There are some myths that circulate with regard to nursing home expenses. We endeavor to clear up these misconceptions from time to time on this blog. Today we will look at a common elder care question. Medi-Cal & Long-Term Care Before we get to the specific question, we should provide some basic background information. Most seniors will qualify for Medicare when they reach the age of 65. You are probably aware of the fact that Medicare is a government health insurance … [Read more...] about Elder Care FAQs: Does the Nursing Home Get Half of My Assets?
Do I Pay Taxes on Living Trust Income?
When you understand some things about estate administration, you can see why so many people decide to use revocable living trusts. If you hold on to your property throughout your life and arrange for its distribution through the terms of a last will, the heirs to the estate will have a significant waiting period on their hands. The estate administration process takes place under the supervision of the probate court. After your passing, the executor or personal representative would be required … [Read more...] about Do I Pay Taxes on Living Trust Income?
Do I Control Assets in a Medi-Cal Trust?
A Medi-Cal trust can be used if you want to qualify for Medi-Cal to pay for long-term care. Before we get to the question of control, we should explain why Medi-Cal coverage could be relevant to you during the latter portion of your life. Living Assistance We are all aware of the fact that some seniors require living assistance. When you are healthy, you may assume that it is unlikely that you will ever be one of them. As a result, you may not care too much about long-term care and the … [Read more...] about Do I Control Assets in a Medi-Cal Trust?
Why Is Estate Planning Important?
Studies indicate that the majority of American adults are not prepared from an estate planning standpoint. This is a somewhat strange phenomenon, because these individuals are failing to plan ahead for something that is definitely going to take place. Some people do not take action because they don't understand why estate planning is important. In reality, estate planning is important for numerous different reasons. Avoiding Intestacy If you pass away without any estate planning documents, … [Read more...] about Why Is Estate Planning Important?
What is the Marital Estate Tax Deduction in Campbell California
What is the Marital Estate Tax Deduction in Campbell California from Roy W. Litherland The estate tax exclusion is the amount that you can transfer tax-free to people other than your spouse. Learn more about The Marital Estate Tax Deduction in Campbell California in this presentation. … [Read more...] about What is the Marital Estate Tax Deduction in Campbell California
Register for Our First 2015 Medi-Cal Planning Workshop
The Medi-Cal program is a jointly administered federal/state government health insurance program. In California, it is called Medi-Cal. Most senior citizens who worked throughout their lives will qualify for Medicare coverage. This is also a government run health insurance program. If you qualify for Medicare, you won't need Medi-Cal at first, and you probably wouldn't be eligible, because Medi-Cal is a need-based program. People who have a reasonable store of assets cannot qualify. In spite … [Read more...] about Register for Our First 2015 Medi-Cal Planning Workshop
What Benefits Do Trusts Provide?
If you are interested in learning about the estate planning benefits of trusts, you should be aware of the fact that there are different types of trusts, and they serve varying purposes. First, we will look at the value of revocable living trusts, because they are useful for a wide range of people. Efficient Asset Transfers People often assume that you can facilitate fast and efficient asset transfers if you use a last will, because it seems like a simple estate planning tool. In reality, … [Read more...] about What Benefits Do Trusts Provide?
Does the State Take My Assets If I Apply for the Medi-Cal Program?
Medi-Cal is California's version of the Medi-Cal program that provides health care insurance for people with very limited financial resources. If you are going to qualify for Medicare when you reach the age of 65, and you will be retiring with a reasonable store of assets, you may feel as though the Medi-Cal program is not relevant to you. In reality, the Medi-Cal program is relied upon by a very significant percentage of seniors, because Medicare will not pay for long-term care. Long-term care … [Read more...] about Does the State Take My Assets If I Apply for the Medi-Cal Program?
When Will I Receive Social Security?
There is a lot to take into consideration if you are preparing for your retirement years. You should understand what to expect from government benefits, and what you cannot expect. With this in mind, we will look at Social Security in this post. Qualifying for Social Security When you are working and paying taxes, you invariably see that FICA is consuming a significant portion of your pay. The good news is that you are paying into the Social Security program when you pay these taxes. You get … [Read more...] about When Will I Receive Social Security?
How Do You Fund a Living Trust?
If you take the right steps, you can secure your own financial future as you simultaneously craft a suitable legacy to leave behind to your loved ones. There are various different legal devices that you can use to facilitate future asset transfers. One of them is the revocable living trust, and these trusts are very useful for a wide range of people. Value of Revocable Living Trusts Efficiency is an important factor to consider any time you are trying to make a decision. Revocable living … [Read more...] about How Do You Fund a Living Trust?
