Estate planning for high net worth individuals can be complicated because of taxes on asset transfers. We have an estate tax, a gift tax, and a generation-skipping transfer tax. All of these taxes are considered to be unified by the Internal Revenue Service. As a result, you can't really understand one of them without understanding all of them. Before we explain the generation-skipping transfer tax, we will look at the other two federal taxes on asset transfers. Federal Estate Tax The federal … [Read more...] about What Is the Generation-Skipping Transfer Tax?
Estate Planning for Small Business Partners
Estate planning can be somewhat confusing for small business partners. You may not be sure about how (and when) you want to exit the business. If you do have ideas, you may not know how to make your vision for the future become a reality. Small business partnerships come in various different forms. The partners could be family members, or they could simply be business partners who are not related. One of the concerns would be the matter of liquidity and inheritance balancing. Let's assume that … [Read more...] about Estate Planning for Small Business Partners
What Is the Five-Year Medi-Cal Look-Back?
The Medi-Cal program is in place to provide a health care safety net for people with limited financial resources. Unlike Medicare, it is not specifically designed for senior citizens, but many senior citizens do qualify for Medi-Cal. This program is administered by the federal government along with each respective state government, so each state has some latitude with regard to how the program is administered. Our firm practices in the state of California. Here in California, the program is … [Read more...] about What Is the Five-Year Medi-Cal Look-Back?
Irrevocable Life Insurance Trust in San Jose: What Is an ILIT?
We like to unravel the alphabet soup of estate planning acronyms on our blog from time to time. Today we will look at the legal device called the ILIT. In an estate planning context, an ILIT is an irrevocable life insurance trust. Federal Estate Tax Before we explain the value of an ILIT, you must understand some things about the federal estate tax. There is a federal estate tax credit or exclusion. If the value of your estate exceeds the amount of this credit, the estate tax is potentially … [Read more...] about Irrevocable Life Insurance Trust in San Jose: What Is an ILIT?
What Is the Veterans Aid and Attendance Special Pension?
Memorial Day has recently come and gone, and during this holiday we remember our veterans. With this in mind, we would like to take a look at the Veterans Aid and Attendance Special Pension in this post. Veterans Aid & Attendance People who have served in the military make a lot of sacrifices, but there are certain benefits that go along with service. Most of these are well understood, but the Veterans Aid and Attendance Special Pension is often overlooked. Veterans are entitled to a … [Read more...] about What Is the Veterans Aid and Attendance Special Pension?
Why Would I Want a Revocable Living Trust?
Why would I want a Revocable Living Trust? from Roy W. Litherland You have options when you are planning your estate.There is no reason to make any assumptions until you know all the facts. … [Read more...] about Why Would I Want a Revocable Living Trust?
Can You Create a Pet Trust in California?
Estate planning is an exercise in providing for those that you love. Most of the individuals that you love are walking around on two legs. However, many of us own pets who we consider to be part of our families. When you are planning your estate, you must remember your furry friends. One way to provide for a pet would be to make the pet the beneficiary of a pet trust. Legal in California The concept of the pet trust is something that has slowly grown in legality and popularity. At this point, … [Read more...] about Can You Create a Pet Trust in California?
What Is a Supplemental Needs Trust?
You have a number of choices to make when you are planning your estate. There are various different vehicles of asset transfer that can be utilized. When you act in an informed manner, you can be certain that all of your loved ones are provided for appropriately. With this in mind, we would like to look at the value of supplemental needs trusts in this post. Protecting Government Benefits If you have someone with a disability on your inheritance list, you must take measured steps. A high … [Read more...] about What Is a Supplemental Needs Trust?
A” Quiet” Change in Medicare (An Elder Law Today Blog)
by Lois G. Tager, M. Ed., CSA Director of Geriatric Care Management, Litherland, Kennedy & Associates, APC, Attorneys at Law A “Quiet “change in Medicare is often one where physicians and health care providers are informed but not the general senior population. Susan Jaffe of the New York Times recently wrote about a change of which we believe seniors and all beneficiaries should be aware. Previously, a patient could be denied coverage for physical therapy and occupational therapy because … [Read more...] about A” Quiet” Change in Medicare (An Elder Law Today Blog)
What Is the Medi-Cal Monthly Maintenance Needs Allowance?
Medi-Cal is a jointly run federal/state government program that provides health insurance for people who have very limited financial capabilities. In the state of California, the program is called Medi-Cal. Though it is a need-based program, Medi-Cal is very important for a significant percentage of senior citizens who were never financially needy throughout their lives. This is because Medi-Cal pays for long-term care. Medicare will not assist with long-term care expenses. Medi-Cal … [Read more...] about What Is the Medi-Cal Monthly Maintenance Needs Allowance?
