Most people with disabilities in our state rely on Medi-Cal as a source of health insurance, and Supplemental Security Income (SSI) provides a modest stream of monthly cash. These are need-based programs, so you cannot qualify if you have more than $2000 in countable assets in your name. Since these folks are not in a position to work, they typically have sparse resources, so the limit is not a problem on the one hand. On the other, a parent or another family member may be willing to … [Read more...] about How Can a Special Needs Trust Trustee Spend the Money?
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“Last Will and Testament” Origin
Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” Read on to learn more. … [Read more...] about “Last Will and Testament” Origin
Using Disclaimers to Achieve Client Goals: Double Disclaimers
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. Sometimes a “double disclaimer” is necessary to achieve the desired outcome. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Client Goals: Double Disclaimers
Pandemic Relief for Employers
The pandemic has been difficult for many of us, including some Estate Planning attorneys. Sometimes it’s difficult to follow all the news. But, there’s little-known pandemic relief for employers struggling from the pandemic. Read on to learn more. … [Read more...] about Pandemic Relief for Employers
How to Dispose of “Stuff”
Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Read on to learn more. … [Read more...] about How to Dispose of “Stuff”
Using Disclaimers to Achieve Client Goals
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. This can be a great result for the client in the right circumstances. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Client Goals
Should a Married Couple Use a Shared Living Trust?
When you are planning your estate as a married person, you and your spouse have to make some decisions. Do you want to create separate estate plans, or would you prefer to develop a shared arrangement? Regardless of the choice that you make in this regard, you have to decide on an asset transfer vehicle. There are joint wills, but they are very rarely used, because there are some significant drawbacks. The negatives stem from the fact that the terms of the will cannot be changed and the … [Read more...] about Should a Married Couple Use a Shared Living Trust?
Medi-Cal Planning Can Preserve Your Legacy
It is natural to assume that our system is designed to help people address the eventualities that they face when they get older. We have Medicare as a source of health insurance for individuals that are 65 and older, and Social Security provides income for most older Americans. In reality, there is one gaping hole in the system that you should be aware of when you are looking toward the future. Long-Term Care Once you reach the age of 67, your life expectancy is 85 years if you are man, and … [Read more...] about Medi-Cal Planning Can Preserve Your Legacy
What Is a Life Estate?
There are different ways to facilitate the asset transfers that will take place after you are gone. It is wise to explore your options so you can make fully informed decisions, and with this in mind, we will explain life estates in this post. Real Property Transfers You can use a life estate to arrange for the transfer of real property to someone after you pass away. If you take this action, you would be known as the “life tenant,” and the individual that will be inheriting the property is … [Read more...] about What Is a Life Estate?
Five Reasons to Put an Estate Plan in Place
A lot of people think that estate planning is not really important because it is a simple matter of drawing up a will to express your inheritance decisions. You can look at it this way, but in fact, there are some good reasons why you should put some thought into your estate plan. Prevent a Web of Confusion If you were to pass away without an estate plan, your loved ones would be forced to deal with the emotional loss. To compound the situation, they would face logistic challenges with regard … [Read more...] about Five Reasons to Put an Estate Plan in Place
