The realization that someone you love may be showing the early signs of dementia can be devastating. Not to mention the prospect of providing long-term care. Although planning ahead may be the best option, it is not always a real option, since not everyone knows of the potential need for long-term care early on. Nevertheless, covering the cost of long-term care can be overwhelming. While Medi-Cal may be an option it, like other need-based government assistance programs, has specific … [Read more...] about Planning for Medi-Cal with Early Signs of Dementia
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Diffusing Sibling Rivalry in Estate Planning
The ugly truth is, when parents pass away, siblings tend to fight over their inheritances for years. Just look at the family of Jimi Hendrix. The legendary guitarist passed away, without a will, in 1970, leaving his estimated $80 million estate to his father, Al Hendrix. When Al Hendrix died in 2002, the entire estate was left to his adopted stepdaughter, while Jimi Hendrix’s brother, Leon, was left with nothing. It is not a surprise that Leon Hendrix soon filed a lawsuit challenging the … [Read more...] about Diffusing Sibling Rivalry in Estate Planning
Sole Proprietors Need Business Estate Planning
Sole proprietors need business estate planning, possibly more than other business entities. Sole proprietors need more protection because their personal assets are not actually separate from the business. That means, where you pass away, your business cannot continue unless you have a business estate plan in place. Unless you provide a specific plan of action in place, your expectations for business succession may not be realized. Why a business estate plan is essential All businesses involve … [Read more...] about Sole Proprietors Need Business Estate Planning
Medically Needy May be Covered by Medi-Cal
Medi-Cal is a state-run program that is available for eligible children and adults with limited income. The eligibility requirements differ in each state, but generally, to be eligible, you must have a low income and limited assets. Aside from the income limitations, those who are blind, disabled, pregnant or over age 65, may also be eligible for Medi-Cal. Yet, there are some individuals who, even with income over the limit, may still be able to receive Medi-Cal benefits. In some situations, … [Read more...] about Medically Needy May be Covered by Medi-Cal
Pooled Trusts in Special Needs Planning
Individuals with disabilities often need a special needs trust in place to help provide for their care. Special needs trusts are so beneficial because they allow the disabled to maintain sufficient resources, while protecting their entitlement to government benefits. There are several ways to establish or fund a special needs trust. The trust can be created by family members, through the court, or through a non-profit organization. Using a pooled trusts in special needs planning is a great … [Read more...] about Pooled Trusts in Special Needs Planning
Who Should Have a Will?
The last will and testament is a very important part of an estate plan, and everyone should consider having one. Anyone who does not have a comprehensive estate plan, should at the very least, have a will. Yet, only 30% of Americans have an executed will. If you are wondering who should have a will, then at least you are considering planning for your future, and that is a good thing. Wills are for everyone – not just the rich If it matters who receives your money and property after you die, … [Read more...] about Who Should Have a Will?
Distinctions Among Animals in the Legal System
It is common knowledge for most that animals, whether pets or companion animals, are considered personal property under the laws in the United States. However, animals still have some legal protections, including welfare laws governing the care and treatment of animals. The types of protections that are afforded depend on the status of that particular animal under the law. For this reason, the distinctions among animals in the legal system are important. What is a "service animal?" In … [Read more...] about Distinctions Among Animals in the Legal System
How Do IRA Withdrawals Get Taxed?
Although Social Security should provide a portion of your retirement income, Social Security benefits alone will not guarantee a comfortable living for most individuals after retirement. So, obviously, retirement planning is critical if you want to enjoy your golden years. An IRA is one type of investment tool that can be used for retirement planning. However, most clients ask specifically how IRA withdrawals get taxed during retirement. Individual Retirement Accounts and how they work An … [Read more...] about How Do IRA Withdrawals Get Taxed?
LA Probate Law Talks about Durable Power of Attorney
LA Probate Law Talks about Durable Power of Attorney Many people wonder why they need a power of attorney (POA) as part of their estate plan, well the answer is typically because they’re not dead yet. Most Wills and Trusts are created to spring to life upon the death of an individual. What this means is that if for any reason due to failing mental health, Alzheimer’s, dementia, coma or any other reason somebody is not able to sign their name to a legal document or conduct their finances … [Read more...] about LA Probate Law Talks about Durable Power of Attorney
California Small Estate Affidavit by LA Probate Law
California Small Estate Affidavit by LA Probate Law Small Estate laws were enacted in order to enable heirs to obtain property of the deceased without probate, or with shortened probate proceedings, provided certain conditions are met. Small estates can be administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available. Small Estate procedures may generally be used regardless of … [Read more...] about California Small Estate Affidavit by LA Probate Law
