Generated by All in One SEO v4.9.9, this is an llms.txt file, used by LLMs to index the site. # Lawyer For Seniors ## Sitemaps - [XML Sitemap](https://lawyerforseniors.com/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [Blog](/blog/) - [ Inheritance While on Medi-Cal? How To Preserve Your Benefits](/inheritance-while-on-medi-cal-how-to-preserve-your-benefits/) - Q. My 86-year-old mother is in a nursing home and receives a Medi-Cal subsidy. We just learned that her brother died and left her $200,000 in his trust. Will the receipt of this inheritance bounce mom off of Medi-Cal? Is there anything we can do? A. The answer to your first question is easy: yes, the - [What Happens To My Medicare Premium If I Sell My House](/what-happens-to-my-medicare-premium-if-i-sell-my-house-2/) - Q. I am in my 70's and receiving Social Security and Medicare. I am considering selling my home and moving into a Senior Living facility. I heard that the sale might affect my Medicare premium and Social Security benefits. Can you shed any light on this? A. I believe so, and you heard correctly if - [Preserving Your Parent's Low Property Tax When Inheriting the Home](/preserving-your-parents-low-property-tax-when-inheriting-the-home/) - Q. My mom owned her home for 25 years before she recently passed, and she held that in her trust. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that - [Must We Cash in IRAs to Qualify for Nursing Home Medi-Cal in 2026?](/must-we-cash-in-iras-to-qualify-for-nursing-home-medi-cal-in-2026/) - Q. My husband may soon need nursing care and I will need to apply for a Medi-Cal subsidy to help with the cost. Our incomes are modest and, aside from our home, most of our savings is in the form of our IRA’s. A friend thought I would have to cash them out and “spend - [How to Activate a POA Upon the Incapacity of the Signer](/how-to-activate-a-poa-upon-the-incapacity-of-the-signer/) - Q. My father signed a durable power of attorney a few years back, making it effective only in the event he later became unable to handle his own financial affairs. Sadly, I think that time has come. How do I activate it so that I, whom he designated as his agent, can now act for - [Protect Deceased Loved Ones from Identity Theft](/protect-deceased-loved-ones-from-identity-theft-2/) - Q. My father just died and I have been named as his executor. Are there steps I should take to protect against theft of his identity? A. Yes. As disturbing as it may seem, even the identity of the deceased is subject to identity theft. By one estimate, thieves steal the identities of more than - [In 2028, Home Equity To Be Capped at $ One Million for Long Term Care Medi-Cal for Seniors](/in-2028-home-equity-to-be-capped-at-one-million-for-long-term-care-medi-cal-for-seniors/) - Q. I heard that, as part of the recently passed Trump Tax Bill, that home equity will become a factor for Medi-Cal eligibility, at least for Seniors. That wasn’t really discussed in the press. Is it true? A. Yes, indeed, effective January 1, 2028. You are correct that this issue was not really discussed in - [What’s Involved in Administering a Trust?](/whats-involved-in-administering-a-trust-3/) - 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 - [New Medi-Cal Rules: Return of the Asset Cap in 2026](/new-medi-cal-rules-return-of-the-asset-cap-in-2026/) - Q. You recently wrote an article advising that Governor Newsom was proposing a return to the former asset cap of $2,000 for those older individuals seeking to qualify for Medi-Cal. Has there been any decision on this? A. Yes, indeed! And the news is not as bad as many of us feared. A little background - [May Someone with Dementia Sign a Will?](/may-someone-with-dementia-sign-a-will-2/) - 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 - [Legal Steps After a Dementia Diagnosis](/legal-steps-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 Alzheimer’s or other cognitive impairment, it is important to take action to get your affairs - [Governor Proposes to Restore Medi-Cal Resource Caps](/governor-proposes-to-restore-medi-cal-resource-caps/) - Q: I just heard that Governor Newsom has proposed the reinstatement of the former asset test to qualify for Medi-Cal benefits. Is this true and, if so, what does this mean for seniors who might need long term care in the future? Is there anything we should do now to plan for this change? A: - [A Different Gift Idea That Sends Powerful Message to the New Graduate](/a-different-gift-idea-that-sends-powerful-message-to-the-new-graduate/) - Q. Our grandson is graduating college and we would like to get him a gift which recognizes the beginning of his adult life and career. We thought of something of a “legal” nature and wondered if you have any ideas? A. Great thought and indeed I do. Why not arrange through your attorney to provide - [Planning Your Estate When Your Spouse Has Dementia](/planning-your-estate-when-your-spouse-has-dementia/) - Q. My husband and I have put off doing our estate planning, and now he has dementia and his doctor is concerned about him signing legal documents. He is 5 years older than me and also has some other health issues. We have a home and some financial accounts, and all our assets are held - [New Probate Exemption for Homes](/new-probate-exemption-for-homes/) - Q. I hear that there is a new California law which exempts some homes from the burden of probate. Do you know anything about this? A. Yes, and you heard correctly. Effective April 1 of this year, the new law, known as AB 2016, permits the passing of a decedent’s home valued up to $750K - [UNMARRIED PARTNERS SHOULD GIVE ESTATE PLANNING TOP PRIORITY](/unmarried-partners-should-give-estate-planning-top-priority/) - Q. My partner and I have been in a Non-Marital relationship for approximately 12 years. Unfortunately, she is showing signs of early dementia, and her children from her former marriage are trying to take over her financial and personal life in a manner which is not in her best interest. We do not have anything - [Financial Help for Care at Home:  the IHSS Program](/financial-help-for-care-at-home-the-ihss-program-3/) - Q. I recall reading your article some time back about seeking benefits for care in the home, but I did not save it. Could you address the issue again? Our 92 year-old mother is frail but wishes to remain at home. She has limited financial resources, so my sister is living with her and providing - [How To Assist Physically Impaired Persons Sign Legal Documents](/how-to-assist-physically-impaired-persons-sign-legal-documents/) - Q. My wife suffered a stroke and is essentially paralyzed. However, her mind is sharp. I need her 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 the document - [Does Your Estate Plan Cover Digital Assets?](/does-your-estate-plan-cover-digital-assets/) - Q. I am a frequent user of Facebook and other social media accounts, and I sometimes wonder what would happen to my accounts upon my death. Would my family be able to access my posts or terminate my accounts? A. Under a California law that went into effect January 1, 2017, the answer is “yes”, - [New Law: You May Now Give Your Fiduciary Post-Mortem Access To Your Social Media Accounts](/new-law-may-now-give-post-mortem-access-social-media-accounts/) - Q. I am a frequent user of Facebook and Twitter, and I sometimes wonder what would happen to my accounts upon my death. Would my family be able to access my posts? A. Under a new California law that went into effect January 1, 2017, the answer is “yes”, provided that you take proactive steps - [Good News For Seniors With High Prescription Drug Costs](/good-news-for-seniors-with-high-prescription-drug-costs/) - Q. My wife and I have high prescription drugs costs. I hear that there may be changes to the Medicare Drug program that may make them more affordable for us. Is that correct and can you provide any more information? A. Yes, indeed. As part of the Inflation Reduction Act (“IRA”) passed by Congress and - [What is REALLY Behind a Contested Will?](/what-is-really-behind-a-contested-will/) - Tolstoy said that “happy families are all alike; every unhappy family is unhappy in its own way,” but sometimes even the most stable and happy of families can turn angry and litigious when death and property are involved. It never ceases to be surprising how many seemingly strong family relationships devolve into backbiting and grudge-holding when - [Protecting Your Parents, Protecting Yourself](/protecting-your-parents-protecting-yourself/) - Do you need long-term care insurance? You may think you’re too young to think about that quite yet, but what about your parents? If you’re reading this blog it’s likely that your parents are at an age where they soon may need some sort of care, whether that will be in-home care, nursing care, or - [Executors and Agents: Choosing Your Own Replacement](/executors-and-agents-choosing-your-own-replacement/) - When people think about estate planning they generally think about inheritance, or taxes, or even guardianship—but rarely are the words “executor” or “agent” the first ones that come to mind. And yet, choosing your executor or your agent is one of the most important decisions you’ll ever make. Your executor is the person who carries - [In This Season of Thanksgiving...](/in-this-season-of-thanksgiving/) - The days are getting shorter, the weather cooler, and the skeletal arms of trees reach for the skies as their colorful apparel rests on the ground. All of these signs point to just one thing... No, not the estate tax repeal (although that does loom close); I’m referring, of course, to the upcoming holiday season—a - [How to Increase the Chance that Your Power Of Attorney Will Be Honored](/how-to-increase-the-chance-that-your-power-of-attorney-will-be-honored/) - Q. I have heard friends complain that their parent’s financial Power of Attorney document was not honored by their parent’s own bank. Is there a way to avoid this? A. Unfortunately, we hear that complaint from time to time. While there may be no way to draft a power of attorney that completely eliminate the - [Financial Tool To Protect Seniors From Financial Scams:  the ‘Trusted Contact Person’](/financial-tool-to-protect-seniors-from-financial-scams-the-trusted-contact-person/) - Q. My 90 year old father has a substantial brokerage account and likes to manage it himself. Yet I worry that he could easily fall victim to financial scams. Is there anything I can do to protect him? A. Yes, there may be. The Financial Industry Regulatory Authority (“FINRA”), which regulates firms and professionals selling - [Include Flexibility In Your Trust To Handle Change](/include-flexibility-in-your-trust-to-handle-change/) - Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves when needed. Any thoughts on how we can handle these concerns? A. Yes. With the ever-changing tax landscape, and - [Do I Need a Will If I Have a Trust?         ](/do-i-need-a-will-if-i-have-a-trust/) - 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 - [As POA for Dad, Can I Make Gifts On His Behalf?](/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 - [Understanding the Difference Between a Will and a Trust](/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 - [Financial Help for Care at Home:  the IHSS Program](/financial-help-for-care-at-home-the-ihss-program-2/) - Q. Our 91 year-old mother is frail but wishes to remain at home. She has limited financial resources, so my sister is living with her and providing care without pay. Are there any government programs that might help us hire a caregiver and give my sister some relief? A. Yes. There are a number of - [How To Settle Some Estates Without Probate](/how-to-settle-a-small-estate-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 - [Powers of Attorney Come in Many Forms](/powers-of-attorney-come-in-many-flavor/) - 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. - [PACE Program Helps Elderly Remain at Home Instead of Nursing Home](/pace-program-helps-elderly-remain-at-home-instead-of-nursing-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 - [PACE Program Helps Senior Couples Live Together At Home](/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 - [Does Your Older Trust Need An Update?](/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 - [Will A Reverse Mortgage Prevent Medi-Cal Qualification?](/will-reverse-mortgage-prevent-medi-cal-qualification/) - Q. My wife and I have a Reverse Mortgage on our home. We have already pulled out about $100K on our loan and have another $150K available. If one of us needs nursing home care, will our Reverse Mortgage prevent us from seeking a Medi-Cal subsidy to help with the cost of that care? A. - [New Law: Preserving Public Benefits For A Special Needs Child In Divorce](/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 - [New SSI Rules Will Make It Easier For SSI Recipients To Avoid Benefit Reductions](/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 - [The Reading of the Will](/the-reading-of-the-will/) - Q. My brother-in-law just died, and I expected the entire family to be invited to a formal reading of his will. So far, nothing has been set up. Does that sound right? A. Actually, yes it does. You have probably seen a number of old movies where, after a person’s death, his next of kin - [What Is a Life Estate Deed & When Might I Use One?](/what-is-a-life-estate-deed-when-might-i-use-one/) - Q. My primary asset is my home, which I purchased about 35 years ago and now own free and clear. I would like to leave it to my son, but in a way that avoids the fuss of a probate or trust administration when I die. Is there some way to do this? A. Yes, - [New Medi-Cal Rules Make It Easier To Qualify for Financial Assistance](/medi-cal-eliminates-asset-cap-for-long-term-care/) - Q. My mother will need care in a Nursing Home, but the cost is beyond our reach. I understand that Medi-Cal can help subsidize that cost if she were eligible for that financial assistance. I also heard that there are new rules now in place that may make it easier for her to qualify. Can - [The Benefits of Probate: Homestead and Family Allowance](/the-benefits-of-probate-homestead-and-family-allowance/) - Q: My husband just passed away. He did not have a Will or Trust, and our home was his separate property from his prior marriage. His son is now anxious to sell the home in order to receive his inheritance share, but that would force me out of the home with nowhere to go. Do - [Can Beneficiaries Be Changed After Death?](/can-beneficiaries-be-changed-after-death/) - Q. My mother just died, and her will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very - [Understand Medi-Cal Recovery and Avoid an Unpleasant Surprise](/understand-medi-cal-recovery-and-avoid-an-unpleasant-surprise-2/) - 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. Your situation is all too - [Free Tax Filing Help Is Available to Seniors](/free-tax-filing-help-is-available-to-seniors-2/) - Q. I hear that the IRS may offer free tax preparation services. Do you know anything about this? A. Yes. The IRS offers free tax preparation software, fillable forms, and free taxpayer assistance, all available in an effort to make tax compliance easier, especially for seniors, those with a disability and those whose primary language - [Can I Leave a Bequest In Perpetuity?](/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 - [Estate Planning for Surviving Spouses](/estate-planning-for-surviving-spouses/) - Q. I recently had to lay my wife to rest after almost 50 years together. Our children keep saying that I should review our estate plan with an attorney to see if anything needs to be done and that all is in order. Do you have any suggestions as to things I should look for, - [Consider Tax Savvy Year End Gifts to Family](/consider-tax-savvy-year-end-gifts-to-family-3/) - Q. Last year around this time, you wrote an article on year-end gift planning, but I cannot find the copy I saved. My wife and I are considering making large gifts to our two children to help them remodel their homes, and we would like to do so in a way that is “tax wise”. - [New CA Law Addresses Gap In Medical Decision-Making](/new-ca-law-addresses-gap-in-medical-decision-making/) - Q, My best friend of many years is in the hospital and is not able to tell her doctors her wishes regarding medical care. She has no close family members and--unfortunately– has not designated a Health Care Agent in writing, nor is she now capable of doing so. Is it possible for me, her long - [Settling a Small Estate Without Probate](/settling-a-small-estate-without-probate/) - Q.. My father recently died, leaving his home in a Living Trust. He also left several bank accounts, which together total about $100,000. Our problem: the accounts were never actually transferred into his trust. Is there a way to deal with them without going through probate? A. Yes, there is. And, by the way, your - [Advance Care Planning: Making Sure Your Loved One’s Wishes Are Honored](/advance-care-planning-making-sure-your-loved-ones-wishes-are-honored/) - Q. Our parents are up in years and have become increasingly frail. I know that they both have definite wishes about advance care planning and end-of-life decisions. Any suggestions on how we might help them make sure that their wishes are honored? A. Yes, I do. The first step is to begin the conversation. There - [Senior Alert: Medi-Cal Eligibility Rules Are Changing For Those Over 65!](/alert-medi-cal-eligibility-rules-changing/) - 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, - [Legal Steps After an Alzheimer’s Diagnosis](/legal-steps-after-an-alzheimers-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? Yes. Once you or loved one has been diagnosed with Alzheimer’s, it is important to take action to get your affairs in order. Here is my - [Can Beneficiaries Be Changed After Death? The Disclaimer](/can-beneficiaries-be-changed-after-death-the-disclaimer/) - Q. My mother just died, and her Will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very - [Filial Responsibility: Are Children Responsible For Their Parents’ Care?](/filial-responsibility-are-children-responsible-for-their-parents-care-2/) - Q. My wife and I are concerned that our