Q: I just heard that Governor Newsom has proposed the reinstatement of the former asset test to qualify for Medi-Cal benefits. Is this true and, if so, what does this mean for seniors who might need long term care in the future? Is there anything we should do now to plan for this change? A: … Read More »
Blog Posts Page 2
Planning Your Estate When Your Spouse Has Dementia
Q. My husband and I have put off doing our estate planning, and now he has dementia and his doctor is concerned about him signing legal documents. He is 5 years older than me and also has some other health issues. We have a home and some financial accounts, and all our assets are held… Read More »
New Probate Exemption for Homes
Q. I hear that there is a new California law which exempts some homes from the burden of probate. Do you know anything about this? A. Yes, and you heard correctly. Effective April 1 of this year, the new law, known as AB 2016, permits the passing of a decedent’s home valued up to $750K… Read More »
UNMARRIED PARTNERS SHOULD GIVE ESTATE PLANNING TOP PRIORITY
Q. My partner and I have been in a Non-Marital relationship for approximately 12 years. Unfortunately, she is showing signs of early dementia, and her children from her former marriage are trying to take over her financial and personal life in a manner which is not in her best interest. We do not have anything… Read More »
Financial Help for Care at Home: the IHSS Program
Q. I recall reading your article some time back about seeking benefits for care in the home, but I did not save it. Could you address the issue again? Our 92 year-old mother is frail but wishes to remain at home. She has limited financial resources, so my sister is living with her and providing… Read More »
Does Your Estate Plan Cover Digital Assets?
Q. I am a frequent user of Facebook and other social media accounts, and I sometimes wonder what would happen to my accounts upon my death. Would my family be able to access my posts or terminate my accounts? A. Under a California law that went into effect January 1, 2017, the answer is “yes”,… Read More »
How to Increase the Chance that Your Power Of Attorney Will Be Honored
Q. I have heard friends complain that their parent’s financial Power of Attorney document was not honored by their parent’s own bank. Is there a way to avoid this? A. Unfortunately, we hear that complaint from time to time. While there may be no way to draft a power of attorney that completely eliminate the… Read More »
Financial Tool To Protect Seniors From Financial Scams: the ‘Trusted Contact Person’
Q. My 90 year 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… Read More »
How To Assist Physically Impaired Persons Sign Legal Documents
Q. My wife suffered a stroke and is essentially paralyzed. However, her mind is sharp. I need her to sign a Power Of Attorney so that I can take care of our financial affairs. Is there any way to do this? A. Yes. Where a person has sufficient mental capacity to understand the nature of the document… Read More »
Include Flexibility In Your Trust To Handle Change
Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves when needed. Any thoughts on how we can handle these concerns? A. Yes. With the ever-changing tax landscape, and… Read More »