You could potentially use a last will as the centerpiece of your estate plan. In order for a last will to be valid in the state of California, certain conditions must be met. The person who is creating the will is called the testator. The testator must be an adult who is of sound mind when the will is being created, and there must be no fraud or coercion involved. Two adults must witness the testator signing the will, and they also have to sign the will. Notarization is not necessary in the … [Read more...] about What Is a Self Proving Will?
What Is the Look-Back Period for Medi-Cal Eligibility?
Elder care is a very pressing issue at the present time, because long-term care is very expensive. The majority of senior citizens are someday going to need living assistance, so this is something to take seriously when you are looking ahead toward the future. You may be confident because you will qualify for Medicare when you reach the age of 65, but this program does not pay for long-term care. If you were to pay for your elder care out of your own pocket, the costs could potentially consume … [Read more...] about What Is the Look-Back Period for Medi-Cal Eligibility?
What Is Digital Estate Planning?
A well constructed estate plan will leave behind a turnkey situation for the surviving family members. If you want to be comprehensively prepared, you need to consider every detail. With this in mind, we will look at digital estate planning in this blog post. More Than Documents Creating documents is part of the process when you plan your estate. At the same time, someone has to examine the wishes that you leave behind in the documents and bring them to fruition after your passing. You have to … [Read more...] about What Is Digital Estate Planning?
Is It Effective Medi-Cal Planning to Add Someone’s Name to Your Bank Account? (An Elder Law Today Blog)
Don’t you hate to be the bearer of bad news? We all do. Unfortunately, sometimes we just can’t avoid it. Consider the following situation: Last month I had an appointment with Mrs. Jones. Her husband was diagnosed with Alzheimer’s three years ago, and the disease has progressed to the point where he needs long term nursing home care. At the time of the diagnosis, she talked to some friends of the family, and they told her to add the kids’ names to her bank accounts and mutual funds as a way to … [Read more...] about Is It Effective Medi-Cal Planning to Add Someone’s Name to Your Bank Account? (An Elder Law Today Blog)
What Is an Incentive Trust?
You may have concerns when you are planning your estate. Leaving money to a loved one can seem like a completely satisfying thing, but a windfall of money can sometimes have a negative impact. This is especially true if the person receiving the inheritance has not reached his or her full potential. It is possible to be prepared for this type of situation through the creation of a legal device called an incentive trust. Stipulations When you create and fund an incentive trust, you name a … [Read more...] about What Is an Incentive Trust?
Why Would I Need a Trust if I Have a Will?
Estate planning is not a one-time event. Your initial estate plan is going to be devised based on the way that your life was at that time. It is like a snapshot, but life goes on after that day. As your life changes, your existing estate plan could become obsolete. As a result, estate planning should be viewed as an ongoing process. If you used a will when you put an initial estate plan in place because your family was small and your life was uncomplicated, this is understandable. At the same … [Read more...] about Why Would I Need a Trust if I Have a Will?
What Do I Need to Know About Elder Care?
When you are looking ahead toward the future as a mature adult, you are naturally going to start to think about your active retirement years. If you plan ahead effectively from a financial standpoint, you should have the resources that you need to cross things off your bucket list, enjoy leisure activities, and spend quality time with your family. This is one stage of life, but you should also prepare for the twilight years that will follow. Elder care can enter the picture, and you should … [Read more...] about What Do I Need to Know About Elder Care?
How Can I Avoid Probate?
There is an estate administration process that takes place after you pass away. When a will is used as a vehicle of asset transfer, property becomes probate property at first. This property cannot be transferred until the estate is probated by the court, and this process can be time-consuming. There are also considerable expenses that can present themselves during probate. When you hear about these potential difficulties, you may wonder if it is possible to avoid probate. The answer is yes, you … [Read more...] about How Can I Avoid Probate?
What Is the Difference Between a Living Will and a Living Trust?
The one estate planning document that most people have definitely heard of is the last will or last will and testament. This is a legally binding document that you can use to direct the way that your assets will be transferred after you die. Because people equate a will with monetary asset transfers, some confusion can arise when it comes to the document that is called a living will. A living will is not a vehicle that is used to transfer financial resources. You would use a living will to … [Read more...] about What Is the Difference Between a Living Will and a Living Trust?
Estate Planning & Elder Care Seminars
We do everything possible to provide educational opportunities to people in the greater San Jose area, because many people fail to plan ahead due to a lack of information. From an electronic perspective, we publish an ongoing stream of content on this blog, and we also have an electronic library of free special reports that you can access at any time. In addition to the written information, we also engage in community outreach. We consistently offer seminars that cover many different specific … [Read more...] about Estate Planning & Elder Care Seminars
