We make an effort to get out into the community on an ongoing basis to bring good information to people here in the greater San Jose area. To this end, we present an ongoing series of informational sessions that cover various different elder care and estate planning topics. Our workshops and seminars are free of charge and open to the general public. During the month of May, we will be offering seminars that focus on the subject of living trusts. Why Consider a Living Trust? Some people are … [Read more...] about Free Living Trust Seminars Coming In May
When Does a Power of Attorney Become Effective?
You can prepare for the possibility of incapacity late in your life by executing a document called a durable power of attorney. With a power of attorney, you name someone else to act on your behalf in a legally binding manner. Durable powers of attorney remain effective even if the grantor of the device becomes incapacitated. It can be tricky to create a durable power of attorney to account for the possibility of incapacity, because you do not know if you will ever become unable to make your … [Read more...] about When Does a Power of Attorney Become Effective?
Incapacity Planning in San Jose: Difference Between a Conservatorship and a Power of Attorney
We like to answer frequently asked questions on our blog, and today we will look at the difference between a conservatorship and a power of attorney. California Adult Conservatorship First, we should clear up the matter of guardianship versus conservatorship. Guardians and conservators are court-appointed representatives. In some states, a guardian would make personal decisions for a ward, and a conservator would make financial decisions. In others, a guardian makes all types of decisions for a … [Read more...] about Incapacity Planning in San Jose: Difference Between a Conservatorship and a Power of Attorney
Do People I Name in My Will Pay Taxes on Their Inheritances?
There are some questions that arise with regard to taxes on inheritances. In this post we will look at a basic overview. Inheritance Taxes There is such a thing as an inheritance tax per se. An inheritance tax is levied on transfers to each nonexempt person who is receiving an inheritance. There is no inheritance tax on the federal level, but there are some states in the union that impose inheritance taxes on the state level. Our firm practices law in the state of California. Here in … [Read more...] about Do People I Name in My Will Pay Taxes on Their Inheritances?
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)
The Importance of Incapacity Planning
THE IMPORTANCE OF INCAPACITY PLANNING Who Will Manage Your Health Care Decisions? For most of our lives, the greatest risk to our well-being is the ever-increasing likelihood of becoming seriously ill or injured. When illness or injury makes us unable to manage our own affairs, we may face the legal ordeal of a Conservatorship which can be a living nightmare for those who must go through it. Many people fail to plan ahead for their possible incapacity because they think it only happens to … [Read more...] about The Importance of Incapacity Planning
Proposed 2015 Budget Would Change Estate Tax Parameters
The federal estate tax currently carries a maximum rate of 40 percent, and the amount of the exclusion is $5.34 million. These parameters were supposedly made permanent when the American Taxpayer Relief Act of 2012 was enacted. Of course, nothing is truly permanent when it comes to tax laws. Each year a budget must be passed, and there are always going to be proposed changes to existing laws. With this in mind, a new budget has been proposed for 2015 by the White House. Provisions contained … [Read more...] about Proposed 2015 Budget Would Change Estate Tax Parameters
Do I Lose Control of My Property If I Establish a Living Trust?
You have many different options when you are arranging for the eventual transfer of your monetary assets to your loved ones. The utilization of a last will is going to come to mind, but you can also consider alternatives. If you retain personal ownership of your property up until the time of your death and arrange for its transfer through the terms of a last will, the probate process will become a factor. A last will must be admitted to probate. The probate court will determine the validity of … [Read more...] about Do I Lose Control of My Property If I Establish a Living Trust?
What Is a Qualified Personal Residence Trust?
When you are evaluating any potential estate tax exposure you may have, you should understand the fact that the value of your home is certainly going to count. Who Is Exposed? How do you know if you are exposed to the estate tax or not? There is a federal estate tax exclusion or credit. In 2014 the amount of this exclusion is $5.34 million. A base of $5 million was put into place for the 2011 calendar year. It is annually adjusted for inflation. Next year you may see a slightly higher figure … [Read more...] about What Is a Qualified Personal Residence Trust?
Is Probate Always Required?
It can seem as though the utilization of a last will is the simplest and most efficient way to transfer assets. A trust can seem like something that is much more complicated. In fact, when you use a will, the heirs to the estate don't receive their inheritances until the estate has been probated. The probate court supervises the administration of the estate unless you take steps to avoid probate. There is a caveat to the above. In the state of California there are some probate shortcuts that … [Read more...] about Is Probate Always Required?
