Your estate plan should ideally be looked upon as the culmination of a long-term financial plan. It is important to prepare for your active retirement years so that you can enjoy that stage of life, and there are also the twilight years that will follow. During the latter portion of your life, incapacity becomes quite possible. There are those who suffer from physical incapacitation, and cognitive impairment can also be a factor. Alzheimer's disease is a leading cause of dementia. We have all … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
How Much Does a Special Needs Trust Cost?
There are various different ways to facilitate asset transfers to your heirs. When you are making decisions, you should evaluate the life situation of each person on your inheritance list. You can provide for each person optimally if you act in an informed manner. Special Needs Trusts Special needs trusts are primarily used to preserve government benefits. Many people with disabilities are enrolled in government benefit programs that are only available to individuals who can demonstrate … [Read more...] about How Much Does a Special Needs Trust Cost?
Will Medi-Cal Pay for In-Home Care?
When you are budgeting for the future, you should certainly set aside funds for your active retirement years. At the same time, there are additional expenses that you may encounter when you reach the twilight years. A significant percentage of senior citizens will need assistance with their activities of daily living. According to the United States Department of Health and Human Services, 70 percent of people who are attaining senior citizen status will need help with their day-to-day needs … [Read more...] about Will Medi-Cal Pay for In-Home Care?
What Happens to a Living Trust When One Spouse Dies?
Before we explain the intricacies of living trusts as they apply to married couples, we should examine the value of these trusts in general. You may assume that a last will is the best option when you are planning your estate. Many people are under the impression that trusts are only useful for those who are very wealthy. This is not entirely true. There are trusts that are used to satisfy the objectives of the wealthy, but there are other types of trusts that are useful for people of … [Read more...] about What Happens to a Living Trust When One Spouse Dies?
What Is a Grantor Retained Annuity Trust?
A grantor retained annuity trust (GRAT) could potentially be useful if you are exposed to the federal estate tax. Before we explain the value of these trusts, we should provide some information about the estate tax so that you can determine whether or not you are exposed. Federal Estate Tax Parameters Everyone does not pay the federal estate tax, because there is a relatively large credit or exclusion. The portion of the estate that exceeds the amount of this exclusion would potentially be … [Read more...] about What Is a Grantor Retained Annuity Trust?
Do Young Adults Need an Estate Plan?
Researchers periodically conduct studies that ask people about their estate planning preparedness. Time after time, the results are not encouraging. The majority of American adults do not have a comprehensive estate plan in place. Many older people are remiss, but as you may imagine, younger adults are more likely to put estate planning on the back burner. This is certainly understandable on one level. You may feel somewhat invincible when you are in your 20's, 30's, or 40's. At the same time, … [Read more...] about Do Young Adults Need an Estate Plan?
Advantages and Disadvantages of a Conservatorship in San Jose
When you are planning ahead for the future, you should prepare yourself for each stage of life. There are the active retirement years, and there are the twilight years that will inevitably follow. It may not be the most pleasant thing to consider, but you may become unable to handle all of your own day-to-day needs when you reach an advanced age. Incapacity is not uncommon among elders. The term "oldest old" is used to describe those who are at least 85 years of age. Around 40 percent of the … [Read more...] about Advantages and Disadvantages of a Conservatorship in San Jose
What Is a Qualified Domestic Trust?
Before we explain the purpose of a qualified domestic trust, we should provide some background information about the federal estate tax and the unlimited marital deduction. Estate Tax Parameters There is a federal estate tax that is potentially applicable on large asset transfers. During the current calendar year, the amount of the federal estate tax credit or exclusion is $5.34 million. You can leave behind as much as $5.34 million tax-free. Anything that you pass along that exceeds this … [Read more...] about What Is a Qualified Domestic Trust?
Power of Attorney vs. Conservatorship (An Elder Law Today Blog)
One of our readers recently contacted our office to ask if we had literature on the difference between a Durable General Power of Attorney and a Conservatorship. Due to the number of times our office has been asked that question, we chose to make it the topic of this month’s Elder Law Today. What is a Power of Attorney? A power of attorney is a legal document where one person (the principal) authorizes another (the agent) to act on the principal’s behalf. There are financial powers of attorney … [Read more...] about Power of Attorney vs. Conservatorship (An Elder Law Today Blog)
Is Medi-Cal Relevant to the Health-Conscious?
Everyone is aware of the fact that they should plan ahead for retirement. You typically envision retirement as a time when you can travel, engage in leisure activities, and spend quality time with your family. Since you will be qualified for Medicare as a senior citizen, you may never even think about Medi-Cal. Medi-Cal is a need-based health insurance program that is jointly administered by the state government along with the federal government. If you have never had financial need, Medi-Cal … [Read more...] about Is Medi-Cal Relevant to the Health-Conscious?
