Roth IRAs can be a great planning strategy. They can save taxes and help in many ways. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics
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Trust Distribution Standards May Be Very Broad
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more. … [Read more...] about Trust Distribution Standards May Be Very Broad
Soaring L.A. Real Estate Values Can Lead to Estate Tax Liability
It’s no secret that the value of real estate in Southern California is through the roof. This trend has been ongoing for some time, and in April, prices went up by over 20 percent year-over-year according to the L.A. Times. Watching the numbers go up is satisfying, but from an estate planning perspective, there is an inherent threat that goes along with the accumulation of wealth. Federal Estate and Gift Tax Inheritances are not subject to regular income taxes because it would be double … [Read more...] about Soaring L.A. Real Estate Values Can Lead to Estate Tax Liability
What Is the Medi-Cal Asset Limit in 2021?
The Medi-Cal program may not be on your radar if you have health insurance and you know you will qualify for Medicare when you are 65. This is understandable on the surface, but there is a good reason why you should keep Medi-Cal in mind. Long-Term Care Costs Why is Medi-Cal relevant? The program will pay for a stay in a nursing home, and Medicare does not cover the custodial care that nursing facilities provide. You can expect to pay over $100,000 per year for a private room in a Los … [Read more...] about What Is the Medi-Cal Asset Limit in 2021?
When Is a Trust Better Than a Will?
One of the most widely embraced misconceptions about estate planning is the idea that a will is almost always going to be the best asset transfer device. In fact, there are circumstances that can call for the utilization of some type of trust, and we will look at some of them here. Efficient Asset Transfers There is a foundational drawback that comes along with the utilization of a will as your asset transfer vehicle. You probably want your loved ones to receive their inheritances in a timely … [Read more...] about When Is a Trust Better Than a Will?
Asset Protection Planning: Secure Your Resources
You work hard to accumulate your resources, and it is important to take the right steps to make sure that your assets are protected. In this post, we will look at the subject from an overview to give you some food for thought. Small Business Asset Protection If you own your own small business, you should be concerned about the potential impact of litigation. When you have a sole proprietorship, there is no legal separation between your business and your personal assets, so you may want to … [Read more...] about Asset Protection Planning: Secure Your Resources
Will Infrastructure Plan Include Funding for Elder Care?
The lawmakers in Washington have been wrangling with the White House with regard to an infrastructure spending package. There is an element that would impact elder care, so we will look at the details in this post. Demographic Shift During the post-World War II years between 1946 and 1964, an unprecedented number of babies were born. This phenomenon has been dubbed the “baby boom,” and if you do the math, you can see that these people are attaining senior citizen status right around … [Read more...] about Will Infrastructure Plan Include Funding for Elder Care?
Medi-Cal Answers: Can My Spouse Keep My Income?
Medi-Cal may not be on your radar if you have health insurance through Medicare or your employer. This makes sense on the surface, but at some point, it may become quite relevant to you. Long-Term Care Costs Most senior citizens will need help with their activities of daily living, and long-term care is very expensive. It is not easy to get out a checkbook and pay over $100,000 for a year in a nursing home when you have been retired for a couple of decades. And of course, a married couple … [Read more...] about Medi-Cal Answers: Can My Spouse Keep My Income?
What Happens During Probate?
Probate is a legal process that takes place under the supervision of a court. There are certain steps that must be taken when an estate is being administered during probate, and we will take a look at them in this post. Initiate the Process If you are named as the executor of an estate, you would have probably discussed the location of the will and other important documents with the individual in question. However, if you are a family member and you have not been informed, you have to go … [Read more...] about What Happens During Probate?
Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More
The Heckerling conference, the largest conference for Estate Planning in the country, occurred recently. Many of the thought leaders in Estate Planning and Elder Law got together and discussed recent developments and new strategies. Read on to learn more. … [Read more...] about Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More
