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 »
Blog Posts Page 6
Senior Alert: Medi-Cal Eligibility Rules Are Changing For Those Over 65!
Q. I heard that the Medi-Cal rules to qualify for a long-term care subsidy are about to change. This would be very important to us, as my husband, now aged 85, will soon need care in a nursing home, and we are very concerned about the cost. Do you know anything about this? A. Yes,… Read More »
Planning an Inheritance 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, under present rules your son cannot have more than… Read More »
The Tax Consequences of Selling a Home After the Death of a Spouse
Q. My husband died last year, and I am now considering selling our home and relocating to be closer to our daughter. I am concerned, however, about the potential tax consequences when I sell. Can you provide any information on this point? A. Yes. The biggest concern when selling property is capital gains taxes. A capital… Read More »
“Dad is in ICU and I Need Power Of Attorney. Help!”
Q. “Dad suffered a stroke and is in the hospital in ICU. I do not have signing power on his bank accounts and I need to pay his bills. I am told that I need a Power of Attorney so that I can take care of his finances. Can you help?” A. We frequently receive… Read More »
Understanding “Living Trusts “
Q. My wife and I don’t really understand what a “Living Trust” is and how it is different from a Will. Can you help us understand it? A. Yes. A “Living Trust”, is a legal document which (1) provides for asset management in the event of your incapacity, and (2) allows your assets to go… Read More »
Should We Sell Mom’s Home To Pay For Her Care?
Q. Our mother is in assisted living and may need to go into a nursing home soon. To raise money for her ongoing care, we are thinking of selling her home which is now vacant. Any thoughts as to whether that makes sense? A. Well, here’s the thing: selling mom’s home may undermine her ability… Read More »
What Happens To Our Home Loan If My Spouse Predeceases Me?
Q. My husband and I married years after he purchased what is now our home. We are both now up in years, and we still have an outstanding home loan that we pay on each month. What happens to the home loan if he predeceases me, as my name is neither on the title to… Read More »
How To Assist Physically Impaired Persons to Sign Legal Documents
Q. My husband suffered a stroke and is essentially paralyzed. However, his mind is sharp. I need him to sign a Power Of Attorney so that I can take care of our financial affairs. Is there any way to do this? A. Yes. Where a person has sufficient mental capacity to understand the nature of… Read More »
Review Your Older Trust Now To Avoid A Tax Surprise Later
Q. 20 years ago, my husband and I created a Living Trust with provisions to avoid estate tax upon our passing. I believe it is called an A-B Trust. When my husband died four years later, my attorney helped me divide the trust assets between the A and the B portions. The problem: my CPA… Read More »