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 »
Posts Categorized: Estate Planning
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 »
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 »
A Resolution For The New Year
Q. My wife and I created our estate planning documents about 15 years ago and we really have not even looked at them since. Do you have any thoughts about when we should consider updating them? B. Yes, I do. I would tie a review and update into a New Year’s Resolution. Many of us… Read More »
Legal Action Plan After a Dementia Diagnosis
Q. My husband was just diagnosed with Alzheimer’s, but still seems to be generally okay. Are there legal steps we should take by way of planning for the future? A. Yes. Once you or loved one has been diagnosed with dementia, it is important to take action to get your affairs in order. Here is… Read More »
Considering Remarriage? Better Also Update Your Wills, Trusts
Q. My fiancé and I will soon marry. We both have our Wills and Trusts already set up as we wish, as we both have children from prior relationships and we each want our own assets to go to our own kids. Is it still necessary to update our Wills and Trusts? A. Yes! Unless… Read More »
Spouse on Medi-Cal? May Be Time To Change Your Will
Q. My husband is in a nursing home and has qualified for a Medi-Cal subsidy to help with care expenses. To qualify, I was obliged to take his name off of most of our bank accounts, so that almost everything is in my name now. However, I have my own health problems and I wonder… Read More »
Take Care When Naming Minors as Beneficiaries
Q. I would like to name my young grandchildren (ages 3–10 years) as beneficiaries of my estate and my life insurance. Is there anything I should know about this plan? A. Yes. Your wish to do so is commendable, but it is important to make a plan that does not involve leaving assets directly to… Read More »
Can I Leave a Bequest In Perpetuity?
Q. My wife and I own a vacation cottage, and we were wondering whether there would be any problem if we left it to our descendants in perpetuity, in our trust? A. Yes, there would be a problem, at least if your cottage is located in California or in most (but not all) of the… Read More »