There are many acronyms used in the legal field to shave down wordy descriptions, and the estate planning niche is not immune to this phenomenon. We have a number of different devices that are part of this alphabet soup, and one of them is the qualified domestic trust or QDOT. In this post, we will explain the value of this advanced estate planning tool that can be very useful for some high net worth families. Federal Estate Tax Parameters To understand the value of a qualified domestic … [Read more...] about What Is a QDOT?
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Veterans Pension Can Give Seniors a Boost
There are many people from our area that have served in the United States armed forces. These individuals and their families make great sacrifices, but they do get certain rewards for their service. Most people are aware of the fact that people that spend at least 20 years on active duty become eligible for a retirement pension. If you join up, the longer you stay in, the higher the pension amount will be when you put your military career behind you. This provides a clear pathway toward a … [Read more...] about Veterans Pension Can Give Seniors a Boost
Can Medi-Cal Take Your Home?
Before we get to the specific subject of this blog post, we should explain why Medi-Cal may be relevant to you when you are a senior citizen. If you have worked and paid taxes for at least 10 years, or if your spouse has done this, you will qualify for Medicare when you reach the age of 65. This program will provide a health care insurance underpinning, but there are out-of-pocket expenses, and there is one huge gap. Medicare will pay for convalescent care after an injury or illness when … [Read more...] about Can Medi-Cal Take Your Home?
Another Type of Medi-Cal Planning
Generally speaking, in the elder law/estate planning field, the term “Medi-Cal planning” is used to describe a very important strategy. To provide a brief explanation, a significant percentage of senior citizens will ultimately reside in nursing homes. Medicare will not pay for the custodial care that these facilities provide, but Medicaid is set up to absorb long-term care costs. Since Medicaid is a health insurance program that is intended for people with very limited resources, you have to … [Read more...] about Another Type of Medi-Cal Planning
Charitable Giving Can Enhance Your Legacy Plan
Legacy planning can be described as a more comprehensive approach to the estate planning process, and it is something to take into consideration if you have accumulated significant resources. When you proactively shape your legacy plan, you take control the way that you will be remembered after you are gone. For some, the estate tax will be a concern. It carries a 40% rate on asset transfers that exceed $11.4 million. This is the amount of the exclusion during the current calendar year, and … [Read more...] about Charitable Giving Can Enhance Your Legacy Plan
The Questions of Estate Planning, Part 5: How
People often have questions about Estate Planning. This is the fifth in a series of articles addressing those questions. This fifth article addresses “how” to do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 5: How … [Read more...] about The Questions of Estate Planning, Part 5: How
Probate, Living Trusts & Heggstad Petitions: Part 3
This is the final post in a three-part series that started out explaining some facts about the probate process. To recap, if you were to use a will to state your final wishes, generally speaking, the executor would admit the document to probate. Subsequently, the court would supervise the administration of the estate. The heirs would not be able to receive their inheritances until the estate was probated and closed by the court. Sometimes, the probate process can take up to nine months … [Read more...] about Probate, Living Trusts & Heggstad Petitions: Part 3
Probate, Living Trusts & Heggstad Petitions: Part 2
In our previous blog post, we explained some of the ways that the full process of probate can be avoided through the utilization of some shortcuts when a will is used as the asset transfer vehicle. Why would someone want to avoid this process? As we stated in that entry, it is time-consuming, and the heirs do not receive their inheritances while the estate is being probated by the court. Significant costs can accumulate as well, and these expenditures ultimately reduce the value of the estate … [Read more...] about Probate, Living Trusts & Heggstad Petitions: Part 2
Probate, Living Trusts & Heggstad Petitions: Part 1
A lot of people are under the impression that inheritors receive their bequests in a timely and efficient manner when a will is used as an asset transfer device. In fact, this is not the case, because a will must be probated by the court before the inheritors can receive their bequests. Probate exists in part to give creditors the opportunity to come forward seeking satisfaction before the inheritances are distributed. The court is also charged with the responsibility of affirming the … [Read more...] about Probate, Living Trusts & Heggstad Petitions: Part 1
Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
