While you may prefer not to think about it, the reality is that you, or a spouse, may need long-term care at some point in the future. If you do end up needing long-term care (LTC) you may find yourself turning to Medicaid (known as Medi-Cal in California) for help covering the cost of that care. Because you may need to qualify for Medi-Cal, and the eligibility guidelines are complex, LTC expenses are something that should be addressed within your comprehensive estate plan to ensure that you … [Read more...] about What Is Medi-Cal Spend-Down?
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4 Ways to Avoid Gift and Estate Taxes
Protecting assets up to the point when they are passed down to loved ones, should be a primary estate planning objective in every estate plan. That requires you to consider – and ultimately reduce -- the impact gift and estate taxes will have on your estate at the time of your death. Toward that end, let's look at four ways to avoid gift and estate taxes. What Is the Federal Gift and Estate Tax? The federal gift and estate tax is essentially a tax on the transfer of wealth. Both transfers … [Read more...] about 4 Ways to Avoid Gift and Estate Taxes
2020 Study Shows Decline in Estate Planning
The prospect of creating an estate plan can be an intimidating and often frightening one for many people. Nevertheless, having at least a basic plan in place provides you with peace of mind and protects your loved ones. Despite the benefits of estate planning, it appears that less people are creating an estate plan, according to a recent study. Let's explore the findings of a recent Caring.com study on estate planning. The Caring.Com Study Caring.com partnered with YouGov to conduct a … [Read more...] about 2020 Study Shows Decline in Estate Planning
Dynasty Trusts
What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust as discussed in this blog by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Dynasty Trusts
Tips for Caregivers
At the present rate of growth, experts predict that the number of older adults will outnumber their younger counterparts by 2050 for the first time in history. As the average life expectancy of Americans also continues to increase, more and more people find themselves providing care for an elderly parent, family member, or even neighbor. If you are among those caregivers, you may not realize the toll your selfless caring is taking on you, your family, and even your health. This is particularly … [Read more...] about Tips for Caregivers
ABLE Accounts Complement Special Needs Trusts
ABLE accounts are a nice, flexible way to supplement the usefulness of a Special Needs Trust. But certain limits apply. My friend and colleague Steve Hartnett, an estate planning expert, has shared his thoughts on ABLE accounts. Read on to learn more. … [Read more...] about ABLE Accounts Complement Special Needs Trusts
Why Would I Want a Trust to Be Irrevocable?
After a Last Will and Testament, a trust is one of the most common additions to a well-rounded estate plan. If you decide to add a trust to your estate plan, you will need to decide which type of trust to create. To decide which type of trust you should create you need to have a better understanding of how different types of trusts can help you. For example, let's see why you might need an irrevocable living trust. Testamentary vs. Living Trusts All trusts are broadly divided into two … [Read more...] about Why Would I Want a Trust to Be Irrevocable?
Can My Parent Be Evicted from a Nursing Home?
Reaching the conclusion that a parent requires the level of care that can only be provided by a nursing home is rarely easy. You may feel like you are failing your parent and/or taking away their autonomy. Once you do acknowledge the need for nursing home care, however, you will undoubtedly spend a considerable amount of time and effort finding the best facility for your parent. Imagine that after all that soul searching and difficult decision-making being told that your parent is being evicted … [Read more...] about Can My Parent Be Evicted from a Nursing Home?
A Time for Thanks and Community
While the past year has been a difficult for many of us, there is still much for which we can be grateful. As the pandemic hopefully recedes and out country re-opens, let’s be grateful for the food on our table and the companionship of our loved ones around us. While the pandemic has altered our lives in many ways, we should still give thanks for the many good things in our lives. As life returns to some degree of normality, it may be a good time to thank those whom you’ve asked to play a … [Read more...] about A Time for Thanks and Community
Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article by my friend and colleague Steve Hartnett, an estate planning expert, focuses on the basics of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act Basics
