Q. I am thinking about giving my home to my son now, so that probate can be avoided and my affairs simplified when my time comes. Any comment as to whether this plan makes sense? A. Caution: Giving your home to your son during your lifetime can have adverse income tax consequences. Example: assume that… Read More »
Blog Posts Page 10
The ‘CARES ACT’ Allows You To Skip IRA MRD’s This Year
Q. What options would I have this year regarding my IRA Minimum Required Distributions, which I would normally take by year end? A. Good question. Here are three. While not intended as an exclusive list, they are top of mind for me: Option #1: Skip MRD’s Altogether This Year. This is a new option for… Read More »
Evictions Halted in California Through September 30, 2021
Q. I lost my job due to the Covid Pandemic, and now find that I am having difficulty paying my rent. I am worried about being evicted from the home my wife and I are renting. Is there any advice you can offer? A. Yes. Governor Newsom just signed Legislation (AB 832) on June 28,… Read More »
Dealing With the Visitation Ban in Nursing Homes & Assisted Living Facilities Due to COVID
Q. My wife has been in nursing home for about 6 months, and I haven’t been allowed to see her since March due to COVID-19. The facility has been in “Lockdown” and won’t permit visitors. I really miss her. Is there any way to get around this? A. Yes, there may well be a way… Read More »
Under the CARES Act, You May Be Eligible To Withdraw Up to $100k From Your IRA Without Penalty and “Maybe” Without Tax
Q. I hear that under the CARES Act, my wife and I may each be able to withdraw up to $100K from our IRA’s without penalty and without tax. Is that true? A. Well, not quite. Here’s the deal: Under the recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Congress did recently… Read More »
What Happens If a Die Without a Will?
Q. If I die without a will, do my assets go to the state? A. Generally, no. The state would be the last potential recipient, and then only if your successors or next of kin could not be located. Here is how your assets would be handled under California law: Joint Tenancy Assets: Assets held… Read More »
Signing Legal Documents in the Time of COVID
Q. We recently engaged you to assist my elderly mother to update and revise her estate planning documents, all while she was a patient in a skilled nursing facility under “lockdown” due to the COVID Pandemic. I appreciate that you were successful, but wonder how you were able to deal with the COVID issues that… Read More »
Big Budget Win for Seniors And Low Income Older Adults
Q. I heard that the proposed CA Budget cuts to the Medi-Cal program are now off the table. Is that true? A. Yes! Some background: Faced with a proposed $54 Billion Budget Deficit, last month Governor Newsom had proposed drastic cuts to Medi-Cal and other social programs that serve low income seniors and the disabled…. Read More »
Medicare Relaxes Requirements for Nursing Home Coverage
Q. I hear that Medicare has announced that, due to the Corona Virus Pandemic, it will now be more generous in covering nursing home stays by relaxing some of its long-standing coverage requirements. Do you know anything about this? A. Yes. A bit of background may be helpful. Medicare has traditionally imposed three conditions as… Read More »
Name a Social Security Representative Payee In Advance of Need
Q. I hear that there is some news from Social Security, in that it will now allow recipients to name a Representative Payee in advance of actual need. Is this important and do you know about it? A. Yes, and it is considered a major change for social security. So, first, let’s address what a… Read More »