By: Matthew M. Shafae, AttorneyLitherland Law FirmAm I going to owe taxes if I inherit property?We get this question all the time. And we don’t blame you. It can get confusing. So, let’s see if we can clear up this issue. Let’s segregate the different taxes that might be owed, and then we can see if anything will be owed.Estate TaxThe estate tax—or death tax, as it’s sometimes called—is a transfer tax on assets transferred from someone who died to someone who is living. The tax … [Read more...]
How an Elder Care Law Firm Can Help
Elder Care Law Firms specialize in the issues that affect seniors. They are equipped to address the legal, healthcare, social and psychological needs of seniors and to develop a plan to meet those needs in an economical fashion that protects and preserves the income and assets of the elder to the greatest extent possible.How Can an Elder Care Law Firm Help You?If you are facing legal issues that include planning for Medi-Cal qualification, incapacity planning or end-of-life planning, an … [Read more...]
Take a Step Toward Preventing Falls (An Elder Law Today Blog)
by Dedra Jize, OT, CSAGeriatric Care Manager, Law Offices of Roy W. LitherlandA trip or stumble can easily become a fall to the ground for an older adult, which can have devastating consequences physically, emotionally, and financially. Fall statistics have improved over the years for older adults aged 65+, but they are still unacceptable as one-fourth of older adults will fall each year. The unsettling fact is that a senior falls every 11 seconds resulting in a trip to the emergency room, … [Read more...]
Does an Inheritance Count for Medi-Cal? (An Elder Law Today Blog)
Timing is everything. How often have you heard someone express that sentiment? And while it’s often true of life in general, it’s certainly true in Medi-Cal planning.So, does an inheritance count as an asset for Medi-Cal purposes? For a single person, the answer is clearly, “Yes.” If a single individual is spending down his or her assets, and before the spend-down is completed, that individual receives an inheritance, then those assets are added into whatever that person has and must be … [Read more...]
Free Living Trust Seminars April 29, May 2, 4 and 6
Helping to keep our community informed is important to us. We regularly get out into the community to provide helpful information to people here in the greater San Jose area. To this end, we present an ongoing series of informational workshops covering various elder care and estate planning topics.Our workshops and seminars are free of charge and open to the public. During the next two weeks, we will be offering seminars that focus on living trusts.Why Consider a Living Trust?Some … [Read more...]
Hospital Discharge: Making the Transition to Home or a Skilled Nursing Facility
by: Guest Blogger Renee Seligman, Patient AdvocateWhen caring for a senior who is going to be discharged from the hospital, it is important to address the following: Medication Reconciliation: Often the attending physician at the hospital will make changes to a patient’s medication list. It is important to reconcile the list prior to discharge with the hospital’s Discharge Coordinator or Nurse Case Manager to ensure accuracy. All prescriptions that need filling must be sent to the … [Read more...]
Latest Genworth Survey Released Regarding Long-Term Care Costs (An Elder Law Today Blog)
Members of the elder law community are becoming increasingly concerned about the high and rising cost of long-term care. People are living longer than ever before, with the oldest among us being the fastest growing age group. Most people who reach senior citizen status will indeed need long-term care at some point in their lives; therefore, this is something that is relevant to all of us.It is important to understand that Medicare does not cover long-term care costs. With this in mind, … [Read more...]
Limits to Medi-Cal Recovery (An Elder Law Today Blog)
By: Matthew M. Shafae, AttorneyLaw Office of Roy W. LitherlandThe future of Medi-Cal eligibility has been the subject of speculation for a little over a decade now. Will the California implementation of the federal Medicaid system, known as Medi-Cal, finally implement federal laws enacted back in 2005? And now, with a Republican president-elect and a Congress with a Republican majority in both houses, it appears Medicaid funding may be an additional topic for speculation. How will Medicaid … [Read more...]
Special Needs Trusts: Two Words to Say Fairness
By: Matthew M. Shafae, AttorneyLaw Office of Roy W. LitherlandSpecial Needs Trusts (also called Supplemental Needs Trusts) are specific types of trusts that allow a disabled person to be the beneficiary of a trust while not interrupting his/her eligibility to receive government assistance. Without a Special Needs Trust, persons with disabilities risk losing government benefits if they receive an inheritance, a personal injury award, or receive other funds.In 1993, the Omnibus Budget … [Read more...]
Exclusion of Gains from Sale of Personal Residence
By: Justin M. Kennedy, AttorneyLaw Office of Roy W. LitherlandI spoke with a client, William, the other day who shared that he purchased his home many years ago for fifty thousand dollars ($50,000). That same home is now worth an estimated one and a half million dollars ($1,500,000). If the home was sold today, the capital gains taxes would be calculated on the difference between the sale price ($1,500,000) and the basis in the property ($50,000), for a taxable gain of $1,450,000. At the … [Read more...]
