Far too many people go through life without any estate planning documents, because they think that they will always have time to do it later on. Sadly, in many cases, they never get around to it. Under these circumstances, surviving family members often pay the price.IntestacyIf you die without a will or a trust, the condition of intestacy would be the result. The probate court would preside over the estate administration process, and the proceedings would unfold in accordance with the laws … [Read more...] about What Happens If You Die Without a Will?
Many people contribute into individual retirement accounts with an eye on their golden years. This is a smart move, but if you are enjoying a good bit of financial success, you may never need to tap into the account.When you come to that realization, you can look at your account as part of your estate plan. With this in mind, we will explain the guidelines that are in place for IRA beneficiaries in this post.But first, let’s take a look at these accounts from an overview.Individual … [Read more...] about IRAs and Inheritance Planning
People sometimes hear bits and pieces about certain aspects of the estate planning process. They let this limited information guide their thinking, and this can lead to mistakes that negatively impact their loved ones.With this in mind, let’s look at some myths that circulate about trusts.A will is a better choice than a trust unless you are a multimillionaire.This may be the most commonly held misconception, and if you have been under this impression, you would do well to put it behind … [Read more...] about Don’t Buy Into These Myths About Trusts
What’s an “Assignment and Nominee” agreement and what does it do? Some attorneys use such an agreement as a belt and suspenders approach to funding.Read on to learn more. … [Read more...] about Assignment and Nominee
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky
When you plan your estate, you obviously have to record your wishes in writing with regard to the way you want your assets to be distributed. This will typically be done through the use of a simple will or a trust of some kind.This is at the core of the endeavor, but you should see a complete picture. There is a human element, because someone has to do what it takes to bring these wishes to fruition. If you use a will, that individual is the executor, and the trustee is the administrator of … [Read more...] about Share Information With Your Estate Administrator
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. For example, if you have a beneficiary with special needs, you must take special care.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 2
There is some confusion out there about the taxes that can come into play when assets are being transferred after someone dies. This is fully understandable, and we will provide some clarity in this post.Federal Estate TaxWe have a federal estate tax in the United States, and it is applied to the entire taxable portion of an estate before it is transferred to the heirs.If you have never thought about the subject, you may assume that everyone has to pay this tax. There are also those that … [Read more...] about Estate Tax vs. Inheritance Tax
Los Angeles elder law attorneys have in-depth knowledge of the machinations of the Medi-Cal program. This jointly administered federal/state government health insurance benefit is relevant because it will pay for long-term care.Medicare will not pay for a stay in a nursing home or any other type of custodial care. This gap is considerable, because nursing facilities and in-home caregivers are very expensive. The state places an estimate on the average annual cost for nursing home care at … [Read more...] about What Is Medi-Cal Estate Recovery?