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
Does the Medi-Cal Look-Back Apply if I Give a Caregiver Child My Home?
Medi-Cal is California's version of the Medi-Cal program that is jointly administered by the federal government along with each respective state government. This program is very important for many senior citizens, because it will pay for long-term care. Most people will need living assistance, and Medicare will not pay for custodial care. Because Medi-Cal is a need-based program, there are income and asset limits that you must stay within to qualify for coverage. In spite of this, many people … [Read more...] about Does the Medi-Cal Look-Back Apply if I Give a Caregiver Child My Home?
Can My Spouse Use My Estate Tax Exclusion After I Die?
There is a federal estate tax exclusion that exists as the line in the sand that divides the people who are exposed to the tax from those who are exempt. If the value of your estate does not exceed the amount of this exclusion, you are exempt from the estate tax. During the current calendar year, the estate tax exclusion stands at $5.43 million. The portion of your estate that exceeds this amount would potentially be subject to the estate tax when it is transferred. This $5.43 million is a per … [Read more...] about Can My Spouse Use My Estate Tax Exclusion After I Die?
Will Medicare Cover Everything?
Retirement is not something that will automatically fall into your lap. Yes, if you worked steadily throughout your life, you will qualify for Social Security and Medicare. However, careful retirement planning is important if you want to enjoy your senior years to the fullest. The government programs that are in place to provide for senior citizens are best viewed as safety nets. If you expect too much from these programs, you may find yourself in a difficult situation during the latter … [Read more...] about Will Medicare Cover Everything?
What Is Estate Administration?
There is a good bit of business that must be conducted after you pass away so that your estate planning wishes can become a reality. This is the process of estate administration, and you should take this process into consideration when you are devising your estate plan. Trust Administration If you use a living trust as your primary vehicle of asset transfer, trust administration will enter the picture. The person who administers a living trust is called the trustee. While you are alive and … [Read more...] about What Is Estate Administration?
Free Report: What is California Legacy Planning
Legacy planning is not all about money, but we should begin by looking at the potential impact of the federal estate tax. Most people are not exposed to this tax, but those who are vulnerable should take steps to gain estate tax efficiency. Topics covered in this report include: Preserving Monetary Resources Charitable Giving Family heirlooms Ethical Will Educational Opportunities Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is California Legacy Planning
Do Trusts Provide Estate Tax Efficiency?
The federal estate tax is not a factor for most people, however, it is a very big deal for high net worth families. This tax carries a 40 percent maximum rate, and this can equate to a great deal of wealth surrendered to the tax man. To determine whether or not you are exposed to the tax, you want to compare the value of your estate to the estate tax credit or exclusion. In 2015, the exclusion is $5.43 million. When you are inventorying your assets, you must include everything that you own, … [Read more...] about Do Trusts Provide Estate Tax Efficiency?
