Accepting the reality that you (or a loved one) need the type of care that can only be found in a long-term care facility is difficult enough. Facing that reality along with the realization that you cannot afford the care can be devastating. This is particularly true if you also failed to plan ahead to ensure that you would qualify for Medicaid if you need help covering the cost of LTC. Why Is Qualifying for Medi-Cal So Important? Like most seniors, you will probably rely on Medicare to … [Read more...] about Is It Too Late for Medi-Cal Planning?
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Application of the Transfer for Value Rule to the Sale of Life Insurance
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences. My friend and colleague, Tereina Stidd, an estate planning expert, has a nice piece on these powers. Read on to learn more. … [Read more...] about Application of the Transfer for Value Rule to the Sale of Life Insurance
The Toll of Serving as Fiduciary
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great … [Read more...] about The Toll of Serving as Fiduciary
Estate Planning – Something You Shouldn’t Do Yourself
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family. My friend and colleague, Tereina Stidd, an estate planning expert, has shared her thoughts. Read on to learn more. … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself
Family Estate Planning Should Include the Family Business
If you own your own company, you know that running a business is a complicated venture that takes loads of planning time. Besides planning to grow and expand your business, you must also determine what will happen after your death. No Business Estate Plan If you don’t include your business in your estate plan, then it may not survive your death. If you have full or partial stake in a business, it will be considered a part of your estate upon your death. If you have not named someone to … [Read more...] about Family Estate Planning Should Include the Family Business
How To Manage Long Term Care Costs
Placing a loved one in a nursing home is difficult enough without having to worry about the tremendous expense involved with it. Oftentimes, these costs are significant enough to deplete most, if not all, of the assets of the individual. When a nursing home is the only option, the extra expense has to be met somehow. So what can you do to keep these expense down? It is tempting to allow the nursing home staff to attend to your loved one’s every needs. But this is the same as employing a … [Read more...] about How To Manage Long Term Care Costs
Planning Should Include Your Pets
When it comes to protecting your beloved pets, no one does it better than you. You love them... You feed them... You make sure they have everything they need to live a happy, healthy life. But what would happen if you were no longer around? Who would care for your pet? Would your friends and family know what foods to feed or what medications to give? How can you ensure that your pet continues to receive the love and care they need? What a Pet Trust Can Do A Pet Trust is a powerful … [Read more...] about Planning Should Include Your Pets
Shaping An Enduring Legacy
Making sure that your loved ones are provided for to your satisfaction is probably going to be your first objective when you are planning your estate. However, many people are in a position to craft a lasting legacy. This is something that can be very satisfying personally while being simultaneously beneficial to the community around you. How you would like your influence to be felt is a personal matter but we see many examples out there. The creation of a charitable foundation may be a … [Read more...] about Shaping An Enduring Legacy
Probating an Estate — Tips for an Executor
When a loved one passes away, the loss you feel can be overwhelming and debilitating. Focusing on anything but your grief may seem impossible; however, if you were named as the Executor of the estate the decedent was counting on you to be able to set aside your grief long enough to oversee the probate of the estate. If you have never before served as an Executor, you may be feeling overwhelmed at the prospect of administering an estate. 10 Tips for an Executor Consulting with an … [Read more...] about Probating an Estate — Tips for an Executor
How To Ensure Your Estate Plan is a Useless Mess
Tip 1: Rely on the Internet for legal advice. One of the best ways to increase the chances that your estate plan will not work is to create your own plan using the advice you find on the Internet. Anyone can post anything they want on the Internet and you have no way of determining if it's true, wise, or even legal. Though there is helpful guidance to be found, do-it-yourself resources and Internet wisdom will never be the same as the individually tailored advice an experienced and qualified … [Read more...] about How To Ensure Your Estate Plan is a Useless Mess
