By: Justin M. Kennedy, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law In 2016, the State of California introduced a new Transfer on Death Deed (TOD Deed). When the TOD Deed was first announced, we advised our clients against using it. One of the many reasons against using the TOD Deed is that the property could be subject to a Medi-Cal Estate Recovery claim upon the owner’s death. As of January 01, 2017, so long as the TOD Deed has at least one living beneficiary upon the … [Read more...] about Transfer on Death Deeds
Portability and Second Marriages
by Matthew M. Shafae and Justin M. Kennedy, AttorneysLitherland, Kennedy & Associates, APC, Attorneys at Law A lot of estate planning hypothetical situations involve the spouse dying, and the survivor getting hitched with some nefarious predator who is only after the survivor’s wealth. All of our attention is paid toward preserving the estate and protecting the kids. But what about a second marriage that actually benefits the kids, and helps preserve the estate? We recently had precisely … [Read more...] about Portability and Second Marriages
Join Us for Our Last Two Free Living Trust Seminars of 2016
If you do not have an estate plan – or if your estate plan consists only of a basic will – you may not be adequately protecting your family against probate and estate taxes. Without proper planning, your family could lose a large portion of your estate to probate fees and estate taxes, even if you have a will… Setting Up a Living Trust is One of the Most Important Things You Can Do for Yourself and for Your Family During Your Lifetime A Living Trust will transfer your estate to your … [Read more...] about Join Us for Our Last Two Free Living Trust Seminars of 2016
Keeping it Safe on the Road (An Elder Law Today Blog)
by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law Most people agree that driving is one of the keys to independence. However, new driving challenges arise as you age. Arthritis can make flexing and twisting painful and weakened muscles make it harder to grip. Aging also affects vision, hearing, cognitive function and reaction time. Other challenges you may face include an increased number of cars on the road, lights and sounds that vie for … [Read more...] about Keeping it Safe on the Road (An Elder Law Today Blog)
Are All Trusts Asset-Protecting Trusts?
By: Matthew M. Shafae, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law The living trust is the bedrock foundation upon which our estate plans are built. It’s right there in the word: trust. It sounds safe and secure; it’s warm peace of mind. If you’ve been to one of our seminars or workshops, you’ve probably heard us tout the benefits of an asset-protection trust, and how our clients typically take advantage of this estate planning enhancement to leave property to loved … [Read more...] about Are All Trusts Asset-Protecting Trusts?
Sorting Through the Taxes That May Impact Your Estate Plan
By: Matthew M. Shafae, AttorneyLitherland, Kennedy & Associates, APC, Attorneys at Law The “T-word” usually makes our eyes glaze over and we picture an overworked accountant wearing a green eyeshade crunching a bunch of numbers for us every April. Well, unfortunately, I can’t make them go away, but I can attempt to explain how taxes may impact your estate planning. Within the context of your estate plan, there are typically three main taxes that are relevant: the estate tax, the … [Read more...] about Sorting Through the Taxes That May Impact Your Estate Plan
Hospice Care —Benefits for Those with Life-Limiting Illnesses (An Elder Law Today Blog)
Hospice care is a team-oriented approach to medical care, designed to enhance the quality of life as it nears its end. It is designed to aid in pain management and offer emotional and spiritual support through palliative therapy, education and counseling. It is tailored to meet the needs and wishes of the patient as well as the patient’s family and friends. Hospice care focuses on caring for the patient as opposed to curing the illness. Generally, hospice care is available to people of all … [Read more...] about Hospice Care —Benefits for Those with Life-Limiting Illnesses (An Elder Law Today Blog)
Electing Portability
By: Justin M. Kennedy, Associate Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law Every person is entitled to give away a certain amount of money tax-free, either during life or at death. Under the current federal estate tax law, all US citizens are each allowed an estate tax exemption of $5,000,000 (this amount is indexed for inflation and is $5,450,000 in 2016). This amount may also be reduced by gifts while living that exceed the annual exemption amount ($14,000 in … [Read more...] about Electing Portability
Long Term Care Insurance—Is It Right For You? (An Elder Law Today Blog)
Long term care insurance (LTC insurance), unlike most health insurance plans, pays for the cost of your care when you need permanent help with activities of daily living (bathing, dressing, eating, etc.). Depending on the LTC policy, covered services may include nursing home care, personal care at home, assisted living facilities and/or adult day care. While some insurance plans, including Medicare and Medigap, may pay for a limited number of days in a nursing home or short term health care … [Read more...] about Long Term Care Insurance—Is It Right For You? (An Elder Law Today Blog)
Asset Protection Strategy – 529 Plans
By: Justin M. Kennedy, Associate Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law If you are concerned that you may be sued in the future, you may want to consider ways of protecting your assets. As a Trustor, many asset protection strategies may not available to you, however, you have the ability to give the beneficiaries under your trust asset protection. The asset protection to the trust beneficiaries would protect their inheritance from the beneficiaries' … [Read more...] about Asset Protection Strategy – 529 Plans
