If you have health insurance through your job or through your own personal relationship with an insurer, you may naturally assume that Medi-Cal is something that is not relevant to you. Plus, if you will qualify for Medicare when you reach the age of 65, you will have health insurance as a senior citizen. While the above makes sense, the Medi-Cal program may well be important to you when you reach the latter stages of your life. This is because of the fact that Medicare does not pay for … [Read more...] about Does Home Ownership Prevent Medi-Cal Eligibility?
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When Does a Living Trust End or Terminate?
Before we get into the specific topic of living trust termination, we should explain some things about living trusts in general. The first thing that you should know is that a living trust is a versatile legal document that can be effective for people who are in many different situations. You do not have to be very wealthy to realize the benefits. A living trust is a revocable trust, so you would have the power of revocation if you establish this type of trust. If you ever choose to do so, … [Read more...] about When Does a Living Trust End or Terminate?
LGBTQ Estate Planning: The Current State of Affairs
Estate planning is not a one-size-fits-all, cookie-cutter affair. There is no one estate plan that is going to be suitable for every family, because each situation is unique. The best way for one family to proceed may not be appropriate for the next. This is why it is important to work with an estate planning attorney who will provide you with personalized attention. When you feel comfortable working with an attorney who understands your situation thoroughly, you can ultimately craft a … [Read more...] about LGBTQ Estate Planning: The Current State of Affairs
What Happens If I’m Single When I Die?
People sometimes assume that everything will just fall into place naturally if you pass away without any estate planning documents, especially if you are married. In fact, this is a misguided assumption. Many negative consequences can come about if you do not take the time to construct a personalized estate plan that ideally suits your needs. The Condition of Intestacy If you were to die without an estate plan, the condition of intestacy would be the result. This would be true if you are … [Read more...] about What Happens If I’m Single When I Die?
Estate Tax Exclusion Will Rise Slightly in 2016
The federal estate tax is not applicable on all postmortem asset transfers. One type of transfer that is not subject to taxation is a transfer between citizen spouses. If you are legally married in the eyes of the law, you can use the unlimited marital deduction to transfer any amount of property to your spouse free of the death tax. There is also a federal estate tax exclusion that allows you to transfer a certain amount to others before the estate tax would kick in. Since 2011, the … [Read more...] about Estate Tax Exclusion Will Rise Slightly in 2016
Is Joint Tenancy a Good Estate Planning Solution?
There are numerous different ways that assets can be transferred after someone passes away. Some of them are more effective than others, and you have to be careful when you are making choices so that you do not make mistakes that yield unintended negative consequences. With this in mind, we will look at joint tenancy with right of survivorship in this blog post. Co-Ownership of Property The term "joint tenancy" can sound like something that is complicated, but in reality, it is a simple … [Read more...] about Is Joint Tenancy a Good Estate Planning Solution?
Are Assets in a Trust Protected From Lawsuits?
There are some assumptions made about trusts that are not entirely accurate, so you should certainly discuss the facts with a licensed estate planning attorney so that you can be appropriately prepared. One misconception that circulates is the idea that you are completely separating assets from your possession when you convey them into any type of trust. This can lead to the belief that assets in a trust would be protected if you were to become the target of a lawsuit. In fact, this is not … [Read more...] about Are Assets in a Trust Protected From Lawsuits?
Is Medi-Cal Only for the Poor?
The Medi-Cal program is somewhat misunderstood. Most people are aware of the fact that this is California's version of the Medicaid program, which is a health insurance program for financially needy individuals. This can lead to the belief that Medi-Cal would never be relevant to you if you have never been financially needy. In fact, the Medicaid program can indeed be quite relevant to you when you reach your senior years. Why would Medi-Cal ever enter the picture if you will qualify for … [Read more...] about Is Medi-Cal Only for the Poor?
How Business Owners Can Stay Motivated Every Day: Come to our Seminars
One of the biggest challenge that business owners face is motivation. Yes, they are motivated enough to start their business but there is no one really on top of them telling them what to do, how to do it, why to do it. They need to figure it out on their own. Entrepreneurs need to motivate themselves each day to get out of bed and create the perfect business. One way is to take advantage of free educational programs offered by the LA Institute of Estate Planning Professionals. That takes … [Read more...] about How Business Owners Can Stay Motivated Every Day: Come to our Seminars
Will a Nursing Home Take Half of My Assets?
People sometimes get bits and pieces of information, and they go forward with assumptions that are not accurate. This certainly enters the equation when it comes to nursing home costs and the way that they are typically addressed. One misconception is the idea that Medicare will pay for long-term care if you ever need it. In fact, this government health insurance program for seniors does not pay for long-term care, even though this seems counterintuitive to most logical thinkers. It is not … [Read more...] about Will a Nursing Home Take Half of My Assets?
