Americans with elderly parents are confronting the issue of providing regular assistance to help their parents meet the difficulties of aging. There is no one right or wrong answer to the question of how much assistance your parents might need, but there are alternatives to full time nursing home or assisted living care facilities. If your aging parent needs assistance, there are several potential avenues you might consider. Financial … [Read more...] about As Parents Age, Consider Different Levels of Elder Care
Why a DIY Trust Can Be a Very Bad Mistake
No matter what kind of trust you are creating, the temptation exists to create these seemingly simple documents by yourself without consulting your attorney. The truth is that a trust is simply a way to accomplish your goals. While you may believe a specific kind of trust is best suited to your desires, that isn’t always the case. Even though do-it-yourself trust document services will sell you any document you want that will allow you to fill in the blanks, that doesn’t mean the document will … [Read more...] about Why a DIY Trust Can Be a Very Bad Mistake
The Essentials of a Living Trust
Many estate plans make use of a device that is known as the “living trust” or the “inter vivos trust” as a means of avoiding the time and expense of probate and for reducing estate tax liability. This type of trust is created during one’s lifetime and not in the face of imminent death – in fact, “inter vivos” is Latin for “between the living” – which is why the trust is also very useful for establishing a long-term property management plan. In order to create a living trust, however, certain … [Read more...] about The Essentials of a Living Trust
Update on 2013 Estate Tax Law Changes
A key part of the American Taxpayer Relief Act of 2012 (ATRA), the new tax law passed by Congress on January 1st, that was not yet known immediately after the passage of the new law has been released by the Internal Revenue Service. The exact amount of the estate tax exclusion for 2013 has been set at $5.25 million. To understand where this figure comes from you have to go back to the end of 2010 when the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was … [Read more...] about Update on 2013 Estate Tax Law Changes
Selecting a Trustee: Family Member, Friend or Professional?
Many people who create Trusts do not have a family member or close friend who is an appropriate person to appoint to serve as a Trustee. The person who serves as a Trustee should be financially responsible and someone who will not be tempted to administer the Trust for his or her own benefit instead of the benefit of the Trust beneficiaries. Ideally, the person should also be someone who the beneficiaries respect enough to defer to in decision-making without unnecessary … [Read more...] about Selecting a Trustee: Family Member, Friend or Professional?
Don’t Tattoo Your Medical Wishes
A couple of years ago an Englishwoman made it into the headlines after she had the phrase “do not resuscitate” tattooed on her chest. She did this because she wanted to convey to her healthcare providers that should her heart stop and she stopped breathing, she did not want to have cardiopulmonary respiration performed on her. DNR orders are very common and are often made a part of a person’s advance medical directives, and all states have laws that establish the requirements you have to meet … [Read more...] about Don’t Tattoo Your Medical Wishes
