Studies show that a majority of American adults do not have a complete and cogent estate plan in place. Failing to plan ahead for death and the likelihood of incapacity in our later years can be costly, both emotionally and financially. Many people do not have an estate plan because they don't understand the importance of estate planning. We will highlight some of the key reasons why estate planning is essential in this blog. Avoiding Intestacy If you pass away without any estate … [Read more...] about Why is Estate Planning Important in 2016?
Free Living Trust Seminars in January
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 general public. During the month of January, we will be offering seminars that focus on the subject of living trusts. Why Consider … [Read more...] about Free Living Trust Seminars in January
Adult Day Care—An Alternative to Nursing Home Placement (An Elder Law Today Blog)
Isolation is often a great danger to elders living independently and, as an alternative to moving into a nursing facility or assisted living facility, many elders have been able to remain living at home with the assistance of adult day care programs. Adult day care programs are community-based and provide a safe, supervised alternative to seniors who are unable to live on their own, but do not yet require 24-hour skilled nursing. Not only are adult day care programs therapeutic for the … [Read more...] about Adult Day Care—An Alternative to Nursing Home Placement (An Elder Law Today Blog)
Do You Need to Speak with an Elder Care Law Firm?
The question of when you might need to speak to an elder care law firm can be a difficult one to answer. What is an elder care law firm? How can they help you? What if it is a loved one who needs help? This blog article will address these questions to assist you in determining when you or a loved one might need to speak with an elder care law firm. When you need an elder care law firm for yourself Elder law attorneys specialize in the legal issues that affect seniors. These issues can include … [Read more...] about Do You Need to Speak with an Elder Care Law Firm?
Home Safety – Reducing the Risk of Falls (An Elder Law Today Blog)
The home which was ideal while you raised your family may now have safety issues as you age. An American Association of Retired Persons study showed that 90% of all older Americans preferred to remain in their homes as they age. Having your home reviewed by a qualified person for Home Safety is a very important element if this is your plan. Although there are numerous potential safety risks in a home (i.e., fire, poison, drowning, electrocution), falls are the leading cause of injury-related … [Read more...] about Home Safety – Reducing the Risk of Falls (An Elder Law Today Blog)
Veterans: Develop a Cogent Plan for Aging
Individuals who spend some time in the service may be entitled to certain benefits that can be very useful later on in life. For one, if you serve for at least 20 years in the military, you become entitled to a retirement pension. This coupled with your Social Security benefit could go a long way toward providing you with the ongoing income stream that you need to enjoy your retirement in comfort. Another benefit that is often overlooked is the Veterans Aid & Attendance special pension. … [Read more...] about Veterans: Develop a Cogent Plan for Aging
How Expensive Are Nursing Homes in California?
When you are devising a long-term financial plan, you should consider the eventualities that you may face during your twilight years. Nursing homes are very expensive, and many elders do require nursing home care at some point in time. There are various different reasons why people ultimately need this level of care. However, when you gain an understanding of the widespread nature of Alzheimer's disease, you can see why so many seniors need long-term care eventually. The Alzheimer's … [Read more...] about How Expensive Are Nursing Homes in California?
Do Assets in a Living Trust Get a Step-Up in Basis?
To be able to understand what a step-up in basis is all about, you need to have an understanding of the lay of the land when it comes to capital gains taxes. The capital gains tax can come into play if you are in possession of assets that appreciated after you originally acquired them. You are not required to pay the tax on an ongoing basis as the assets appreciate. The capital gains tax is only applicable when you realize a gain. A gain is realized when you sell an appreciated asset and take … [Read more...] about Do Assets in a Living Trust Get a Step-Up in Basis?
The Importance of Incapacity Planning
It is useful to see the big picture when you are making plans for the future. When the topic of estate planning arises, people often immediately think about drawing up a last will or a trust to handle the transfer of assets to their loved ones. Without question, this is a key part of estate planning, but there are some other things to consider if you want to be comprehensively prepared for all of the eventualities of aging. Most senior citizens do not pass away after having been in good … [Read more...] about The Importance of Incapacity Planning
How Do I Change My Living Trust?
There are some misconceptions that circulate with regard to the way that trusts work. In general, you would assume that you are creating a trust so that the assets would no longer be in your direct personal possession for one reason or another. This can lead to the belief that you are surrendering control of assets that you convey into any type of trust. In reality, this is not the case when it comes to a revocable living trust. With a revocable living trust, you are not surrendering ownership, … [Read more...] about How Do I Change My Living Trust?
