The process of estate planning is something that is relevant to all responsible adults. It should not be looked upon as something that is only important for senior citizens. If you die without a will or a trust, you would die intestate, and the state would take over under these circumstances. Property that was in your direct and sole personal possession at the time of your passing would become probate property, and after debts were paid, it would be distributed under the intestate succession … [Read more...] about How Is My Property Transferred If I Die Intestate?
Blog
How Can I Leave My Estate to My Spouse Tax-Free?
When you hear about the federal estate tax, you may assume that every estate is exposed. Fortunately, this is not the case. First of all, you should understand the fact that there is an unlimited marital estate tax deduction. You can leave unlimited assets to your spouse without incurring any estate tax liability, assuming your spouse is an American citizen. This citizenship requirement underscores the reason why you still need an estate plan that provides estate tax efficiency, even if you are … [Read more...] about How Can I Leave My Estate to My Spouse Tax-Free?
Free Report: What Is California Medi-cal
Medicaid is a need-based health insurance program that is offered across the country. We practice law in California, and in our state, the program is called Medi-Cal. The majority of seniors will qualify for Medicare coverage. This is another government health insurance program. It is not a need-based program, so you can qualify even if you have assets. Topics covered in this report include: Limitations of Medicare Paying for Long-Term Care Click here to read the whole article or … [Read more...] about Free Report: What Is California Medi-cal
Free Report: What Is California Estate Planning
Many people immediately think about last wills when the subject of estate planning comes up. Indeed, you can use a last will to state your wishes regarding the distribution of your assets after you pass away. However, you have other options, and a last will is not always the best choice. Even if you do not have a complicated situation, you should understand the fact that your estate must go through probate if you use a last will. Topics covered in this report include: Last Wills … [Read more...] about Free Report: What Is California Estate Planning
What Is an Executor in California?
Estate administration is something that you should be informed about when you are putting your estate plan together. There are various business-related tasks that must be completed after you die to make your wishes come to fruition. If you use a last will to facilitate asset distributions after your passing, the estate administrator would be called the executor. We will use the term executor here for the sake of simplicity, but in some cases, a female estate administrator will be referred to as … [Read more...] about What Is an Executor in California?
When Does a Power of Attorney Become Effective?
Incapacity planning is an important facet to consider when you are devising your estate plan. Many people become incapable of making sound decisions on their own at some point in time, and you can account for this through the creation of a certain type of power of attorney. Durable Powers of Attorney With a power of attorney, you as the grantor name an agent or attorney-in-fact. This agent does not have to be a licensed lawyer; any adult who is of sound mind who is willing to assume the role … [Read more...] about When Does a Power of Attorney Become Effective?
Does a Revocable Living Trust Provide Asset Protection?
Some people are under the impression that trusts are only useful for high net worth families. It is true that there are trusts that are used by people who are wealthy, but there are other types of trusts that can benefit "the rest of us." One of them is the revocable living trust. A revocable living trust is a vehicle of asset transfer that provides a great deal of flexibility. When you look at the name of the trust, you get some immediate insight: You can revoke this type of trust at any time. … [Read more...] about Does a Revocable Living Trust Provide Asset Protection?
What Steps Can I Take to Preserve My Legacy?
You can view estate planning in one of two ways. It can be perceived as a very basic effort to facilitate asset transfers after you die, but you could choose to take a more comprehensive approach and engage in the process of legacy planning. This is a very profound endeavor. When you craft your legacy, you proactively make an effort to have an impact even after you are gone. This can be personally rewarding, and it can certainly be of tremendous value to the loved ones that you will be leaving … [Read more...] about What Steps Can I Take to Preserve My Legacy?
Are There Different Types of Special Needs Trusts
Special needs trusts can be used to provide for people with disabilities who are concerned about the preservation of government benefits. Many people who have special needs are unable to work, so they have very limited resources. As a result, they qualify for Medi-Cal as a source of health insurance, and they receive income through the Supplemental Security Income program. There are essentially two different types of special needs trusts that are utilized. The major difference between them is … [Read more...] about Are There Different Types of Special Needs Trusts
Do You Have to Impoverish Yourself to Qualify for Medi-Cal?
Why would you want to qualify for Medi-Cal if you are going to be eligible for Medicare coverage when you reach the age of 65? This is a very good question, and you should certainly be aware of the answer when you are creating a plan for long-term care. Living Assistance The United States Department of Health and Human Services tells us that most senior citizens will someday need living assistance. This is a likelihood, not a remote possibility. In fact, the figure stands at 70 … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Medi-Cal?
