If you are concerned about the future of an elderly loved one, you are not alone. As we watch our elderly loved ones age, we can’t help but be concerned about the care they will need and how to finance it. Health care in America is among the most costly in the world, with costs continuing to rise. As a result, the average American is unable to pay for a lengthy stay in a long-term care facility or for the costs of a serious, long-term illness. While we all hope that our elderly loved ones are … [Read more...] about Qualifying for Medi-Cal
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Estate Planning Terminology: Letters of Administration and Letters Testamentary
Letters of administration and letters testamentary are specific types of legal documents that are used in the probate process, the court-based legal process in which property that a deceased person owned is transferred to others. The laws and procedures involved in the issuance of these letters of differ by the type of probate procedure involved. The following discussion discusses California's procedures. The Probate Process: Once a person dies with either a will or no will or trust, someone … [Read more...] about Estate Planning Terminology: Letters of Administration and Letters Testamentary
Trusts — Irrevocable Versus Revocable
Trusts are often an important tool used in the creation of an estate plan given the versatility and variety offered by a trust. At their core, all trusts are the same. You, as the trustor, must name at least one beneficiary, appoint a trustee to manage trust assets and designate assets that you will use to fund the trust. Beyond the basics, trust can be as complicated, or as simple, as your needs require. The first decision you must make is whether to create a revocable or an irrevocable … [Read more...] about Trusts — Irrevocable Versus Revocable
All Parents Should Have an Estate Plan
Each day, many parents with young children put off the important task of planning for the future. It can be easy to become busy with life’s everyday events. If you are a parent, you need to take the time to create an estate plan. This will allow you to make sure that your children are protected in the future. Are you unsure about the need for an estate plan? If so, consider the following questions: What will happen if you become disabled or die tomorrow? Who will care for your … [Read more...] about All Parents Should Have an Estate Plan
Can Medi-Cal Take Your IRA?
Employer sponsored pension plans are all but a thing of the past. In addition, Social Security retirement benefits have not kept up with the cost of living. Consequently, many people now fund their own retirement through the use of tools such as an Individual Retirement Account (IRA). If you are one of those people, and you are now faced with the need to qualify for Medi-Cal to help pay for the high cost of long-term care, you may be wondering if your IRA is at risk. To help you plan ahead, we … [Read more...] about Can Medi-Cal Take Your IRA?
Clarity is Key to Planning
Clarity is essential in an estate plan. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later. Clarity is Key to Planning … [Read more...] about Clarity is Key to Planning
Consequences of Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. While these modifications may be determinative of the state law consequences, they may not determine federal tax consequences. Read this blog, by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Consequences of Modifying an Irrevocable Trust … [Read more...] about Consequences of Modifying an Irrevocable Trust
Why Crowdfunding May Cost You Medi-Cal Eligibility
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medi-Cal? Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn how crowdfunding can impact Medi-Cal eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...] about Why Crowdfunding May Cost You Medi-Cal Eligibility
Many Reasons to Plan
Each of us will die eventually. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
Understanding Revocable Living Trust Terms
If you’re researching the revocable living trust, you may be confused about some of the terms. It’s important to make sure that you understand all aspects of this estate planning tool so that you can properly use it in your plan. Take a look at the information below to learn more. If you have any questions, or if you’d like to discuss creating a revocable living trust, meet with an experienced, qualifief estate planning attorney. Trust document – Your trust document spells out all of your … [Read more...] about Understanding Revocable Living Trust Terms
