Gay couples who are unmarried, but in a long-term relationship, may want to consider a plan for the unfortunate possibility that the relationship may end at some point. Just like with marriages, separation can be stressful. Written property agreements can eliminate the potential for a lengthy, and potentially expensive, fight if they ever separate. The substance of a property agreement Like other types of contracts, a property agreement is easily customizable. As such, each couple can … [Read more...] about Written Property Agreements for Unmarried Gay Couples
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How Does the Medi-Cal Spend Down Process Work?
Low-income individuals may be eligible for healthcare assistance, through Medi-Cal, if they are “medically needy.” That means the individual’s resources must not exceed the maximum resource amount allowed in their state. If, by chance, that individual’s income exceeds that amount, they may still be eligible, through Medi-Cal spend down rules. If you are able to “spend down,” or deduct your medical expenses from your income, you may be eligible for Medi-Cal. So, how does the Medi-Cal spend … [Read more...] about How Does the Medi-Cal Spend Down Process Work?
Disaster Plan for Pets
Some of us, depending on which region of the country you reside, are already used to the occasional severe weather. Even if that is not the case, weather extremes have been an issue in nearly every corner of our country the last few years. Whenever severe weather blows through, pet owners are often faced with the burden of finding a safe place for their pets. Unfortunately, not all temporary shelters allow pets. Having a disaster plan for pets in place is important for you and your … [Read more...] about Disaster Plan for Pets
When it is Time to Access Your IRA
You have been faithfully contributing to your Individual Retirement Account over the years, and now you are wondering if you can access those funds without penalty. When it is time to access your IRA, there are a few limitations and exceptions that you should be familiar with. While you can technically withdraw money from your IRA at any time, if you want to do so without penalty, it depends on your age and the purpose of your withdrawal. Early withdrawal penalties for IRAs The early … [Read more...] about When it is Time to Access Your IRA
Same Sex Couples and Medical Decisions
One of the privileges most taken for granted by married couples is the ability to visit their spouses in the hospital and to make medical decisions on their behalf, when they cannot do so for themselves. Luckily, with the new Supreme Court decision making same sex marriages legal in all states, same sex spouses can now enjoy these privileges. But for those that are not legally married, the issue of same sex couples and medical decisions can still be a concern. The reality is, if you want your … [Read more...] about Same Sex Couples and Medical Decisions
How to Convert to a Roth IRA
If you have a traditional IRA or employer-sponsored retirement plan, you have the option of converting those retirement accounts to a Roth IRA. In fact, making the conversion is very easy, especially if you understand how to convert to a Roth IRA. You can choose to transfer some or all of your existing retirement account balance to your new Roth IRA, regardless of income. Why convert? Converting to a Roth IRA can be an attractive option, especially if you expect your tax rate to increase in … [Read more...] about How to Convert to a Roth IRA
The Impact of the Deficit Reduction Act on Medi-Cal
The Deficit Reduction Act was signed into law by President Bush, in 2006, for the purpose of generating net reductions of $4.8 billion through 2010, and an additional $26.1 billion through year 2020 from Medi-Cal. As Medi-Cal provides health care coverage and long-term care assistance to more than 39 million members of low-income families and 12 million elderly and disabled individuals, the impact of the Deficit Reduction Act on Medi-Cal is unavoidable. The purpose of the Deficit Reduction … [Read more...] about The Impact of the Deficit Reduction Act on Medi-Cal
How to Save on Taxes When Choosing Your Business Entity
Choosing a business entity can seem like a daunting task. But when you are familiar with your options, and the benefits of each type of business, the choice is easier to make. For example, different business formations come with different tax consequences, both good and bad. The basic business entities include sole proprietorships, partnerships, limited liability companies and corporations. If you know how to save on taxes when choosing your business entity, you will be well on your way to … [Read more...] about How to Save on Taxes When Choosing Your Business Entity
Do I Need Health Insurance if I Have Medicare or Medi-Cal?
With the passing of the Affordable Care Act, Americans were required to purchase some form of health insurance, or face a tax penalty. Options for health insurance were made available through each state’s online marketplace. However, the question often arises, “do I need health insurance if I have Medicare or Medi-Cal?” What is the Affordable Care Act? The official name for the health care act is the Patient Protection and Affordable Care Act (PPACA), or Affordable Care Act (ACA) for short. … [Read more...] about Do I Need Health Insurance if I Have Medicare or Medi-Cal?
A Living Trust: The Good and the Bad
Considering the time and expense the probate process, many people choose to include a living trust in their estate planning, as opposed to simply relying upon a will. However, before making the decision to include a living trust in your estate plan, it is important to be familiar with the advantages and disadvantages of a living trust. There are other options available. What is a living trust? A trust is basically a fiduciary arrangement that allows a third party, referred to as the “trustee,” … [Read more...] about A Living Trust: The Good and the Bad
