Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. For example, if you have a beneficiary with special needs, you must take special care.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 3
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 – Part 2
There is some confusion out there about the taxes that can come into play when assets are being transferred after someone dies. This is fully understandable, and we will provide some clarity in this post.Federal Estate TaxWe have a federal estate tax in the United States, and it is applied to the entire taxable portion of an estate before it is transferred to the heirs.If you have never thought about the subject, you may assume that everyone has to pay this tax. There are also those that … [Read more...] about Estate Tax vs. Inheritance Tax
Los Angeles elder law attorneys have in-depth knowledge of the machinations of the Medi-Cal program. This jointly administered federal/state government health insurance benefit is relevant because it will pay for long-term care.Medicare will not pay for a stay in a nursing home or any other type of custodial care. This gap is considerable, because nursing facilities and in-home caregivers are very expensive. The state places an estimate on the average annual cost for nursing home care at … [Read more...] about What Is Medi-Cal Estate Recovery?
During the years between 1946 and 1964, an inordinate number of babies were born. This was the postwar era, when the demands of the military were not as great, and family life returned to normalcy. This phenomenon is called the “baby boom,” and these babies are now entering their senior years.As a result, there is an unprecedented aging of the population underway. Another interesting demographic reality applies to the age at which people have their first children. In 1972, the average age … [Read more...] about Are You a Member of the Sandwich Generation?
As a layperson, you are simply not going to know about all the different legal devices that can be used when you are planning your estate. This is understandable, because we do not have professional expertise outside of our field.When you discuss all of your options with an attorney, you can make fully informed decisions.Estate planning is a profoundly important endeavor, and it is not something that should be taken lightly. There is no reason to use guesswork, or settle for something … [Read more...] about An Incentive Trust Can Provide Dual Benefits
When you are planning for retirement, you probably envision the good times that you will have when it is time to enjoy the fruits of your labor. You can enjoy leisure activities, travel, spend time with family members and friends, and bask in your newly found freedom.These golden years can be rewarding, but it is important to consider the twilight period that will inevitably follow. Many people do not consider a looming threat that could potentially consume a lot of the legacy that you would … [Read more...] about Medi-Cal Planning Can Preserve Your Legacy
A lot of people think that trusts are mysterious documents that are used by people with very complicated estate planning objectives. In reality, they are just legal tools that can be used to achieve certain goals. The underlying objectives are not necessarily complex and difficult to understand.In this post, we will look at a handful of reasons why you may want to use a trust of some kind, and you may be surprised when you absorb the information.Protect a SpendthriftIf you use a last … [Read more...] about Why Should I Use a Trust?
There are numerous different legal devices that can be used when you are planning your estate. Many people are surprised to hear that there are actually multiple different types of wills. In this post, we will share some information about these documents.Simple WillA simple last will is the most commonly utilized estate planning tool. If you have a limited amount of property to pass along, and you don’t mind giving lump sum inheritances, this can be a suitable choice. In this type of will, … [Read more...] about Are There Different Types of Wills?
We are going to provide an explanation of the gift tax in this post, but before you can understand the purpose of this tax, you have to digest some information about the federal estate tax.This tax can significantly erode the wealth that you would like to pass along to your loved ones, because it carries a 40 percent top rate. Fortunately, most people don’t have to pay the tax because there is a credit or exclusion that you can use to transfer a certain amount tax-free.During the current … [Read more...] about Gift Tax 101