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 »
Posts Categorized: Uncategorized
How to Access A Decedent’s Safety Deposit Box
Q. My late Uncle set up a safety deposit box at a local bank and named me as both executor under his Will and trustee under his Trust. In order to follow his wishes, I need access to his original estate planning documents, which I understand are held in his safety deposit box. How can… Read More »
How the $1.9 Trillion ‘American Rescue Plan Act’ Will Help Seniors
Q, I know that Congress and President Biden recently approved a new law that adds significant money into improving vaccinations and other COVID-19 outreach, but I wonder what other provisions are in the new law that might help seniors. A. Good question. The AMERICAN RESCUE PLAN ACT of 2021 (“ARPA”), R. 1319, was narrowly passed… Read More »
Medi-Cal Myths Uncovered
Q. In talking with friends, I discovered 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. Sure. I have also discovered much misunderstanding, even among care professionals. Here are the most common “myths” regarding the… Read More »
Under the CARES Act, You May Be Eligible To Withdraw Up to $100k From Your IRA Without Penalty and “Maybe” Without Tax
Q. I hear that under the CARES Act, my wife and I may each be able to withdraw up to $100K from our IRA’s without penalty and without tax. Is that true? A. Well, not quite. Here’s the deal: Under the recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Congress did recently… Read More »
Signing Legal Documents in the Time of COVID
Q. We recently engaged you to assist my elderly mother to update and revise her estate planning documents, all while she was a patient in a skilled nursing facility under “lockdown” due to the COVID Pandemic. I appreciate that you were successful, but wonder how you were able to deal with the COVID issues that… Read More »
Big Budget Win for Seniors And Low Income Older Adults
Q. I heard that the proposed CA Budget cuts to the Medi-Cal program are now off the table. Is that true? A. Yes! Some background: Faced with a proposed $54 Billion Budget Deficit, last month Governor Newsom had proposed drastic cuts to Medi-Cal and other social programs that serve low income seniors and the disabled…. Read More »
Estate Planning When You Spend Time in Different States
Q. My wife and I spend a substantial amount of time each year living in two other states, so that we can spend time living near each of our two children and their own families. We have our California estate planning documents created some time ago, but wonder whether we should create new documents in… Read More »
New Law Makes Big Changes to IRA’s & Other Retirement Plans
Q. I heard that there is a new law which makes major changes to IRA’s and other retirement plans. Can you comment? A. The new law, signed by President Trump on December 20, 2019, and effective January 1, 2020, is called the “SETTING EVERY COMMUNITY UP for RETIREMENT ENHANCEMENT ACT”, or the “SECURE ACT” for… Read More »
Consider Tax Savvy Year-End Gifts
Q. My wife and I are considering making large gifts to our two children and four grandchildren, and we would like to do so in a way that is “tax wise”. Do you have any advice for us? A. Yes. Many people mistakenly believe that you cannot gift more than $15,000 per year without incurring… Read More »