As an estate planning attorney I am often confronted with situations where the person who has created a trust has not done all of their homework. In short, I’m talking about situations where the trustor has not undertaken the action necessary to transfer registered title of one or more assets into the name of the trust. As an example, pretend Bill Doe creates a living trust, and notwithstanding instructions given him to do so, he does not change the title ownership of his brokerage account … [Read more...] about Changing Title of Assets into the Trust Name
How The New Estate Tax Exclusion Affects Your Estate Plan
To read this article, follow the link below to our website Law Firm News section at: https://attorneyoffice.com/estate-planning/news.aspx?cid=10798 … [Read more...] about How The New Estate Tax Exclusion Affects Your Estate Plan
Cross Purchase ILIT Example
Facts: Partner A and Partner B are partners in an LLC treated for income tax purposes as a partnership and co-shareholders in other entities. Partner A and Partner B have entered into a buy-sell arrangement which among other things provides that in the event of the death of one of them, the other will purchase the deceased shareholder’s interests. The obligations to purchase have been partially funded with life insurance. Thus Partner B is the owner of a life insurance policy on Partner A’s … [Read more...] about Cross Purchase ILIT Example
Can the Government Go After Assets in a Trust to Recover Medicare or Medi-Cal Benefits?
I was recently asked the above question and wanted to share the answer on my blog. First, we need some clarification. Many people receive MEDICARE, but a person’s assets and income are irrelevant for qualifying for MEDICARE. And there is no recovery for benefits received through the MEDICARE system. So if your parent(s) are only receiving MEDICARE, there are no issues or concerns. On the other hand, MEDI-CAL is a means based program. The applicant’s financial means are examined in order to … [Read more...] about Can the Government Go After Assets in a Trust to Recover Medicare or Medi-Cal Benefits?
Aggregate Theory Community Property Agreement
Why is it important to have a contract between spouses implementing the aggregate theory of community property? First, what is the difference? California Probate Code Section 100 provides that upon the death of one spouse, one half of each asset belongs to the surviving spouse, and one half of each asset belongs to the deceased spouse. This is commonly known as the “prorate” theory of community property. And it can create problems. For instance, pretend a husband (now deceased and hereinafter … [Read more...] about Aggregate Theory Community Property Agreement
Planning Considerations for People with Special Needs
There is a “special needs” child or adult in your life. What should you do? Here are some thoughts to consider. • Change – Nothing will remain as it is right now. The Special Needs Person (“SNP”) grows up and grows older. Their needs today are not likely to be their needs in the future. You need to design flexibility into your estate plan, usually best achieved by creating a trust granting broad authority to address the ever changing environment and appointing a trustee(s) whose discretion you … [Read more...] about Planning Considerations for People with Special Needs
Qualified Personal Residence Trusts (QPRTs)
For people who have an estate tax problem and a large portion of their estate is their personal residence, a Qualified Personal Residence Trust (“QPRT”) should be considered. The concept of the QPRT was created by the IRS as part of the valuation regulations issued twenty years ago and in the hands of an accomplished estate planning attorney is a highly effective means by which the value of the taxpayer’s residence can be artificially reduced. This is achieved by the use of a combination of … [Read more...] about Qualified Personal Residence Trusts (QPRTs)
Sundown Syndrome: How to Help (An Elder Law Today Blog)
by Lois G. Tager, M. Ed., CSA Director of Geriatric Care Management, Litherland, Kennedy & Associates, APC, Attorneys at Law Sundown Syndrome, sometimes referred to as sundowning or sunsetting, describes the onset of behaviors such as agitation, confusion and irritability. These behaviors are often found in people who have cognitive losses or Alzheimer’s disease; although some research suggests that they can also be found in seniors simply because of age-related changes. Symptoms are … [Read more...] about Sundown Syndrome: How to Help (An Elder Law Today Blog)
Life Care Planning – What is It and Who Needs it?
Life Care Planning is a Family Affair. Whether your loved one is a parent, spouse or special needs loved one . . . whether you live with your loved one, in the next town or across the country . . . dealing with an elderly or disabled loved one can cause countless sleepless nights. The experienced, supportive and knowledgeable attorney, geriatric care manager and support staff at the Litherland, Kennedy & Associates, APC, Attorneys at Law realize that most people are caught up in today’s hectic … [Read more...] about Life Care Planning – What is It and Who Needs it?
Veteran’s Health and Benefits Administration
Veteran’s Health Administration — The Veteran’s Health Administration provides benefits for a variety of health and long-term care needs. These services are available to anyone with prior service (excluding anyone with a dishonorable discharge). In order to receive these benefits, a veteran is required to get a physical and it generally takes one year to enter the VA health care system. Priority is given to Veterans with a service-related disability, former POWs, and retired military personnel. … [Read more...] about Veteran’s Health and Benefits Administration
