If you have always thought that you should use a last will as the document that will serve as the centerpiece of your estate plan, you may want to look into the benefits that you could gain if you use a living trust instead. You do not necessarily have to be a millionaire to create this type of trust, and you do not lose control of the assets while you are living. A living trust is revocable, so you can dissolve the trust entirely if you ever want to do so and walk away with the assets in … [Read more...] about Should I Use a Corporate Trustee?
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What Is a Stretch IRA?
An individual retirement account or IRA can be a big part of your retirement plan. At the same time, under certain circumstances, the perfect utilization of an individual retirement account can be an effective part of your estate plan as well. Before we get into the details about stretch IRAs, we should look at the two different types of individual retirement accounts that are typically utilized. One of them is the traditional IRA. With a traditional IRA, the contributions that you make … [Read more...] about What Is a Stretch IRA?
Medicare Enrollment Options for 2015-16
A summary of what you need to know. Provided by The Collins Law Group Key Medicare enrollment periods are approaching. This fall and winter, there are three periods in which Medicare beneficiaries can either enroll or disenroll in forms of coverage. >> Oct. 15-Dec. 7: Open enrollment period. This is when you can exit Original Medicare (Part A & B) for a Medicare Advantage Plan (Part C) and change your prescription drug coverage (Part D). You can also get out of a Part C plan … [Read more...] about Medicare Enrollment Options for 2015-16
What Is Legacy Planning?
When you plan your estate, you make sure that your remaining assets are transferred to your loved ones after you pass away. An effective estate plan would also account for the possibility of incapacity late in your life. Everyone should have a basic estate plan in place at minimum, but some people want to take things a step further. They engage in legacy planning, and this can be quite fruitful on a number of different levels. There are various different things to take into consideration … [Read more...] about What Is Legacy Planning?
Should I Have a Durable Power of Attorney in California?
Estate planning is often thought of as a financial endeavor. Indeed, you do facilitate postmortem asset transfers when you plan your estate. However, you should also prepare for some of the eventualities that you may face toward the end of your life. With this in mind, we will look at the value of durable powers of attorney in this post. Incapacity Planning Without question, it is not the most pleasant thing to consider, but a very significant percentage of elders become incapacitated late in … [Read more...] about Should I Have a Durable Power of Attorney in California?
How Much Can You Transfer Free of the Estate Tax?
You pay many different taxes throughout your life. The assets that comprise your estate are the resources that you were able to hang onto after paying all of these taxes. It would be logical to assume that the event of your death should not be a taxable one. However, whether it is fair or not, there is an estate tax in place. This tax can have a very profound impact on the future of your family. The maximum rate of the federal estate tax is 40 percent, and this can significantly erode the … [Read more...] about How Much Can You Transfer Free of the Estate Tax?
Can Probate Be Avoided in California?
Probate can be succinctly defined as the legal process of estate administration. It can enter the picture when property is being transferred, but it can be avoided. Why would you want to avoid probate? The process can be expensive, it is time-consuming, and it is a public proceeding that allows anyone who is interested to find out how you planned your estate. There are various different ways assets can be transferred outside of probate. The best course of action will vary depending on the … [Read more...] about Can Probate Be Avoided in California?
What Is the Difference Between Medi-Cal and Medicare?
Elder law attorneys assist clients who are looking ahead toward their senior years. Health insurance is very important for all of us, but it is particularly important for senior citizens. Most seniors will qualify for Medicare, so we will look at that program first, and then we will explain the difference between Medicare and Medi-Cal. Medicare Medicare coverage is earned through the accumulation of retirement credits. You can earn up to four credits per year through your tax contributions, … [Read more...] about What Is the Difference Between Medi-Cal and Medicare?
How Much Can You Transfer Free of the Estate Tax?
How Much Can You Transfer Free of the Estate Tax? from Collins Law Group Leaving someone an inheritance is like giving a gift. Giving is generally considered to be a good deed. However, if you leave significant inheritances to your loved ones, there may be a price to pay. … [Read more...] about How Much Can You Transfer Free of the Estate Tax?
Is California Probate Always Required?
Is California Probate Always Required from Collins Law Group If you are in direct personal possession of property when you pass away, the property would become probate property. Learn more about California probate in this presentation. … [Read more...] about Is California Probate Always Required?