adult children might be held financially responsible for our care in the event we run out of our own resources. Our children are good kids, but they have their own financial responsibilities, including putting their own kids through college. Can you shed any light on this? - [New Law Will Enhance the Life of the Disabled By Enabling Creation of Savings Accounts](/new-law-will-enhance-life-disabled/) - Q. I hear that President Obama signed a new law that will make life easier for persons with a disability. Do you know anything about this? We would like to set up something for our grandchild who has a disability and is on SSI and Medi-Cal. A. Yes. It is called “Achieving a Better - [A Solution To The Tax Problem When Selling A Home Held in Joint Tenancy After The Death Of A Spouse](/a-solution-to-the-tax-problem-when-selling-a-home-held-in-joint-tenancy-after-the-death-of-a-spouse/) - Q. My late husband and I bought our home 45 years ago for $50,000, and we were then advised to take title as Joint Tenants to avoid probate. When he died 3 years ago, I was told by a realtor that it was worth about $1.2 Million. I was recently told by our CPA that, - [ Do I Need To Update My Power of Attorney When Addresses Change?](/do-i-need-to-update-my-power-of-attorney-when-addresses-change/) - Q. When I signed my Power Of Attorney a few years back, my primary and successor agents lived at different addresses and had different phone numbers than they do now. In order for it to remain valid, do I need to completely re-do it? A. I do receive this question from clients from time to - [How To Create Basic Estate Planning Documents During the COVID-19 Crisis, Without Witnesses or Notary](/how-to-create-basic-estate-planning-documents-during-the-covid-19-crisis-without-witnesses-or-notary/) - Q. My father is confined to his Assisted Living Facility (“ALF”) and is very anxious to sign a Will and other estate planning documents. However, the facility is on ‘lock-down’ due to the COVID-19 pandemic, his caregivers will not be able to serve as witnesses, and I cannot arrange for a mobile notary to enter - [Fixing a Problem Trust After the Death of a Spouse](/fixing-a-problem-trust-after-the-death-of-a-spouse/) - Q. My wife and I created a Living Trust back in the year 2001. We never thought to have it reviewed or updated. She recently died and I just re-read our trust. To my surprise, it requires that her half of our assets go something called a Bypass Trust and greatly limits my access to - [Joint Tenancy vs Tenancy in Common: What’s The Difference?](/joint-tenancy-vs-tenancy-in-common-whats-the-difference/) - Q. My brothers and I plan to buy a home together, and wonder whether we should take title to the home as joint tenants or as tenants-in-common. Can you explain the difference? A. Sure. There are distinct differences between these forms of ownership. The principal differences pertain to the equality of ownership and the right - [Will Medi-Cal Pay for Assisted Living Care?](/will-medi-cal-pay-assisted-living-care/) - Q.I was obliged to move my wife into an Assisted Living Facility, where she now resides in the memory care unit. It costs almost $6,000 a month and I see our savings dwindling. If we qualify financially, will Medi-Cal help with the cost of her care? A. Maybe. Here's is how it all works: Short - [May Someone With Dementia Create a Will?](/may-someone-with-dementia-create-a-will/) - Q. My husband and I would like to make wills, but I am concerned because he has been recently 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 - [A Novel Gift Idea for the Graduate](/a-novel-gift-idea-for-the-graduate/) - Q. Our grandson will be graduating from college soon, and we would like to get him a gift which recognizes the beginning of his adult life and career. We thought that something of a “legal” nature might be worthwhile, and wondered if you have any ideas? A. Great thought and indeed I do. Why not arrange - [Can I Keep My SSI If My Ex-Spouse Pays Me Support?](/can-i-keep-my-ssi-if-my-ex-spouse-pays-me-support/) - Q. I recently qualified for SSI and Medi-Cal, but I am going through a divorce . I worry that when my ex-spouse is ordered to pay me Spousal Support, I may then lose my SSI and Medi-Cal. Is there a way that I can keep my public benefits and also receive support? I am now - [When Your Most Valued Assets Are Not Covered by Your Will](/when-your-most-valued-assets-are-not-covered-by-your-will-4/) - Q. My wife and I hold title to our 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 leave everything to the other and then on to our children. Our son suggested that our wills may - [Does Your Trust Need a Tuneup?](/does-your-trust-need-a-tuneup/) - Q. My wife and I had our Living Trust prepared back in the year 2008. I hear there have been changes in tax law since then which might affect us. Is it time to have our trust reviewed? A. You refer to the Tax Cuts and Jobs Act,” (“TCJA”) signed by former President Trump on - [What Happens If The Will Has Been Lost?](/what-happens-if-the-will-has-been-lost/) - Q. It seems that my father lost the will that he signed some years ago. It might have been misplaced when he moved from his home into an assisted living facility two years ago, but we only just noticed its absence when we were helping him organize his papers and affairs. What do we do? - [Protect Your Trust Against A Post-Mortem Contest](/protect-your-trust-against-a-post-mortem-contest/) - Q. My wife and I have 4 sons. Unfortunately, one of them is not deserving of an equal share of our estate when we pass, and we have shared that with him. He now threatens to challenge our trust after we die on the ground that we lacked capacity when we recently created it. We - [The IHSS Program: Financial Help for Care at Home](/the-ihss-program-financial-help-for-care-at-home/) - Q. Our 85 year-old mother is frail but wishes to remain at home. She has limited financial resources, so my sister is living with her and providing care without pay. Are there any government programs that might help us hire a caregiver and give my sister some relief? A. Yes. There are a number of programs, but - [Are Your Estate Planning Documents HIPAA Compliant?](/are-your-estate-planning-documents-hipaa-compliant/) - Q: I heard on a radio program that Living Trusts should be HIPAA compliant, but I didn't quite catch the full comment. Can you shed any light on this? A. Sure. Most trusts and powers of attorney contain provisions which call for a change in trustee or agent when the maker of these instruments (you) - [New Transfer on Death Deed: An Alternative to a Living Trust?](/new-transfer-on-death-deed-an-alternative-to-a-living-trust/) - Q. I hear that Governor Brown just signed a new law that makes it easier for a homeowner to transfer a home, on death, to his name beneficiaries without going through probate or creating a trust. Do you know more about this? A. Yes. The new law (AB 139) creates a Revocable Transfer on Death - [Does a Power of Attorney End On Death?](/does-a-power-of-attorney-end-on-death/) - Q, My wife and I were wondering whether a Power of Attorney that each would give to the other would end upon death? Can you advise? A. Short answer. Yes! A Financial Power of Attorney (“POA”) generally ends upon the death of the principal, the principal being the one who gives the “powers” to an - [Consider Tax Savvy Year End Gifts To Family](/consider-tax-savvy-year-end-gifts-to-family-2/) - Q. Last year around this time, you wrote an article on year-end gift planning, but I cannot find the copy I saved. My wife and I are considering making large gifts to our two children to help them remodel their homes, and we would like to do so in a way that is “tax wise”. - [Why Amending A Trust Isn’t Always A Simple Task](/amending-trust-isnt-always-simple-task/) - Q. My late wife and I set up a trust about 10 years ago, and now I want to change the Successor Trustee and remove a beneficiary. Is that a simple thing to do? A. Like so many things in life, it depends. Here are some of the considerations: Is It Amendable? Not all trusts - [Are You Missing Out on Benefits?](/are-you-missing-out-on-benefits/) - Q. Is there any resource on the Internet which has a compilation of benefit programs for seniors, all in one place and that’s easy to use? A. Yes! You may be unaware that seniors have access to hundreds of federal and state benefits programs that may assist them. Many retirees meet the requirements for these - [Help with Delinquent Mortgage and Property Tax Payments](/help-with-delinquent-mortgage-and-property-tax-payments/) - Q. My wife and I have missed a few home mortgage payments this year, and we are behind in our property taxes. I heard there is a program that might help us out. Do you know anything about it? We don’t want to lose our home. A. Yes. In California, the program is called the - [Understanding A “Springing” Power of Attorney](/understanding-a-springing-power-of-attorney/) - Q. I recently heard the term “Springing” Power of Attorney, but I am not sure what that means. Can you shed any light on this? A. Sure. Broadly speaking, there are two general categories of financial Powers of Attorney: (1) those that are immediately effective upon signing by the principal, and (2) those that are - [When Your Most Valued Assets Are Not Covered by Your Will     ](/when-your-most-valued-assets-are-not-covered-by-your-will-3/) - 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 - [Consider Tax Savvy Year End Gifts To Family](/consider-tax-savvy-year-end-gifts-to-family/) - Q. My wife and I are considering making large gifts to our two children and three 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 one cannot gift more than $15,000 per year/person without incurring a - [What’s in the New Inflation Reduction Act for Seniors?](/whats-in-the-new-inflation-reduction-act-for-seniors/) - Q. My wife and I have been following the news about the recently signed Inflation Reduction Act, and there seems to be significant benefits for seniors on Medicare. Can you provide more information? A. Sure. The recently signed Inflation Reduction Act has been considered by many as a blockbuster piece of legislation, perhaps one of - [Plan for Trustee Succession](/plan-for-trustee-succession/) - Q. I have a Living Trust. I am the original trustee and my children are the successor trustees. Do you have any thoughts about easing the transition of trustee duties from me to my children when the management of my finances has become too much for me? A. Yes. It is important for that transition - [Add Flexibility To Your Trust To Handle Change](/add-flexibility-to-your-trust-to-handle-change/) - Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves. Any thoughts on how we can handle these concerns? A. With the ever-changing tax landscape, and changes over time - [Add Flexibility to Your Trust To Handle Change](/add-flexibility-trust-handle-change/) - Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves. Any thoughts on how we can handle these concerns? A. With the ever-changing tax landscape, and changes over time - [The Ethical Will: Putting Your Values on Paper](/the-ethical-will-putting-your-values-on-paper-2/) - Q. In connection with creating our estate planning documents, my husband and I would like to leave our children and grandchildren something more than just our money and assets. We would like to leave them a sense of our values. A friend mentioned something to us about an “Ethical Will”. Do you have any thoughts - [What Happens If a Die Without a Will?](/what-happens-if-a-die-without-a-will-2/) - Q. If I die without a will, do my assets go to the state? A. Generally, no. The state would be the last potential recipient, and then only if your successors or next of kin could not be located. Here is how your assets would be handled under California law: Joint Tenancy Assets: Assets held - [What’s Involved in Administering a Trust?](/whats-involved-in-administering-a-trust-2/) - 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 - [Preserving Your Parent’s Low Property Tax on Trust Distribution After Prop. 19](/preserving-your-parents-low-property-tax-on-trust-distribution-after-prop-19/) - Q. My mom owned her home for 25 years before she recently passed. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that we can do this without triggering a - [Making a Large Gift to a Caregiver Needs An Attorney’s Blessing](/making-a-large-gift-to-a-caregiver-needs-an-attorneys-blessing/) - Q. My wife and I have a wonderful caregiver who has enabled us to remain at home. We would like to make a significant bequest to her in our wills. Can we handle the bequest by just handwriting a codicil to each of our wills? A. The simple answer is, no. 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As you apparently know, under present rules your son cannot have more than - [The Tax Consequences of Selling a Home After the Death of a Spouse](/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 - ["Dad is in ICU and I Need Power Of Attorney. Help!"](/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 - [Understanding “Living Trusts “](/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 - [What Happens To Our Home Loan If My Spouse Predeceases Me?](/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 - [Do I Need to Cash in My Annuities If I Go Into a Nursing Home?](/do-i-need-to-cash-in-my-annuities-if-i-go-into-a-nursing-home/) - Q. I have three annuities. If my wife or I need to go into a nursing home, do we need to cash them in to be eligible for a Medi-Cal subsidy? A. Well, like many things in life, it all depends. If your annuities are held inside an IRA owned by you or your wife, - [Filial Responsibility: Are Children Responsible for Their Parents’ Care?](/filial-responsibility-are-children-responsible-for-their-parents-care/) - Q. My wife and I are concerned that our adult children might be held financially responsible for our care in the event we run out of our own resources. Our children are good kids, but they have their own financial responsibilities, including putting their own kids through college. Can you shed any light on this? - [How To Assist Physically Impaired Persons to Sign Legal Documents](/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 - [Review Your Older Trust Now To Avoid A Tax Surprise Later](/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 - [Dealing With the Visitation Ban in Nursing Homes & Assisted Living Facilities Due to COVID](/dealing-with-the-visitation-ban-in-nursing-homes-due-to-covid/) - Q. My wife has been in nursing home for about 6 months, and I haven’t been allowed to see her since March due to COVID-19. The facility has been in “Lockdown” and won’t permit visitors. I really miss her. Is there any way to get around this? A. Yes, there may well be a way - [A Resolution For The New Year](/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 - [Legal Action Plan After a Dementia Diagnosis](/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 - [New End of Life Law Became Effective in California; Recently Challenged; Reinstated Pending Further Legal Proceedings](/-new-end-life-law-effective-june-9-2016/) - [Alert to Readers: Make sure to read the "ALERT" at the bottom of this post for recent developments]. ******************************* Q. 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Is there a - [Defending Against Premature Nursing Home Discharges](/defending-against-premature-nursing-home-evictions/) - Q. My father was discharged from the hospital into a nursing home, has been there only about 2 weeks under MediCARE, and now they are pressing us to bring him home. But, he’s not ready and still needs care. Is this right? A. No, it is not. Unfortunately, many nursing homes are concerned about whether - [Considering Remarriage? Better Also Update Your Wills, Trusts](/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 - [New Law: Medi-Cal Dramatically Scales Back Estate Recovery](/new-law-medi-cal-dramatically-scales-back-estate-recovery/) - Q. My husband receives a Medi-Cal subsidy to help with his nursing home expense, and I have long worried about protecting our home from a later Medi-Cal “payback” claim. I heard there might be some changes coming. Do you know anything about this? A. Yes, indeed, there are big changes coming! Gov. Jerry Brown just signed - [Preserving Your Parent’s Low Property Tax on Trust Distribution](/preserving-your-parents-low-property-tax-on-trust-distribution/) - Q. My mom owned her home for 35 years before she recently passed. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that we can do this without triggering a - [  Spouse on Medi-Cal?  