One of the most common concerns in estate planning is estate taxes. In fact, one of the basic goals of estate planning is either decreasing estate taxes or eliminating them altogether. With the current federal estate tax rate at 40%, it is easy to see how taxes could potentially reduce the value of your estate to a large extent. Estate taxes must be paid from any gross estate exceeding $5.45 million. Many, if not most estates, are not required to pay estate taxes because of Estate Tax … [Read more...] about Three Ways to Avoid Federal Estate Tax
BLOG
Four Ways to Avoid the California Probate Process
While most clients request the type of estate plan that will help them avoid the lengthy probate process, not everyone really understands what that means. It does not mean avoiding estate taxes. Another misconception is that only individuals who die without a will must go through the probate process. If you want to avoid the California probate process, here are four ways to do so. What is probate and why is it necessary? A simple way to look at it is that probate is the process required when … [Read more...] about Four Ways to Avoid the California Probate Process
The California Conservatorship Jurisdiction Act
The fact that we live in a highly mobile society can make some legal issues more complicated to resolve. Dealing with the conservatorship of someone in another state is only one example. A senior may have more than one residence in different states, or may live with different family members in various states at different times each year. A conservatorship might be established in California, then the conservatee may move to another state with their child. While that may not typically cause … [Read more...] about The California Conservatorship Jurisdiction Act
4 Types of Wills and what they Should Include [UPDATED 2020]
All wills are required to meet certain standards in order to be considered valid in a court of law. The person making the will, or the testator, must be at least 18 years of age and of "sound mind." That basically means they must have the legal capacity to create a will. The testator needs to select an executor to manage the will, explain how the property should be distributed after death, and sign and date the will in the presence of the required number of witnesses. There are several … [Read more...] about 4 Types of Wills and what they Should Include [UPDATED 2020]
Free Report: California Medi-cal Spend Down
The purpose of Medi-Cal is to provide medical care assistance to low income individuals and families. Medi-Cal is funded and operated on both the state and. federal levels. Understand that Medi-Cal is not the same as Medicare, which is a federal health insurance program for the disabled and individuals age 65 and older. With Medi-Cal, the physicians, hospitals and other medical care providers, who are enrolled in the Medi-Cal program, are paid on your behalf. Topics covered in this report … [Read more...] about Free Report: California Medi-cal Spend Down
The Differences between Medi-Cal and Medicare.
Medi-Cal and Medicare are both programs established by the federal government to provide medical and health-related services to United States citizens. Both programs were created by a 1965 amendment to the Social Security Act and are managed by the Centers for Medicare and Medi-Cal Services. What is Medi-Cal? Medi-Cal is a healthcare assistance program that benefits low-income individuals. Federal, state and local tax funds are used to assist individuals who are eligible with paying for … [Read more...] about The Differences between Medi-Cal and Medicare.
What Is the Uniform Probate Code?
Estate planning is based on legal principles that are followed by all estate planning attorneys. While each state has its own probate code, or set of laws, the Uniform Probate Code was drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL). This set of laws governs inheritance and estate laws in the United States. The original purpose of the Uniform Probate Code was to simplify the process of probating an estate and to make laws governing wills, trusts, and estates … [Read more...] about What Is the Uniform Probate Code?
What are the Disadvantages of a Power of Attorney?
A power of attorney is a legal document that gives someone else the authority to act on their behalf. In California, the person creating the power of attorney is known as the “principle,” and that person chooses an “attorney-in-fact” to act as their agent. A power of attorney is most commonly used for handling financial and/or medical decisions. With all of its advantages, careful consideration should be given to creating a power of attorney. Since your attorney-in-fact will be ultimately … [Read more...] about What are the Disadvantages of a Power of Attorney?
What is an Executor?
Regardless of whether you have a will, your estate must be administered. The person who is responsible for supervising the administration of your estate is known as the executor. Each state has its own requirements and qualifications for an executor. In most states, minors, convicted felons and non- U.S. citizens are disqualified. What is an Executor required to do? There are general duties that nearly every executor is required to perform. However, the full extent of an executor’s duties … [Read more...] about What is an Executor?
Can I give away my assets in order to be eligible for Medi-Cal?
Actually, there are laws in place that not only discourage, but penalize individuals for giving away property just before applying for Medi-Cal. If you transfer your assets within five years of applying for Medi-Cal benefits, Medi-Cal could withhold or delay your benefits. Federal law requires state Medi-Cal agencies to investigate transfers and gifts made by applicants during the five year look-back period. So, any transfer that you make, no matter how innocent, will come under scrutiny. … [Read more...] about Can I give away my assets in order to be eligible for Medi-Cal?
