One of the worst mistakes you can make when it comes to planning for the future is overlooking the potential need for Medi-Cal planning. What typically happens is that young, healthy clients assume that planning for long-term care in the future is unnecessary. While being healthy in your senior years is fantastic, that does not preclude you from needing health care assistance later on. Let our Orange County Medi-Cal planning attorneys help you plan. Plan for the Unexpected You may not have … [Read more...] about I’m Young and Healthy. Why do I Need Medi-Cal Planning?
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Why Would You Put Your House in a Trust?
One important question we have been asked by clients is why they would ever need to transfer their residence into a trust? One of the most common reasons is to protect your home from estate recovery by Medi-Cal. If there is a Medicaid lien against your estate at the time of your death, then your heirs will lose your house. However, if you understand how to protect your home from estate recovery through appropriate Medi-Cal planning, you could avoid this unfortunate consequence. This article will … [Read more...] about Why Would You Put Your House in a Trust?
What is a Revocable Living Trust?
A revocable living trust is a favorite among clients when it comes to probate avoidance. Most clients are seeking ways to avoid the lengthy and expensive court proceeding. In the absence of a trust or some other estate planning tool, estates are required to go through probate. However, before you choose a living trust for your estate plan, you should be familiar with the advantages and disadvantages of this popular estate planning tool. What is a Living Trust? A “living trust” is a trust … [Read more...] about What is a Revocable Living Trust?
Los Angeles Medi-Cal Planning for Future Hospice Care
There may come a time for every family when a loved one might benefit from hospice care and a decision must be made how to pay for that. The purpose of hospice care is to provide care, instead of a cure, for medical ailments. This includes providing end-of-life care, typically at the patient's home as opposed to a hospital or long-term care nursing facility. In many cases, it will be the patient's friends and family who will serve as the primary caregivers and decision makers regarding the … [Read more...] about Los Angeles Medi-Cal Planning for Future Hospice Care
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it. State Income Taxation … [Read more...] about State Income Taxation
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more. State Income Taxation of Nongrantor Trusts … [Read more...] about State Income Taxation of Nongrantor Trusts
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposals … [Read more...] about New Tax Proposals
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?
What Can a Los Angeles Probate Attorney Do For You?
A Los Angeles probate attorney can provide valuable assistance to a Personal Representative through the entire probate process from beginning to end. A Los Angeles probate attorney can be a vital resource since the laws in each state are different when it comes to probate proceedings and the requirements imposed by the probate court. Indeed, the first piece of advice for a personal representative is “hire an attorney.” What estate administration involves When someone passes away, the … [Read more...] about What Can a Los Angeles Probate Attorney Do For You?
