Q. My wife and I are considering annual gifts to our grandchildren to help with their future college expenses. Do you have any suggestions as to the best way to do this? A. Yes. One of the best options is to make annual gifts into a 529 Education Savings Plan, so named for Section 529… Read More »
Blog Posts Page 23
Unique Long-Term Care Policy Offers Asset Protection
Q. While shopping for long-term care insurance, I heard something about a special kind of policy that offers asset protection by coordinating with Medi-Cal. Do you know anything about that? A. Yes, you refer to the California Long-Term Care Partnership Plan. California was one of the first states in the country to put together a… Read More »
Preserving Your Parent’s Low Property Tax on Trust Distribution
Q. My mom owned her home for 35 years before she recently passed. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that we can do this without triggering a… Read More »
Happy 800th Birthday, Magna Carta!
Q. I have been hearing snippets of news lately about the Magna Carta. What is it and why is it important? A. The Magna Carta of 1215 is considered by some to be the most important legal document created in Western Civilization during the last millennium. Historically, it was a peace treaty between King John… Read More »
Is a Power Of Attorney Still Valid After The Principal Dies ?
Q. My mother named me as her agent under a power of attorney several years ago. Sadly, she recently passed. Can I still use it to take care of her financial matters as her agent? A. Unfortunately, no. Your mother’s financial power of attorney expired upon her death and is no longer valid. This fact… Read More »
Is Your Home in Trust? Better Check Your Title Insurance
Q. My wife and I created a Living Trust some years ago and put our home in our trust. I recall hearing something on the radio recently about making sure that the transfer into our trust did not void our title insurance. Do you know anything about this? A. Yes. You refer to the concern… Read More »
Is Your Trust HIPAA Compliant?
Q: I heard on a radio program that Living Trusts should be HIPAA compliant, but I didn’t quite catch the full comment. Can you shed any light on this? A. Sure. Most trusts and powers of attorney contain provisions which call for a change in trustee or agent when the maker of these instruments becomes… Read More »
Can I Use My Father’s POA to Help Him Qualify for Medi-Cal?
Q. My father is in a nursing home and could really use a Medi-Cal subsidy to help with the cost, which is running about $8,500 per month. He has dementia and cannot manage his own finances. Years ago he signed a Power Of Attorney naming me as his agent. Can I use it to make… Read More »
A Tax Savvy Alternative To Joint Tenancy: Community Property With Right of Survivorship
Q. My husband and I hold title to our home in joint tenancy. When we bought it years ago we were told that was the simplest way to avoid probate. However, I now hear that there may be tax advantages to holding title as community property. If so, is there a way to get the… Read More »
Handling Legal Affairs When Your Spouse Can’t Sign
Q. My husband suffers from dementia and we have significant expenses for care in the home. In order to help with these expenses, I’ve been thinking about selling our vacation property which we no longer use or cashing in one of his annuities. I would also like to set up a Living Trust and make… Read More »