May Be Time To Change Your Will](/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 - [How Grandparents Helped Humans Evolve](/how-grandparents-helped-humans-evolve/) - Q. Any thoughts for Grandparents Day, which this year is September 12, 2021? A. Yes. How about this: Archaeological evidence strongly suggests that increasing lifespans, which permitted the creation of an older generation (“grandparents”), played a key role in our evolutionary success. Indeed, this phenomenon may account for why we, as Homo sapiens, replaced archaic - [Take Care When Naming Minors as Beneficiaries](/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 - [Evictions Halted in California Through September 30, 2021](/evictions-halted-nationwide-for-remainder-of-year/) - Q. I lost my job due to the Covid Pandemic, and now find that I am having difficulty paying my rent. I am worried about being evicted from the home my wife and I are renting. Is there any advice you can offer? A. Yes. Governor Newsom just signed Legislation (AB 832) on June 28, - [An Estate Plan without Probate or Trust Administration?](/estate-plan-without-probate-trust-administration/) - Q. Is it possible to plan my estate so that my assets go to my beneficiaries without probate or even a trust administration? I have a home, bank and brokerage accounts, an IRA, annuity and life insurance policy. I would like to keep things as simple as possible. A. Yes, and here is how you - [New California Homestead Exemption](/new-california-homestead-law/) - Q. I hear there has been a change in the state Homestead Law. Can you comment? A. Yes, indeed. A new Homestead Exemption went into effect at the beginning of 2021, and it is good news for California homeowners. But first, a bit of background for those readers who might not be familiar with the - [The 5 Parts Of A Good Estate Plan](/the-5-parts-of-a-good-estate-plan-2/) - Q. My wife and I would like to set up a basic estate plan. What are the essentials? A. Many people believe that if they have a will, their estate planning is complete. But, actually, there is much more to a good estate plan. A good plan should be designed to avoid probate, minimize estate - [Adults Under Age 65 Now Eligible for Medi-Cal Without Asset or Disability Test](/adults-ageadults-age-65-now-eligible-medi-cal-without-asset-disability-tes/) - Q. My wife and I are both age 60, in good health and have very modest incomes. We are not yet eligible for MediCare. In the past, we were told that we were not eligible for Medi-Cal because we have some savings and because we are not disabled. Has any of this changed under the - [A Novel Gift Idea for the New Graduate](/a-novel-gift-idea-for-the-new-graduate/) - Q. Our grandson is graduating college and we would like to get him a gift which recognizes the beginning of his adult life and career. We thought of something of a “legal” nature and wondered if you have any ideas? A. Great thought and indeed I do. Why not arrange through your attorney to provide - [New Protections for Spouses of Reverse Mortgage Borrowers](/new-protections-for-spouses-of-reverse-mortgages-borrowers/) - Q. I hear that HUD just made some important changes for borrowers of Reverse Mortgage loans to protect the borrowers’ spouses. Do you know anything about that? A. Yes, indeed, and you heard correctly. On May 6, the Department of Housing and Urban Development (“HUD”) issued new rules to govern all Home Equity Conversion Loans - [Stimulus Payments Will Not Impair Medi-Cal, SSI, Nor Covered CA Eligibility](/stimulus-payments-will-not-impair-medi-cal-or-ssi-eligibility/) - Q. My wife and I are both on SSI and Medi-Cal and we just received $1,200 under the federal stimulus program, and hope to receive another round if Congress and the new administration approve more. Will these payments mess up our public benefits, which we depend upon? A. The short answer is “No”. Some background may - [Will Medi-Cal Pay for Care in the Home?](/will-medi-cal-pay-for-care-in-the-home/) - Q. My mother needs full-time round-the-clock care, but she wants to remain in her home rather than move to a nursing home. If she meets the financial eligibility requirements, will Medi-Cal pay for her care at home? A. Unfortunately, your mom would most likely need to be in a nursing facility in order to receive - [Financial Help for Care at Home: the IHSS Program](/financial-help-for-care-at-home-the-ihss-program/) - Q. Our 90 year-old mother is frail but wishes to remain at home. She has limited financial resources, so my sister is living with her and providing care without pay. Are there any government programs that might help us hire a caregiver and give my sister some relief? A. Yes. There are a number of - [How to Access A Decedent’s Safety Deposit Box](/how-to-access-a-decedents-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 - [Medi-Cal Expands Home Care Option For Married Individuals](/medi-cal-expands-home-care-option-married-individuals/) - Q. I have been caring for my wife at home for some time, and I could really use help. In the past I was told that our modest savings and incomes were too high to qualify for a Medi-Cal subsidy to enable me to hire care-givers. However, I just heard that these strict requirements may - [How the $1.9 Trillion 'American Rescue Plan Act' Will Help Seniors](/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 - [When a 'Last Will' Is Not Enough](/what-you-cant-do-with-a-will/) - Q. My wife and I were wondering whether we would need more than a Last Will for each of us to cover what happens upon death. Is a Will usually enough? A. Good question. The simple answer is “No”. Usually more planning documents are necessary, or at least strongly advisable. While a Will is an - [Special Needs Trust May Preserve Public Benefits In Divorce](/special-needs-trust-may-preserve-public-benefits-divorce/) - Q. Our 35 year old daughter is going through a divorce. She is on disability and gets SSI and Medi-Cal. We worry that she may lose her benefits once she is awarded support and receives her share of community property. You recently wrote about a Special Needs Trust to protect benefits for a senior in - [Can I Use My Father’s POA to Help Him Qualify for Medi-Cal?](/can-i-use-my-fathers-poa-to-help-him-qualify-for-medi-cal-2/) - Q. My father is in a nursing home and could really use a Medi-Cal subsidy to help with the cost, which is running about $9,500 per month. He has dementia and cannot manage his own finances. Years ago he signed a Power Of Attorney naming me as his agent. Can I use it to make - [Medi-Cal May Reduce Its Claim for a Child Caregiver](/medi-cal-may-reduce-claim-child-caregiver/) - Q. When Dad became unable to care for himself, I moved in with him and cared for him for as long as I could. When his care needs increased, we had to place him in a nursing home. He lived there about a year, on a Medi-Cal subsidy, before he passed. Recently, I received a - [Key Elder Law Numbers for 2021](/key-elder-law-numbers-for-2021/) - To Our Clients and Friends: Below are updated numbers for 2021 that are frequently used in our Elder Law practice and which may be of interest to clients: Medi-Cal Spousal Impoverishment Numbers for 2021 The new Community Spouse Resource Allowance (“CSRA”) is $130,380. The Minimum Monthly Maintenance Needs Allowance (“MMMNA”) for the “At- Home” Spouse - [Medi-Cal Myths Uncovered](/medi-cal-myths-uncovered-2/) - 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 - [Preservation of Parent’s Low Property Tax Rate Soon to Be More Difficult for Children: Planning 'Window' Closing](/preservation-of-parents-low-property-tax-rate-soon-to-be-more-difficult-for-children/) - Q. I understand that the recently passed Proposition 19 on the California Ballot will make major changes in the property tax structure. Is that true? A. Yes, indeed. 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If we pass it to him by gift or by inheritance, would either transfer trigger reassessment and - [Consider Tax Savvy Year-End Gifts](/consider-tax-savvy-year-end-gifts-3/) - 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 one cannot gift more than $15,000 per year/person without incurring a - [Social Security Benefits To Increase Modestly in 2021](/social-security-benefits-to-increase-modestly-in-2021/) - Q. Has there been any word as to whether there will be a cost-of-living increase in Social Security in 2021? A. Yes. Just recently, the Social Security Administration announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s cost-of-living increase. Cost-of-living increases are tied to the consumer price index, - [Giving Your Home to Your Children Can Have Income Tax Consequences](/giving-your-home-to-your-children-can-have-tax-consequences-3/) - Q. I am thinking about giving my home to my son now, so that probate can be avoided and my affairs simplified when my time comes. Any comment as to whether this plan makes sense? A. Caution: Giving your home to your son during your lifetime can have adverse income tax consequences. Example: assume that - [Special Planning for an Incapacitated Spouse](/special-planning-for-an-incapacitated-spouse/) - Q. My wife suffers from dementia and has been in a nursing home for some time. About a year ago, we put everything in my name so she could qualify for a Medi-Cal subsidy to help pay for her care. We currently have only simple wills which leave everything to the survivor of us, and - [The ‘CARES ACT’ Allows You To Skip IRA MRD’s This Year](/the-cares-act-allows-you-to-skip-ira-mrds-this-year/) - Q. What options would I have this year regarding my IRA Minimum Required Distributions, which I would normally take by year end? A. Good question. Here are three. While not intended as an exclusive list, they are top of mind for me: Option #1: Skip MRD’s Altogether This Year. This is a new option for - [Can Mom's Beneficiaries Be Changed After Death?](/can-moms-beneficiaries-changed-death/) - Q. My mother just died, and her will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very - [What’s Involved in Administering a Trust?](/whats-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 - [Under the CARES Act, You May Be Eligible To Withdraw Up to $100k From Your IRA Without Penalty and “Maybe” Without Tax](/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 - [Signing Legal Documents in the Time of COVID](/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 - [An Approach to Handling Legal Affairs When Your Spouse Can't Sign](/an-approach-to-handling-legal-affairs-when-your-spouse-cant-sign/) - Q. My husband suffers from dementia and we have significant expenses for care in the home. In order to help with these expenses, I have been thinking about selling our vacation property which we no longer use or cashing in one of his annuities. I would also like to set up a Living Trust and - [Medicare Relaxes Requirements for Nursing Home Coverage](/medicare-relaxes-requirements-for-nursing-home-coverage/) - Q. I hear that Medicare has announced that, due to the Corona Virus Pandemic, it will now be more generous in covering nursing home stays by relaxing some of its long-standing coverage requirements. Do you know anything about this? A. Yes. A bit of background may be helpful. Medicare has traditionally imposed three conditions as - [Big Budget Win for Seniors And Low Income Older Adults](/big-budget-win-for-seniors-and-low-income-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. - [Don’t Unwind Your Trust by Mistake](/dont-unwind-your-trust-by-mistake/) - Q. My father had a Living Trust which originally held title to his house. He recently died and when we went to handle his affairs, we discovered that the home was no longer in his trust. It seems that he took it out of his trust when he refinanced his home some years back. I - [Name a Social Security Representative Payee In Advance of Need](/name-a-social-security-representative-payee-in-advance-of-need/) - Q. I hear that there is some news from Social Security, in that it will now allow recipients to name a Representative Payee in advance of actual need. Is this important and do you know about it? A. Yes, and it is considered a major change for social security. So, first, let’s address what a - [The Current Pandemic and Your Estate Planning Documents](/the-current-pandemic-and-your-estate-planning-documents/) - Q. My wife and I signed our estate planning documents quite some time ago. In view of the current COVID-19 Pandemic, we wonder whether there are any revisions we should consider? A. Excellent question. The short answer is, “Yes”. Here are some specific suggestions relating to some important estate planning documents which you probably signed: - [Is It A Good Idea To Bring Mom Home From the Nursing Home During The COVID-19 Pandemic?](/is-it-a-good-idea-to-bring-mom-home-from-the-nursing-home-during-the-covid-19-pandemic/) - Q. My mother resides in a nursing home where she receives the care that she needs. However, we worry about the risk of her getting ill from the Corona Virus. Should we bring her home? A. That is a difficult decision, but here are some thoughts: The number of coronavirus cases in nursing homes and - [If I Have a Trust, Do I Also Need a Will?](/trust-also-need-will/) - 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 - [New Laws May Protect Seniors from Surprise Nursing Home and Hospital Bills](/new-laws-may-protect-seniors-surprise-nursing-home-hospital-bills/) - Q. My wife was recently in the hospital for two days, and was then transferred to a rehab facility for a three week recovery. Medicare later refused to pay the hospital and rehab bills, claiming that she spent those two days only in “observation”, and was therefore not covered. Any idea what’s going on? Can - [Estate Planning When You Spend Time in Different States](/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 - [Free Tax Filing Help Is Available to Seniors](/free-tax-filing-help-is-available-to-seniors/) - Q. It's tax time again and I hear that the IRS may offer free tax preparation services to seniors. Do you know anything about this? A. Yes. The IRS offers information on its site about free tax preparation software, fillable forms, and free taxpayer assistance, all available in an effort to make tax compliance easier, - [New Law Makes Big Changes to IRA’s & Other Retirement Plans](/new-law-makes-big-changes-to-iras-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 - [Is Medi-Cal Planning Legal?](/medi-cal-planning-legal/) - Q. My wife is being cared for in a nursing home and the cost is running about $9,500 per month. I see our life savings and financial security dwindling rapidly, and I am concerned about my own financial future. I was thinking about taking steps to qualify her for a Medi-Cal subsidy, but I wonder - [The 5 Parts of a Good Estate Plan](/the-5-parts-of-a-good-estate-plan/) - Q. My wife and I would like to set up a basic estate plan. What are the essentials? A. Many people believe that if they have a will, their estate planning is complete. But there is much more to a good estate plan. A good plan should be designed to avoid probate, minimize estate taxes, protect - [The "Spousal Protection Plan': Creating A Plan For Each Other](/the-spousal-protection-plan-creating-a-plan-for-each-other/) - Senior couples often ask how they might protect each other from the devastating financial cost of long term nursing home care. This is a real concern, as nursing home expenses average $9,500 per month in our community, and are likely only to increase over time. This concern is all the more real for those who - [War Veterans May Be Unaware They Qualify For VA Aid and Attendance Benefits](/war-veterans-may-be-unaware-they-qualify-for-va-aid-and-attendance-benefits/) - One of the services Elder Law and Estate Planning attorneys often provide is helping clients navigate the application procedures and bureaucratic systems for the various state and federal medical insurance programs; and one thing that remains a surprise throughout the years is how many people forget about the VA Aid and Attendance Program for war - [VA Establishes an Asset Limit and New Transfer Penalties for Needs-Based Pension Benefits](/the-shoe-has-dropped-new-va-pension-rules-announced-qualifying-will-now-be-more-difficult/) - Q. Has the Veterans Administration announced new rules about qualifying for an Aid & Attendance Pension to help Vets with long term care expenses? I recall that they were in the planning. A. Yes! The VA has announced final rules for those Veterans and their surviving spouses who seek to qualify for a pension to - [Consider Tax Savvy Year-End Gifts](/consider-tax-savvy-year-end-gifts-2/) - 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 - [A Tax Savvy Alternative To Joint Tenancy: Community Property With Right of Survivorship](/a-tax-savvy-alternative-to-joint-tenancy/) - Q. My husband and I hold title to our home in joint tenancy. When we bought it years ago we were told that was the simplest way to avoid probate. However, I now hear that there may be tax advantages to holding title as community property. If so, is there a way to get the - [Will Mom Lose Medicare Or Medi-Cal Coverage If She Leaves The Nursing Home To Visit Family?](/will-mom-lose-medicare-or-medi-cal-coverage-if-she-leaves-the-nursing-home-to-visit-family/) - Q. Mom has been receiving care in a nursing home. She is currently covered by Medicare, but soon will switch to Medi-Cal. She would really like to come to our home for a short visit during the holidays. However, I heard that she might lose her coverage if she does so. Is that true? A. - [Does Your Trust Contain A ‘Poison Pill’?](/does-your-trust-contain-a-poison-pill/) - Q. In past articles you have written about the option of seeking a Medi-Cal subsidy to help pay for the cost of nursing home care if that need arises. I have a Living Trust. Are there provisions that I should include, or some that I should avoid, in order to facilitate Medi-Cal qualification? A. Great - [Take Advantage of the Medicare Open Enrollment Period; Reassess Your Options](/take-advantage-of-the-medicare-open-enrollment-period-reassess-your-plan/) - Don't let this period slip by without shopping around to see whether your current choices are the best ones for you. During this period you may enroll in a Medicare Part D (prescription drug) plan or, if you currently have a plan, you may change plans. In addition, during the seven-week period you can return - [How Can We Save Mom’s Home While She’s In A Nursing Home On Medi-Cal?](/how-can-we-save-moms-home-while-shes-in-a-nursing-home-on-medi-cal/) - Q. Our mother just moved into a nursing home for care and has qualified for a Medi-Cal subsidy to help with the cost. However, Medi-Cal wants all of mom’s income to go to the nursing home as her “co-pay”. That leaves nothing to cover her home expenses, including her mortgage, property taxes, insurance and upkeep. - [Should I Name All of My Children As Co-Trustees of My Trust?](/should-i-name-all-of-my-children-as-co-trustees-of-my-trust/) - Q. I am setting up a “Living Trust” and considering name all three of my children, together, as successor co-trustees. Do you have any thoughts as to whether that makes sense? A. Yes, I do. Your desire to treat all of your children equally, or at least not to appear to favor one over the - [Discrimination By Nursing Homes. Getting In Is Half the Battle](/discrimination-by-nursing-homes-getting-in-is-half-the-battle/) - Q. If I seek entry into a nursing home for my mother, will it be tougher to find a bed if she goes in as a Medi-Cal beneficiary? A. Unfortunately, that is a distinct possibility. See the following article published by California Advocates for Nursing Home Reform (“CANHR”), and re-printed here with permission: “Over the - [Giving Your Home to Your Children Can