People often assume that a last will is the right asset transfer vehicle if you are not a multimillionaire. In fact, this assertion is patently false. It is true that there are different types of trusts that are used by high net worth individuals that are concerned about the estate tax. This being stated, there are other trusts that can be used by people of relatively ordinary means. One of them that is the right choice for a wide range of individuals is the revocable living trust, and we … [Read more...] about Living Trusts Provide Multiple Benefits
Studies are conducted periodically to gain an understanding of the estate planning preparedness of adults in the United States. Unfortunately, the results are never encouraging. Most people that are over 65 have a will or some other estate planning document, but a significant percentage of people in this age group do not. The vast majority of Americans that are under the age of 40 are completely unprepared. If you are a young adult and you are single, you should have a will or a trust, but … [Read more...] about Estate Planning: Make Today the Day
Elder Care Law Firms specialize in the issues that affect seniors. They are equipped to address the legal, healthcare, social and psychological needs of seniors and to develop a plan to meet those needs in an economical fashion that protects and preserves the income and assets of the elder to the greatest extent possible. How Can an Elder Care Law Firm Help You? If you are facing legal issues that include planning for Medi-Cal qualification, incapacity planning or end-of-life planning, an … [Read more...] about How an Elder Care Law Firm Can Help
There are a number of legal devices that are used in the field of estate planning. Depending on your unique circumstances, various different courses of action may be appropriate. Many people assume that they should use a last will to direct future asset transfers, but in fact a revocable living trust may be a better alternative. You may have heard about the numerous benefits of living trusts. In this blog post, we will address three of those benefits. Avoiding Probate One of the … [Read more...] about Three Benefits of a Living Trust
When you are planning ahead for the future, you should prepare yourself for each stage of life. There are the active retirement years, and there are the twilight years that will inevitably follow. It may not be the most pleasant thing to consider, but you may become unable to handle all of your own day-to-day needs when you reach an advanced age. Incapacity is not uncommon among elders. The term "oldest old" is used to describe those who are at least 85 years of age. Around 40 percent of the … [Read more...] about Advantages and Disadvantages of a Conservatorship in San Jose
THE IMPORTANCE OF INCAPACITY PLANNING Who Will Manage Your Health Care Decisions? For most of our lives, the greatest risk to our well-being is the ever-increasing likelihood of becoming seriously ill or injured. When illness or injury makes us unable to manage our own affairs, we may face the legal ordeal of a Conservatorship which can be a living nightmare for those who must go through it. Many people fail to plan ahead for their possible incapacity because they think it only happens to … [Read more...] about The Importance of Incapacity Planning
Your estate plan should be holistically prepared to address the eventualities of aging along with the postmortem process of asset distribution. Incapacity planning is part of the equation. Because many people become unable to handle their own affairs late in their lives, powers of attorney are often used. With a power of attorney you can name someone else to act on your behalf. This representative is known as the agent or attorney-in-fact. A standard power of attorney that is not designated as … [Read more...] about Who Can Create a Power of Attorney?
It is important to consider the eventualities of aging if you want to be comprehensively prepared for the future. Incapacity is one of the challenges that you may face. To prepare for this possibility, you should consider the execution of a legally binding document called a durable power of attorney for health care. Powers of Attorney A power of attorney is a legal device that is used to name an agent or attorney-in-fact to act on your behalf. People sometimes execute powers of attorney even … [Read more...] about Should I Have a Durable Power of Attorney for Health Care?
A comprehensive estate plan will go beyond the transfer of assets after you die. It will also include preparations for the eventualities of aging. Many people become unable to handle their own affairs when they reach an advanced age. A legal device that is used to name a representative to act on your behalf is a power of attorney ("POA"). A particular type of POA is used to account for the possibility of incapacity. Limited and General Powers of Attorney There are different types of powers … [Read more...] about What Is the Difference Between a Limited and a General Power of Attorney?
When you are younger, your parents are in charge of making sure that you are okay in every way. Role reversals can be difficult for everyone. However, when your parents start to reach an advanced age, you should be aware of signs that would indicate encroaching incapacity. If you are fortunate enough to have your parents residing close by, you are probably in very frequent contact. Under these circumstances, you would naturally recognize any signs of incapacity that may become … [Read more...] about Looking for Signs of Encroaching Incapacity