Q. My husband is in poor health and we need to find a way to pay for care to keep him at home. He has a life insurance policy payable on death, but I heard that there may be ways to access policy benefits during lifetime. Can you advise on this? A. Sure. There are… Read More »
Blog Posts Page 26
Helping Parents With A Private Reverse Mortgage
Q. My parents are in their 80’s and could use some financial help to remain in their home. Fortunately, I am in a position to help, but my parents are reluctant to accept gifts. I heard something about a family loan that works like a reverse mortgage. Do you know anything about this? A. Yes…. Read More »
Must We Cash in Our IRA’s to Qualify for Nursing Home Medi-Cal?
Q. My wife may soon need nursing care and I will need to apply for a Medi-Cal subsidy to help with the cost. Our incomes are modest and, aside from our home, most of our savings is in the form of our IRA’s. A friend thought I would have to cash them out and “spend… Read More »
Can Mom’s Beneficiaries Be Changed After Death?
Q. My mother just died, and her will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very… Read More »
“Mom is in ICU and I Need Power Of Attorney. Help!”
Q. “Mom suffered a stroke and is in the hospital in ICU. I do not have signing power on her bank accounts and I need to pay her bills. I am told that I need a Power of Attorney so that I can take care of her finances. Can you help?” A. We frequently receive… Read More »
Adults Under Age 65 Now Eligible for Medi-Cal Without Asset or Disability Test
Q. My wife and I are both age 60, in good health and have very modest incomes. We are not yet eligible for MediCare. In the past, we were told that we were not eligible for Medi-Cal because we have some savings and because we are not disabled. Has any of this changed under the… Read More »
Guidelines When You’re Appointed to Handle Another Person’s Money
Q. My brother-in-law wants to appoint me as his agent under his Power Of Attorney to handle his money and other affairs in the event of his incapacity. If I accept the appointment, are there any rules that I should observe? A. Yes, and while it may be an honor to be asked to serve,… Read More »
Making a Large Gift to a Caregiver Needs An Attorney’s Blessing
Q. My wife and I have a wonderful caregiver who has enabled us to remain at home. We would like to make a significant bequest to her in our wills. Can we handle the bequest by just handwriting a codicil to each of our wills? A. The simple answer is, no. Here’s why: California lawmakers… Read More »
Legal Tips When Hiring a Caregiver
Q. I plan to hire a full-time caregiver for my husband, and I want to make sure that I handle everything legally. Do you have any suggestions as to how I handle payment or anything else? A. Yes. There are specific rules about handling the payroll, tax and employment law aspects of hiring household help,… Read More »
Court Ruling Protects Surviving Spouses of Reverse Mortgage Holders From Foreclosure
Q. I took out a HECM reverse mortgage loan a few years ago and was advised not to include my younger wife on the loan documents so that I could qualify for a bigger loan. When I die, will the bank be able to take over our home to pay the loan and evict my… Read More »