As you go through life, you pay taxes at every turn. There are income taxes on the federal level, and if you live in California where we practice law, you have to contend with a state-level income tax. Property taxes, capital gains taxes, and sales tax will enter the picture as well, and there are other taxes that fly under the radar, like gasoline and hotel taxes.Since you are required to hand over all these different slices of your personal pie, it would seem as though your death should … [Read more...] about Gift Tax Closes Window of Opportunity
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world.The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
As elder law attorneys, we are highly sensitive to all circumstances that impact senior citizens. One of them is the looming threat of Alzheimer’s disease.Everyone has heard of this horribly debilitating disease, but most people do not understand how widespread it has become. We will provide all of the important details in this post, and we will also explain how it can impact you from a planning perspective.Aging StatisticsCensuses are taken every 10 years. A new one has been rolled out … [Read more...] about Acknowledge the Potential Impact of Alzheimer’s Disease
Far too many are completely unprepared from an estate planning perspective, and there are many reasons for this phenomenon. One of them is confusion-based procrastination. There are those that know that they should put an estate plan in place, but they simply do not know where to begin.Let’s look at the basic core components that should be included in any well-constructed estate plan.Asset Transfer VehicleThe first step is to decide on the optimal asset transfer vehicle. A lot of folks … [Read more...] about Estate Planning: Where Do You Begin?
When you think about estate planning, it can seem like the entire endeavor revolves around stating your wishes about the way that you want your assets to be distributed. This is certainly at the core, but you should also consider the administration process that will be initiated after your passing.Yes, you want to get assets into the hands of your loved ones in accordance with your wishes. At the same time, the way that this is done can vary depending on the choices that you make during the … [Read more...] about Simplify the Estate Administration Process
People often harbor misconceptions about trusts. The first one is the idea that they are only useful for very wealthy individuals. This is true, but you have to take out the word “only.”There are a number of different trusts that can be utilized, and they serve varying purposes. Generally speaking, they are broken down into two broad categories: revocable and irrevocable trusts. Let’s look at the differences and why someone may want to use either type of trust.Irrevocable TrustsAs the … [Read more...] about Why Would You Use an Irrevocable Trust?
When a will is used to as a postmortem asset transfer vehicle, the executor that is named in the document would act as the administrator. This individual or entity cannot act in a vacuum. The will would be admitted to probate, and the court would provide supervision during this legal process.In California, there is are a couple of caveats to the above statement. Smaller estates that are valued at $166,250 or less can be administered through the utilization of a small estate affidavit or a … [Read more...] about Why Do People Avoid Probate?
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,” that could lead to a period of disqualification from the program. Read on to learn more.Uncompensated Transfers … [Read more...] about Uncompensated Transfers
Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read on to learn more.Irrevocable Medicaid Trusts … [Read more...] about Irrevocable Medicaid Trusts
The coronavirus has caused upheaval in society and the economy. But, this unique time also opens up opportunities in estate planning. Read on to learn more.Low-Interest Loans: An Estate Planning Technique … [Read more...] about Low-Interest Loans: An Estate Planning Technique