Creating a comprehensive estate plan requires you to take a number of factors into consideration. One of the most important of those factors is the impact state and federal taxes could have on your estate plan. You may be familiar with the concept of federal gift and estate taxes; however, you may not be certain if the federal gift tax applies to your estate and, if so, how it will affect your estate. Failing to understand how federal (and state) gift and estate taxes work and the impact they … [Read more...] about Do I Need to Worry about the Federal Gift Tax?
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Are There Different Types of Wills?
For most people, the foundation of their estate plan is a Last Will and Testament, or simply put. a “Will.” If you have yet to create your estate plan, you will likely want to start with a Will. That sounds simple enough, right? Maybe not given the fact that there are several different types of Wills from which you may choose. If that surprises you, you are not alone. Most people do not realize that there are numerous different types of Wills that a Testator can choose to create and execute. … [Read more...] about Are There Different Types of Wills?
Can a Medi-Cal Attorney Help Me If I Am a Senior and I Was Denied Benefits?
Medi-Cal is California’s Medicaid program that provides health insurance coverage for low income individuals and families. You may go your entire life without ever needing Medi-Cal benefits – until you suddenly need them to cover the high cost of long-term care as a senior. If you failed to plan ahead for that possibility, you may be denied benefits. More accurately, you may be required to suffer through a waiting period before Medi-Cal benefits will kick in and start covering your expenses. … [Read more...] about Can a Medi-Cal Attorney Help Me If I Am a Senior and I Was Denied Benefits?
What Type of Cases Are Handled in Los Angeles Probate Court?
Understanding the judicial system can be challenging for anyone who does not work in the system. Navigating the judicial system can be downright intimidating – particularly when the system is as large as the one in Los Angeles, California. While the average person can easily go an entire lifetime without the need to understand or navigate most courts within the judicial system, probate court is an exception to that general rule. There is a good chance that you will find yourself involved in a … [Read more...] about What Type of Cases Are Handled in Los Angeles Probate Court?
Can a Living Trust Help with Incapacity Planning?
When most people think of estate planning they think of preparing for the distribution of estate assets after death. While deciding what happens to your estate assets when you are gone is certainly an important aspect of an estate plan, a comprehensive estate plan can accomplish much more than that. In fact, a wide range of inter-related estate planning goals can be accomplished with a well thought out estate plan. Incapacity planning, for example, is often incorporated into an estate plan. If … [Read more...] about Can a Living Trust Help with Incapacity Planning?
What Is Involved in Estate Administration?
At some point in your life there is a very good chance you will be involved in the administration of an estate. You might find yourself appointed as the Executor of an estate or volunteer to be the Administrator. You could also be involved as a beneficiary, heir, or creditor of the estate. Regardless of the reason, you will find it helpful to have at least a basic understanding of what is involved in estate administration. Given the unique nature of estate administration, specific questions and … [Read more...] about What Is Involved in Estate Administration?
Discuss Dementia With an Elder Law Attorney
The matter of long-term care is a very pressing concern within the elder law community. A high percentage of seniors will need assistance with their activities of daily living at some point in time. Statistics have been compiled by the United States Department of Health and Human Services. According to their data, no less than 70 percent of individuals who are reaching the age of 65 will someday need assistance with their activities of daily living. The Wide Reach of Alzheimer's Disease Many of … [Read more...] about Discuss Dementia With an Elder Law Attorney
Five Things You Need to Tell Your Los Angeles Estate Planning Attorney
The decisions made when creating an estate plan are highly personal decisions. Understandably, it may be uncomfortable to discuss these decisions with a stranger which is why it is important to develop a lifelong relationship with your estate planning attorney. You will, however, need to share things with your estate planning attorney that you may prefer not to share. Failing to be open and honest with your attorney, however, could jeopardize the success of your overall estate plan. With that in … [Read more...] about Five Things You Need to Tell Your Los Angeles Estate Planning Attorney
Five Things You Didn’t Know About a Power of Attorney
A power of attorney is a legal device that most people have heard about at some time or another. On the surface, the device can seem rather simple and straightforward. You would use a power of attorney to give another person the authority to act on your behalf in a legally binding manner. This is the basic principle, but there are a number of things that the typical layperson simply would not know about a power of attorney. Let's look at some of them. 1.) The Agent When you decide that you want … [Read more...] about Five Things You Didn’t Know About a Power of Attorney
What Is Different About a Durable Power of Attorney?
A power of attorney is a legal document that you can use to give someone else the power to make legally binding decisions on your behalf. If you are the person granting the power, you are called the principal, and the person who would be able to act as your representative would be the agent or attorney-in-fact. Any adult who is of sound mind who is willing to act as an attorney-in-fact can assume the role. You do not have to be a lawyer to act as an attorney-in-fact. There are general … [Read more...] about What Is Different About a Durable Power of Attorney?
