When you know that you are going to have some financial responsibility in the future, such as financing the education of your children, you take action in the present to prepare for it. Unfortunately, far too many people fail to apply this logic when it comes to long-term care expenses. One of the reasons why many people do not address the matter is because they feel as though they are healthy and they won't need long-term-care. This may be the case, but if you never need any help with your … [Read more...] about Long-Term Care: Is Staying At Home Feasible?
Attention to Detail Is Key When Planning Estate
There are a plethora of details to attend to when you are planning your estate if you want to be comprehensively and effectively prepared. Simply looking for the easy way out is a recipe for disaster. Speaking of easy ways out that can yield disastrous results, you would do well to take pause before trying to construct a last will using an online tool. Experts have weighed in on the subject, and unintended consequences can result when you try to go this route. Additionally, as a layperson are … [Read more...] about Attention to Detail Is Key When Planning Estate
Three Social Security & Medicare Myths
Retirement planning is something that many people ignore until it is too late. A belief in certain myths about Social Security and Medicare is at the root of some of the procrastination and cavalier behavior. We would like to look at three of these myths here. 1.) Social Security will provide me with a solid income during my retirement years. Unfortunately the above statement is patently untrue for most people. We are all aware of the cost-of-living here in the greater San Jose and Santa … [Read more...] about Three Social Security & Medicare Myths
Two Different Types of Estate Planning Mistakes
There are various different mistakes that can be made when you are planning your estate. Some of them are errors of commission, and many of them are errors of omission. Sometimes, it's a combination of both. With this in mind, let's examine the estates of two well known celebrities. Sammy Davis, Jr. People who can remember the entertainment scene during the 1950's through the 1980's certainly recognize the name Sammy Davis, Jr. He was a member of the famed "Rat Pack" along with Dean Martin, … [Read more...] about Two Different Types of Estate Planning Mistakes
Medi-Cal Questions Answered
Medi-Cal is relied upon by many elder Californians who are residing in nursing homes. This is the federal-state administered program that is referred to as Medi-Cal in most of the states. Most people never think about Medi-Cal because they have private insurance through their employers and then they qualify for Medicare as seniors. However, Medi-Cal enters the picture because of the matter of long-term care expenses. Medicare does not pay for an extended-stay in an assisted-living community or … [Read more...] about Medi-Cal Questions Answered
Understand Relevant California Elder Law Facts
In this post we would like to look at some California elder law resources that are very valuable for anyone who is preparing for life as an elder. The best way to proceed when you're making plans is to discuss everything in detail with a licensed elder law attorney. However, you should certainly do some research on your own so that you have a basic understanding of some of the most relevant facts. Retirement Planning & Social Security Clearly, financing your retirement is going to be … [Read more...] about Understand Relevant California Elder Law Facts
Consider a GRAT When Interest Rates are Low
It is possible to utilize a grantor retained annuity trust or GRAT to transfer assets in a tax efficient manner under the right circumstances. Before we get into the zeroed out grantor retained annuity trust strategy, let's look at the estate tax parameters. The maximum rate of the tax in 2014 is 40%. The gift tax is unified with the estate tax, and it too has a 40% top rate. The current amount of the estate tax exclusion in 2014 is $5.34 million. Those in possession of assets that exceed … [Read more...] about Consider a GRAT When Interest Rates are Low
A Tale of Two Estates: Jim Morrison and Steve McNair
Everyone should take estate planning seriously. But at the same time, the stakes are higher for those who are in possession of considerable resources like popular musical performers and professional athletes. Let's examine two different celebrity estate cases that provide some food for thought. The Estate of Jim Morrison Jim Morrison has become a legend of sorts, and he is among an elite group. We have all heard of "one-hit wonders," and even some musical artists who have remained relevant … [Read more...] about A Tale of Two Estates: Jim Morrison and Steve McNair
The Anatomy of a Revocable Living Trust
A revocable living trust can be a good choice when you are deciding how you will be passing along assets to your heirs. The primary reason why revocable living trusts are utilized is to avoid probate. When a will is admitted to probate, the probate court determines its validity. If anyone wanted to contest the validity of the will, they could do so while the probate process is underway. Creditors could seek payments from the estate during probate, and final taxes must be paid. The executor of … [Read more...] about The Anatomy of a Revocable Living Trust
How Will You Give to Charity?
When you are contemplating the legacy that you will be leaving behind, you may consider giving to charity. Many people are passionate about certain causes, and there are those who would like to give something back to institutions that have been meaningful to them throughout their lives such as schools or hospitals. Making philanthropy a part of your legacy can be personally satisfying, but there can also be tax advantages. Everyone is aware of the fact that you can deduct charitable donations … [Read more...] about How Will You Give to Charity?
