The process of estate planning involves exploring your options. You do not want to make any assumptions without knowledge of all the facts, and people often do harbor misconceptions about trusts. One of the misconceptions is the idea that you cannot handle assets that you convey into any type of trust. This is not the case when it comes to a revocable living trust. When you create and fund this type of trust, you can act as the trustee while you are alive. If you create a joint living trust … [Read more...] about Who Administers My Living Trust When I Die?
Can a Trust Provide Estate Tax Efficiency?
Estate tax efficiency is an important consideration for high net worth individuals. There are a number of states in the union that impose estate taxes on the state level. We practice law in California, and we get a break here, because there is no California state estate tax. However, we do have to be concerned about the federal estate tax. You may hear people say that the estate tax is only a factor for people who are very wealthy. Depending on your definition of "very wealthy," this may not be … [Read more...] about Can a Trust Provide Estate Tax Efficiency?
Can I Protect My Injury Settlement With a Special Needs Trust?
Supplemental Security Income or SSI is a government program that is in place to provide disabled people with a basic source of ongoing financial support. However, it is not automatically afforded to you if you are disabled. To qualify for Supplemental Security Income, you must be able to prove that you have financial need. In addition, the eligibility is not necessarily permanent. An improvement in financial status could result in a loss of eligibility. A similar situation exists with regard to … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
Can My Living Trust Protect a Spendthrift Heir?
Revocable living trusts provide a number of different benefits. In this blog post, we will emphasize the ability for a living trust to allow you to protect a spendthrift heir (a spendthrift is a person who spends money in an extravagant or irresponsible way). Specific Instructions When you have a revocable living trust, you as the grantor can act as the trustee and the beneficiary while you are alive and well. You name a successor trustee when you draw up the trust declaration, and you also … [Read more...] about Can My Living Trust Protect a Spendthrift Heir?
Beware of Prescription Discount Card Scams
One of our office team members recently received a notice by National Prescription Savings Network and we felt it was important to share these consumer alerts regarding Prescription Card Scams and tips on saving money on prescriptions: Better Business Bureau: RX: Can free discount cards offer savings? http://web.extension.illinois.edu/aca/eb336/entry_8383/. Federal Trade Commission - Consumer Information … [Read more...] about Beware of Prescription Discount Card Scams
What Are the Gift Tax Exclusions?
There is a tax on gift giving in the United States, but many people do not pay the gift tax because there are exclusions. You should understand the lay of the land when you are planning your estate, because the gift tax is unified with the estate tax. Annual Gift Tax Exclusion There is an annual gift tax exclusion. This allows you to give as much as $14,000 to any number of individuals within a calendar year without incurring any gift tax liability. We should point out the fact that you do … [Read more...] about What Are the Gift Tax Exclusions?
Genworth Financial Releases 2015 Long-Term Care Cost Survey
If you have not looked into the subject, you may be unpleasantly surprised when you hear about the current state of long-term care costs. Medicare does not pay for long-term care, so this is a subject that you should take quite seriously when are looking ahead toward your senior years. Most people who attain senior citizen status are going to need help with their day-to-day needs eventually. The very useful government website LongTermCare.gov tells us that seven out of every 10 seniors … [Read more...] about Genworth Financial Releases 2015 Long-Term Care Cost Survey
What is Independence to Seniors? (An Elder Law Today Blog)
What is Independence to Seniors? by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law Independence is defined by Webster’s Dictionary as “not requiring or relying on something else”…and that definition is where the problem lies for many seniors who desire independence. But Webster’s also defines it as “self-governing”, not by doing everything yourself, but directing what and how things are happening. My mom prides herself on her … [Read more...] about What is Independence to Seniors? (An Elder Law Today Blog)
Doesn’t My Spouse Get Everything If I Don’t Have Will?
People who are unprepared from an estate planning perspective often have many different excuses or theories. Many individuals go forward with the idea that everything automatically falls into place, even if you do not have a will or a trust. If you were to pass away without any estate planning documents, you would die intestate. Property that was in your direct personal possession would become probate property, and it would be distributed in accordance with the intestate succession laws of the … [Read more...] about Doesn’t My Spouse Get Everything If I Don’t Have Will?
Do I Have to Spend Everything to Obtain Medi-Cal Coverage?
Most people are aware of the fact that Medi-Cal is California's version of the national Medi-Cal program. It acts as a health care insurance safety net for people who have very limited financial resources. As it turns out, the program also serves another purpose. Medi-Cal pays for most of the long-term care that is received by seniors in the United States, because Medicare does not pay for custodial care. Because of this dynamic, many Californians who were never needy ultimately seek Medi-Cal … [Read more...] about Do I Have to Spend Everything to Obtain Medi-Cal Coverage?
