Many people are surprised to hear that Medicare does not pay for a stay in a nursing home or assisted living facility, and it does not cover professional in-home care. Medi-Cal will pick up the tab, but since it is a need-based program, it takes careful planning to obtain eligibility.Medi-Cal Asset LimitsThe Medi-Cal limit on countable assets is $2000, and that can sound like an absolute dealbreaker, but some things that you own do not count. Your home is not a countable asset, and there is … [Read more...] about Overview of Medi-Cal Healthy Spouse Allowances
Far too many people procrastinate when it comes to estate planning because they think that it can be quickly taken care of in the future. This mentality has always existed, but it has become more widespread now that you can buy boilerplate legal documents on the Internet.The idea is that you simply download a will worksheet, you fill in the blanks, and the matter is closed. After that, everything will take care of itself.In reality, this is a very shortsighted approach, and it can yield … [Read more...] about Do You Need a Lawyer to Plan Your Estate?
The revocable living trust is a very versatile and effective estate planning tool. One of the major advantages is the fact that asset transfers that are facilitated through the terms of a living trust are not subject to probate.This is a court proceeding that would enter the picture if you express your final wishes in a simple will. Inheritances are not distributed while the estate is being probated by the court, and it will take close to a year in most cases.Another drawback is the fact … [Read more...] about Is a Shared Living Trust Right for You?
Some people are very meticulous about the way they go about things, because they want the outcome to be perfect. This can apply to different aspects of life, and financial decision-making would be a good example.A lot of folks that always cross all their t’s and dot their i’s do not pay the same attention to detail when they are considering the estate planning process. This is a mistake, because there are focused approaches that can be taken.The right way to provide for one loved one may … [Read more...] about Inheritance Planning Can Be Laser Focused
Far too many people go through life without any estate planning documents, because they think that they will always have time to do it later on. Sadly, in many cases, they never get around to it. Under these circumstances, surviving family members often pay the price.IntestacyIf you die without a will or a trust, the condition of intestacy would be the result. The probate court would preside over the estate administration process, and the proceedings would unfold in accordance with the laws … [Read more...] about What Happens If You Die Without a Will?
Many people contribute into individual retirement accounts with an eye on their golden years. This is a smart move, but if you are enjoying a good bit of financial success, you may never need to tap into the account.When you come to that realization, you can look at your account as part of your estate plan. With this in mind, we will explain the guidelines that are in place for IRA beneficiaries in this post.But first, let’s take a look at these accounts from an overview.Individual … [Read more...] about IRAs and Inheritance Planning
People sometimes hear bits and pieces about certain aspects of the estate planning process. They let this limited information guide their thinking, and this can lead to mistakes that negatively impact their loved ones.With this in mind, let’s look at some myths that circulate about trusts.A will is a better choice than a trust unless you are a multimillionaire.This may be the most commonly held misconception, and if you have been under this impression, you would do well to put it behind … [Read more...] about Don’t Buy Into These Myths About Trusts
What’s an “Assignment and Nominee” agreement and what does it do? Some attorneys use such an agreement as a belt and suspenders approach to funding.Read on to learn more. … [Read more...] about Assignment and Nominee
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky
When you plan your estate, you obviously have to record your wishes in writing with regard to the way you want your assets to be distributed. This will typically be done through the use of a simple will or a trust of some kind.This is at the core of the endeavor, but you should see a complete picture. There is a human element, because someone has to do what it takes to bring these wishes to fruition. If you use a will, that individual is the executor, and the trustee is the administrator of … [Read more...] about Share Information With Your Estate Administrator