Medi-Cal is a “payer of last resort” which means that all other sources of payment for an applicant’s medical care, must be exhausted before Medi-Cal will begin to pay for long-term care expenses. If you give away any of your property or assets shortly before applying, you may be ineligible for long-term care benefits for a five-year period after your application is accepted. In determining whether this penalty period applies to you, the Medicaid agency will scrutinize any transfers you made … [Read more...] about Los Angeles Medi-Cal Planning and the Child Caretaker Exception
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How to Preserve Your Legacy With Estate Planning
Despite the obvious benefits, many of the wealthiest families have not taken adequate steps to protect their estates and ensure that their wealth is passed down from one generation to the next. Even families of modest wealth can reap amazing benefits from appropriate estate planning. If you are concerned with how to preserve your legacy for generations to come, let our estate planning attorneys help you to prepare now. Understanding How to Preserve Your Legacy Proper planning can certainly … [Read more...] about How to Preserve Your Legacy With Estate Planning
How Pet Trusts Can Protect Your Family Friend
Long Beach residents may be saddened to hear about the abuse and neglect of animals, but according to a recent article, a terrier-poodle mix named Chloe was found beaten and tied up in a trash bag, discarded in a dumpster in Long Beach. When she was rescued, she underwent a successful surgery to realign her fractured femur and implant a titanium plate to support her leg during recovery. Long Beach Animal Emergency officials stated that she will probably need two additional months of physical … [Read more...] about How Pet Trusts Can Protect Your Family Friend
Can Any Trust Beneficiary Challenge a Trust in Los Angeles Probate Court?
Trust disputes, like will contests, are very common in probate court. Family members often disagree with how a loved one’s estate is distributed which leads to litigation in Los Angeles probate court. Two of the most common issues that drive families to Los Angeles Probate Court to settle their disputes are suspicion of fraudulent inducement or lack of mental capacity in executing an estate planning document. A recent case decided in California addresses whether a trust beneficiary had standing … [Read more...] about Can Any Trust Beneficiary Challenge a Trust in Los Angeles Probate Court?
Proposed Regulations Address “Clawback” Issue
The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more. Proposed Regulations Address … [Read more...] about Proposed Regulations Address “Clawback” Issue
Being Thankful and Sharing Your Blessings
Thanksgiving is a time for sharing. This article examines ways for giving effectively, both to loved ones or to charity. It examines the use of 529 plans and ABLE accounts for loved ones. It examines gifting of appreciated assets to charity and bunching charitable deductions for the most bang for the buck. Read on to learn more. Being Thankful and Sharing Your Blessings … [Read more...] about Being Thankful and Sharing Your Blessings
QDRO: Not Just for Divorce Anymore
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...] about QDRO: Not Just for Divorce Anymore
What is the Maximum VA Aid and Attendance Benefits Amount?
Aid and Attendance is a benefit that veterans and their spouses can receive from the Veterans Affairs and can be awarded in addition to the basic pension that veterans receive. However, you must first be eligible for that basic pension. VA aid and attendance benefits are available for qualified individuals who need financial assistance to pay for in-home care, assisted living facility costs, or nursing home expenses. This article will provide you with some basic information about VA aid and … [Read more...] about What is the Maximum VA Aid and Attendance Benefits Amount?
Giving Back
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...] about Giving Back
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...] about How Are Trusts Taxed?
