Nursing home expenses are a very big cause of concern within the elder care community. The cost of care is extraordinary, and most people cannot comfortably pay out-of-pocket. In the state of California, nursing home expenses are higher than the national averages. According to California Health Advocates, the average daily charge for nursing home care is just over $256, and this factors out to over $93,000 per year (this sum is even higher in the Bay Area). It is not uncommon for elders to … [Read more...] about Can I Be Held Responsible for a Parent’s Nursing Home Expenses?
Gifting Money to Your Children AFTER You’ve Entered a Nursing Home (An Elder Law Today Blog)
There are so many misconceptions surrounding Medi-Cal with respect to financial gifts, that we thought we would address some of the more frequently asked questions: Q: “Is it true that under current Medi-Cal laws, a parent cannot make financial gifts to their children once they have entered the nursing home?” A: No. In fact, a proper gifting program is a great Medi-Cal planning technique. At the time an applicant applies for Medi-Cal, the state will “look back” 30 months to see … [Read more...] about Gifting Money to Your Children AFTER You’ve Entered a Nursing Home (An Elder Law Today Blog)
Do I Need Anything In Addition to My Last Will?
Many people reduce the process of estate planning to the creation of a last will. In reality, a well constructed estate plan will involve the execution of additional documents. Incapacity Planning When you create your last will, you facilitate future asset transfers. However, a comprehensive estate plan will also address the latter portion of your life. Incapacity is common among elders. There are a number of different causes, but Alzheimer's disease is the leading culprit. This disease … [Read more...] about Do I Need Anything In Addition to My Last Will?
What Is a Charitable Remainder Trust?
Charitable giving can be a very rewarding endeavor when you are crafting your legacy. When you engage in philanthropic acts you receive personal rewards, but there can also be tax advantages if you take the right steps. With this in mind, we will look at charitable remainder trusts in this post. Overview If you are creating a charitable remainder trust, you are called the grantor of the trust. To enjoy the maximum benefits, you want to fund the trust with assets that have appreciated … [Read more...] about What Is a Charitable Remainder Trust?
What Is the Most Important Estate Planning Document?
Estate planning is a comprehensive, ongoing process. People sometimes look for easy answers, but there is really no shortcut that you can take if you want to create a truly effective estate plan. There is no one-size-fits-all estate planning document, and no one document is inherently more important than any other. It all depends on the circumstances. Asset Transfers When you plan your estate, you facilitate future asset transfers. Some people are exposed to the federal estate tax. … [Read more...] about What Is the Most Important Estate Planning Document?
Is Incapacity Planning Really Important?
People sometimes overlook incapacity planning because they feel as though it is not really important. They know that some elders become unable to make their own decisions, but they take the "this will never happen to me" approach. You should certainly do everything possible to stay mentally and physically healthy. It is quite possible that you will be able to handle all of your own affairs every day of your life. However, people routinely take precautionary measures of various kinds, and this … [Read more...] about Is Incapacity Planning Really Important?
How Does Medicaid/Medi-Cal Apply to Married Couples?
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?
