The Long Beach estate planning attorneys at our firm always emphasize the importance of personalized attention for a number of different reasons. First, there is no one-size-fits-all estate plan that is right for everyone, so your plan should be custom crafted to suit your needs.Secondly, you may be under the assumption that you have some type of unusual situation that you want to address, but there is no appropriate tool in the estate planning toolkit. In fact, this is usually not the case. … [Read more...]
Last Wills vs. Living Trusts: Weighing the Pros and Cons
The two most commonly used asset transfer vehicles in the field of estate planning are the last will and the living trust. Far too many people assume that a last will is the only logical choice unless you are orbiting in the financial stratosphere, but this is not the case at all. When you understand the facts, you may come to the conclusion that a living trust is a better choice, even if you are not extraordinarily wealthy.Hassles and LimitationsIf you were to use a will to state your final … [Read more...]
Veterans Benefits Can Provide Much Needed Assistance
Long-term care costs can have a devastating impact on your financial situation when you are a senior citizen.When you have always been self-sufficient, it can be hard to imagine a time when you will need help with your day-to-day needs. However, in reality, most seniors do eventually require living assistance.Many people are unconcerned, because they expect Medicare to cover their medical expenses when they attain senior status. Medicare will pay for convalescent care for up to 100 days … [Read more...]
What Is a Medi-Cal Trust?
Before we get into the question that serves as the title this blog post, we have to provide some important background information so you understand why Medi-Cal should be on your radar. According to the United States Department of Health and Human Services, seven out of every 10 people that are turning 65 on any given day will eventually need living assistance.On the surface, this may not seem like much of a big deal. Family members and friends can help with errands and such and life can … [Read more...]
Estate Planning Procrastination Had Devastating Impact on LA Legend Morrison
Most people would probably assume that the majority of Americans have executed at least a basic estate plan. After all, when you go through life without making any preparations for the future, you won’t be the one who suffers the consequences. It is your loved ones that will be left behind to pick up the pieces.A number of years ago, Forbes magazine highlighted a Harris interactive survey that was conducted to find out just how many people do in fact have estate plans in place. A total of … [Read more...]
Understand the Limitations of Social Security and Medi-Cal
As elder law attorneys, we advise clients that are looking ahead toward their senior years. For the vast majority of people, Social Security and Medi-Cal will be key pieces to the retirement puzzle.Though these programs are quite helpful, there are limitations and gaps. It is important to understand all the facts when you are putting a plan for aging in place. In this post, we will explain some of the intricacies of Social Security and Medi-Cal.Social Security Eligibility AgeThe age of … [Read more...]
Basic Estate Plan Components
There is no cookie-cutter, one-size-fits-all estate plan, and this is why it is important to get personalized attention from a licensed attorney. Each case is different, and the exact way to proceed will depend upon the circumstances.This being stated, there is a basic framework that applies to just about everyone, and we will look at it here.Asset Transfer VehicleWhen you plan your estate, you have to record your wishes with regard to the way that you want your assets to be distributed … [Read more...]
Estate Planning and Remarriage
If you have enjoyed financial success and you are getting remarried as a parent, there are naturally going to be some estate planning concerns. You want to provide for your new spouse appropriately, but you also want to protect the inheritances that you intend to leave to your children. How do you satisfy both of these aims simultaneously?Before we explain the widely embraced solution, we should emphasize the value of a prenuptial agreement. Clearly, when you are willing to marry someone, … [Read more...]
A Conversation With an Inheritance Planning Attorney
Since we have spoken with so many clients over the years, we have a general idea about the different subjects that people have questions about. In this post, we will share a hypothetical question and answer session that will provide you with some basic inheritance planning and elder law information.A last will is the right asset transfer document to use unless you are very wealthy, right?If you have very simple and straightforward inheritance planning objectives, it is possible that a last … [Read more...]
Top Five Benefits of a Living Trust
Far too many people make assumptions about estate planning. The one that is at the top of the list is the idea that a last will is the right choice as an asset transfer vehicle. In fact, for most people with a reasonably significant store of resources, a revocable living trust is a better choice for a number of different reasons.Consolidation of AssetsIf you were to use a last will as the centerpiece of your estate plan, the executor that you name in the document would have to identify and … [Read more...]
