Q: I have a Living Trust, prepared some time ago. I recently heard that it was a good idea to also have a Will. However, I thought the Trust took the place of a Will. Can you clarify this? A. Sure. Attorneys who prepare trusts generally also prepare a backup Will to coordinate with the… Read More »
Blog Posts Page 3
As POA for Dad, Can I Make Gifts On His Behalf?
Q. My father signed a Power Of Attorney some years ago, naming me as his agent. The POA is effective upon Dad’s incapacity, which I believe has arrived . Some family members could use some financial help. Would it be legal for me to make gifts to them from his assets using the POA? Can… Read More »
Understanding the Difference Between a Will and a Trust
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 »
How To Settle Some Estates Without Probate
Q. My father recently died, leaving his home in a Living Trust. He also left several bank and brokerage accounts. Our problem: these financial accounts were never formally transferred into his trust. Is there a way to deal with them now without going through a full probate? A. Yes, there may very well be a… Read More »
Powers of Attorney Come in Many Forms
Q: My friends and I were recently discussing our estate plans, and the subject of Powers of Attorney came up. It seems that we have different understandings as to what they look like and how they can be used. Can you provide me with a short lesson which I can share with my friends? A. … Read More »
PACE Program Helps Senior Couples Live Together At Home
Q. My husband has become frail, and his doctor says he may need to go into a nursing home. However, neither of us is happy with that plan. I want to keep him home. Is there a program that might help us? A. Yes. The “Program for All Inclusive Care for the Elderly” (“PACE”) may… Read More »
Does Your Older Trust Need An Update?
Q. My wife and I had our Living Trust prepared back in the year 2001. I hear there have been changes in tax law since then which might affect us. Is it time to have our trust reviewed? A. Yes, Indeed!. When you created your own trust, the estate tax exemption was much smaller than… Read More »
New Law: Preserving Public Benefits For A Special Needs Child In Divorce
Q. Our daughter is going through a divorce. She has a 24 year old son (our Grandson) who has a disability and gets both SSI and Medi-Cal. She plans to seek child support from the father. We worry that the child support will reduce our Grandson’s SSI and possibly eliminate his Medi-Cal. Is there a… Read More »
What’s Involved in Administering a Trust?
Q. My father recently died. His home, bank accounts and other assets were held in a Living Trust. His financial advisor said we should now engage 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 »
New SSI Rules Will Make It Easier For SSI Recipients To Avoid Benefit Reductions
Q. My wife and I have an adult son with a disability. He receives SSI and lives in our home and pays us a modest rent from his SSI benefit. We also help him with groceries. We report this to SSI. To date, our “assistance” to him has been deemed a subsidy by SSI, and… Read More »