A very common issue for many clients is protecting their homes, or the homes of their loved ones, after moving into a nursing home. The general belief is that, when you have to move into a nursing home, Medi-Cal will take your home from you. This blog will answer the question: can nursing homes take your house? Your home may not be counted as an asset Generally speaking, you are not required to sell your home in order to qualify for Medi-Cal to pay your nursing home expenses. In states that … [Read more...] about Can Nursing Homes Take Your House?
Estate Planning
What Is Joint Tenancy with Right of Survivorship in Los Angeles CA?
There are five forms of property ownership recognized in Los Angeles, California: sole ownership, three forms of co-ownership referred to as joint tenancy, tenancy in common, and tenancy by the entirety, and community property. Sole ownership, as the title indicates, means only one person owns all of the interest in the property. Each form of ownership has its own requirements, limitations, advantages and disadvantages. Understanding them up front will lessen the possibility of problems later … [Read more...] about What Is Joint Tenancy with Right of Survivorship in Los Angeles CA?
Property Taxes and Living Trusts in California
Estate planning attorneys are often asked what happens to property taxes for real property when that property is transferred to a living trust. The purpose of a living trust is to provide a way for planning the management of your property if you become unable to do so yourself, due to incapacity. A living trust can also allow you to determine how your property should be distributed upon your death, similar to a will. In many cases, when real property is transferred into a … [Read more...] about Property Taxes and Living Trusts in California
Is Everyone Required to Honor a Power of Attorney?
You may assume that everyone one is automatically required to comply with a power of attorney that has been properly executed. The authority of the agent is not to be questioned. However, this is not necessarily true. A power of attorney can, and often is, questioned by banks and other financial institutions, for example. Business can demand additional proof that the power of attorney document is valid. Some may even reject the document altogether if too much time has passed since it was … [Read more...] about Is Everyone Required to Honor a Power of Attorney?
Leaving Your Estate to Your Spouse Tax Free
One of the most common concerns in estate planning is tax avoidance. One of the primary goals for estate plans should be decreasing or eliminating taxes, whenever possible. With the current federal estate tax rate at 40%, it is easy to see how taxes can substantially reduce your wealth. Luckily, there are easy ways to leave your estate to your spouse tax free. The Marital Deduction is Unlimited Estate taxes apply to any asset transfers you might make to your closest relatives, with a few … [Read more...] about Leaving Your Estate to Your Spouse Tax Free
When is a Power of Attorney Effective
A power of attorney is one of the most common estate planning tools used today. It is a flexible legal instrument that can be customized to fit every client’s unique needs. This customization includes the ability to create either a general or specific power of attorney, depending on the purpose of the instrument. Two equally common specific powers of attorney are for finances and healthcare. When is a power of attorney effective? That will depend on the purpose of the document and the … [Read more...] about When is a Power of Attorney Effective
Legacy Wealth Planning in California: Protecting Your Family’s Future
Legacy Wealth Planning: Protecting Your Family's Future from Scott Schomer Legacy wealth planning is a way to help preserve your financial wealth using such estate planning tools as Wills, Power of Attorney, Living Trusts, Living Wills and many othe instruments. Learn more about legacy wealth planning in California in this presentation. … [Read more...] about Legacy Wealth Planning in California: Protecting Your Family’s Future
Free Report: Power of Attorney in California
A power of attorney in California is one of those crucial estate planning tools that is used to accomplish a great many goals. Topics covered in this report include: What is a Power of Attorney? How is a Special Power of Attorney Different from a General Power of Attorney? Durable Power of Attorney Benefits of Having a Power of Attorney How is a Power of Attorney Terminated? Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Power of Attorney in California
What Is Estate Planning?
Estate planning involves preparing yourself and your family for the possibility of incapacity and the inevitability of death. Different estate planning tools can be used to create a plan depending on which type of plan you need. You can certainly prepare for both by creating a comprehensive plan. Planning for the future is very important. For one thing, planning ahead will allow you to ensure that your property is inherited by the people you choose, while reducing the amount of estate taxes … [Read more...] about What Is Estate Planning?
Can I Create a Joint Tenancy With My Child in Los Angeles?
Some people, in an effort to avoid probate, choose to add their children to the title of their property, such as real estate or vehicles. This can work in some situations, but depending on the circumstances, it may cause more problems than its worth. Understanding the different types of property ownership, as well as the consequences, will allow you to make a better decision about which type of ownership will accomplish your goals in estate planning. Types of Ownership in Real Estate The term … [Read more...] about Can I Create a Joint Tenancy With My Child in Los Angeles?