Have Tax Consequences](/giving-your-home-to-your-children-can-have-tax-consequences-2/) - Q. I am thinking about giving my home to my son now, so that probate can be avoided and my affairs simplified when my time comes. Any comment as to whether this plan makes sense? A. Caution: Transferring your home to your son by gift during your lifetime can have adverse tax consequences. Example: assume - [When Your Most Valued Assets Are Not Covered by Your Will](/when-your-most-valued-assets-are-not-covered-by-your-will-2/) - 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 leave everything to the other and then on to our children. Our son suggested that our wills may - [INHERITANCE WHILE ON MEDI-CAL?](/inheritance-while-on-medi-cal-2/) - Q. My 86-year-old mother is in a nursing home and receives a Medi-Cal subsidy. We just learned that her brother died and left her $200,000 in his trust. Will the receipt of this inheritance bounce mom off of Medi-Cal? Is there anything we can do? A. The answer to your first question is easy: yes, - [Medicare Launches A New “App” To Help Seniors Figure Out What’s Covered](/medicare-launches-a-new-app-to-help-seniors-figure-out-whats-covered/) - Q. I hear that Medicare has developed an “App” to help beneficiaries determine what benefits may be covered. Do you have any information on this? A. Yes. Recently, as part of its initiative focused on modernizing Medicare and empowering beneficiaries, the Center for Medicare and Medicaid Services (“CMS”) has developed and launched a new “App” - [Save Money By Purchasing Your Cemetery Plot in the Secondary Market](/save-money-by-purchasing-your-cemetery-plot-through-an-independent-cemetery-broker/) - Q. As a part of our “bucket list”, my wife and I have decided to purchase cemetery plots for each of us in advance of need. But in doing our inquiries to cemeteries, we were quite surprised by the prices of these plots. We heard that that there may be a way to purchase plots - [“I Owe It All To My Grandmother “](/i-owe-it-all-to-my-grandmother/) - Q. Do you mind if I ask how you got started working with seniors and doing the kind of long-term care estate planning that you do? A. Not at all. In a word, I owe it all to my grandmother. After my grandfather died in the 1960s, my grandmother, Lena Ponsky, became the head of - [Cal Fresh Food Stamps Will Soon Be Available to SSI Recipients](/cal-fresh-food-stamps-will-soon-be-available-to-ssi-recipients/) - Q. We have a dear, elderly neighbor who lives on SSI and, to my surprise, I learned that she is not eligible for food stamps. However, I hear that a new law was passed that will soon make her, as well as other persons on SSI, newly eligible for food stamps. Is that so? A. - [Will Medi-Cal Count Dad’s Assets Even Though They Cannot Be Accessed Due To His Dementia?](/does-medi-cal-count-dads-assets-even-though-they-cannot-be-accessed-due-to-his-dementia/) - Q. Our father is 90 years old and is being cared for in a nursing home, which costs about $10,500 per month. We need to apply for a Medi-Cal subsidy to help with the cost, but Dad has an old insurance policy with accumulated cash value which puts him over the $2,000 Medi-Cal resource ceiling - [New Law Designed To Facilitate CA Organ Donations](/new-law-makes-organ-donations-easier/) - Q. My wife and I are about to prepare Advance Health Care Directives, with an option to donate our organs. I hear there is a new law that touches on this. Do you know anything about this? A. Yes. The new law is AB 3211, effective January 1, 2019, and designed to make it easier - [Decanting: A New Way To Reform A Trust After the Death of the Trustor](/can-a-trust-be-changed-after-the-death-of-the-trustor/) - Q. My brother created a trust a few years back, naming our sister as one of his beneficiaries and me as the Trustee. He recently died and we now have a problem: our sister receives public benefits (Medi-Cal and SSI) and the receipt of an inheritance would cause her to lose those benefits. Is there - [Setting The Incapacity ‘Trigger’ in Your POA & Trust: Two Doctors or One?](/setting-the-incapacity-trigger-in-your-poa-trust-two-doctors-or-one/) - Q. I am in my late 80’s and am updating my estate plan. I find I have an important decision to make: in my Power of Attorney (“POA”) and my Trust, if I ever lose mental capacity should I require the opinion of two doctors, or just one, to certify my incapacity before duties transfer - [Planning an Inheritance for A Child or Grandchild on Public Benefits: The Special Needs Trust?](/what-is-a-special-needs-trust/) - Q. One of my grandchildren has a disability and receives SSI and Medi-Cal. I would like to leave him a bequest from my estate when I pass. But won’t doing so cause him to lose his public benefits? A. Not if you plan correctly. As you probably know, your grandson cannot have more than $2,000 - [Handling Legal Affairs When Your Spouse Can't Sign](/handling-legal-affairs-when-your-spouse-cant-sign/) - Q. My husband suffers from dementia and we have significant expenses for care in the home. In order to help with these expenses, I've been thinking about selling our vacation property which we no longer use or cashing in one of his annuities. I would also like to set up a Living Trust and make - [Selling or Refinancing Your Home When Your Spouse Can’t Sign](/selling-or-refinancing-your-home-when-your-spouse-cant-sign/) - Q. My husband has dementia and I wonder about my ability to refinance or even sell the home, as he cannot sign. The home is held in a Living Trust. Can you advise? A. The short answer is that, under these circumstances, it may be easier for you to sell the home than it would - [Make Your Charitable Gifts Count Under the New Tax Law](/making-your-charitable-gifts-count-under-the-new-tax-law/) - Q. I am wondering if I can still get deductions for charitable gifts under the new tax law? Do you have any thoughts on this? A. Yes. Under the Tax Cuts and Jobs Act, effective this year, the traditional method of making a gift and itemizing your deductions on your Federal Income Tax Return, as - [An Important Resolution For The New Year: Update Your Estate Plan](/a-new-years-resolution/) - Q. My wife and I created our estate planning documents about 10 years ago and we really have not even looked at them since. Do you have any thoughts about when we should consider updating them? A. Yes, I do. I would tie a review and update into a New Year’s Resolution. Many of us - [Hang Up On Phony Calls from SSA](/hang-up-on-phony-calls-from-ssa/) - Q. I hear there is a new scam going around whereby seniors receive phone calls that appear to be from Social Security. Do you know anything about this? A. Yes. There is a spoofing scam going around the entire country whereby seniors receive calls which appear to be coming from the Social Security Administration, but - [Will Mom Lose Her SSI and Medi-Cal If She Sells Her Home?](/will-mom-lose-her-ssi-and-medi-cal-if-she-sells-her-home/) - Q. My mother, who receives Social Security, SSI and Medi-Cal, is thinking of selling her home and either buying a smaller condo, or possibly moving into a spare room in our home. When she sells her home, will she lose her any of her benefits? A. She won’t lose her Social Security, because eligibility does - [Is There A Downside to Gifting My Home To My Son Now?](/is-there-a-downside-to-gifting-my-home-to-my-son-now/) - Q. I am thinking about just gifting my home to my son now, in order to minimize estate administration after I’m gone. Of course, I would continue to live here as long as possible. Do you see any downside to this plan? A. Yes, there may be a big one, depending upon how you do - [The New "Tax Cuts & Jobs Act of 2017" Makes It Important to Review Older Trusts](/with-the-new-tax-law-it-is-important-to-review-older-trusts/) - Q. My wife and I set up a Living Trust back in 2001, but we have never updated it. In view of the recent change in the tax law, is that something that we should consider? A. Yes, by all means! At the time you created your trust, the estate tax exemption was only $675,000 - [What Is a ‘Springing’ Power Of Attorney](/springing-power-attorney/) - Q. I recently heard the term “Springing” Power of Attorney, but I am not sure what that is. Can you shed any light on this? A.. Sure. Broadly speaking, there are two general categories of financial Powers of Attorney: (1) those that are immediately effective upon signing by the principal, and (2) those that are - [Proposed New Medicare Payment System May Affect Beneficiaries](/proposed-new-medicare-payment-system-may-affect-beneficiaries/) - Q. I hear that Medicare is proposing a new payment arrangement for doctors that may dramatically impact access to care by seniors and other beneficiaries. Do you know anything about that? A. You heard correctly. Medicare is proposing a new flat rate reimbursement system for doctors who treat Medicare patients. Some worry that the plan - [Does a Will Override a Joint Tenancy Deed?](/will-override-joint-tenancy-deed/) - Q. A few years ago, our mother signed a Joint Tenancy Deed adding our brother to the title on her home. More recently, she signed a Last Will leaving the home equally to all three of her children. She passed away last month and we are now conflicted about who owns her home. Does the - [What Are CUTMA Accounts?](/what-are-cutma-accounts/) - Q. As a grandparent, I keep hearing about CUTMA accounts, usually in discussions about gifts to grandchildren. What are they, actually? A. CUTMA is an abbreviation for “California Uniform Transfers to Minors Act” and, as you surmise, it refers to gifts made to minors. Minors cannot own property in their own name, as the law - [Purchasing A Home With Your Parent To Provide Care](/purchasing-home-parent-facilitate-care/) - Q. My 88 year old father still lives in his own home, alone. We worry about him falling and injuring himself. My husband and I have suggested that we sell both of our homes, and together purchase a larger home for all of us. He is on Medi-Cal and we wonder whether he could retain - [Medicare Extends Deadline To Seek Relief From Part B Late Enrollment Penalties](/medicare-offers-reduce-part-b-late-enrollment-penalties/) - Q. My wife and I mistakenly signed up late for Medicare Part B and were assessed late enrollment penalties, which continue for life. Is there any way to request that they be eliminated? A. Possibly, if you meet the criteria for forgiveness and apply by the new deadline of September 30, 2018. Some background may - [New Protections For Widowed Homeowners Facing Foreclosure](/new-law-protects-homes-foreclosure-borrower-dies/) - Q. I hear there is a new law which protects widows from losing their homes in foreclosure when a spouse dies. Do you know anything about that? A. Yes. I believe you refer to the new California law referred to as the “Survivor Bill Of Rights” (SB 1150), effective January 1, 2017. SB 1150 now - [Medicare Savings Programs Can Reduce Health Costs for Low-Income Seniors](/medicare-savings-programs-can-reduce-health-costs-low-income-seniors/) - Q. My wife and I are struggling with the financial cost of paying our Medicare premiums, deductibles and copayments. I hear there may be some government assistance available for seniors in our shoes. Do you know anything about these programs? A. Yes. You refer to the Medicare Savings Programs (“MSP’s”) available for low-income seniors to - [Considerations When Setting Up & Managing Your IRA      ](/5373-2/) - Q. My IRA is a significant part of my assets, and I wonder if there are any special considerations when planning my affairs? A. Yes. Consider the following: Name Beneficiaries: Remember to name both primary and contingent beneficiaries. If you are married, the primary beneficiary would typically be your spouse, but name back-up beneficiaries as - [New Tool To Protect Seniors From Financial Scams:  The ‘Trusted Contact Person’](/new-tool-protect-seniors-financial-scams-trusted-contact-person/) - Q. My 91year old father has a substantial brokerage account and likes to manage it himself. Yet I worry that he could easily fall victim to financial scams. Is there anything I can do to protect him? A. Yes, there may be. The Financial Industry Regulatory Authority (“FINRA”), which regulates firms and professionals selling securities - [How to Appeal a Medicare Prescription Drug Denial](/appeal-medicare-prescription-drug-denial/) - Q. My Medicare Part D drug plan just denied coverage for my medication. Can I appeal its decision? A. Yes. If your Medicare drug plan denies coverage for a drug you need, you don't have to simply accept it. There are steps you can take to appeal the decision. Background: The insurers offering Medicare drug - [Can I Use Father’s POA To Make Gifts To Accelerate His Eligibility for Medi-Cal?](/can-use-fathers-poa-make-gifts-accelerate-eligibility-medi-cal/) - Q. My father suffers from advanced dementia and needs care in a nursing home. It costs about $9,500 per month, and we are rapidly spending down his savings. I was told that he might qualify for a Medi-Cal subsidy to help with the cost once his savings are below $2,000. Years ago he signed a - [Interest on Home Equity Loans May Still Be Deductible under New Tax Law](/interest-home-equity-loans-may-still-deductible-new-tax-law/) - Q. My wife and I have a home equity loan. In the past, we have been able to deduct the interest we paid on our taxes. However, under the new tax law, I hear conflicting opinions as to whether those interest payments are still deductible. Do you have any word on that? A. Thanks to - [Using ‘Unavailability’ As a Medi-Cal Spend Down Strategy](/using-unavailability-medi-cal-spend-strategy/) - Q. I need to qualify my mother for a Medi-Cal subsidy to help pay for her nursing home care, due to her progressive dementia. However, she has about $20,000 in a bank account with just her name on it, and no power of attorney in place to allow me to draw upon it. I was - [What’s in the New Tax Law?](/whats-new-tax-law/) - Q. I hear a lot about the new tax law that Congress passed and President Trump just signed, but I am unclear as to how it might affect me and my family. Can you give us a summary? A. Sure. While much of the new “Tax Cuts and Jobs Act” was designed to reduce the - [How Does Mom Revoke Her Power of Attorney?](/mom-revoke-power-attorney/) - Q. My mother named my brother as her agent under her power of attorney to handle her financial affairs, but he seems to be abusing his authority and my mother wants to revoke it. Can she do so, and how would she go about it? A. The simple answer is, yes, she can revoke her - [Will Mom Lose Medicare or Medi-Cal Coverage If She Leaves the Nursing Home To Visit Family?](/will-mom-lose-medicare-medi-cal-coverage-leave-nursing-home-visit-family-holidays/) - Q. Mom has been receiving care in a nursing home. She is currently covered by Medicare, but soon will switch to Medi-Cal. She would really like to come to our home for a short visit for family celebrations. However, I heard that she might lose her coverage if she does so. Is that true? A. - [8 Questions to Ask Before Agreeing to Be Trustee](/8-questions-ask-agreeing-trustee/) - Q. A close friend asked me to be the Trustee of his trust in the event of his incapacity or death. While it is an honor to be asked, I wonder what questions I should ask before accepting? A. It is indeed an honor, as it means that your friend trusts your judgment and is - [Is a Large IRA Disqualifying If I Need a Medi-Cal Subsidy?](/large-ira-disqualifying-need-medi-cal-subsidy/) - Q. My wife needs care in a nursing home, and we really need a Medi-Cal subsidy to help with the cost, which may run close to $10,000 per month. However, I have a large IRA worth about $650,000. I have received conflicting advice as to whether my IRA would make her ineligible for a Medi-Cal - [How to Reduce Medicare Surcharges When Your Income Changes](/reduce-medicare-surcharges-income-changes/) - Q. My wife and I are being charged extra for Medicare Part B and prescription drug coverage premiums, apparently based upon our higher income in years past. Beginning last year, our income dropped significantly. Is there way to get the surcharges removed? A. Yes, if you can link the reduction in income to a “life - [The Ethical Will: Putting Your Values on Paper](/ethical-will-putting-values-paper/) - Q. In connection with creating our estate planning documents, my husband and I would like to leave our children and grandchildren something more than just our money and assets. We would like to leave them a sense of our values. A friend mentioned something to us about an “Ethical Will”. Do you have any thoughts - [The Ethical Will: Putting Your Values on Paper](/the-ethical-will-putting-your-values-on-paper/) - Q: In connection with creating our estate planning documents, my husband and I would like to leave our children and grandchildren something more than just our money and assets. We would like to leave them a sense of our values. A friend mentioned something to us about an “Ethical Will”. Can you tell us anything - [Leaving an IRA to Grand Children? Beware the 'Kiddie Tax'](/leaving-ira-grand-children-beware-kiddie-tax/) - Q. I was thinking about naming my minor grandchildren as beneficiaries of my IRA, to inherit in the event of my demise. But I heard something about the “Kiddie Tax” that might apply here. Can you share any thoughts about this? A. Yes, the so-called “Kiddie Tax” is essentially a special tax that was adopted - [Alert: Reverse Mortgage Rules About to Tighten](/alert-reverse-mortgage-rules-tightening-soon/) - Q. I hear that qualifying for a reverse mortgage will soon become more difficult. Do you know anything about this? A. Yes, beginning March 2, 2015, all persons applying for a reverse mortgage under the Home Equity Conversion Mortgage (HECM) program will need to pass a Financial Assessment. This is new! No longer will reverse - [How Does an Alternate Agent Under Power Of Attorney Take Over?](/alternate-agent-power-attorney-take/) - Q. Years ago, when my mother and father created their powers of attorney, they each appointed the other as their first choice agent, and appointed me, their son, as first successor. Neither of my parents is now able to handle their own affairs, nor act as agent for the other. How do I step in - [Should I Become Mom’s Representative Payee?](/become-moms-representative-payee/) - Q. Mom recently moved in with us so we can help care for her. When we notified Social Security of this, they asked if I wished to become mom’s representative payee. Is that something I should do? A. It all depends. In the Social Security system, a representative payee is appointed to receive funds for - [How Much Can We Leave to Our Children Estate Tax Free?](/much-can-leave-children-estate-tax-free/) - Q. My wife and I were wondering how much we could leave to our children free of any gift or estate tax? A. The answer may surprise you. A married couple can actually transfer to up to $10,980,000 to their children, free of any gift or estate tax (in 2017). You can either do so - [Helping Parents With A Private Reverse Mortgage](/helping-parents-private-reverse-mortgage/) - Q. My parents are in their 80's and could use some financial help to remain in their home. Fortunately, I am in a position to help, but my parents are reluctant to accept gifts. I heard something about a family loan that works like a reverse mortgage. Do you know anything about this? A. Yes. - [Trusts Will Still Be Useful Even If Estate Tax Is Repealed](/trusts-still-useful-even-estate-tax-repealed/) - Q. I hear that the federal estate tax may be repealed during this administration. If that happens, will trusts still be a useful estate planning device? A. In a word, yes. But remember, the federal estate tax now only kicks in if your estate is valued at more than $5.49 Million at death (2017). At - [Powers of Attorney Are Not All The Same](/powers-attorney-not/) - Q: My friends and I were recently discussing powers of attorney. 