Preparing for the unexpected is one of the main purposes of estate planning. If the time ever comes when you are unable to manage your property or assets yourself, a trust is a great way to prepare for the future management of your property, by someone you trust. Just as incapacity is not always permanent, the period that a trust is effective can also terminate. When does a revocable trust end? That depends on the terms of the trust and the circumstances. What is a … [Read more...] about When Does a Revocable Trust End?
BLOG
Conservatorship Process in California
There may come a time when you need to find a way to help a loved one manage their affairs. If your situation requires formal control and management of your loved one’s personal, medical and/or financial affairs, you need to consider a Conservatorship. In California, a conservatorship is similar to a guardianship, with the exception that it applies to adults who need support and protection. A conservator has a fiduciary duty to act solely on behalf of the conservatee, with regard to finances, … [Read more...] about Conservatorship Process in California
Intestate Succession in California
Intestate Succession in California from Scott Schomer Although a will is one of the most common estate planning tools, not everyone has when they die. Learn more about intestate succession in California in this presentation. … [Read more...] about Intestate Succession in California
Can Nursing Homes Take Your House?
A very common issue for many clients is protecting their homes, or the homes of their loved ones, after moving into a nursing home. The general belief is that, when you have to move into a nursing home, Medi-Cal will take your home from you. This blog will answer the question: can nursing homes take your house? Your home may not be counted as an asset Generally speaking, you are not required to sell your home in order to qualify for Medi-Cal to pay your nursing home expenses. In states that … [Read more...] about Can Nursing Homes Take Your House?
How Long Does It Take to Receive a Tax Clearance Letter?
An estate tax clearance letter is issued by the IRS after you file a federal estate tax return. This letter certifies that the IRS has accepted the estate tax return, and it is required before an estate can be closed. Many clients, especially those serving as executors of a loved-one’s estate, ask how long does it take for the IRS to issue an estate tax clearance letter. CLICK HERE to watch our YouTube video on this topic. Timeline for Obtaining an Estate Tax Closing … [Read more...] about How Long Does It Take to Receive a Tax Clearance Letter?
What Is Conservatorship in Los Angeles California?
At some point in your life, you may have to decide whether a loved one needs to have a conservator appointed to manage their personal affairs. When that time comes, it will be helpful to understand what a conservatorship in Los Angeles California entails. A conservatorship has to be established through a legal proceeding. The court must appoint someone to act as the decision maker for the person who needs protection (the “conservatee”). Once the court has determined that the person is indeed … [Read more...] about What Is Conservatorship in Los Angeles California?
Understanding the Process of Probate in Los Angeles
Probate is essentially the administration of your estate through the legal system after your death. The process provides for the transfer your estate in an organized and supervised manner. Contrary to what many people believe, the probate process applies regardless of whether you have a will or not. If you have a valid will, that document will determine how your estate is transferred during the probate process. Without a will, or if only a portion of your estate is addressed in your will, … [Read more...] about Understanding the Process of Probate in Los Angeles
Family-Owned Business Estate Planning in California
Family-Owned Business:Estate Planning in California from Scott Schomer There are a number of tools available to small and family-owned business owners to accomplish their estate planning goals. Learn more about family-owned business estate planning in California in this presentation. … [Read more...] about Family-Owned Business Estate Planning in California
What Is Joint Tenancy with Right of Survivorship in Los Angeles CA?
There are five forms of property ownership recognized in Los Angeles, California: sole ownership, three forms of co-ownership referred to as joint tenancy, tenancy in common, and tenancy by the entirety, and community property. Sole ownership, as the title indicates, means only one person owns all of the interest in the property. Each form of ownership has its own requirements, limitations, advantages and disadvantages. Understanding them up front will lessen the possibility of problems later … [Read more...] about What Is Joint Tenancy with Right of Survivorship in Los Angeles CA?
Medi-Cal Trust in Los Angeles: What Are Its Disadvantages?
A common fear for most Americans as they get older is being placed in a nursing home. Nursing homes can result in not only a loss of personal autonomy and privacy, but also an incredible financial burden. According to the Centers for Medicare and Medi-Cal Services, nearly 70% of all people over the age of 65 will need long-term care at some point. A survey conducted this year indicates that the average cost of nursing home care in California is approximately $83,950 annually. With these high … [Read more...] about Medi-Cal Trust in Los Angeles: What Are Its Disadvantages?
