There are many people who do not think that the federal estate tax is necessary or fair. They make a number of points. One of them is the fact that the estate tax is imposed on assets that remain in your estate after you have paid taxes on your income throughout your life. While you are living, there is no reason to impose a hefty tax on these assets by virtue of their existence. However, for some reason these assets are taxed after you die if they exceed a certain amount. This is why many … [Read more...] about How Large of an Estate Can Pass Federal Estate Tax Free in California?
Should I Have a California Durable Power of Attorney?
There are different types of powers of attorney, and they are used for different sets of circumstances. For example, a general power of attorney would give an agent of your choosing the ability to act on your behalf for all different types of purposes. Let's say that you are going to be out of the country for an extended period of time. The general power of attorney would allow your agent to handle all of your affairs. There are also limited powers of attorney. To provide another example, … [Read more...] about Should I Have a California Durable Power of Attorney?
What Is a California Family Limited Partnership?
Many wealthy families in California would do well to consider the creation of family limited partnerships. These estate planning devices can be useful for asset protection, and they can also facilitate asset transfers at a tax discount. Asset Protection First we would like to take a look at the asset protection that is afforded by family limited partnerships. If you were to be targeted by a creditor or litigant, your personal assets could be vulnerable if you do not take steps to protect them. … [Read more...] about What Is a California Family Limited Partnership?
Can You Give Away Assets to Qualify for Medi-Cal in California?
Medicare is a program that you pay into when you are working throughout your life. Payroll or self-employment taxes are used to fund the program. You qualify for Medicare coverage once you reach the age of 65 , and you go forward with health insurance during the latter portion of your life. Medi-Cal is a government program that provides health care for people that don't have health insurance and don't have enough money to pay for health care. There's no particular age at which you become … [Read more...] about Can You Give Away Assets to Qualify for Medi-Cal in California?
Are Your Trust Terms Obsolete?
The process of estate planning is just that: a process. If you truly want to be prepared every step of the way, you should not just create a living trust and then forget about it. Life does not stand still. The estate plan that you initially put into place will reflect the circumstances of your life as they stood at that time. Over the years, there may be additions and subtractions to the family, changes in your marital status, and improvements in your financial profile. All of these things … [Read more...] about Are Your Trust Terms Obsolete?
What is The Difference Between Medi-Cal and Medicare in California?
People who have not looked into the subject thoroughly sometimes have questions about Medi-Cal, Medicare, and Medi-Cal. What are they all used for, and who qualifies for what? In this post we will provide some answers. Medicare Coverage When you see deductions being taken out of your earnings, one of them is going toward Medicare. This is a federal government program that provides health care insurance to eligible senior citizens. There are various different parts of Medicare. Medicare Part A … [Read more...] about What is The Difference Between Medi-Cal and Medicare in California?
Including Life Insurance in Your Estate Plan [Infographic]
If you are like the majority of people, then you know you should include life insurance in your estate plan, but you’re probably not sure what type to include, how many policies you need, or how much to purchase. Life insurance can be an extremely beneficial and versatile addition to an estate plan. The key to incorporating life insurance into your estate plan is to gain a firm understanding of the types of polices available and then properly calculating how much you need. Click here to view a … [Read more...] about Including Life Insurance in Your Estate Plan [Infographic]
What Is Estate Planning in California?
Estate planning is something that many people do not know much about. For some reason we tend to avoid the subject of death in our society, but at the same time we all recognize it is one of the certainties of life. It is important to plan ahead for this inevitability, and you should start doing so as soon as you are a self-supporting adult. The typical estate plan is going to include a vehicle of asset transfer. A simple last will is an option here. With a last will you express your final … [Read more...] about What Is Estate Planning in California?
Durable Property Powers of Attorney (An Elder Law Today Blog)
What is a durable property power of attorney? A durable property power of attorney is a legal document where one person (the principal) authorizes another (the agent) to act on the principal’s behalf regarding financial decisions. It is an estate planning document which allows a person to plan for the care and control of property in the event he or she becomes incapacitated. Powers of attorney are the single most important documents to put in place so that a family member or trusted friend will … [Read more...] about Durable Property Powers of Attorney (An Elder Law Today Blog)
Should I Have a California Durable Power of Attorney?
California elder care attorneys are responsible for educating clients about the eventualities of aging. One issue that is important to understand is that of Alzheimer's disease. You would have to assume that just about everyone has heard of the disease, but some of the details probably will come as a surprise to many. This is not something that rarely strikes a small percentage of people. If you're interested in learning about Alzheimer's disease in a good bit of detail, a valuable resource to … [Read more...] about Should I Have a California Durable Power of Attorney?
