Q. My wife and I are looking into purchasing long-term care insurance policies for the future, but we are concerned about the premium cost. Are there any ways to reduce the cost? A. Yes. While long-term care insurance is a good way to plan for the future, the premiums are not inexpensive as you have… Read More »
Blog Posts Page 27
Planning a Bequest for a Child on Public Benefits
Q. One of our adult children has a disability and receives SSI and Medi-Cal. We are concerned that an inheritance may terminate his benefits. We have heard something about a Special Needs Trust. Can you tell us more about that? A. Sure. As you apparently know, your son cannot have more than $2,000 in savings… Read More »
May Someone With Dementia Sign a Will?
Q. My husband and I would like to make wills, but I am concerned because he has been diagnosed with early-stage dementia. Legally, can he still make a will? A. It depends, but very often the answer would be yes. Under the law, he must have what is called “testamentary capacity”. This means that at… Read More »
Medi-Cal Myths Uncovered
Q. In talking with friends, my wife and I discovered that there seems to be a lot of misunderstanding about how the Medi-Cal program works if one needs help with the high cost of nursing home care. I wonder if you would clarify matters. A. I have likewise discovered a great deal of misunderstanding, even… Read More »
What’s Involved in Administering a Trust?
Q. My mother recently died. Her home, bank accounts and other assets were held in a Living Trust. Her financial advisor said we should now see a lawyer to help with trust administration. What? I thought if you had a Living Trust that there was little or nothing to do following the death of the… Read More »
When Your Most Valued Assets Are Not Covered by Your Will
Q. My wife and I hold title to her home as joint tenants, and most of our cash assets are in the form of two large IRA accounts and one big annuity. We have basic wills which leaves everything to the other and then on to our children. Our son suggested that our wills may… Read More »
Understand Medi-Cal Recovery and Avoid an Unpleasant Surprise
Q. Mother recently died after spending two years in a nursing home on Medi-Cal. Medi-Cal just sent us a bill for about $150,000 and says it will file a claim against her home. Yikes! We thought her home was an exempt asset. What do we do about the bill? A. Unfortunately, your situation is all… Read More »
Plan For Your Partner If You Choose Not to Marry
According to the U.S. Census Bureau the number of senior couples choosing to cohabitate instead of marry (or remarry) has risen significantly. There are quite a few reasons why senior couples might choose not to tie the knot: * Tax disincentives * Loss of military and pension benefits * Reduced Social Security Benefits * Keeping medical expenses… Read More »
Has the Bypass Trust Gone The Way of the Dinosaur?
Q. My wife and I had our Living Trust prepared about 8 years ago. I hear there’s a new tax law which just went into effect. Is it time to have our trust reviewed? A. You refer to the recently enacted “American Taxpayer Relief Act,” which has permanently enlarged the estate tax exemption to $5,250,000… Read More »
When Mom and Dad Re-Marry: Caregiving Then Involves Extended Families
Our firm works frequently to help divorced or remarrying couples update their estate plans to protect their new blended families, so we know just how significantly the stress of divorce, family upheaval, and tighter finances can impact a family, and how those effects can last years into the future. We have seen firsthand how the… Read More »