Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are both benefits programs designed for the disabled. Both are managed by the Social Security Administration. However, eligibility requirements for these two programs are quite different. A significant difference between the two is that SSDI is only available to workers earning enough “work credits” with Social Security. While SSI disability benefits are available to low-income individuals regardless of … [Read more...] about What Are the Differences Between SSI and SSDI?
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 trust, the title … [Read more...] about Property Taxes and Living Trusts in California
Trusts are important estate planning tools that allow you to put money aside for any beneficiary you choose, while specifying how the property can be used. One common example is setting aside money in a trust for your children which they can only receive once they reach a certain age. You can also include requirements or limitations on how that money can be used by your children. A “trustee” is chosen to hold the property and be responsible for fulfilling the terms of the trust. What is a … [Read more...] about Types of Special Needs Trusts in Los Angeles
If your loved one is disabled or has special needs, a Special Needs Trust may be a valuable estate planning tool to consider. The purpose of a Special Needs Trust is to provide the resources to enhance the quality of their lives, after the death or incapacity of their caregiver. A General Support Special Needs Trust is usually considered the primary source of benefits for a disabled individual. Regrettably, assets included in this type of trust can potentially be used to disqualify the … [Read more...] about When Do I Need a Special Needs Trust?
A durable power of attorney is a very important estate planning tool. It allows someone you choose to handle some or all of your affairs, should you become unable to do so yourself. You, the person signing the legal instrument, is known as the “principal.” The person you authorize to act on your behalf is called the “agent” or the “attorney-in-fact.” A durable power of attorney is a specific type of power of attorney. Unlike a regular power of attorney, a “durable” power of attorney will … [Read more...] about Durable Power of Attorney in Los Angeles: What Are Its Advantages?
When a loved-one becomes unable to make sound decisions or manage their own affairs without help, it is time to look at the best way to provide that help. Both conservatorship and power of attorney are ways to do just that. But there are some very significant differences between the two which should be discussed with a California estate planning attorney before making a choice. What is a Conservatorship? A conservatorship is a legal relationship created through a formal court proceeding. The … [Read more...] about What is the difference between conservatorship and power of attorney?
Caring for someone with special needs is a full-time responsibility. But what happens if the caregiver dies or becomes incapacitated? Who will continue providing care for the person with special needs? Provisions can be made in your estate plan that address this unfortunate situation. One of the best ways to handle this situation is to create a Third Party Special Needs Trust. A special needs trust is useful, not only for ensuring future care of disabled loved ones, but also in making sure … [Read more...] about What is a Third Party Special Needs Trust?
You may not have thought about it, but many of us will take part in the probate process at some point. Each state has established its own laws regarding the process of probating an estate, which includes paying creditors and distributing property among heirs. The process can be complex and somewhat technical. There is a lot of paperwork to be completed and filed with the court within its strict deadlines. Indeed, the legal requirements must be followed to the letter. We are often asked, … [Read more...] about Does Your Firm Handle Probate of an Estate?
Medi-Cal is a health care assistance program developed by the federal government along with Medicare. Both programs were established by a 1965 amendment to the Social Security Act. The purpose of the Medi-Cal program is to extend healthcare services to U.S. citizens based on their income or financial need. Many clients ask: "Is Medi-Cal available in California? The answer is yes. Medi-Cal is run by state governments, and California's program is known as Medi-Cal. What is Medi-Cal? In … [Read more...] about Is Medi-Cal Available in California?
Looking to avoid the cost and time of probate? There are various ways to plan your estate in a way that can avoid the probate process. However, whether probate avoidance is necessary depends on many factors, such as: how much does probate cost? Whether probate is good or bad is highly subjective. In order to determine the benefit of probate avoidance, you should first understand exactly what is involved in the probate process and then compare that with your needs based on your unique … [Read more...] about How Much Does Probate Cost?