Whether you realize it or not, you have a beneficiary designation on your IRAs (i.e. individual retirement accounts.) It would be prudent for you to check the beneficiary designations to ensure that they are in line with your current intent, goals, and estate planning documents. Stretch out goals IRAs make great inheritances for children and grandchildren who, with proper planning, can stretch the IRA distributions out over their life expectancy. The tax deferred growth is amazing and … [Read more...] about The importance of reviewing your IRA Beneficiary Designations
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FAQ: Charitable Planning
You may think that charitable planning has sunk into nonexistence. The extremely large (i.e. $11.18 million in 2018 an) lifetime federal estate exemption has made many question the need for charitable planning. However, charities are pleased to announce that charitable giving remains strong in the United States. What are the common ways to participate in charitable giving? Lifetime gifts Private foundations Donor advised funds Bequests Charitable remainder trusts … [Read more...] about FAQ: Charitable Planning
Giving Back
Giving back provides many benefits, whether in life or at death. The article by my friend and colleague Steve Hartnett explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...] about Giving Back
Five Things You Probably Didn’t Know about Medi-Cal
Many people make it through their entire working years without ever needing to turn to Medi-Cal (California’s Medicaid program) for help with healthcare expenses thanks to employer-sponsored or privately funded health insurance. If you are one of those people, you may find that you do need to rely on Medi-Cal as a senior if you need long-term care because of the prohibitive cost of that care. With that in mind, the Sacramento Medi-Cal attorneys at the Northern California Center for Estate … [Read more...] about Five Things You Probably Didn’t Know about Medi-Cal
VA Pension Benefits: Do You Qualify?
Veterans and their surviving spouses who meet certain income and asset requirements and who are permanently and totally disabled or 65 years or older may receive a special pension from the Department of Veterans Affairs. To receipt this benefit, the veteran must have been discharged under other than dishonorable conditions and served 90 days or more of active duty, one day of which was during World War II, the Korean War, Vietnam War or Gulf War. The dates the VA uses to calculate these wartime … [Read more...] about VA Pension Benefits: Do You Qualify?
Estate Planning Considerations Besides Death Taxes
In recent years, the amount that can be left to loved ones without having to pay the so-called "death tax" has risen to levels most Americans will never reach. For example, in 2018, the estate tax, which is often referred to as the "death tax" does not apply to persons who die this year with less than $11.18 million dollars. For married couples, effective planning can double that amount. This rise in the estate tax exemption has led many to wrongly conclude that estate planning is no longer … [Read more...] about Estate Planning Considerations Besides Death Taxes
Newlyweds and Estate Planning
Did you just tie the knot? Congratulations to you both. Once you and your spouse are finally married, you probably want to relax and enjoy each other’s company. This is especially true after dealing with months of wedding planning. This is an exciting time in your life, but there are important issues that you should handle. As newlyweds, you need to begin to put an estate plan into place. It can be stressful and upsetting having to think about disability or death, but it is important … [Read more...] about Newlyweds and Estate Planning
Lessen the Stress for Caregivers Through Effective Planning
One elder law consideration is lessening stress for caregivers. As a caregiver, you have a lot of responsibilities and, likely, a lot of stress involved in caring for your elderly loved one. If you are looking for a way to lessen the stress and give yourself a needed break, there are other care options available for your loved one. You may want to consider enrolling your loved one in an adult day care center or a respite care center. If you have any questions about other caregiver options, … [Read more...] about Lessen the Stress for Caregivers Through Effective Planning
Asset Protection Planning for Your Family Members
If you’re like most people, you would love to wrap your lifetime gifts or inheritance for your children in the protective cloth of asset protection. Just like the Kennedys and Rockefellers, you can protect the assets you worked so hard for from your child’s divorcing spouse, bankruptcy, business failure, medical crisis, auto accident lawsuit, a slip and fall on his or her property, and other liability exposures. This is asset protection you can’t get for yourself without technical and … [Read more...] about Asset Protection Planning for Your Family Members
How Hospice Services Help Families (part 2 of 2)
If you have a loved one who has a terminal illness and is approaching the end of his or her life, hospice care service is an option to consider. With hospice, your loved one is able to get the support needed while also making sure that he or she is as comfortable and pain-free as possible. It can also be a great way for you and your family to cope as your loved one’s illness progresses. Take a look at some of the information below, to better understand this helpful service. If you have any … [Read more...] about How Hospice Services Help Families (part 2 of 2)
