The federal estate tax currently carries a maximum rate of 40 percent, and the amount of the exclusion is $5.34 million. These parameters were supposedly made permanent when the American Taxpayer Relief Act of 2012 was enacted. Of course, nothing is truly permanent when it comes to tax laws. Each year a budget must be passed, and there are always going to be proposed changes to existing laws. With this in mind, a new budget has been proposed for 2015 by the White House. Provisions contained … [Read more...] about Proposed 2015 Budget Would Change Estate Tax Parameters
Do I Lose Control of My Property If I Establish a Living Trust?
You have many different options when you are arranging for the eventual transfer of your monetary assets to your loved ones. The utilization of a last will is going to come to mind, but you can also consider alternatives. If you retain personal ownership of your property up until the time of your death and arrange for its transfer through the terms of a last will, the probate process will become a factor. A last will must be admitted to probate. The probate court will determine the validity of … [Read more...] about Do I Lose Control of My Property If I Establish a Living Trust?
What Are the Disadvantages of a Medi-Cal Trust?
The government run health insurance program for people with significant financial need is called Medi-Cal in most of the 50 states. In California, this program is called Medi-Cal. This is a program that is jointly administered by the federal government along with each respective state government. Every state has a certain amount of latitude with regard to the precise way that the program is administered. Based on Need Medi-Cal eligibility is based on financial need. There are rather complex … [Read more...] about What Are the Disadvantages of a Medi-Cal Trust?
What Is a Qualified Personal Residence Trust?
When you are evaluating any potential estate tax exposure you may have, you should understand the fact that the value of your home is certainly going to count. Who Is Exposed? How do you know if you are exposed to the estate tax or not? There is a federal estate tax exclusion or credit. In 2014 the amount of this exclusion is $5.34 million. A base of $5 million was put into place for the 2011 calendar year. It is annually adjusted for inflation. Next year you may see a slightly higher figure … [Read more...] about What Is a Qualified Personal Residence Trust?
Isn’t Medi-Cal Only for the Poor?
As a person who is going to be qualified for Medicare later in your life, you may wonder why Medi-Cal would be relevant to you. Medi-Cal is a health insurance program for people with virtually no financial resources, right? If you expect to retire with savings and income, you may assume that you would never need to concern yourself with Medi-Cal. In fact, Medi-Cal is quite relevant to a very significant percentage of senior citizens. While it is true that you qualify for Medicare at the … [Read more...] about Isn’t Medi-Cal Only for the Poor?
Is Probate Always Required?
It can seem as though the utilization of a last will is the simplest and most efficient way to transfer assets. A trust can seem like something that is much more complicated. In fact, when you use a will, the heirs to the estate don't receive their inheritances until the estate has been probated. The probate court supervises the administration of the estate unless you take steps to avoid probate. There is a caveat to the above. In the state of California there are some probate shortcuts that … [Read more...] about Is Probate Always Required?
Who Can Create a Power of Attorney?
Your estate plan should be holistically prepared to address the eventualities of aging along with the postmortem process of asset distribution. Incapacity planning is part of the equation. Because many people become unable to handle their own affairs late in their lives, powers of attorney are often used. With a power of attorney you can name someone else to act on your behalf. This representative is known as the agent or attorney-in-fact. A standard power of attorney that is not designated as … [Read more...] about Who Can Create a Power of Attorney?
Medi-Cal Recovery: Can the Government Take My Home?
The Medicare program is relied upon by most senior citizens. You become eligible for Medicare coverage at the age of 65 if you have accumulated at least 40 retirement credits. You accrue credits as you earn taxable income throughout your life. You may feel confident about your health care needs being met during your retirement years because you will qualify for Medicare. The wildcard is the matter of long-term care. Medicare does not cover long-term care. A stay in an assisted living community … [Read more...] about Medi-Cal Recovery: Can the Government Take My Home?
Keep Your Memory Healthy (An Elder Law Today Blog)
Keep Your Memory Healthy by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law Who hasn’t gone into a room, only to stare blankly and wonder why you went in there? When we were younger, we would laugh it off and go back to where we started just to be reminded what we wanted in the first place. However, as we get older, these types of occurrences may trouble us and make us question our memory or even ask, “Am I getting Alzheimer’s?” Be assured … [Read more...] about Keep Your Memory Healthy (An Elder Law Today Blog)
The Triple A’s of Geriatric Care Managers: Assess, Advocate and Assist
by Lois G. Tager, M.Ed., CSA and Dedra Jize, OT, CSA At the Litherland, Kennedy & Associates, APC, Attorneys at Law, our Professional Geriatric Care Managers serve the clients of Attorney Roy W. Litherland as well as those who may not require his legal services, but do need the help of a Geriatric Care Manager. We have vast knowledge regarding aging and issues affecting the elderly. Our backgrounds and experiences are varied academically, professionally, and personally … [Read more...] about The Triple A’s of Geriatric Care Managers: Assess, Advocate and Assist
