Q. What is the difference between a will and a trust? Some of my friends seem to use the terms to mean the same thing? A. Yes, many people do use the terms interchangeably, but in reality they are quite different, although they often work together to form a complete estate plan. A will is… Read More »
Blog Posts Page 20
Is Medi-Cal Planning Legal?
Q. My wife is being cared for in a nursing home and the cost is running about $9,500 per month. I see our life savings and financial security dwindling rapidly, and I am concerned about my own financial future. I was thinking about taking steps to qualify her for a Medi-Cal subsidy, but I wonder… Read More »
If I Act As Agent For My Friend Under POA, Do I Become Responsible for His Debts?
Q. A good friend is setting up a financial power of attorney and has asked me to be his agent. He feels his own children are not responsible. If I agree, am I putting my own assets at risk? He is in declining health and I may have to take over his financial affairs soon…. Read More »
New End of Life Law Became Effective in California; Recently Challenged; Reinstated Pending Further Legal Proceedings
[Alert to Readers: Make sure to read the “ALERT” at the bottom of this post for recent developments]. ******************************* Q. I hear a new Right-to-Die law goes into effect very soon. Do you know anything about this? A. Yes. Starting June 9, 2016, California becomes the fourth state in the union to allow a terminally… Read More »
An Estate Plan without Probate or Trust Administration?
Q. Is it possible to plan my estate so that my assets go to my beneficiaries without probate or even a trust administration? I have a home, bank and brokerage accounts, an IRA, annuity and life insurance policy. I would like to keep things as simple as possible. A. Yes, and here is how you… Read More »
Action Plan After an Alzheimer’s Diagnosis
Q. My husband was just diagnosed with Alzheimer’s, but still seems to be generally okay. Are there legal steps we should take by way of planning for the future? A. Yes. Once you or loved one has been diagnosed with Alzheimer’s, it is important to take action to get your affairs in order. Here is… Read More »
No One to Name As Executor? Consider a Private Fiduciary
Q. I would like to prepare an estate plan, but I do not have a spouse, children or relative whom I could name as executor or trustee. Any thoughts about how I can proceed under these circumstances? A. Yes, and be assured that you are not alone. Many persons find themselves in your situation, whether… Read More »
Add Flexibility to 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. Any thoughts on how we can handle these concerns? A. With the ever-changing tax landscape, and changes over time… Read More »
Avoid Surprise When Transferring Encumbered Real Property Into Trust
Q. My wife and I plan on creating a Living Trust and transferring our home and two rental properties into the trust. Each property has a mortgage. Should I anticipate any problems from the lenders? A. Short answer: As to your home, no. As to your rental properties, maybe. Virtually all lenders provide in… Read More »
A Winning Strategy To Protect Home From Taxable Gain and Medi-Cal Claim
Q. My mother has been in a nursing home on a Medi-Cal subsidy for the last 18 months, and I know Medi-Cal will have a substantial “payback” claim when she passes. She owns a home which she bought 40 years ago for $40,000, which is now worth about $700,000. I worry about the growing Medi-Cal… Read More »