Q. As a grandparent, I keep hearing about CUTMA accounts, usually in discussions about gifts to grandchildren. What are they, actually? A. CUTMA is an abbreviation for “California Uniform Transfers to Minors Act” and, as you surmise, it refers to gifts made to minors. Minors cannot own property in their own name, as the law… Read More »
Blog Posts Page 15
Purchasing A Home With Your Parent To Provide Care
Q. My 88 year old father still lives in his own home, alone. We worry about him falling and injuring himself. My husband and I have suggested that we sell both of our homes, and together purchase a larger home for all of us. He is on Medi-Cal and we wonder whether he could retain… Read More »
Medicare Extends Deadline To Seek Relief From Part B Late Enrollment Penalties
Q. My wife and I mistakenly signed up late for Medicare Part B and were assessed late enrollment penalties, which continue for life. Is there any way to request that they be eliminated? A. Possibly, if you meet the criteria for forgiveness and apply by the new deadline of September 30, 2018. Some background may… Read More »
Considerations When Setting Up & Managing Your IRA
Q. My IRA is a significant part of my assets, and I wonder if there are any special considerations when planning my affairs? A. Yes. Consider the following: Name Beneficiaries: Remember to name both primary and contingent beneficiaries. If you are married, the primary beneficiary would typically be your spouse, but name back-up beneficiaries as… Read More »
Medicare Savings Programs Can Reduce Health Costs for Low-Income Seniors
Q. My wife and I are struggling with the financial cost of paying our Medicare premiums, deductibles and copayments. I hear there may be some government assistance available for seniors in our shoes. Do you know anything about these programs? A. Yes. You refer to the Medicare Savings Programs (“MSP’s”) available for low-income seniors to… Read More »
Will A Reverse Mortgage Prevent Medi-Cal Qualification?
Q. My wife and I have a Reverse Mortgage on our home. We have already pulled out about $100K on our loan and have another $150K available. If one of us needs nursing home care, will our Reverse Mortgage prevent us from seeking a Medi-Cal subsidy to help with the cost of that care? A. … Read More »
New Tool To Protect Seniors From Financial Scams: The ‘Trusted Contact Person’
Q. My 91year old father has a substantial brokerage account and likes to manage it himself. Yet I worry that he could easily fall victim to financial scams. Is there anything I can do to protect him? A. Yes, there may be. The Financial Industry Regulatory Authority (“FINRA”), which regulates firms and professionals selling securities… Read More »
How to Appeal a Medicare Prescription Drug Denial
Q. My Medicare Part D drug plan just denied coverage for my medication. Can I appeal its decision? A. Yes. If your Medicare drug plan denies coverage for a drug you need, you don’t have to simply accept it. There are steps you can take to appeal the decision. Background: The insurers offering Medicare drug… Read More »
Can I Use Father’s POA To Make Gifts To Accelerate His Eligibility for Medi-Cal?
Q. My father suffers from advanced dementia and needs care in a nursing home. It costs about $9,500 per month, and we are rapidly spending down his savings. I was told that he might qualify for a Medi-Cal subsidy to help with the cost once his savings are below $2,000. Years ago he signed a… Read More »
Interest on Home Equity Loans May Still Be Deductible under New Tax Law
Q. My wife and I have a home equity loan. In the past, we have been able to deduct the interest we paid on our taxes. However, under the new tax law, I hear conflicting opinions as to whether those interest payments are still deductible. Do you have any word on that? A. Thanks to… Read More »