The one estate planning document that most people have definitely heard of is the last will or last will and testament. This is a legally binding document that you can use to direct the way that your assets will be transferred after you die. Because people equate a will with monetary asset transfers, some confusion can arise when it comes to the document that is called a living will. A living will is not a vehicle that is used to transfer financial resources. You would use a living will to … [Read more...] about What Is the Difference Between a Living Will and a Living Trust?
Do I Need Anything In Addition to My Last Will?
Many people reduce the process of estate planning to the creation of a last will. In reality, a well constructed estate plan will involve the execution of additional documents. Incapacity Planning When you create your last will, you facilitate future asset transfers. However, a comprehensive estate plan will also address the latter portion of your life. Incapacity is common among elders. There are a number of different causes, but Alzheimer's disease is the leading culprit. This disease … [Read more...] about Do I Need Anything In Addition to My Last Will?
When Is The Right Time To Do Medicaid/Medi-Cal Planning? (An Elder Law Today Blog)
Our office receives numerous calls from concerned loved ones and family members wondering if or when they should start Medi-Cal planning (Medicaid is called “Medi-Cal” in California). The answer: It is never too early or too late to discuss the planning options available. Below are just two examples of the many types of calls we get every day where we advise clients that Medi-Cal planning is an option right now. Mrs. Jones is an 81-year-old widow experiencing short-term memory loss. She is … [Read more...] about When Is The Right Time To Do Medicaid/Medi-Cal Planning? (An Elder Law Today Blog)
Should I Have a California Durable Power of Attorney?
There are different types of powers of attorney, and they are used for different sets of circumstances. For example, a general power of attorney would give an agent of your choosing the ability to act on your behalf for all different types of purposes. Let's say that you are going to be out of the country for an extended period of time. The general power of attorney would allow your agent to handle all of your affairs. There are also limited powers of attorney. To provide another example, … [Read more...] about Should I Have a California Durable Power of Attorney?
Living Will Statistics Come As No Surprise
As disheartening as it may be, statistics consistently indicate that a majority of Americans are not prepared from an estate planning perspective. Given this reality, recent statistics regarding the percentage of people that have a living will in place unfortunately come as no surprise to estate planners. A popular legal website conducted the survey, and it found that just over 60% of the respondents did not have a living will in place. Unlike a last will, a living will is not used to state … [Read more...] about Living Will Statistics Come As No Surprise
Advance Directives: Selecting a Medical Decision Maker
Advance directives for health care are important when you are making preparations for the latter stages of your life. In many instances, people become unable to communicate before they pass away. Medical decisions may present themselves while you are in such a condition. The purpose behind advance directives is to state your preferences regarding medical procedures as you also name someone to make decisions on your behalf if it becomes necessary. To record your preferences regarding the use of … [Read more...] about Advance Directives: Selecting a Medical Decision Maker
