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
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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
Learning and Camaraderie at the Academy Summit
The Academy takes learning seriously. The Academy’s Spring Summit included numerous substantive legal education sessions, as well as sessions on marketing and law office management. The virtual conference also included opportunities for networking and fun. Read on to learn more. … [Read more...] about Learning and Camaraderie at the Academy Summit
ABLE Accounts Complement Special Needs Trusts
ABLE accounts are a nice, flexible way to supplement the usefulness of a Special Needs Trust. But certain limits apply. Read on to learn more. … [Read more...] about ABLE Accounts Complement Special Needs Trusts
Plan Now for the Incredible Shrinking Exclusion
There is a great deal of legislation pending and much is uncertain. But this much is certain, the estate tax exclusion will go down by half beginning 2026 under current law. Now is the time to plan for your clients and yourself. Read on to learn more. … [Read more...] about Plan Now for the Incredible Shrinking Exclusion
Legacy Planning: Medi-Cal Should Be on Your Radar
Your legacy can fall into place haphazardly if you do not think about the events that will take place after you pass away. On the other hand, you can proactively consider the impact of your actions (or inaction) from an estate planning perspective. Wealth Preservation When you are planning for retirement, you have to consider your own needs as a senior citizen first and foremost. You will make projections with regard to the expenses that you expect to incur and create a retirement plan that … [Read more...] about Legacy Planning: Medi-Cal Should Be on Your Radar
Keep It Simple With a Living Trust
There is a commonly held misconception that many people harbor about estate planning. A will is looked upon as a simple document that you can use to state your final wishes in a simple and straightforward manner. Trusts are perceived as complicated devices that are used by very high net worth individuals that have estate tax concerns. These assumptions are false. The administration of a will is not that simple at all, and there are trusts are very useful for people that are not … [Read more...] about Keep It Simple With a Living Trust
