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?
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Are You a Member of the Sandwich Generation?
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?
An Incentive Trust Can Provide Dual Benefits
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
Medi-Cal Planning Can Preserve Your Legacy
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
Why Should I Use a Trust?
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 Spendthrift If you use a last … [Read more...] about Why Should I Use a Trust?
Are There Different Types of Wills?
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 Will A 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?
Gift Tax 101
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
Asset Protection for Small Business Owner
If you are a small business owner, you have to be concerned about asset protection. There are two structures that are very commonly utilized, and we will look at them here. Limited Liability Company One of the these asset protection structures is the limited liability company (LLC). If you establish your business as a limited liability company, generally speaking, your personal assets would be protected from entities that are trying to collect debts from the business. The protections are … [Read more...] about Asset Protection for Small Business Owner
The Basics: “HIPAA” Powers
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
Removing Life Insurance Without Triggering the Transfer for Value Rule
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
