During the holidays most people make an extra effort to be friendly and embrace the spirit of the season. Unfortunately, scam artists make a point of using the holiday spirit to target people – and these predators frequently target the elderly. Below we'll explain how seniors can avoid becoming the victim of a holiday scam. Why Are Seniors Common Targets of Holiday Scams? There are several reasons why scam artists are more active during the holidays. First, it is the busiest shopping … [Read more...] about Seniors – How to Avoid Holiday Scams
BLOG
Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
As fall turns into winter and the holiday season arrives, it’s natural to review the year, plan for the next, and count your blessings. One of the ways to plan for the next year, and perhaps to address some outstanding concerns in this one, is to consider making annual per donee exclusion gifts. This article by my friend and colleague, attorney Tereina Stidd, an estate plannng expert, will explore annual exclusion gifting and demonstrate how gifts of seemingly modest amounts can be a powerful … [Read more...] about Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
Can I Modify My Living Trust?
Like many people, you may include a living trust in your estate plan. As the Settlor of the trust, you appoint the Trustee, designate the trust beneficiaries, and dictate the terms used to administer the trust. You will also choose how you wish to fund the trust. No matter how much thought you put into making all those initial decisions, circumstances may change in the future causing you to want to modify your trust. Let's explore how to modify a living trust. What Is a Living Trust? A … [Read more...] about Can I Modify My Living Trust?
The Addicted Beneficiary: A Problem and a Solution
If one of your loved ones has a substance abuse problem, an inheritance may make the addiction worse or even kill him or her. At the least, the inheritance is likely to be squandered. For anyone who has an addiction such as drugs or alcohol, it is best to pass the inheritance in trust, not outright. How Outright Inheritances Work Outright gifts pass into your beneficiary’s individual name. They are within your beneficiary’s full control, to be spent any way he deems appropriate. This … [Read more...] about The Addicted Beneficiary: A Problem and a Solution
What Changes Do I Need to Make to My Estate Plan When I Create a Blended Family?
With the divorce rate hovering around 50 percent in the United States, blended families have become the norm in today's society. If you have just created a blended family, or are planning to do so in the near future, there are a number of changes that you may need to make to your existing estate plan in order to reflect your new status as a blended family. Although each family is unique, the following are possible options to consider. Adding Your Spouse to Titles. Titles to real property, … [Read more...] about What Changes Do I Need to Make to My Estate Plan When I Create a Blended Family?
Retirement Planning – 5 Important Steps
The earlier you begin your retirement plan, the more comfortable you will be during your retirement years. If you are now nearing your “Golden Years,” however, there are additional steps you should take to ensure that your affairs are in order. To help you get started, let's look at five important steps to take when you are ready to retire. Decide where you want to live. This is undoubtedly something you have been thinking about for many years; however, there are several good reasons … [Read more...] about Retirement Planning – 5 Important Steps
Can Medi-Cal Take My House after I Die?
Many seniors qualify for Medi-Cal to help cover the high cost of long-term care (LTC). If you are one of those who currently relies on Medi-Cal, you may be concerned about the ramifications of relying on Medi-Cal. In fact, you may have heard stories about Medi-Cal taking assets after the death of a program beneficiary. Let's look at what assets Medi-Cal seek to recover after you are gone. Qualifying for Medi-Cal Medi-Cal is the name given to California’s Medicaid program. For most seniors, … [Read more...] about Can Medi-Cal Take My House after I Die?
Can Beneficiaries Sell Their Trust Benefits?
Many people choose to use a living trust in addition to, or in lieu of, a Will to pass down estate assets. One reason people often choose to use a trust to distribute assets is the ability to direct when assets are distributed and even how assets are used by the beneficiaries. The benefit you gain by being able to dictate how trust assets are used, however, could be threatened if a beneficiary can sell or encumber her interest in the trust. Let's explore whether or not a beneficiary cannot … [Read more...] about Can Beneficiaries Sell Their Trust Benefits?
5 Steps in Creating a Trust
Historically, trusts were used almost exclusively by wealthy families to guard and pass down the family wealth from one generation to the next. Over time, however, trusts evolved to become much more useful to the average person. Consequently, trusts are now among the most common additions to the average estate plan. Let's look at five important steps to consider when creating a trust. Trust Creation Steps Define your trust purpose. This is the critical first step in creating a trust. … [Read more...] about 5 Steps in Creating a Trust
How Does the Medi-Cal Waiting Period Work?
Many seniors enter their retirement years knowing little about Medi-Cal, California’s Medicaid program, because they were covered by employer-sponsored or privately funded health insurance throughout their working years. That lack of knowledge can be problematic – and costly – if you are one of those seniors and you now need to qualify for Medi-Cal, California’s Medicaid program. In fact, you may find yourself subject to a lengthy waiting period during which Medi-Cal will not cover any of your … [Read more...] about How Does the Medi-Cal Waiting Period Work?
