The idea of including a pet in an estate plan can sound silly if you are a younger person. Surely you will outlive your dog or cat, and in many cases, pets are owned by the entire family. Even if something horrible was to take place unexpectedly, there would still be people around to care for the pet. This make sense, but the question of pet planning is very relevant for a certain segment of our population. Senior Citizens and Loneliness As elder law attorneys, we keep a finger on the pulse … [Read more...] about Can You Create a Trust for Your Pet?
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Four Reasons to Use a Trust Instead of a Will
One of the most common estate planning misconceptions is the idea that you should definitely use a simple will to state your final wishes unless you are a multimillionaire. Very wealthy individuals do use trusts to reduce their estate tax exposure, but that's only half of the story. There are several reasons why people that do not face estate tax exposure should use trusts, and we will look at four of them here. Special Needs Planning A high percentage of people with disabilities rely on … [Read more...] about Four Reasons to Use a Trust Instead of a Will
Will Your Parents Need Nursing Home Care?
When you start to reach your middle-aged years, you may spend a good bit of time helping your parents tend to their activities of daily living. Their needs will probably increase over time, and at some point, the level of care that is required may be beyond your capabilities. Under these circumstances, nursing home care may be the only logical choice. According to the United States Department of Health and Human Services, 35 percent of elders will eventually reside in nursing … [Read more...] about Will Your Parents Need Nursing Home Care?
Use the Exclusion or Lose It
Currently, each person can give $11.58 million during life or at death. However, that amount will be cut in half by January 1, 2026. It may go down even sooner. Read on to learn why and how you should use it before you lose it. … [Read more...] about Use the Exclusion or Lose It
Planning for Incapacity
There is more to estate planning than disposing of your assets after your death. Planning for your incapacity is just as important. Read on to learn more about how incapacity planning can save you and your loved ones' anxiety. Read on to learn more. … [Read more...] about Planning for Incapacity
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. … [Read more...] about Will Your Estate Plan Still Work If You Move?
Building Flexibility into Your Plan
There are all sorts of formalities to an estate plan. Does that mean you can’t change anything by yourself? Read on to learn how your estate plan, if done properly, can give you the flexibility to make changes by yourself as to certain assets. Read on to learn more. … [Read more...] about Building Flexibility into Your Plan
Overview of Medi-Cal Healthy Spouse Allowances
Many people are surprised to hear that Medicare does not pay for a stay in a nursing home or assisted living facility, and it does not cover professional in-home care. Medi-Cal will pick up the tab, but since it is a need-based program, it takes careful planning to obtain eligibility. Medi-Cal Asset Limits The Medi-Cal limit on countable assets is $2000, and that can sound like an absolute dealbreaker, but some things that you own do not count. Your home is not a countable asset, and there is … [Read more...] about Overview of Medi-Cal Healthy Spouse Allowances
Do You Need a Lawyer to Plan Your Estate?
Far too many people procrastinate when it comes to estate planning because they think that it can be quickly taken care of in the future. This mentality has always existed, but it has become more widespread now that you can buy boilerplate legal documents on the Internet. The idea is that you simply download a will worksheet, you fill in the blanks, and the matter is closed. After that, everything will take care of itself. In reality, this is a very shortsighted approach, and it can yield … [Read more...] about Do You Need a Lawyer to Plan Your Estate?
Is a Shared Living Trust Right for You?
The revocable living trust is a very versatile and effective estate planning tool. One of the major advantages is the fact that asset transfers that are facilitated through the terms of a living trust are not subject to probate. This is a court proceeding that would enter the picture if you express your final wishes in a simple will. Inheritances are not distributed while the estate is being probated by the court, and it will take close to a year in most cases. Another drawback is the fact … [Read more...] about Is a Shared Living Trust Right for You?