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 them? A. Sure. Powers of attorney are very important legal documents. In - [What Is a Life Estate Deed?](/life-estate-deed/) - Q. My primary asset is my home, which I purchased about 40 years ago and now own free and clear. I would like to leave it to my children, but in a way that avoids the fuss of a probate or trust administration when I die. Is there some way to do this? A. Yes, - [Debt Relief For Low Income Seniors](/debt-relief-low-income-seniors/) - Q. My wife and I have about $10,000 in credit card debt that we struggle to pay each month. Our incomes are very modest and all from Social Security and my work Pension. Is there any way that we can legally avoid paying this debt without dire consequences? A. Very likely, yes. Generally speaking, income - [Administering a Trust: Who Is Entitled to Trust Information?](/administering-trust-entitled-trust-information/) - Q. My sister just passed away and had previously appointed me as trustee of her trust. She was estranged from one of her sons and left him nothing on purpose. However, I anticipate that he will demand a copy of the trust and information about her estate. Am I my legally obliged to share any - [New Law Empowers the Disabled Under Age 65 to Create Their Own Special Needs Trust](/new-law-empowers-disabled-create-special-needs-trust/) - Q. I hear that President Obama just signed a new law that makes it easier for disabled persons to create their own Special Needs Trust. Do you know anything about this? A. Yes. With strong bipartisan support, just last week President Obama signed a comprehensive piece of legislation called the 21st Century Cures Act, primarily - [Planning for an Incapacitated Spouse Using a Special Needs Trust](/planning-incapacitated-spouse/) - Q. My wife suffers from Parkinson’s and has been in a nursing home for some time. About a year ago, we put everything in my name so she could qualify for a Medi-Cal subsidy to help pay for her care. We currently have only simple wills which leave everything to the survivor of us, and - [Advance Planning Is Still Necessary For Medi-Cal Subsidy](/medi-cal-planning-still-necessary-nursing-home-subsidy/) - Q. A while back you wrote an article advising that the obligation to repay Medi-Cal for benefits received during life changed as of January 1, 2017. Does that mean that we no longer need to include Medi-Cal planning powers in our estate planning documents. A. Not at all. While the rules requiring “payback” to Medi-Cal - [Family Loans: Avoid Running Afoul of IRS Rules](/family-loans-avoid-running-afoul-irs-rules/) - Q. My wife and I want to make a loan to our son to help him buy a home. We are really not interested in charging interest and we might even forgive the loan in our Wills. Are there any tax implications of which we should be aware? A. Yes, there are. Concerns regarding intra-family - [Watch Out For Mistakes in the List of Doctors Covered by Your Medicare Advantage Plan](/watch-mistakes-list-doctors-covered-medicare-advantage-plan/) - Q. My wife and I are covered by a Medicare Advantage Plan, but we often find that doctors listed in our plan’s directory turn out not be in the Plan. This makes it difficult for us to rely upon the list to seek care from doctors in the network. Any comment upon this? A. Yes, - [Claiming a Tax Deduction for Long-Term Care Insurance Premiums.](/claiming-tax-deduction-long-term-care-insurance-premiums/) - Q. Tax day is coming soon and I wonder if I can claim a tax deduction for my Long Term Care Insurance Premiums paid during this past year? A. Depending upon your income and age, the answer may very well be ‘yes’, at least as to a portion of your premiums paid. Here’s the - [A New Year’s Resolution](/new-years-resolution/) - Q. My wife and I created our estate planning documents about 10 years ago and we really have not even looked at them since. Do you have any thoughts about when we should consider updating them? A. Yes, I do. I would tie a review and update into a New Year’s Resolution. Many of us - [Unmarried Partners Should Give Estate Planning Top Priority](/nonmarital-partners-give-estate-planning-top-priority/) - Q. My partner and I have been in a Non Marital relationship for approximately 10 years. Unfortunately, she is showing signs of early dementia, and her children from her former marriage are trying to take over her financial and personal life in a manner which is not in her best interest. We do not have - [Your Rights Upon Hospital Discharge](/rights-upon-hospital-discharge/) - Q. My husband was recently admitted to the hospital following a stroke. The hospital now wants to discharge him in two days, and I believe he needs to remain longer. What are our rights? We are both on Medicare. A. Unfortunately, hospitals have a strong financial incentive to discharge Medicare patients as soon as possible. - [How To Assist Physically Impaired Persons Sign Legal Documents](/assist-physically-impaired-persons-sign-legal-documents/) - Q. My husband suffered a stroke and is essentially paralyzed. 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 the document he or she - [Property Tax Loan Program Helps Seniors and Disabled Remain In Their Homes](/property-tax-loan-program-helps-seniors-disabled-remain-homes/) - Q. Our property taxes are due soon and we worry that we may not be able to pay them, as my wife and I had large care expenses this year. Are there any programs that we might turn to for help? A. Yes. California lawmakers have reinstated a program called the “Senior Citizens and Disabled Citizens - [Legal Tips When Hiring a Senior Caregiver](/legal-tips-hiring-senior-caregiver/) - Q. I plan to hire a full-time caregiver for my husband, and I want to make sure that I handle everything legally. Do you have any suggestions as to how I handle payment or anything else? A. Yes. There are specific rules about handling the payroll, tax and employment law aspects of hiring household help, - [A Primer on Adding Children to Bank Accounts](/primer-adding-children-bank-accounts/) - Q. My wife and I are thinking of adding our son and daughter to our bank accounts. What is the best way to do this and how should we title the accounts? A. Good question. The manner in which you add your children to your accounts will affect their rights of ownership, access to the - [Has the Bypass Trust Gone The Way of the Dinosaur?](/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 - [Alameda County Judge Orders State to Speed Up Medi-Cal Decisions](/alameda-county-judge-orders-state-speed-medi-cal-decisions/) - Q. About 6 months ago, I applied for Medi-Cal to help with my husband’s ongoing nursing home bill, and we are still waiting for a decision. I keep calling Medi-Cal, but nothing happens. The nursing home has been patient, but I do not think they can wait forever. Is there anything I can do? A. - [Proving Undue Influence May Void A Will or Trust](/proving-undue-influence-may-void-will-trust/) - Q. I sometimes hear the term “Undue Influence” as a basis to contest a Will. What does that term mean? A. To say that a Will or Trust was signed as the result of “Undue Influence ” means that it was the result of excessive persuasion by someone which overcame the Will-Maker’s own free will, - [What Is the Difference Between a Will and a Trust?](/difference-will-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 - [How to Increase The Chance that Your Power Of Attorney Will Be Honored](/how-to-increase-the-chance-that-your-power-of-attorney-will-be-accepted-by-financial-institutions/) - Q. I have heard friends complain that their parent’s financial power of attorney was not honored by their bank. Is there a way to avoid this? A. Unfortunately, we hear that complaint from time to time. While there may be no way to draft a power of attorney that completely eliminate the risk that it - [If I Act As Agent For My Friend Under POA, Do I Become Responsible for His Debts?](/act-agent-friend-poa-become-responsible-debt/) - Q. A good friend is setting up a financial power of attorney and has asked me to be his agent. He feels his own children are not responsible. If I agree, am I putting my own assets at risk? He is in declining health and I may have to take over his financial affairs soon. - [Action Plan After an Alzheimer’s Diagnosis](/legal-steps-alzheimers-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 Alzheimer’s, it is important to take action to get your affairs in order. Here is - [No One to Name As Executor? Consider a Private Fiduciary](/no-one-name-executor-consider-private-fiduciary/) - Q. I would like to prepare an estate plan, but I do not have a spouse, children or relative whom I could name as executor or trustee. Any thoughts about how I can proceed under these circumstances? A. Yes, and be assured that you are not alone. Many persons find themselves in your situation, whether - [Avoid Surprise When Transferring Encumbered Real Property Into Trust](/avoid-surprise-transferring-encumbered-real-property-trust/) - Q. My wife and I plan on creating a Living Trust and transferring our home and two rental properties into the trust. Each property has a mortgage. Should I anticipate any problems from the lenders? A. Short answer: As to your home, no. As to your rental properties, maybe. Virtually all lenders provide in - [Does California Recognize the 'Right to Die' ? New Law Says "Yes"!](/right-die-california/) - News Flash: On October 5, 2015, Governor Brown signed the End of Life Option Act. It authorizes “an adult who meets certain qualifications, and who has been determined by his or her attending physician to be suffering from a terminal disease, as defined, to make a request for a drug prescribed …. for the purpose of - [A Winning Strategy To Protect Home From Taxable Gain and Medi-Cal Claim](/-avoid-taxes-and-medi-cal-claim-have-your-cake-and-eat-it-too/) - Q. My mother has been in a nursing home on a Medi-Cal subsidy for the last 18 months, and I know Medi-Cal will have a substantial “payback” claim when she passes. She owns a home which she bought 40 years ago for $40,000, which is now worth about $700,000. I worry about the growing Medi-Cal - [Will Medi-Cal Take Mom’s Home For Nursing Home Costs](/will-medi-cal-take-moms-home-nursing-home-costs/) - Q. We were obliged to arrange for mom to move into a nursing home because she has become frail and needs full-time care. We now need to apply for a Medi-Cal subsidy to help pay for the cost of her care, which is quite expensive. We’ve heard that Medi-Cal may then take her home. Is - [Claiming A Parent As A Dependent](/claiming-a-parent-as-a-dependent/) - Q. My mother-in-law lives with my wife and me and we pay most of the cost for her caregiver, as well as providing free room and board. Can we declare her as a dependent on our tax returns? A. You may very well be able to do so. Actually there are several ways in which - [Medi-Cal's Plan to Ensure the Healthy Spouse Is Not Impoverished: the CSRA](/medi-cals-plan-to-ensure-the-healthy-spouse-is-not-impoverished-the-csra/) - Q. My husband may need to go into a nursing home soon, and I fear that the high cost of nursing care will rapidly deplete our savings. Since we do have some savings, would he be ineligible for Medi-Cal? A. Not necessarily, and this comes as a surprise to most couples. Under a law passed - [Medi-Cal's Plan To Ensure the Healthy Spouse Has Enough Income: the MMMNA](/medi-cals-plan-to-ensure-the-healthy-spouse-has-enough-income-the-mmmna/) - Q. My husband may need to go into a nursing home soon and I am looking into a Medi-Cal subsidy to help with the cost. In your recent post you wrote that Medi-Cal permits the well spouse to retain up to $115,920 in savings as a kind of safety net, and even more with planning. - [Is an Out-Of-State Will Valid in California?](/is-an-out-of-state-will-valid-in-california/) - Q. Before relocating to California, my wife and I lived in Ohio where we signed wills. Are they now valid in California? A. If they were properly prepared and signed under the laws of Ohio, the short answer is “yes”. But, it would still be wise to have them reviewed -- and perhaps revised -- - [Ensuring That Your Loved Ones Receive Your IRA](/ensuring-that-your-loved-ones-receive-your-ira/) - Q. I have a large Traditional IRA, and I wish to name my wife as primary beneficiary and my children from a previous marriage as backup beneficiaries. Can I lock in this beneficiary designation plan on the IRA Beneficiary Designation Form I sign at the bank? A. Unfortunately, not likely. While it is always a - [Inheritance While on Medi-Cal?](/inheritance-while-on-medi-cal/) - Q. My 86-year-old mother is in a nursing home and receives a Medi-Cal subsidy. We just learned that her brother died and left her $200,000 in his trust. Will the receipt of this inheritance bounce mom off of Medi-Cal? Is there anything we can do? A. The answer to your first question is easy: yes, - [Medicare To Pay for End-Of-Life Counseling](/medicare-to-pay-for-end-of-life-counseling/) - Q. I hear that Medicare will now pay for me to discuss my end-of-life wishes with my doctor. Is this true? A. Yes, beginning January 1 of 2016, Medicare will begin reimbursing physicians for time spent in counseling patients regarding their end-of-life wishes. This development, just announced October 31, 2015, by the Center for Medicare - [Should We Sell Mom’s Home To Pay For Her Care?](/should-we-sell-moms-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. Yes. In some cases, selling the home may be appropriate. However, - [What Happens If a Die Without a Will?](/what-happens-if-a-die-without-a-will/) - Q. If I die without a will, do my assets go to the state? A. Generally, no. The state would be the last potential recipient, and then only if your successors or next of kin could not be located. Here is how your assets would be handled: Joint Tenancy Assets: Assets held in joint tenancy - [Protect Deceased Loved Ones from Identity Theft](/protect-deceased-loved-ones-from-identity-theft/) - Q. My father just died and I have been named as his executor. Are there steps I should take to protect against theft of his identity? A. Yes. As disturbing as it may seem, even the identity of the deceased is subject to identity theft.By one estimate, thieves steal the identities of more than 2 - [When Should I Update My Trust?](/when-should-i-update-my-trust/) - Q. My wife and I have a Living Trust and related estate planning documents which were prepared some years ago. We were told that we should keep them current. Do you have any advice in terms of when it is time to update or revise them? A. When your trust was prepared, your attorney probably - [Is a Power Of Attorney Still Valid After The Principal Dies ?](/is-a-power-of-attorney-still-valid-after-the-principal-dies/) - Q. My mother named me as her agent under a power of attorney several years ago. Sadly, she recently passed. Can I still use it to take care of her financial matters as her agent? A. Unfortunately, no. Your mother’s financial power of attorney expired upon her death and is no longer valid. This fact - [Gifts to Grandchildren: The 529 Plan](/gifts-to-grandchildren-the-529-plan/) - Q. My wife and I are considering annual gifts to our grandchildren to help with their future college expenses. Do you have any suggestions as to the best way to do this? A. Yes. One of the best options is to make annual gifts into a 529 Education Savings Plan, so named for Section 529 - [How to Distribute an Estate’s Personal Property Fairly](/how-to-distribute-an-estates-personal-property-fairly/) - Q. Our father appointed me as executor of his estate, and I want to distribute his personal possessions among the four of us children in a way that is fair. Any suggestions as how I might do this? A. Yes. I assume by your question that your father did not leave any specific direction in - [Is Your Trust HIPAA Compliant?](/is-your-trust-hipaa-compliant/) - Q: I heard on a radio program that Living Trusts should be HIPAA compliant, but I didn't quite catch the full comment. Can you shed any light on this? A. Sure. Most trusts and powers of attorney contain provisions which call for a change in trustee or agent when the maker of these instruments becomes - [Unique Long-Term Care Policy Offers Asset Protection](/unique-long-term-care-policy-offers-asset-protection/) - Q. While shopping for long-term care insurance, I heard something about a special kind of policy that offers asset protection by coordinating