The estate tax parameters are subject to change, and over the years some of these changes have been significant. In other cases, relatively minor but notable adjustments are made. When you maintain an ongoing relationship with your estate planning attorney, you can always be apprised of new developments as they take place so you will never be behind the curve. Estate planning is an ongoing process, and revisions are likely to be necessary as time goes on. Responsible people will want to be … [Read more...] about 2014 Gift and Estate Tax Unified Credit Increased
What Is the Annual Gift Tax Exclusion?
You may be surprised to hear that the gifts that you give to others are all taxable unless you are giving the gift to your spouse. The reason why you probably do not incur tax expenses when you give people birthday gifts is because of the fact that there is an annual gift tax exclusion. Unified Federal Gift & Estate Tax Before we get into the annual gift tax exclusion, we should explain the unified federal gift and estate tax from an overview. When you transfer assets to others, either … [Read more...] about What Is the Annual Gift Tax Exclusion?
Gift Ideas for Residents Living in a Skilled Nursing Facility
The holiday season is quickly approaching. For those with loved ones in a skilled nursing facility, the best gift you can give someone is the gift of your time. However, if you cannot visit during the holidays, then taking a few minutes to call or to send a card to your friend or loved one can make their day. Whether or not your are able to deliver a gift in person or need to send it in the mail, below is a list of other gift ideas for your loved one: Board games or large piece jigsaw … [Read more...] about Gift Ideas for Residents Living in a Skilled Nursing Facility
Is There a Medi-Cal Asset Maximum?
When you are planning ahead for retirement you may envision the opportunity to cross things off your bucket list. Good times lie in wait, and you have a retirement dream. You are probably not budgeting for long-term care, and Medi-Cal may be the last thing on your mind. Why Medi-Cal? Why should someone who has saved for retirement care about Medi-Cal? People who have worked and paid taxes all of their lives are going to be qualified for Medicare when they become 65. You may think that if you … [Read more...] about Is There a Medi-Cal Asset Maximum?
Veterans Aid and Attendance Special Pension
During the month of November we honor our country's veterans, and we express our gratitude to all those who have served and are serving so that we may live in a free country. In honor of Veterans Day, we would like to draw some attention to an often overlooked military benefit that is very relevant to those who are in the field of elder law: the Veterans Aid and Attendance Special Pension. Long-term care expenses are very high, and these costs are continually rising. There is a gap in our … [Read more...] about Veterans Aid and Attendance Special Pension
Probate in Campell California: How Much Does It Cost?
Probate is something to be aware of when you are engaged in the process of estate planning. Property that is in your personal possession when you die is considered to be probate property. As such, it is not immediately distributed to the heirs to the estate. The estate must first pass through a legal proceeding called probate. The probate court in the jurisdiction that is local to the decedent is going to supervise the administration of the estate. Why is there a probate process? Think about the … [Read more...] about Probate in Campell California: How Much Does It Cost?
Should You Use Your Unified Tax Exclusion in California While You Are Still Alive?
There is a unified tax exclusion in California that separates those who must pay transfer taxes from those who are exempt. The lifetime unified exclusion at the present time is $5.34 million in 2014. There is a gift tax and an estate tax. The two taxes are unified. As a result of this unification, the exclusion applies to gifts that you give while you are living, coupled with the value of your estate as it is being transferred to your heirs after your passing. It should be noted that there is … [Read more...] about Should You Use Your Unified Tax Exclusion in California While You Are Still Alive?
Incapacity Planning in San Jose: Who Manages My Property if I Become Incapacitated?
As San Jose CA elder care attorneys, we make a point of emphasizing the importance of incapacity planning. This is because so many people fail to plan ahead for this contingency. A lot of people fail to plan ahead for possible incapacity because they think that it is something that only happens to "the other guy." In reality, every man and woman should take the matter seriously, because incapacity strikes a very high percentage of our nation's elders. People become unable to handle their own … [Read more...] about Incapacity Planning in San Jose: Who Manages My Property if I Become Incapacitated?
Elder Abuse in California [Infographic]
Elder abuse in California is more common than you think. Learn about the warning signs of elder abuse and what the risk factors are. Click here to view a larger image. … [Read more...] about Elder Abuse in California [Infographic]
Medi-Cal Recovery in Campbell California, Joint Tenancy, and Your Home
Before we examine Medi-Cal recovery and joint tenancy in California, we would like to provide some background information. The Medi-Cal program is theoretically intended to provide health insurance to people who have significant financial need. It is a program that is jointly administered by the state of California along with the federal government. Medicare doesn't pay for long-term care, so many seniors who were never really impoverished use Medi-Cal to pay for living … [Read more...] about Medi-Cal Recovery in Campbell California, Joint Tenancy, and Your Home
