Q. My wife and I spend a substantial amount of time each year living in two other states, so that we can spend time living near each of our two children and their own families. We have our California estate planning documents created some time ago, but wonder whether we should create new documents in… Read More »
Blog Posts Page 11
Free Tax Filing Help Is Available to Seniors
Q. It’s tax time again and I hear that the IRS may offer free tax preparation services to seniors. Do you know anything about this? A. Yes. The IRS offers information on its site about free tax preparation software, fillable forms, and free taxpayer assistance, all available in an effort to make tax compliance easier,… Read More »
New Law Makes Big Changes to IRA’s & Other Retirement Plans
Q. I heard that there is a new law which makes major changes to IRA’s and other retirement plans. Can you comment? A. The new law, signed by President Trump on December 20, 2019, and effective January 1, 2020, is called the “SETTING EVERY COMMUNITY UP for RETIREMENT ENHANCEMENT ACT”, or the “SECURE ACT” for… Read More »
The 5 Parts of a Good Estate Plan
Q. My wife and I would like to set up a basic estate plan. What are the essentials? A. Many people believe that if they have a will, their estate planning is complete. But there is much more to a good estate plan. A good plan should be designed to avoid probate, minimize estate taxes, protect… Read More »
A Solution To The Tax Problem When Selling A Home Held in Joint Tenancy After The Death Of A Spouse
Q. My late husband and I bought our home 45 years ago for $50,000, and we were then advised to take title as Joint Tenants to avoid probate. When he died 3 years ago, I was told by a realtor that it was worth about $1.2 Million. I was recently told by our CPA that,… Read More »
Will Mom Lose Medicare Or Medi-Cal Coverage If She Leaves The Nursing Home To Visit Family?
Q. Mom has been receiving care in a nursing home. She is currently covered by Medicare, but soon will switch to Medi-Cal. She would really like to come to our home for a short visit during the holidays. However, I heard that she might lose her coverage if she does so. Is that true? A…. Read More »
Consider Tax Savvy Year-End Gifts
Q. My wife and I are considering making large gifts to our two children and four grandchildren, and we would like to do so in a way that is “tax wise”. Do you have any advice for us? A. Yes. Many people mistakenly believe that you cannot gift more than $15,000 per year without incurring… Read More »
Does Your Trust Contain A ‘Poison Pill’?
Q. In past articles you have written about the option of seeking a Medi-Cal subsidy to help pay for the cost of nursing home care if that need arises. I have a Living Trust. Are there provisions that I should include, or some that I should avoid, in order to facilitate Medi-Cal qualification? A. Great… Read More »
Take Advantage of the Medicare Open Enrollment Period; Reassess Your Options
Don’t let this period slip by without shopping around to see whether your current choices are the best ones for you. During this period you may enroll in a Medicare Part D (prescription drug) plan or, if you currently have a plan, you may change plans. In addition, during the seven-week period you can return… Read More »
Settling a Small Estate Without Probate
Q.. My father recently died, leaving his home in a Living Trust. He also left several bank accounts, which together total about $100,000. Our problem: the accounts were never actually transferred into his trust. Is there a way to deal with them without going through probate? A. Yes, there is. And, by the way, your… Read More »