with Medi-Cal. Do you know anything about that? A. Yes, you refer to the California Long-Term Care Partnership Plan. California was one of the first states in the country to put together a - [Happy 800th Birthday, Magna Carta!](/happy-800th-birthday-magna-carta/) - Q. I have been hearing snippets of news lately about the Magna Carta. What is it and why is it important? A. The Magna Carta of 1215 is considered by some to be the most important legal document created in Western Civilization during the last millennium. Historically, it was a peace treaty between King John - [Is Your Home in Trust? Better Check Your Title Insurance](/do-you-hold-your-home-in-trust-make-sure-this-hasnt-nullified-your-title-insurance/) - Q. My wife and I created a Living Trust some years ago and put our home in our trust. I recall hearing something on the radio recently about making sure that the transfer into our trust did not void our title insurance. Do you know anything about this? A. Yes. You refer to the concern - [Can I Use My Father’s POA to Help Him Qualify for Medi-Cal?](/can-i-use-my-fathers-poa-to-help-him-qualify-for-medi-cal/) - Q. My father is in a nursing home and could really use a Medi-Cal subsidy to help with the cost, which is running about $8,500 per month. He has dementia and cannot manage his own finances. Years ago he signed a Power Of Attorney naming me as his agent. Can I use it to make - [VA Seeks to Tighten Rules for Disability Pension ](/va-seeks-to-tighten-rules-for-disability-pension/) - Q. I hear that the VA is now proposing a “look back” rule to make it more difficult for disabled veterans to qualify for an Aid and Attendance pension. Do you know anything about this? A. Yes. As you may know, veterans who served during wartime and have either a non-service-connected disability or are over - [IRS Now Endorses Annuity Inside Traditional IRA](/irs-now-endorses-annuity-ira/) - Q. I just heard about a new IRS rule that gives favored treatment to the purchase of an annuity inside an IRA. Do you know anything about that? A. Yes. You refer to the new IRS rule that allows an owner of a Traditional IRA to use a portion of his or her IRA or 401K - [Family Caregiver Agreements: A Creative Solution To The Elder Care Dilemma](/family-caregiver-agreements-creative-solution-elder-care-dilemma/) - Q. My husband has become quite frail and needs care on a daily basis. To enable us to continue to live in our home together, our daughter has been assisting with his care on a daily basis and has switched to part-time at her own job in order to help. Our other children live out - [Tax Savvy Year-End Gifts](/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 $14,000 per year without - [Plan Now for Trustee Succession](/planning-trustee-succession/) - Q. I have a Living Trust. I am the original trustee and my children are the successor trustees. Do you have any thoughts about easing the transition of trustee duties from me to my children when the management of my finances has become too much for me? A. Yes. It is important for that transition - [Thinking Of Disinheriting A Child? Some Do’s and Don’ts](/thinking-disinheriting-child-dos-donts/) - Q. Regretfully, our son has been a ne’er-do-well for some time. He has been only sporadically employed and would likely squander any inheritance on drugs. My wife and I are thinking of taking him out of our will and leaving everything to our other two children. Any thoughts about how we should go about doing - [Does My Trust Contain A ‘Poison Pill’ ?](/trust-contain-poison-pill/) - Q. In previous articles you have written about the option of seeking a Medi-Cal subsidy to help pay for the cost of nursing home care if that need arises. I have a Living Trust. Are there provisions that I should include, or some that I should avoid, in order to facilitate Medi-Cal qualification down the - [The Reading of the Will ](/reading-will/) - Q. My brother-in-law just died, and I expected the entire family to be invited to a formal reading of his will. So far, nothing has been set up. Does that sound right? A. Actually, yes it does. You have probably seen a number of old movies where, after a person’s death, his next of kin - [Medicare Expands Coverage For Mental Health Services](/medicare-increases-coverage-mental-health-services/) - Q. I hear that Medicare will now cover mental health services, much like it covers care for medical and surgical conditions. Do you know anything about this? A. Yes. Beginning January 1, 2014, Medicare began reimbursing the cost of outpatient mental health treatment services on a par with other Part B medical services. Previously, Medicare - [New Reverse Mortgage Rule Protects Younger Surviving Spouses From Foreclosure](/new-reverse-mortgage-rule-protects-younger-surviving-spouses-foreclosure/) - Q. I hear that there is a new reverse mortgage rule that protects younger surviving spouses from being forced out of their home when the older spouse dies. Do you know anything about this? A. Yes, a new HUD reverse mortgage rule went into effect on August 04, 2014, and seeks to protect certain surviving - [Is My IRA Safe from Creditors?](/ira-safe-creditors/) - Q. My wife and I have a lot of credit card debt and we are having difficulty keeping it current. Most of our savings is in my IRA. Are these funds protected from our creditors? A. In California, Traditional IRA accounts enjoy only limited protection under state law, but expanded protection under federal bankruptcy law. - [Novel Gift Idea For The Graduate](/novel-gift-idea-graduate/) - Q. Our grandson is graduating college and we would like to get him a gift which recognizes the beginning of his adult life and career. We thought of something of a “legal” nature and wondered if you have any ideas? A. Great thought and indeed I do. Why not arrange through your attorney to provide - [Dealing with the Home When Your Spouse Can’t Sign](/dealing-home-spouse-cant-si/) - Q. My husband has dementia and I wonder about my ability to refinance or even sell the home, as he cannot sign. The home is held in a Living Trust. Can you advise? A. The short answer is that it may be easier for you to sell the home than it would be to refinance. - [Medicare Available For Chronic Conditions, But Word Slow To Get Out](/medicare-coverage-now-available-chronic-conditions/) - Q. Following my husband’s return home from a hospital stay, Medicare paid for a home health agency to give him therapy at home. However, we were just told that Medicare would stop paying for these visits because his condition was not improving. Does that sound right? A. No, it does not. Some background may be - [Using Life Insurance to Raise Money for Care](/using-life-insurance-raise-money-care/) - Q. My husband is in poor health and we need to find a way to pay for care to keep him at home. He has a life insurance policy payable on death, but I heard that there may be ways to access policy benefits during lifetime. Can you advise on this? A. Sure. There are - [Must We Cash in Our IRA's to Qualify for Nursing Home Medi-Cal?](/must-cash-iras-qualify-nursing-home-medi-cal/) - Q. My wife may soon need nursing care and I will need to apply for a Medi-Cal subsidy to help with the cost. Our incomes are modest and, aside from our home, most of our savings is in the form of our IRA’s. A friend thought I would have to cash them out and “spend - [“Mom is in ICU and I Need Power Of Attorney. Help!”](/mom-icu-need-power-attorney-help/) - Q. “Mom suffered a stroke and is in the hospital in ICU. I do not have signing power on her bank accounts and I need to pay her bills. I am told that I need a Power of Attorney so that I can take care of her finances. Can you help?” A. We frequently receive - [Guidelines When You’re Appointed to Handle Another Person’s Money](/guidelines-youre-appointed-handle-another-persons-money/) - Q. My brother-in-law wants to appoint me as his agent under his Power Of Attorney to handle his money and other affairs in the event of his incapacity. If I accept the appointment, are there any rules that I should observe? A. Yes, and while it may be an honor to be asked to serve, - [Legal Tips When Hiring a Caregiver](/legal-tips-when-hiring-a-caregiver/) - Q. I plan to hire a full-time caregiver for my husband, and I want to make sure that I handle everything legally. Do you have any suggestions as to how I handle payment or anything else? A. Yes. There are specific rules about handling the payroll, tax and employment law aspects of hiring household help, - [Court Ruling Protects Surviving Spouses of Reverse Mortgage Holders From Foreclosure ](/court-ruling-protects-surviving-spouses-of-reverse-mortgage-holders-from-foreclosure/) - Q. I took out a HECM reverse mortgage loan a few years ago and was advised not to include my younger wife on the loan documents so that I could qualify for a bigger loan. When I die, will the bank be able to take over our home to pay the loan and evict my - [How To Reduce The Premium Cost for Long Term Care Insurance](/how-to-reduce-the-premium-cost-for-long-term-care-insurance/) - 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 - [Planning a Bequest for a Child on Public Benefits ](/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, your son cannot have more than $2,000 in savings - [May Someone With Dementia Sign a Will?](/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 - [Medi-Cal Myths Uncovered](/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 - [When Your Most Valued Assets Are Not Covered by Your Will](/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 - [Understand Medi-Cal Recovery and Avoid an Unpleasant Surprise](/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 - [Plan For Your Partner If You Choose Not to Marry](/protecting-your-partner-when-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 - [When Mom and Dad Re-Marry: Caregiving Then Involves Extended Families](/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 - [Preserving Emotional Well-Being When Choosing a Long-Term Care Living Situation for Your Loved One](/preserving-emotional-well-being-when-choosing-a-long-term-care-living-situation-for-your-loved-one/) - Choosing a long-term care living arrangement is one of the most difficult challenges faced by aging adults and their loved ones. Most families try to avoid the nursing home option to the very end, believing that assisted living or small residential care homes provide a better quality of life. But this may not necessarily be - [Your Estate Plan Can Share Your Passions As Well As Your Assets](/your-estate-plan-should-share-your-passions-as-well-as-your-assets/) - Do you love reading and collecting books? Are you a rabid coin or stamp collector? Do you find peace and tranquility out tending your garden? Whatever it is that you love doing; you can bet the people who love you are aware of it. These are the people who join you on your wilderness hikes; - [News Flash! California Approves Medi-Cal for Same-Sex Couples and Registered Domestic Partners](/news-flash-california-approves-medi-cal-for-same-sex-couples-and-registered-domestic-partners/) - In what may be the first state in the nation to do so, California has just approved Medi-Cal benefits for same-sex couples and Registered Domestic Partners ( "RDP's"). Acting at the invitation of the federal Centers for Medicare and Medicaid Services ("CMS") and pursuant to state Assembly Bill 641 (Feuer), the California Department Healthcare Services - [Prepare to Care for Aging Parents & Loved Ones](/prepare-to-care-for-aging-parents-loved-ones/) - If you are the child of parents who are currently over the age of 65 you’ve probably given a little bit of thought to the day when one (or both) of your parents may need Long Term Care. Understandably, most adult children prefer not to think about the day when their parents may not be - [Personal Care Contracts: The Hidden Solution to the Elder Care Dilemma](/personal-care-contracts-the-hidden-solution-to-the-elder-care-dilemma/) - Caring for an aging relative is difficult—and often underappreciated—work. Many people who serve as caregivers often feel as if they have two jobs—their full-time day job at the office and the part-to-full-time job of caregiver at home. As their parents age and decline, most of these caregivers end up not only giving up more and - [With $5 Million Gift Tax Exclusion About to Expire, Is Now the Time to Give To Your Children or Grandchildren?](/with-5-million-gift-tax-exclusion-about-to-expire-is-now-the-time-to-give-to-your-children-or-grandchildren/) - When legislation in 2010 raised the lifetime gift tax exclusion amount from $1 million to $5 million many wealthy families rejoiced, expecting that they would now be able to give large gifts to children or grandchildren and be able to save millions in taxes at the same time. But for all the rejoicing, the unsteady - [Mediation Helps Preserve Family Harmony](/mediation-helps-preserve-family-harmony/) - Q. My parents are aging and I find that they are in greater need of assistance for care, paying bills, shopping, and the like. The problem is that there are four of us children and we do not always agree on what is best for mom and dad. I am concerned that, as my parents’ - [New Medi-Cal Protections For Same Sex Couples & RDP's Coming](/new-medi-cal-protections-for-same-sex-couples-rdps-coming/) - California has moved one step closer in treating same-sex couples and Registered Domestic Partners ("RDP's") the same as married couples in the context of Medi-Cal eligibility. The Medi-Cal Eligibility Division recently released a draft of instructions to California counties on how to implement legislation signed last year by Gov. Brown (AB 641, Feuer). This legislation proposes new rules - [The Presidential Campaign & The Estate Tax](/the-presidential-campaign-the-estate-tax/) - Curiosity and excitement are always to be expected in an election year—especially curiosity about taxes. We all know that each presidential candidate has very different philosophies about where the tax burden lies, how much should be paid, and by whom; but all most of us really want to know is how the implementation of each - [Low Interest Rates Good for Borrowers, Bad for Retired Seniors](/low-interest-rates-good-for-borrowers-bad-for-retired-seniors/) - If you’re nearing retirement and looking forward to living off the interest of your retirement savings you may have to consider staying in the job market for another year or so. Interest rates have hit record lows recently; a turn of events which is good for homeowners and borrowers, but very bad for seniors hoping - [Supreme Court's Ruling on Health Care Reform May Help Seniors](/supreme-courts-ruling-on-health-care-reform-may-help-seniors/) - The recent Supreme Court ruling of the constitutionality of the new health care reforms has many seniors breathing a sigh of relief. The ruling has ensured that, at least for the time being, senior citizens will continue to receive their currently existing benefits from programs such as Medicaid and Medicare; but the ruling also paves - [Filial Responsibility Laws May Force Children to Pay for Elderly Parents’ Nursing Costs](/filial-responsibility-laws-may-force-children-to-pay-for-elderly-parents-nursing-costs/) - Many of our clients and readers are caregivers of elderly parents; they have chosen to take responsibility for their parents—whether it be physical responsibility, financial, or other. But what if instead of making that choice, you had responsibility for your aging parents thrust upon you? This is exactly the issue addressed in this recent article - [Arranging Care for Divorced or Remarried Parents](/arranging-care-for-divorced-or-remarried-parents/) - Divorce is difficult on a family no matter what the circumstances. Even when a divorce is best for all involved, there is always an amount of stress and emotional trauma involved. In fact, it has recently become apparent that the effects of divorce—stress, family upheaval, and tighter finances—can last years into the future. Adult children - [Do You Know This Person?](/do-you-know-this-person/) - If you are a Caucasian woman, aged 50 or older, possibly married, very likely working full or part-time—then there is a good chance that you are also (or will soon be) serving as a caregiver for an aging parent or relative. At least this is what a recent report released by the National Alliance for - [Advice to Caregivers: Take Time For Yourself !](/advice-to-caregivers-take-time-for-yourself/) - Many of our clients provide care for elderly loved ones; some even providing constant, around the clock care. Care giving is a demanding, overwhelming, and often grossly underappreciated job. In addition to giving up their own time and interests, caregivers have to watch someone they love slowly regress and lose the ability to do even - [Pre-Plan Your Funeral, But Be Cautious About Pre-Payment](/pre-plan-your-funeral-but-be-cautious-about-pre-payment/) - A funeral comes at a time when the death of a loved one is recent and close, and many people are still in shock and in some cases struggling with the reality of loss. Funerals help grieving loved ones come to terms with death and say their final goodbyes… but for the person planning the - [What To Do After the Death Of A Loved One](/what-to-do-after-a-death-of-a-loved-one/) - Anyone who has lost a close friend or family member knows that what a difficult, painful, and overwhelming time it can be. We are often asked to help our clients through estate administration process when a loved one dies, but probate isn’t the only thing you’ll have to think about; in fact, it may not - [Dementia or Alzheimer’s: Is It Too Late For Your Parents To Sign Legal Documents?](/dementia-or-alzheimers-is-it-too-late-for-your-parents-to-sign-legal-documents/) - The question of competence has become a very big issue in the estate planning/elder law world over the past few years. As the population ages, and awareness of Alzheimer’s and dementia diagnoses grow, more and more adult children are questioning the ability of their elderly parents to make legal and financial decisions. Some children are - [Giving Your Home To Your Children Can Have Tax Consequences](/giving-your-home-to-your-children-can-have-tax-consequences/) - Clients