When you are thinking about the trajectory of your financial situation as you enter your senior years, you can start to get a feel for the nature of your legacy. It is wise to see the complete picture so that you can take the right steps to provide for your loved ones in the optimal manner.People typically take retirement planning seriously, in anticipation of the golden years that will be full of travel, leisure time, and bucket list erasures. Unfortunately, many of the same individuals do … [Read more...] about Medi-Cal Can Preserve Your Legacy
Before we answer the question that serves as the title of this blog post, we should explain some things about trusts in general and why you may want to use one. A lot of people assume that a last will is the estate planning document that should be utilized if you are not a multimillionaire. In reality, this is a commonly held misconception.It can seem as though a last will is a very simple document that would facilitate efficient transfers to the heirs, but this is not the case. With regard … [Read more...] about How Is a Trust Administered?
Studies that are conducted consistently produce disappointing results when it comes to estate planning preparedness. A solid majority of American adults have no estate planning documents in place, and this lack of planning is not confined to the younger age groups.Why do so many people fail to prepare for an event with financial ramifications that will happen to everyone? There is no one answer, but there are multiple emotional barriers that often keep people frozen with inaction.Stigma … [Read more...] about Emotional Barriers Can Cause Estate Planning Inaction
Estate planning is often thought of as a purely financial exercise, and of course, you do have to facilitate asset transfers to your loved ones. At the same time, it is important to prepare for the eventualities that you may face toward the end of your life.In this post, we will look at two essential advance directives for health care that should be part of your estate plan.Life Support PreferencesIf you are in a terminal condition late in your life with no hope of recovery, there may be … [Read more...] about Include Advance Directives in Your Estate Plan
Estate planning can seem like it is all about the decisions that you make with regard to the way that you distribute your assets. This is definitely the core of the exercise, but in order for everything to go smoothly, you should consider the other half of the equation.How will the people that you include in your plan feel about the decisions that you made? Even more profoundly, what about individuals that were left out? In this post, we will look at some details about estate … [Read more...] about How Can an Estate Be Challenged?
When you are thinking about estate planning, you may solely focus on your decisions about final gifts. This is a reasonable way to look at it, but you should also consider the impact that an inheritance will have on each person that is on your list.The right way to transfer assets to one person may not be appropriate for the next. This is something you should discuss with an estate planning attorney before you make any final determinations.People With DisabilitiesIf you would like to use … [Read more...] about Consider the Impact of an Inheritance
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread.Read on to learn more. … [Read more...] about Preparing for Coronavirus
There are quite a few different acronyms used in the field of estate planning to shorten certain wordy terms. We are unraveling them one by one for our readers, and we explained the QDOT the last time around.In this post, we will dissect the QPRT, which is an acronym that stands for a qualified personal residence trust. To understand why you may want to consider the utilization of this estate planning device, you have to absorb some information about taxation.Federal Estate Tax and Gift … [Read more...] about What Is a QPRT?
As a firm that specializes in elder law and estate planning matters, we provide comprehensive assistance to people that are looking ahead toward the eventualities of aging. At the same time, we also work with families in a holistic manner, because in many instances, there will be cooperation between generations.This becomes especially relevant when seniors are starting to become unable to handle all their own day-to-day needs.There are some statistics that you should digest if you have … [Read more...] about Medi-Cal Waiver Can Provide Relief for Caregivers
Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers