As many of our clients know, we regularly assist families facing daunting long term costs with planning aimed at obtaining available financial benefits from both the Veterans Administration and the Medi-Cal program. This planning is often very complicated but, nevertheless, extremely worthwhile for families struggling with these expenses. Valuable tools commonly used in our planning are various Medi-Cal Trusts. In this series of articles we’ll introduce you to these various trusts, and how … [Read more...] about The Use of Trusts In Medi-Cal Long-Term Care Planning (Part I)
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Handling an Inheritance
If you are the fortunate recipient of an inheritance, be it small or large, from someone else’s estate, it is prudent to pause to evaluate the consequences. Tax Issues In the past, inheritances often came with tax consequences. Fortunately, this is not a problem for most Californians who inherit money or assets from other’s estates. The two most common tax issues related to inheritances are the estate tax, sometimes referred to as the “death tax” and the inheritance tax. The estate … [Read more...] about Handling an Inheritance
Dead Hand Control: How Much is Too Much?
This article by my friend and colleague Steve Hartnett examines trying to exert control over your beneficiaries after death. Often, clients try to dictate the exact manner in which funds are used. Usually, it is a better course to give the trustee discretion. Dead Hand Control: How Much is Too Much? … [Read more...] about Dead Hand Control: How Much is Too Much?
6 Important Estate Planning Considerations – Part 6: Taxes
An estate plan considers many important aspects. One of the many aspects to consider is the impact of taxes. This article by my friend and colleague Steve Hartnett examines some of the many ways consideration of taxes might impact an estate plan. 6 Important Estate Planning Considerations – Part 6: Taxes … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
Planning for the International Client
Estate planning for the international client can be tricky. This article by my friend and colleague Steve Hartnett looks at the estate tax treatment of U.S. citizens and non-resident aliens. The article then looks at an example of someone who lived in the U.S. and then departed. Planning for the International Client … [Read more...] about Planning for the International Client
Planning for the Unexpected
This article by my friend and colleague Steve Hartnett examines the death of Charlotte Fox, one of the most famous mount climbers ever, who fell down her stairs at home. You never know what risks might be around the corner, so you should be prepared. The article looks at the elements of a basic plan. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
Do I Qualify for California Medi-Cal for Seniors?
Access to affordable healthcare has been a hot topic in the United States in recent years. Although we have some of the best medical care and practitioners throughout the world here in the U.S., we also have some of the highest costs. The high cost of healthcare is particularly problematic for seniors who are often living on a fixed income. For those who are eligible, California’s Medi-Cal program can help. How do you know if you qualify for Medi-Cal as a senior though? In this blog, the … [Read more...] about Do I Qualify for California Medi-Cal for Seniors?
5 Probate Mistakes Executors Often Make
The death of a family member or someone else close to you is usually followed by a period of grief, confusion, and a variety of other heightened emotions. Someone, however, must handle the legal and practical implications of your loved one’s death. If you have been designated as that person, you probably do not know where to begin or exactly what needs to be done unless you have been in the same position in the past. That lack of experience, coupled with your heightened emotional state, can lead … [Read more...] about 5 Probate Mistakes Executors Often Make
Understanding the Medi-Cal Look-Back Period
Whether it was your estate planning attorney, or a well-meaning family member or friend, you have likely been told that including a Medi-Cal planning component in your estate plan is a good idea. The reason for this advice is that there is a good chance you may need to qualify for Medi-Cal (California’s version of the national Medicaid program) at some point in the future and if you failed to plan ahead you may not meet the eligibility guidelines. For example, if you run afoul of Medi-Cal’s … [Read more...] about Understanding the Medi-Cal Look-Back Period
When Should I Update My Estate Plan?
If you have an estate plan in place you are better prepared than over half of all Americans, according to the most recent surveys. For that plan to continue to protect you and your loved ones as intended, however, it needs to be updated from time to time. Knowing how often to review your estate plan, and when a life event should trigger an immediate revision, is the key to a successful estate plan. The staff at Northern California Center for Estate Planning & Elder Law offer some guidelines … [Read more...] about When Should I Update My Estate Plan?
