Many people assume that, if they die while their children are still minors, the family that survives them will automatically take them in and care for them. The truth is, if you do not address this issue in your estate plan, a judge will ultimately decide who will raise your children. A judge many not share your family values or religious beliefs, so your views on proper child rearing may not be taken into consideration. If you have a will that identifies a guardian for your children, you can … [Read more...] about Will estate planning allow me to appoint a guardian for my minor children?
Are trusts only good as tax shelters for the wealthy?
Contrary to what many people believe, trusts are not created primarily as tax shelters. Although they do come with certain tax benefits, trusts are most often used to ensure that your family will have the funds they need in the future, once you are no longer there to provide for them. Trusts also help your family avoid the need to go through the probate process which is time consuming and expensive. They can prevent the need for a court proceeding known as a conservatorship, as well, if you … [Read more...] about Are trusts only good as tax shelters for the wealthy?
Does it matter how big your estate is?
Those who have only a few possession, but do not own a home or vehicle, believe they have no reason to create a will. What many clients fail to consider are the personal possessions that may have sentimental value. For instance, who do you want to get your family heirlooms, your wedding ring, your family photos? Something else to consider if you have children is who should be their guardian if you die while they are still minors. The same is true for your pets. If you die without a will, the … [Read more...] about Does it matter how big your estate is?
Is estate planning only for the rich or elderly?
One common misconception is that, if you are young and not too wealthy, you don’t really need an estate plan. The truth is, everyone has an estate, regardless of wealth, so everyone needs an estate plan. Your estate is made up of your personal property, bank accounts, retirement accounts, life insurance policies, and real estate. All of these possessions can disposed of through a will or trust. If you don’t have a will or trust, on the other hand, the probate court will decide who get your … [Read more...] about Is estate planning only for the rich or elderly?
If I need Medi-Cal coverage for nursing home care, can I give my house away?
This particular myth can cause you the most trouble if you buy into it. Far too many people believe that they can simply give away their property in order to qualify for long-term care coverage through Medi-Cal. In order to qualify, you must meet some rather strict asset restrictions. Medi-Cal currently also imposes a thirty month asset transfer restriction. That means, if you apply for Medi-Cal and you transferred assets in order to qualify within the past 30 months, you may not qualify. … [Read more...] about If I need Medi-Cal coverage for nursing home care, can I give my house away?
Do I need Medi-Cal benefits to pay for nursing home care?
Medi-Cal is California’s state Medicaid program. Like all other Medicaid programs, it is funded by both federal and state funds but run by the State. The California Department of Health Care Services (DHCS) manages long-term care programs in California, including nursing home services. In general, skilled nursing facilities offer round-the-clock skilled nursing care in addition to other supportive services. Nursing homes are typically rather expensive, averaging over $8,000 per month in … [Read more...] about Do I need Medi-Cal benefits to pay for nursing home care?
How can I protect my parent’s autonomy with their safety?
Balancing your parent’s need for independence with the need to keep them safe can be a very big challenge. How to approach this issue truly depends on the issues each family faces. In many cases, if a conservatorship is necessary or anticipated, the probability of losing independence can be overwhelming or disconcerting. Conservatorships should never be sought simply because a parent makes a decision that you do not understand or agree with. A conservatorship should not be sought based only … [Read more...] about How can I protect my parent’s autonomy with their safety?
How to I start discussing elder law planning with my parents?
The first step you should take, before actually starting the conversation, is to talk to all involved family members to make sure you are all on the same page. Resolve any misunderstandings or disputes ahead of time so that you can approach your parents with a united front. Doing so will likely reduce the risk of putting your parent on the defensive. This doesn’t mean the entire family needs to be in on the conversation. The planning is much easier if your parent still has some … [Read more...] about How to I start discussing elder law planning with my parents?
Do I need an elder law attorney?
An elder law attorney typically handles issues regarding the elderly or planning for one’s own later years. These types of issues generally relate to nursing home care, estate planning, and conservatorships, for example. Elder law attorneys receive specific training and experience in the applicable legal issues affecting seniors. This makes elder law attorneys better equipped to understand and meet the needs of their elder clients and their families. An experienced and qualified elder law … [Read more...] about Do I need an elder law attorney?
Can a power of attorney be used to let others manage my affairs?
A power of attorney is necessary in order to give someone authority to manage your affairs whenever you are no longer able to do. Having a power of attorney in place is especially important as we grow older, as doing so most often results in decreased ability to handle one’s own affairs. So, even if you are married you need to take the time to create a power of attorney and, for most couples, a married joint revocable trust. … [Read more...] about Can a power of attorney be used to let others manage my affairs?
