Advance directives for health care should be a part of every estate plan because incapacity planning is part of the equation. A very significant percentage of people who live to an advanced age do in fact suffer from incapacitation at some point in time. One of the major threats to elders is Alzheimer's disease. The Alzheimer's Association states that one out of every eight older Americans is an Alzheimer's sufferer, and this increases to approximately 40% of people who are at least 85 years of … [Read more...] about HIPAA Release Should Be Included With Advance Directives
Medi-Cal Limits Increased for New Year
Medi-Cal is a government program that will pay for long-term care if you can obtain eligibility. In California, this program is referred to as "Medi-Cal". This program was originally designed to help people with virtually no financial resources obtain medical care. However, it is utilized by seniors who need living assistance who have never considered themselves to be poor. The upper asset limit is $2,000, but there is some property that doesn't count toward this figure. This would include … [Read more...] about Medi-Cal Limits Increased for New Year
Legacy Plan Can Include Giving to Charitable Causes
Legacy planning is something to discuss with your attorney if you feel as though you would like to cast a long shadow even after your passing. There are various things that you can do to make your influence felt, and one of them would be to set aside resources for charitable causes. One way of doing this is by starting a private family foundation. The huge foundations that are named after some of the wealthiest individuals our country has known are going to be staffed, and they incur … [Read more...] about Legacy Plan Can Include Giving to Charitable Causes
Have You Planned Ahead With Your Children in Mind?
Statisticians tell us that the majority of people who are under the age of 50 do not have an estate plan in place. In fact, many people over the age of 50 are unprepared, but we will reserve that subject for another day. The point that we would like to hammer home here is the fact that younger adults, particularly adults with minor children, must make preparations for the possibility of passing away. If you are married and you have young children, what would become of your children if you … [Read more...] about Have You Planned Ahead With Your Children in Mind?
Trust Administration: Educate Yourself
The key to successful estate planning is expertise. When you work with a good estate planning attorney to gain a thorough understanding of all the factors involved, you can make intelligent and informed decisions for the well-being of your loved ones. Some people are under the impression that you can use some kind of generic template document that you find online to execute a last will on your own. In fact, there is a lot more to it than filling in the blanks on a worksheet, and a last will is … [Read more...] about Trust Administration: Educate Yourself
Keep Track of Your Net Worth
Your net worth is an important piece of information to have in hand when you are discussing things with your estate planning attorney. The federal estate tax can reduce the legacy that you pass along to those that you love. As a result, you must know where you stand with regard to the estate tax exclusion at all times. If the total value of your assets does not exceed the estate tax exclusion, you are in the clear; however, if your assets exceed the exclusion, you are going to have to work … [Read more...] about Keep Track of Your Net Worth
Be Prepared to Help Your Parents
As you go through life as an adult, the thought of being responsible for your parents to one degree or another may not enter your mind for quite a long time. However, it is important to understand the fact that there may come a time when your parents need your assistance. Most of our nation's elders will need some form of living assistance eventually, and statistically speaking this usually comes from their children, other relatives, and/or friends. In fact, 70% of the care that is provided to … [Read more...] about Be Prepared to Help Your Parents
Start Building Your Future in 2013
Now that we have ushered in a new year, it is time to make good on our resolutions. The suggestion here is to take this motivation and use it to start building your future in 2013. Planning is the difference between people who are comfortably retired with the ability to leave behind a robust legacy and those who are not. If you work with an experienced financial planning attorney to devise a sensible plan that is consistent with your capabilities and your objectives, you will be working toward … [Read more...] about Start Building Your Future in 2013
Provide Your Representative with Pertinent Information
The matter of estate administration is something to take into consideration when you are making preparations for the inevitable. Who would actually handle the hands-on tasks that will be involved in making your wishes come to fruition? When you use a last will to direct future asset transfers, the executor or executrix will be the individual who is charged with these responsibilities. The duties can be quite extensive if you have a great deal of property that must be prepared for distribution … [Read more...] about Provide Your Representative with Pertinent Information
Three Commonly Asked Social Security Questions
The income that you receive from Social Security as a senior citizen is probably going to be very important to you. The Social Security Administration tells us that the majority of individuals who are on Social Security rely on their benefits for most of their income. While the above may be true, you would do well to understand the facts about Social Security so that you have a realistic viewpoint with regard to exactly what this program will do for you. To this end, we would like to provide … [Read more...] about Three Commonly Asked Social Security Questions
