by Dedra Jize, OT, CSAGeriatric Care Manager, Law Offices of Roy W. LitherlandWith summer approaching, you may be thinking of planning a summer vacation. There has been a shift to making these trips intergenerational; the grandchildren, parents and grandparents all go together. This can have advantages when there are young grandchildren who may need to ‘sit out’ on some of the experiences or need someone to watch them so their parents can have a night out, and can also be a great bonding … [Read more...]
Home Safety Check: Let’s Tour Your Home, Room by Room
by Dedra Jize, OT, CSAGeriatric Care Manager, Law Offices of Roy W. LitherlandLet’s go and take a tour of your home and check it out for safety. That’s right…get up and let’s walk outside and stand in front of your home.Out Front: First, are your house numbers highly visible (night and day) for emergency personnel? Do automatic lights on timers or motion detectors brightly light the path to the front door? Do you have steps? Highlight them by painting the edge a contrasting color. … [Read more...]
Estate Planning Is a Must for Single Parents
There is an expression that is often used with regard to the Vice President of the United States. He or she is said to be "a heartbeat away" from the presidency. The message that this is trying to convey can be applied to a single parent who has young children with regard to what could be waiting just a heartbeat away.If you were to pass away, what would become of your children? As a parent, this is a vital question that you need to address by assuring that you have a solid estate plan in … [Read more...]
The Major Tax Changes: An Overview
The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for now, these are the big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but the corporate changes are permanent. Click here to read more. … [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...]
Clayton Trust – The Advantages of the B-Trust
By: Justin M. Kennedy, AttorneyLaw Office of Roy W. LitherlandPrior to 2014, for married clients with estates valued at over one million dollar ($1,000,000), our office often recommended ABC Trusts. This trust structure was used to preserve the Deceased Spouse’s estate tax exemption. For much of that time, there was a one million dollar ($1,000,000) estate tax exemption. Utilizing the ABC Trust structure allowed you to double that, to be able to pass two million dollars ($2,000,000) free of … [Read more...]
Litherland Law Office 2017 Government Policy Forecast
By: Matthew M. Shafae, AttorneyLaw Office of Roy W. LitherlandElections have consequences. On January 3, 2017, the 115th United States Congress met for the first time, with both houses controlled by the Republican Party. On January 20, 2017, our Republican president-elect will be sworn in as President of the United States. For the first time in a decade, two branches of our federal government will be controlled by one political party. And this president will also have the opportunity to … [Read more...]
Advanced Medi-Cal Triggers – Spousal Election
By: Justin M. Kennedy, AttorneyLaw Office of Roy W. LitherlandWhile at an estate planning conference in November, one of the speakers discussed a planning strategy that may benefit many married couples. The planning strategy involves adding Advanced Medi-Cal Triggers to a married couple’s estate plan, specifically a Spousal Election to the Living Trust and testamentary special needs trust language within the Pour-Over-Will. For a married couple, upon the first death, the Spousal Election … [Read more...]
