Medicaid is a jointly administered federal/state government health insurance program. It is designed as a safety net that provides health care insurance for people who can demonstrate significant financial need. In the state of California, the program is called Medi-Cal. If you are going to qualify for Medicare when you reach the age of 65, you may initially wonder why Medi-Cal should be relevant to you when you are planning for the future. The reason why Medi-Cal is relevant to a significant … [Read more...] about How Does Medicaid/Medi-Cal Apply to Married Couples?
What Is a Letter of Final Instruction?
Estate planning is going to involve the execution of legally binding documents. In some of these documents you are communicating your wishes regarding the transfer of your assets. Communication is the operative word here. When you plan your estate, you want to communicate information to relevant parties. With this in mind, we will look at the letter of final instruction in this post. Estate Administration If you use a last will to state your final wishes, you are going to name an executor to … [Read more...] about What Is a Letter of Final Instruction?
What Is an Irrevocable Trust?
They say that you should use the right tool for the right job, and there are many different tools that can be used when you are planning your estate. The optimal course of action will vary depending on the circumstances. Trusts can be used to accomplish numerous different objectives, but all trusts are not created equal. There are revocable trusts, and there are irrevocable trusts. On the surface, the general difference is self-evident: you can revoke or rescind one type of trust, and you … [Read more...] about What Is an Irrevocable Trust?
What Is a Buy-Sell Agreement?
In the field of estate planning, buy-sell agreements can sometimes be used as a reaction to a rather challenging situation. You may want to consider using a buy-sell agreement if you are a partner in a small business. This is a form of business continuation agreement that you enter into with the other partners. In this post we will look at two different types of buy-sell agreements. Cross Purchase Plan One very simple and straightforward type of buy-sell agreement is the cross purchase plan. … [Read more...] about What Is a Buy-Sell Agreement?
How Does Medi-Cal Treat My Home?
Before we look at the matter of Medi-Cal eligibility and home ownership, we should briefly explain why Medi-Cal is important to many seniors who were never financially needy. Medi-Cal is a need-based health insurance program that is intended for people with limited resources. In spite of this, a high percentage of elders ultimately seek Medi-Cal eligibility. This is because Medicare will not pay for long-term care. If you were to require assistance with your activities of daily living, this is … [Read more...] about How Does Medi-Cal Treat My Home?
How Does an Individual Retirement Account Work?
We specialize in estate planning and elder care, but your estate plan should be contained within a broader, long-term financial plan. If you want to be able to enjoy your golden years to the fullest, you should have a solid retirement plan in place. For many people, an individual retirement account will be part of the plan. There are two different types of individual retirement accounts that are typically utilized. Let's look at the details. Traditional Individual Retirement Accounts With a … [Read more...] about How Does an Individual Retirement Account Work?
Medi-Cal Planning: How to Care for a Child with Special Needs (An Elder Law Today Blog)
Jim and Marie Anderson live in San Jose, California. They are now in their mid-70s and they recently celebrated their 50th anniversary. The Andersons have been blessed with three wonderful children. One is a nurse, one is a school teacher, and their youngest child, Joe, is not able to work. Joe is now in his late 40's and lives in a group home. He receives Social Security (SSI) of about $500 a month and his parents have always supplemented his income. Mr. and Mrs. Anderson have lead a modest … [Read more...] about Medi-Cal Planning: How to Care for a Child with Special Needs (An Elder Law Today Blog)
Alert from Our Geriatric Care Managers Re: Long Term Care Bed Availability
Obtaining beds in a skilled nursing long-term care facility is becoming almost impossible in Santa Clara County unless one is admitted to the hospital, stays over 3 midnights, and requires skilled care. We recommend our clients call us at (408) 356-9200 as soon as possible after a loved one is admitted to the hospital so we can help with placement if long-term care is needed. You may also contact us through our website via this link: Contact Us. … [Read more...] about Alert from Our Geriatric Care Managers Re: Long Term Care Bed Availability
What Is Estate Tax Exclusion Portability?
High net worth individuals must be very aware of the potential impact of the federal estate tax. This tax carries a maximum rate of 40 percent, so it can take a heavy toll on the financial legacy that you are leaving behind to your loved ones. There is a federal estate tax credit or exclusion, and it divides those who must pay the tax from those who are exempt. During the 2014 calendar year, the estate tax exclusion is $5.34 million. Next year you may see a somewhat higher figure if an … [Read more...] about What Is Estate Tax Exclusion Portability?
When Is a Federal Estate Tax Return Due?
The estate tax is a factor if the value of your estate exceeds the amount of the federal estate tax credit or exclusion. For the rest of 2014, the federal estate tax exclusion is $5.34 million. If your assets do not exceed this amount, you have no exposure. On the other hand, if you intend to transfer more than $5.34 million, you should explore estate tax efficiency strategies. There are things that you can do to mitigate your estate tax exposure. The optimal course of action will vary … [Read more...] about When Is a Federal Estate Tax Return Due?
