New Law: Medi-Cal To Dramatically Scale Back Estate Recovery

Q.  My husband receives a Medi-Cal subsidy to help with his nursing home expense, and I have long worried about protecting our home from a later Medi-Cal “payback” claim. I heard there might be some changes coming.  Do you know anything about this? A. Yes, indeed, there are big changes coming! Gov. Jerry Brown just signed… Read More »

Does California Recognize the ‘Right to Die’ ? New Law Says “Yes”!

News Flash: On October 5, 2015, Governor Brown signed the End of Life Option Act.  It authorizes “an adult who meets certain qualifications, and who has been determined by his or her attending physician to be suffering from a terminal disease, as defined, to make a request for a drug prescribed …. for the purpose of… Read More »

Alert: Reverse Mortgage Rules About to Tighten

Q.  I hear that qualifying for a reverse mortgage will soon become more difficult. Do you know anything about this? A. Yes, beginning March 2, 2015, all persons applying for a reverse mortgage under the Home Equity Conversion Mortgage (HECM) program will need to pass a Financial Assessment. This is new!  No longer will reverse… Read More »

Is My IRA Safe from Creditors?

Q.  My wife and I have a lot of credit card debt and we are having difficulty keeping it current. Most of  our savings is in my IRA. Are these funds protected from our creditors?  A.  In California, Traditional IRA accounts enjoy only limited protection under state law, but expanded protection under federal bankruptcy law…. Read More »

With $5 Million Gift Tax Exclusion About to Expire, Is Now the Time to Give To Your Children or Grandchildren?

When legislation in 2010 raised the lifetime gift tax exclusion amount from $1 million to $5 million many wealthy families rejoiced, expecting that they would now be able to give large gifts to children or grandchildren and be able to save millions in taxes at the same time. But for all the rejoicing, the unsteady… Read More »

The Presidential Campaign & The Estate Tax

Curiosity and excitement are always to be expected in an election year—especially curiosity about taxes. We all know that each presidential candidate has very different philosophies about where the tax burden lies, how much should be paid, and by whom; but all most of us really want to know is how the implementation of each… Read More »

Supreme Court’s Ruling on Health Care Reform May Help Seniors

The recent Supreme Court ruling of the constitutionality of the new health care reforms has many seniors breathing a sigh of relief. The ruling has ensured that, at least for the time being, senior citizens will continue to receive their currently existing benefits from programs such as Medicaid and Medicare; but the ruling also paves… Read More »