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
Campbell CA Estate Planning FAQ: What If I’m Single When I Pass Away?
If you are single, you should not assume that estate planning is not relevant to you because of your marital status. Indeed, estate planning is important for all responsible adults, regardless of your age or marital status. Some negative consequences can come about if you pass away as a single person without an estate plan in place. Let's look at some of them. Laws of Intestate Succession If you die without an estate plan as a single person, your property would be distributed along intestate … [Read more...] about Campbell CA Estate Planning FAQ: What If I’m Single When I Pass Away?
Probate in San Jose California: Can You Avoid It?
Probate is the legal process that takes place when your last will is admitted to the probate court. There are some pitfalls that go along with the process of probate in California. For one thing, probate is a public proceeding, so prying eyes can access probate records and find out exactly what went on during the process. Many people would like to keep their final affairs confidential. Time is another factor. You probably want your assets to be distributed to your heirs in a timely manner. … [Read more...] about Probate in San Jose California: Can You Avoid It?
Medi-Cal Planning in California: When Is it Too Late?
Medicare is a government health insurance program that is available to seniors who have paid into the program sufficiently during their working years. Because of the fact that you are going to be eligible to enroll in the Medicare program, you might wonder why Medi-Cal may be relevant to you when you are a senior citizen. The reason why a significant percentage of elders who were previously enrolled in the Medicare program ultimately qualify for Medi-Cal is because they need assistance with … [Read more...] about Medi-Cal Planning in California: When Is it Too Late?
Does a California Revocable Living Trust Provide Asset Protection?
Revocable living trusts are very useful estate planning devices, but they do not serve every possible purpose. If you want to position assets in a way that protects them from creditors and litigants seeking redress, you would want to look for different legal instruments because revocable living trusts do not provide asset protection for the Trustor. What is the value? Revocable living trusts are largely utilized to enable probate avoidance. Probate is a legal process, and it takes place under … [Read more...] about Does a California Revocable Living Trust Provide Asset Protection?
What Is a Living Will in California and Why Do I Need One?
In the field of estate planning there are many different legal devices that have similar sounding names, and it can be confusing for the layperson to sort it all out. There are living wills, living trusts, and last wills. In this post, we will clear up any misconceptions that may exist and address the definition and purpose of a living will in California. Because a last will is used to state your wishes with regard to the transfer of your financial assets, you may assume that a living will does … [Read more...] about What Is a Living Will in California and Why Do I Need One?
Estate Planning 101: What Is California Probate?
Estate planning can be viewed as something that is done on paper. Indeed, it does involve the execution of legally binding documents. However, there is also a human element to consider when you are engaged in your estate planning efforts. Recording your wishes on paper is one thing, but how are these wishes going to come to fruition after you pass away? There is a postmortem element, and you should think this through thoroughly when you are planning your estate. There are various different … [Read more...] about Estate Planning 101: What Is California Probate?
