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 … [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 … [Read more...] about Do Trusts Provide Estate Tax Efficiency?
Can I Just Download Estate Planning Documents Off the Internet?
When you have been procrastinating about a responsibility because you are reluctant to engage professional assistance, you may decide to go it alone. Without question, there are many things that you can do for yourself if you put in the time and effort. At the same time, in some cases, the potential negatives outweigh the positives. With this in mind, we will look at do-it-yourself estate planning in this blog post. Downloads and Worksheets There are websites on the Internet that sell … [Read more...] about Can I Just Download Estate Planning Documents Off the Internet?
What Are the Disadvantages of a Power of Attorney?
Your estate plan is going to address the things that will take place after your passing, but you should think holistically. End-of-life issues also enter the picture, and you should prepare for these eventualities in advance. People often become unable to communicate at the end of their lives, but decision-making may still be necessary. To account for this, you could execute legally binding documents called durable powers of attorney. A durable financial power of attorney can be executed to … [Read more...] about What Are the Disadvantages of a Power of Attorney?
What Qualities Should I Look for in an Executor?
When you think about the process of estate planning, the execution of documents will probably come to mind. This is a large part of the endeavor to be sure, but someone must follow the instructions that you leave behind in these documents. If you use a last will as your primary vehicle of asset transfer, this person will be the executor. Choosing the Right Executor Your first impulse may be to name someone who is especially close to you as the executor of your estate. This could be the right … [Read more...] about What Qualities Should I Look for in an Executor?
