The most significant action of Congress in 2019 relating to retirement and estate planning was the late December passage of the “Setting Every Community Up for Retirement Enhancement Act of 2019”, commonly known as the “Secure Act”. It was signed into law shortly thereafter and is effective January 1, 2020, for most purposes. In this and future newsletters, we will look into the provisions of the Secure Act and also some strategies to maximize benefits and minimize problems created by this … [Read more...] about CONGRESS PASSES THE SECURE ACT: HOW DOES IT AFFECT YOU?
Long Term Care
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. My friend and colleague Steve Hartnett, an estate planning expert, discusses possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
In every estate plan we prepare in our office, we include an Advance Health Care Directive (AHCD) and a form that authorizes disclosure of medical information to designated individuals you have appointed to positions in your estate plan. This latter form is done to comply with the so-called HIPAA law. An advance health care directive is a legal document you use to provide guidance about what types of treatments you may want to receive in case of a future, unknown medical emergency. It also … [Read more...] about What is a POLST and Do I Need One?
Many folks continue to be confused about the differences between Medi-Cal and Medicare. Both Medicare and Medi-Cal, which is California’s name for the Medi-Cal program, have their originals in federal law. They were originally enacted in 1965 under President Johnson’s Great Society programs. Both programs have evolved over the years. Medicare was focused on providing health care for the elderly while Medi-Cal was focused on providing health care for the poor. California’s Medi-Cal … [Read more...] about Deciphering Medicare Benefits vs Medi-Cal Benefits
Parents, grandparents and other family members seeking to assist other family members (often children and grandchildren) with the high cost of college education will commonly turn to Education Savings Accounts to put away money for this purpose. These accounts are often referred to as “529 accounts”, which is a reference to the section of the Internal Revenue Code that authorizes these tax-advantaged accounts. When properly established, 529 accounts grow on a tax-deferred basis (like an … [Read more...] about NEW CALIFORNIA LAW HELPS PERSONS WHO ESTABLISHED EDUCATION SAVINGS ACCOUNTS AND THEN NEED MEDI-CAL LONG TERM CARE ASSISTANCE
What’s the right direction for you in planning for future medical expenses? The odds are even that you’ll need long-term care (LTC) after age 65, at least for a while. Here, my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, explores some possible paths for covering those potential costs. How Are You Planning for Long-Term Care (LTC) Expenses? … [Read more...] about How Are You Planning for Long-Term Care (LTC) Expenses?
Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article by my friend and estate planning expert Steve Hartnett looks at several ways to plan for those expenses. 6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
If you are a veteran living in Sacramento, there are so many different types of assistance available to you through the Veterans Administration. This assistance can be provided through an assisted living facility, in your home, in a nursing home or provided by others, including friends, family members, or healthcare professionals. There are many Veterans benefits Sacramento residents may be eligible for without knowing it. If you or a loved one falls into this category, here is what you need to … [Read more...] about Veterans Benefits Sacramento Residents Should Know About
The Sacramento County Retired Employees Association, or SCREA, was created for the purpose of promoting the welfare of its retired citizens, as well as, helping them to transition into retirement as effectively as possible. The Association is the only formally recognized retiree organization that represents Sacramento County retirees. Indeed, one of the best ways to reconnect with prior co-workers is to attend the quarterly luncheons, social events hosted by the SCREA including guest speakers … [Read more...] about Sacramento County Retired Employees Association Assists Employees in Reaching Retirement
Simply because you are healthy right now doesn't mean you may not need long-term care when you get older. This is a common misconception shared by many. The truth is, you don't have to be sick to need Medi-Cal planning. You may not have health issues at the moment, but who can predict how healthy they will be in 40 years? An unexpected injury could also leave you with health issues that require long-term care as well. In fact, more than two-thirds of all individuals over the age of 65 need … [Read more...] about You Don’t Have to Be Sick to Need Medi-Cal Planning