sometimes ask about the wisdom of giving their home to their children, usually in order to avoid probate and "simplify" things after the parent's demise. However, this is not usually the best plan and doing so can often result in unintended tax consequences for the recipient child. This is especially so if the parent's - [Need Help For Nursing Home Costs?](/need-help-for-nursing-home-costs/) - If a family member needs care in a nursing home, you may be surprised by the cost. In our community, the cost of placement even for routine custodial care averages approximately $7,500 per month for a semi-private room and approximately $8,500 per month for a private room. Most families cannot afford this expense without impoverishing the at-home - [Consider A Pet Trust To Protect Your Furry Companions](/consider-a-pet-trust-to-protect-your-furry-companions/) - According to a recent article on BusinessInsider.com, there are some surprising new figures about American households and their pets. “In 2011, Americans spent a record $50.8 billion on pets, according to the American Pet Products Association. We share our homes with an estimated 86 million cats, 78 million dogs, 16 million birds and 160 million - [Will Medicare Fully Cover You in Your Golden Years?](/will-medicare-fully-cover-you-in-your-golden-years/) - Many retirees (or soon-to-be-retirees) have been living and saving under the assumption that Medicare would pay for a bulk of their medical costs during retirement, but a recent article in the Wall Street Journal reveals that counting on Medicare may not be the safest bet anymore. According to the article, one of the most important - [Republican Primary Inspires Talk of Trusts](/republican-primary-inspires-talk-of-trusts/) - If you follow current events at all it is impossible to ignore the fact that we are now in the thick of the Republican primary race—and that the Presidential election will not be far behind. With the political machine in full swing there have been quite a few news stories about the candidates’ financial backgrounds, - [How To Succesfully Choose a Nursing Home for Your Loved One](/how-to-succesfully-choose-a-nursing-home-for-your-loved-one/) - If and when the time comes to choose a nursing home—either for yourself or for a loved one—how will you know how to choose the right one? A person’s living situation often has a lot to do with how happy they are, so it is important to choose carefully and wisely. When you do begin - [The Flip Side of “Putting Your Affairs in Order”](/the-flip-side-of-putting-your-affairs-in-order/) - Everyone knows that because 2012 is the last year on the Mayan calendar it is thought by some to be “the end of the world as we know it.” Most of us don’t believe that the end of the world is nigh, but that doesn’t stop us from contemplating how we’ve lived our lives, what - [Don't Let Your Old Estate Plan Atrophy On The Shelf](/dont-let-your-old-estate-plan-atrophy-on-the-shelf/) - Do you already have an estate plan? Or perhaps you don’t have an estate plan per se, but over the years you’ve collected all of what you feel are the necessary documents to provide security and protection for your family and your assets after your death? Well, you may want to take a moment to - [3 Steps to Help Protect Your Family and Your Future in 2012](/3-steps-to-help-protect-your-family-and-your-future-in-2012/) - We all want to ensure our loved ones are protected and provided for, but sometimes the process of doing so can appear overwhelming, and prevent you from even taking the first steps. When it comes to protecting your family and your future with an estate plan, the process can actually be as easy as 1... - [Consider A Trust For You and Your Family?](/consider-a-trust-for-you-and-your-family/) - The answer to the title question is that just about every family can benefit from a trust. The rich and famous tend to utilize trusts because of the privacy they provide, the long-term asset protection, the tax benefits, and their flexibility; but each and every family, regardless of fame or income, can reap the exact - [Leaving an Inheritance to Unprepared Children](/leaving-an-inheritance-to-unprepared-children/) - Most parents (even parents of adult children) want to provide for their children—but not necessarily right away, and maybe not all at once. According to a recent article in Barron’s, “A growing number of parents are shunning the time-honored practice of handing big inheritances to their children when they turn 21. Instead, they're waiting until - [Take Advantage of Tax Deductions Before Year’s End](/take-advantage-of-tax-deductions-before-years-end/) - As 2011 draws to a close just about everybody has their minds on vacation, travel, and gift-buying, so we just wanted to take a moment to remind all of our readers to take advantage of your tax deductions and allowances before the year is over. These may include sending a check to your favorite charity, - [Etiquette to Remember When Visiting Nursing Homes During Holidays](/nursing-home-etiquette-to-remember-during-holiday-visits/) - Nursing homes during the holiday season tend to see a little more activity than they do during the rest of the year, whether because of families coming to visit loved ones, or local groups or individuals bringing holiday cheer to residents who may not have family living nearby. Taking time to visit with nursing home - [The Gift of an Estate Plan May Be The Perfect Holiday Gift](/the-gift-of-an-estate-plan-may-be-the-perfect-holiday-gift/) - The holiday season is upon us, and as others rush about the malls and the internet looking for gifts, we can recommend a unique, useful and memorable gift that will be perfect for any loved one: An Estate Plan! Before you roll your eyes at the idea, consider this: An estate plan is something every - [Planning Your Affairs When Faced with a Chronic or Terminal Illness](/planning-your-affairs-when-faced-with-a-chronic-or-terminal-illness/) - We mention often on our blog that each family will have unique circumstances and unique estate planning needs—this is especially true of families in which one member has a chronic or terminal disease such as cancer, diabetes, or, as mentioned in this article in Forbes, multiple sclerosis. For most people, the documents in their estate - [Seniors To Receive a 3.6% Raise in Social Security. Finally!](/seniors-to-receive-a-3-6-raise-in-social-security-finally/) - There is good news today for senior citizens! Finally, seniors will receive a long awaited Cost-Of-Living increase in their social security benefits. According to this article in CNN Money, “Social Security recipients will receive a cost of living adjustment of 3.6% starting in January.” This will be the first “raise” recipients have seen in three - [Coping After the Death of a Spouse: A "To Do" List](/coping-after-the-death-of-a-spouse-a-to-do-list/) - Losing a spouse may be one of the most difficult life events that any of us have to deal with. A spouse is a parenting partner, a co-CFO, a best friend and a beloved soul mate. Losing the person who supports you in so many ways can create an emptiness which can be almost paralyzing. - [Death of Steve Jobs Saddens the World](/death-of-steve-jobs-saddens-the-world/) - The recent death of creative visionary and Apple co-founder Steve Jobs saddened the world. News of his death traveled like wildfire, and had the online social networks humming with tributes, memorial posts, and sentiments of grief. Mr. Jobs was very private about his personal life, but through his public appearances and his support of various - [Meeting The Challenges of Caregiving For Your Aging Parents](/meeting-the-challenges-of-caregiving-for-your-aging-parents/) - As senior issues and caregiver concerns get more media attention, more and more families are making the question of who becomes mom or dad’s primary caregiver a family decision. Although one sibling may still take on the role of “primary caregiver,” families are making the conscious decision to try to share caregiving responsibilities more equally. - [How To Leave An Inheritance To A Child Who Might Squander Or Abuse It](/how-to-leave-an-inheritance-to-a-child-who-might-squander-or-abuse-it/) - Giving your children an inheritance can be one of the most generous, most loving things a parent can do... Unfortunately, under certain circumstances it can also be the most dangerous. A recent article in the New York Times addresses a question asked by many parents in estate planning offices all over the country: How to - [How Does California Rank on the Long-Term Care Scorecard?](/how-does-california-rank-on-the-long-term-care-scorecard/) - One of the primary concerns of the aging population is long-term care. As the life expectancy of Americans goes up so does the expectation that they will someday need some form of long-term care. You may not know whether that care will happen in a hospital, a nursing home, or in your own home, but - [Leaving a Gift or Bequest to a Special Needs Child](/leaving-a-gift-or-bequest-to-a-special-needs-child/) - If you have a child with special needs, planning your estate takes on a whole new dimension; especially, as this article in Forbes points out, now that “state and local governments are tightening income restrictions for medical benefits and supportive services, which are typically paid for by Social Security and Medicaid. Those services are tough - [Some Tax Saving Strategies from the Wall Street Journal ](/some-tax-saving-strategies-from-the-wall-street-journal/) - Income, estate, and other federal tax levies have commonly been a bone of contention between those with different political ideologies; but the current conflict has reached unusual heights, with various million- and billionaires publicly expressing their views (pro or against) about current tax laws. Of course, million- or billionaires aren’t the only ones with strong - [Off to College? Don’t Forget Your Health Directive!](/off-to-college-dont-forget-your-health-directive/) - The hot and lazy days of summer are almost over; parents are thinking about back-to-school sales, kids are making the most of their final days of freedom, and college freshmen are getting ready to embark on their first year of adult-hood. Most of these college students have a list (whether mental or physical) of all - [Unusual Things Happen Every Day…](/unusual-things-happen-every-day/) - In a recent article in the Huffington Post financial columnist Don McNay tells the frustrating, sad, and “unusual” story of how the greater part of his mother’s and his sister’s estates ended up in the hands of people they would never have chosen to receive it… all because neither of them had a will or - [Don’t Disinherit Your Loved Ones By Mistake—Review Your Estate Plan Regularly](/dont-disinherit-your-loved-ones-by-mistake-review-your-estate-plan-regularly/) - All of our readers know just how important—how essential—a will or trust is to protecting your family after you pass away. Leaving clear and tangible instructions can prevent family infighting as well as hurt or unsettled feelings; and leaving a legally airtight will can prevent wasted time and money in unnecessarily long probate proceedings. But for - [The Estate Planning Post Every Woman Should Read](/the-estate-planning-post-every-woman-should-read/) - Although couples usually come into our office together to discuss their estate plans, quite often it’s the women who lead the discussion about planning for the guardianship of children, and the men who lead the discussion about financial planning. Estate planning is a subject which has a significant impact on women—in fact, this article in - [After A Tempestuous Life Amy Winehouse Leaves Clear and Certain Will](/after-a-tempestuous-life-amy-winehouse-leaves-clear-and-certain-will-2/) - Following the death of British singer Amy Winehouse there have been a number of news stories and blog posts about her turbulent career and the last few years of her life. In the midst of all this scrutiny, perhaps the most surprising discovery is the fact that Winehouse’s affairs were in incredibly good order, with - [Estate Planning for Beginners Part 6: Funding Your Trust](/estate-planning-for-beginners-part-6-funding-your-trust/) - The hard part is done. Your estate plan has been created, all the documents signed and witnessed and notarized. But wait, you’re not quite done yet—especially if your estate plan includes a trust. The task of funding that trust still remains. Without the completion of this crucial step all of your hard work could be - [Estate Planning for Beginners Part 5: Guardians of Minor Children](/estate-planning-for-beginners-part-5-guardians-of-minor-children/) - Quite often, an individual or couple’s decision to finally create an estate plan is motivated by a strong need to ensure that their minor children will be protected and provided for. This kind of planning for young children often begins with choosing the person or couple who will care for and raise the children if - [Estate Planning for Beginners Part 4: Healthcare Documents](/estate-planning-for-beginners-part-4-healthcare-documents/) - Thus far our “Estate Planning Basics” series has focused primarily on financial documents, but the documents pertaining to your health care are an equally important part of any estate plan. The most important healthcare document in your estate plan will be your healthcare directive. Depending on where you live, this document naming a healthcare agent - [Estate Planning for Beginners Part 3: Powers of Attorney](/estate-planning-for-beginners-part-3-powers-of-attorney/) - Once you are secure in the knowledge that you’ve provided for your family and ensured that your wishes for the distribution of your hard-earned fortune are clear, it’s time to take steps to ensure that YOU will be protected and financially secure during your lifetime. It is not uncommon for seniors to need help with - [Estate Planning for Beginners Part 2: Trusts](/estate-planning-for-beginners-part-2-trusts/) - We’ve said it before on our blog and we’ll say it again: It doesn’t matter whether you’re a billionaire business executive or a teacher with a modest salary, it doesn’t matter whether you’re the patriarch of a large family or a stay-at-home mom of a newborn, a revocable living trust may be exactly what your - [Estate Planning for Beginners Part 1: Wills](/estate-planning-for-beginners-part-1-wills/) - Every new project has to begin somewhere, and most newcomers to estate planning choose to begin with a will. A will is the most well-known of all estate planning documents, it is generally the simplest and easiest to create (although some wills can be very lengthy and complex), and in most states a will can - [The Importance of Estate Planning for New Parents](/the-importance-of-estate-planning-for-new-parents/) - News sources such as the Washington Post entertainment section promise that this summer will be flush with celebrity newborns and proud mamas and papas. Some of the stars expecting additions to their families include Natalie Portman, Kate Hudson, Jennifer Connelly and more. Here at our office we wonder how many of these new parents will - [Even the Most “Normal” Families Can Benefit From Customized Estate Planning](/even-the-most-normal-families-can-benefit-from-customized-estate-planning/) - Many people think that estate planning is a piece of cake: choose your beneficiaries, write up a simple will, and voila - you’re done! The truth is that while estate planning can sometimes be achieved with this amount of simplicity, most of the time there’s more to it than that—a lot more—especially if you have any - [What to Do When Dad's Ability To Manage His Finances Begins To Slow Down](/what-to-do-when-dads-ability-to-manage-his-finances-begins-to-slow-down/) - One of the most difficult aspects of caring for an elderly parent (or helping an aging parent who lives far away) is keeping one step ahead when that parent begins to lose the ability to manage his or her own finances. Many seniors can be very resistant to discussing what they feel is an extremely - [Simple Steps Now Can Help Your Executor Later On](/simple-steps-now-can-help-your-executor-later-on/) - Being named as the executor of the estate of a deceased loved one comes with many challenges, including dealing with the probate system. But one of the most difficult (and least discussed) challenges is sorting through the plethora of paper and information that people collect over the course of a lifetime. You can save your - [New Estate Tax Portability Provision Should be Considered with Caution](/new-estate-tax-portability-provision-should-be-considered-with-caution/) - A new “Portability Provision” in The Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 has some couples excited about the financial possibilities. As explained in this article in the Wall Street Journal, the new portability provision “permits surviving spouses to elect to use the unused portion of the estate tax applicable exclusion - [5 Missteps That Can Sabotage Your Estate Plan](/5-missteps-that-can-sabotage-your-estate-plan/) - When it comes to protecting your wealth and your family creating an estate plan is one of the most important things you can do. An estate plan is your key to ensuring that your hard-earned assets are distributed (or saved or invested) as you designate. An estate plan is your family’s safety net. Unfortunately, too - [Understanding Your Last Will and Testament](/understanding-your-last-will-and-testament/) - Although recent news surrounding the estate tax—both its repeal and its reinstatement—has died down, many people are still talking about their estate plans. Most people recognize that now is the time to create their estate plan, or to review and update their existing plan if they have one. This means that many people are asking - [Royal Couple Has Many Asking “How Effective Are Prenuptial Agreements?”](/royal-couple-has-many-asking-how-effective-are-prenuptial-agreements/) - It’s all over the news lately that Prince William and his fiancé Kate Middleton will likely not sign a prenuptial agreement before the royal wedding on April 29th. Although many reasons have been given as to why the couple will forgo signing a