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?
Transferring Property Upon Death (An Elder Law Today Blog)
There are essentially five ways an individual can transfer property to their loved ones upon their death. Depending on the age of the persons who will be receiving property or the dynamics among family members who are receiving the property, it is important to choose your method of transfer very carefully. Leave Property Titled Solely in Your Name (i.e. do nothing to plan for property after your death) - If you do absolutely nothing to pre-plan for the transfer of your assets and your property … [Read more...] about Transferring Property Upon Death (An Elder Law Today Blog)
Is Retirement Planning Really Important?
As you are going through life working and paying taxes, you may not concern yourself with retirement planning. After all, you are paying into the Social Security program, so you will have a source of income as a senior citizen. You may also be contributing into the 401(k) plan that your employer offers, so you will have a retirement nest egg accumulated by the time you reach your sixties. When it comes to health care insurance, you will qualify for Medicare at the age of 65, so you won't have … [Read more...] about Is Retirement Planning Really Important?
Free Living Trust Seminars in September
Helping to keep our community informed is important to us. We get out into the community on an ongoing basis 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 September, we will be offering seminars that focus on the subject of living trusts. Why … [Read more...] about Free Living Trust Seminars in September
Who Is Competent to Make a Will?
Just about everyone has heard of the estate planning document called a last will or last will and testament. If you create a will, you are called the testator. In order for a will to be valid in the state of California, the testator must be a mentally competent adult who is not being intimidated or coerced in any way. The testator must sign the will in front of two witnesses, and the witnesses must also sign the will. After the passing of the testator, the will is admitted to probate. During … [Read more...] about Who Is Competent to Make a Will?
