As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more.Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful.Grantor Trusts Provide Flexibility and Ease … [Read more...]
Including Los Angeles Veterans Retirement Benefits in Your Plan
If you are a veteran and you are working on your retirement plan, you need to consider the different types of financial support you are likely to receive during your lifetime. Two of the most common types of financial benefits available for veterans are pension benefits and compensation benefits. In this post, we will discuss important aspects of Los Angeles veterans retirement benefits that should be considering during your retirement planning.Understanding the Differences in Veterans … [Read more...]
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful.Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]
How to Prove an Asset Transfer was Not Made to Qualify for Medi-Cal Benefits
If you are considering applying for Medi-Cal benefits, there are important eligibilty requirements that you must be aware of. One important eligibility issue is known as the “five-year look-back period.” This penalty period applies when an applicant is seeking long-term care benefits through Medi-Cal and makes asset transfers during that period. This article will explain a few ways our Orange County Medi-Cal planning attorneys can help you prove that your asset transfers are not subject to the … [Read more...]
What Does it Mean to Have a Living Trust?
A living trust is a common estate planning tool when it comes to probate avoidance. Many clients are seeking ways to avoid the lengthy and expensive court proceeding. In the absence of a trust or some other estate planning tool, estates are required to go through probate. However, before you choose a living trust for your estate plan, you should be familiar with the advantages and disadvantages of this popular estate planning tool.What is a Living Trust?A “living trust” is a specific type … [Read more...]
Common Reasons for Long Beach Probate Litigation
Despite the best intentions, many families have a difficult time being civil with one another after the death of a family member. For this reason, will contests and trust disputes are more common than you might think. When relatives disagree with how estate property is being distributed probate litigation is the likely result. Probate litigation is simply the proceeding that results when someone who has an interest in the estate property takes their dispute to the probate court to resolve. … [Read more...]
What Type of Trust Protects Assets?
Asset protection is one of many important goals for estate planning regardless of the amount of your assets. Being able to protect your assets from creditors and other liability sources can be very beneficial. Asset protection strategies are necessary if you want to preserve as much of your estate as you can for your heirs. That can only be accomplished if you properly protect your assets. Asset protection trusts are one method to consider.When Should Asset Protection Trusts be … [Read more...]
All You Need to Know About California’s Probate Mediation Process
You may not be aware, but many trust and estate disputes in California are resolved through mediation as opposed to being resolved in Superior Court. Probate mediation has many benefits including the opportunity for customized resolution, lower cost, and the chance to avoid the trial which is often unpredictable. If the parties can agree on mediation, the chances of success are usually pretty good. Here is what you need to know about the probation mediation process in California.What are the … [Read more...]
Los Angeles Medi-Cal Planning and the Child Caretaker Exception
Medi-Cal is a “payer of last resort” which means that all other sources of payment for an applicant’s medical care, must be exhausted before Medi-Cal will begin to pay for long-term care expenses. If you give away any of your property or assets shortly before applying, you may be ineligible for long-term care benefits for a five-year period after your application is accepted. In determining whether this penalty period applies to you, the Medicaid agency will scrutinize any transfers you made … [Read more...]
