If you discuss your estate planning options with a probate lawyer, you may come to the conclusion that you would like to implement probate avoidance strategies. Why would you want to avoid probate? Let's look at the answers to this question. Estate Administration You may assume that you should use a last will to transfer assets to your loved ones because your situation is not that complicated. In the will, you name an executor or personal representative. This is the individual who handles the … [Read more...] about Discuss Your Options With a Probate Lawyer
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What Is the Role of a Los Angeles Probate Lawyer?
If you want to plan your estate in an informed manner, you should certainly understand the probate process. A Los Angeles probate lawyer can provide you with the information that you need. Let's look at the facts. Los Angeles Probate Lawyer Picture a fictional scene that takes place after someone dies. There is a home gathering after the funeral, and people are somberly milling about. One by one certain individuals are called into a study. Someone is sitting at the desk, and the attendees are … [Read more...] about What Is the Role of a Los Angeles Probate Lawyer?
Preserve Benefit Eligibility With a Special Needs Trust
A special needs trust can be useful if you want to provide for someone that you love who has a disability. We will look at the facts in this blog post. Supplemental Security Income People with disabilities oftentimes rely on the Supplemental Security Income program. This program provides income for people with special needs who are not in a position to earn much on their own. To qualify, you must be able to prove that you have significant financial need, and you could lose eligibility if your … [Read more...] about Preserve Benefit Eligibility With a Special Needs Trust
Retirement Planning: Look Beyond the Active Years
As elder law attorneys, we specialize in retirement planning issues. In this post, we will look at some of the issues that retirement planning attorneys routinely address. Long-Term Care When you are planning ahead for the eventualities of aging, you should certainly understand some facts about long-term care. This is the type of care that you would receive in a nursing home or assisted living community. If you work during your life and pay taxes, you will qualify for Medicare when you … [Read more...] about Retirement Planning: Look Beyond the Active Years
A Look at Inheritance Planning and Tax-Free Gifting
There is a federal estate tax to contend with if you have been particularly successful throughout your life. During 2016, the amount of the federal estate tax exclusion is $5.45 million. You can arrange for the transfer of assets equaling as much as $5.45 million before the estate tax would kick in. The new amount for 2017 is $5.49 million. The maximum rate of the federal estate tax is 40 percent. When you hear the above you may have an idea: why not just give gifts while you are living … [Read more...] about A Look at Inheritance Planning and Tax-Free Gifting
Elder Abuse Awareness Is on the Rise
There are an unprecedented number of people attaining senior citizen status at the present time in the United States. This is because of the fact that the baby boomer generation is getting older. To understand the dynamic, consider the state of Social Security applications. The Social Security Administration is accepting approximately 10,000 applications for Social Security benefits each and every day. This volume is expected to continue into the foreseeable future. If you are among the … [Read more...] about Elder Abuse Awareness Is on the Rise
Disability Planning Can Prevent Future Problems
When you know you are going to qualify for Medicare when you reach the age of 65, the Medi-Cal program may be off your radar. Medicare and Medi-Cal are both health insurance programs, right? Why would you need Medi-Cal if you are going to qualify for Medicare? It is true that Medicare and Medi-Cal are both government run health insurance programs. If you qualify for Medicare, you won't need Medi-Cal at first. Plus, you probably wouldn't be eligible, because Medi-Cal is only available to … [Read more...] about Disability Planning Can Prevent Future Problems
Government Projects Growth of Los Angeles Elder Population
The population of the state of California is growing, and this phenomenon is very eye-catching when you apply it to senior citizens. According to the California state government, the Los Angeles senior population is exploding. By 2020, the elder population should be 50 percent more than it was in 1990 according to government research. Since so many people are reaching retirement age, questions are being asked about Medicare and Medi-Cal. Let's look at some very important information that can … [Read more...] about Government Projects Growth of Los Angeles Elder Population
Is a Probate Lawyer Always Necessary?
You may assume that assets are immediately transferred to your heirs after you die if you use a last will to state your final wishes. Many people are under this impression, because a last will can seem like a very simple, straightforward document. If you speak with a probate lawyer, you may come away with a different understanding. Probate can be briefly defined as the legal process of estate administration. The heirs that are named in the last will may not be the only interested parties. There … [Read more...] about Is a Probate Lawyer Always Necessary?
Prepare Yourself With a Durable Power of Attorney
Things like wills and trusts are naturally going to come to mind when you think about estate planning. Transferring assets is certainly part of the process, but you should also think about the latter portion of your life and the potential for conservatorship proceedings. To prepare in advance, you could execute a legally binding document called a durable power of attorney. Before we look at the details that surround a power of attorney, we should explain some things about incapacity so that you … [Read more...] about Prepare Yourself With a Durable Power of Attorney