prenup, one of the reasons is that “while prenuptial agreements are common - [Making Room For Mom & Dad: Checklist For The "Multi-Generational Household"](/making-room-for-mom-dad-checklist-for-the-multi-generational-household/) - Throughout history, the multi-generational household has always had its place in our society. At times the multi-generational family has been common and plentiful, at other times rare and seen only on the fringes of society. In the past few years, for reasons of both economy and practicality, the percentage of Americans living in multi-generational households - [What Happens Now to Elizabeth Taylor’s Fortune? ](/what-happens-now-to-elizabeth-taylors-fortune/) - The recent passing of Elizabeth Taylor has many wondering what will now happen with her sizeable fortune? According to this article in Forbes Ms. Taylor’s fortune includes not only the millions she made in the Hollywood movie industry, but the even greater amount made she made with her fragrance line. “In her most savvy business - [New POLST Raises Awareness About End-Of-Life Decisions](/new-polst-raises-awareness-about-end-of-life-decisions/) - A recent article in the Wall Street Journal shines the light on a new program being instituted by a growing number of states called “Physician-Orders for Life Sustaining Treatment,” or POLST. “A POLST, which is signed by both the patient and the doctor, spells out such choices as whether a patient wants to be on - [Tragedy in Japan Inspires Reflection: Are You Prepared for Disaster?](/tragedy-in-japan-inspires-reflection-are-you-prepared-for-disaster/) - Only a few days ago the world was shocked by the terrible earthquake and tsunami in Japan. Our hearts and prayers go out the people affected by the tragedy, and many people are asking what they can do to help. The sudden violence of nature has many of us looking at our own situations as - [Coming in 2012: Change for Retirees](/coming-in-2012-change-for-retirees/) - Last month the Obama administration released their budget for the 2012 fiscal year, and included in that budget were a few things that retirees (or those close to retiring) will want to be aware of. If you own a business you may want to keep reading as well, as some of the proposals within the - [With the Federal Estate Tax Set at $5 Million, Escaping the State Death Tax Is Now An Issue For Migrating Seniors](/with-the-federal-estate-tax-set-at-5-million-escaping-the-state-death-tax-is-now-an-issue-for-migrating-seniors/) - For wealthy seniors, state death taxes may now be a big issue, especially if the seniors have the ability to relocate to a "death tax" friendly state. The federal estate tax is set (for at least another two years) but we still expect some states to continue making changes to their own estate tax. The - [How a Special Needs Trust Can Help Your Child](/how-a-special-needs-trust-can-help-your-child/) - You know how important it is to protect your family with an estate plan, but if you have a child with special needs then taking steps to protect them if something should happen to you is essential. Unfortunately, for families which include special needs children, knowing exactly the best way to protect your child(ren) isn’t - [The Tax-Lady Cometh](/the-tax-lady-cometh/) - It’s that time of year again; the time of year when everyone starts gathering receipts, assessing income and expenses, and making appointments with tax advisors. Tax time can be a very stressful time for many families, but—with the help of this article from MSN Money—perhaps tax season can be made a little bit easier. The - [A Will Reveals More About You Than Just Assets and Distribution](/a-will-reveals-more-about-you-than-just-assets-and-distribution/) - We tell our readers quite often that a will can be one of the most important documents in your estate plan, but sometimes we like to remind our readers that wills are interesting family and historical documents as well. In an earlier era where "Living Trusts" were seldom used, genealogists will often use an ancestor’s last will - [Estate Tax Laws Aren’t the Only Things That Change: A 7 Point Checklist](/estate-tax-laws-arent-the-only-things-that-change-a-7-point-checklist/) - We’ve written before about the importance of reviewing and updating your estate plan, but it’s a topic worth mentioning again—especially in light of the many recent changes to estate tax law. The plain truth is that no matter how perfect your estate plan is when you create it, change is inevitable, and when your life - [Long-Term Care; Be Prepared in an Area of Uncertain Options](/long-term-care-be-prepared-in-an-area-of-uncertain-options/) - It’s flu season again, and the strain going around this year has been a difficult one, mainly because of how long it keeps its victims out of commission. So the article we recently found on Time.com about Long-Term Care seems particularly timely and relevant, if only because this year’s flu could be seen as an - [Estate Tax Lessons from 2010 and Things to Watch Out for in 2011](/estate-tax-lessons-from-2010-and-things-to-watch-out-for-in-2011/) - We all know from the many news stories of last year that estate tax laws are not set in stone, they can fluctuate and change both at the state and the federal level; and as this article in Forbes points out, keeping up with those fluctuations can be of the utmost importance to you and - [Minnesota Health Care Dispute Raises Fears for Everyone](/minnesota-health-care-dispute-raises-fears-for-everyone/) - As estate planning attorneys we help our clients plan ahead. We help them create the documents and take the legal action they need to protect themselves and those they love. We help them talk through painful possibilities, and support them as they make difficult decisions. We work to ensure that our clients and their families - [Planning to Make Your Life Extraordinary](/planning-to-make-your-life-extraordinary/) - One of the best parts about doing the work that our firm does is that we get to help people evaluate their priorities and define for themselves what is truly important. Sometimes it’s too easy to get caught up in the day-to-day stresses and activities and to lose sight of what your true focus is. - [It’s Never Too Early to Make Your First Will](/its-never-too-early-to-make-your-first-will/) - We’d like to share with our readers a recent article in Forbes entitled How To Write Your First Estate Plan. This article supports something we’ve been saying in our blog all along: That everyone needs a will—whether you’re a young couple just starting out, an established family with valuable assets to protect, or an entrepreneurial - [Non-Traditional Couples Face Estate Planning Challenges](/non-traditional-couples-face-estate-planning-challenges/) - The new estate tax laws (with their friendly bent toward the taxpayer) have been cause for celebration for many wealthy and affluent Americans, but there is at least one group which has not had cause to celebrate—gay and unmarried couples. Under current federal law, a married person could transfer an unlimited amount of their estate - [Knowledge and Communication is Key to Avoiding Family Fights](/knowledge-and-communication-is-key-to-avoiding-family-fights/) - Do your adult children know which of them will be your agent under your power of attorney if something happens to you? Most people don’t want to think about Alzheimer’s, dementia, or getting old; and those who have thought about it often choose to keep their wishes secret, their documents held under lock and key - [Making Plans for Aging at Home](/making-plans-for-aging-at-home/) - There used to be very few options for seniors who began to have trouble living on their own. In many cases the only options available were to move in with family or move into a nursing home. Now, however, that doesn’t have to be the case. With new advancements in technology, the help of family - [No More Excuses, It’s Time To Plan Your Estate](/no-more-excuses-its-time-to-plan-your-estate/) - The dust surrounding all the estate tax law “remodeling” is finally settling, and it’s time now for families to give their old (or future) estate plans some serious scrutiny. For all of you who were waiting until Congress made some firm decisions on the estate tax laws—there are no more excuses. Forbes writers Janet Novack - [Excuses, Excuses... Why You Don’t Have a Healthcare Directive](/excuses-excuses-why-you-dont-have-a-healthcare-directive/) - What is keeping you from signing a healthcare directive? A recent article in Reuters mentions that only 2 out of 5 U.S. citizens have some kind of healthcare directive, and that our own U.S. laws might be the cause. A study done by Rebecca Sudore of the University of California, San Francisco found that “Most - [Government Rescinds Medicare Coverage of End-Of-Life Planning](/government-rescinds-medicare-coverage-of-end-of-life-planning/) - Apparently the suspicion surrounding end-of-life planning is not as far in the past as we might have hoped. The recent Medicare regulation which would have allowed the government to pay doctors who advise patients on options for end-of-life care was rescinded only days after it was enacted. Why such an abrupt turnaround? The reason is - [A Low-Pressure (And Fun) Way to Discuss Legacy and Estate Planning](/a-low-pressure-and-fun-way-to-discuss-legacy-and-estate-planning/) - The hardest part of legacy planning or estate planning isn’t necessarily choosing the right fiduciaries, or deciding how to distribute your wealth fairly among your loved ones... the hardest part of legacy planning or estate planning is often simply talking about it with family. In fact, having “The Discussion” can be such a daunting task - [Plan for Eldercare Now Before the Choice Is No Longer Yours](/plan-for-eldercare-now-before-the-choice-is-no-longer-yours/) - We spend our lives making plans and preparing for future events. From the beginning we plan and work towards education, a career, marriage and a family. We work hard and save, invest and build our assets. We insure to protect our home, automobiles, health and medical needs. Retirement age comes and our plan is finally - [Technology for the Older Generation](/technology-for-the-older-generation/) - There is a common complaint among Baby Boomers when it comes to aging parents and grandparents: It’s hard to keep in touch with them. Most communication among the middle and younger generations now takes place on the computer—e-mail, Facebook, electronic photo-sharing and more. Very rarely do we pick up the phone for a good old-fashioned - [Resolutions to Last You Through the Year](/resolutions-to-last-you-through-the-year/) - What are your resolutions for 2011? A majority of New Year’s resolutions have to do with money and health—or more specifically, with saving money and losing weight. Unfortunately, most New Year’s resolutions don’t last through the first month of the year. But what if there were steps you could take in that first month, when - [Taking Time for End-Of-Life Planning](/taking-time-for-end-of-life-planning/) - Advance Health Care Directives (legal documents which include a nomination of your health care agent, and your preferences for end-of-life care) saw a lot of press in 2009 when the Obama administration sought to include end-of-life planning in the new healthcare overhaul. The option was dropped after a media firestorm about “death panels,” but according - [Adult Children and Elderly Parents: Caring for Each Other](/adult-children-and-elderly-parents-caring-for-each-other/) - The idea of adult children caring for aging parents or grandparents is not a new one. In fact, with the aging Baby-Boomer population, adult children giving up free time or extra hours at work to care for relatives is a growing trend. But recently families have begun creating “caregiver compensation agreements,” something which can end - [What to Expect from Estate Taxes in 2011](/what-to-expect-from-estate-taxes-in-2011/) - It has been a long and uncertain year for anybody interested in the future of the estate tax, filled with a few ups, a few downs, and a lot of speculation. But after the recent passage of the new bipartisan tax bill all of the confusion and speculation is finally at an end, and it’s - [Estate Tax Update: "Clarity" is Here](/estate-tax-update-clarity-is-here/) - It looks as if the long and weary road to estate tax clarity ended on 12/17/2010 when President Obama signed the compromise tax package negotiated with Republican leaders. Here are some quick highlights: Tax Election for 2010 Estates: This is one of the biggest parts of the deal. The bill gives 2010 estates the choice of whether - [Talking to Siblings About Caring for Mom and Dad](/talking-to-siblings-about-caring-for-mom-and-dad/) - Many modern families have members living all over the country—and all over the world. Which means that the holiday season provides one of the only times to all get together in person, celebrate, catch up... and talk about caregiving strategies for aging parents. Unfortunately, this kind of conversation can be a difficult one, especially if - [Make This Year Memorable: A 2010 Gift-Giving Guide ](/make-this-year-memorable-a-2010-gift-giving-guide/) - Fruit baskets, kitchen gadgets, and Kindles aren’t the only gifts you can give loved ones this year (although you’ll see below that video game systems still make the cut.) Instead, why not give something unique that will leave a lasting impression and help protect your loved one? Here are a few non-traditional ideas for friends - [Estate Planning Through the Ages](/estate-planning-through-the-ages/) - Can you remember what you were doing in your early 20s? Can you imagine what kind of life you’ll be living in your 70s or 80s? We experience incredible changes as the decades roll by—not just to ourselves, but in the world at large. With our lives changing so much, our estate planning documents and - [Are You Prepared For The Return Of the Estate Tax on January 1st?](/are-you-prepared-for-the-return-of-the-estate-tax-on-january-1st/) - Q. My wife and I have a Living Trust and a combined estate worth roughly $2 million, including the equity in our home. I understand that the federal estate tax returns on January 1, 2011, and that couples having a combined estate worth more than $1 million may once again be subject to tax. Is - [The Ins and Outs of Incapacity](/the-ins-and-outs-of-incapacity/) - Most people think that having a trust is about controlling (to an extent) what happens to your assets after you die. This is true, but a trust actually has a much broader scope: a trust can also protect and provide for your loved ones—and more importantly, it can protect and provide for you—if you should - [Preparing Boomers for the Finance Sandwich Squeeze](/preparing-boomers-for-the-finance-sandwich-squeeze/) - Baby-boomers are called the sandwich generation—and with good reason. They were expecting to pay for their own retirement and their children’s college education; but now recession upon recession has toppled their elderly parents’ savings, and Boomers find that they are faced with the prospect of shouldering the financial burden of their parents’ final years as - [Estate Planning Is Easier Than You Think](/estate-planning-is-easier-than-you-think/) - Have you ever seen the “1001 Must Do” books series? 1001 Movies You Must See Before You Die, 1001 Books You Must Read Before You Die, or maybe 1001 Natural Wonders You Must See Before You Die? Let’s face it, 1001 things is a lot of pressure! This is why we like this article in - [The Quiet Devastation of Alzheimer’s Disease](/the-quiet-devastation-of-alzheimers-disease/) - According to a recent report put out by the Alzheimer’s Association, 5.3 million people have Alzheimer’s disease. Chances are that you or someone you know has been touched by this illness. In spite of these overwhelming statistics, Alzheimer’s continues to be a disease that sneaks up on individuals and their families, quietly tearing apart lives - [Just Say No? Medical Marijuana in Nursing Homes](/just-say-no-medical-marijuana-in-nursing-homes/) - The legalization of marijuana is on the ballot in California this November, but California isn’t the only part of the country where marijuana is making news. The use of marijuana for medical purposes is being debated around the nation—especially as concerns elderly patients in nursing homes which receive federal funding through Medicare or Medicaid. This - [How to Find the Best Long-Term Care Policy](/how-to-find-the-best-long-term-care-policy/) - As the average life-span increases—and the cost of medical care along with it—more and more people are beginning to see the need for long-term care insurance. Simply having a retirement plan isn’t enough anymore. Saving for retirement now means not only saving for your living expenses, it means preparing and saving for your health care - [What Is Probate?](/what-is-probate/) - With all the recent news about what will happen with estate taxes, the process of probate has come up quite a bit. Sometimes probate is mentioned in a low-key, matter-of-fact kind of way; at other times it is presented as something scary, and to be avoided at all costs. We know our readers have seen - [Can You Foolproof Your Power of Attorney?](/can-you-foolproof-your-power-of-attorney/) - “The best laid plans of mice and men often go awry.” Although we hate to admit it, this statement will also sometimes apply to estate planning; and more often than we would like, it happens with powers of attorney. A power of attorney is the document in which you nominate an agent (or attorney-in-fact) to - [What to Do With Your Estate Plan After a Divorce](/what-to-do-with-your-estate-plan-after-a-divorce/) - When it comes to estate planning, the steps you take after a divorce are not so different from the steps you’ll take after a death—many of the phone calls will be the same, many of the changes you make and details you change will be similar. This all makes sense, because a divorce is basically - [10 Phone Calls to Make After the Death of a Loved One](/10-phone-calls-to-make-after-the-death-of-a-loved-one/) - Coping with the death of a loved one can be a crushing task. There are so many things to do and details to remember; all of this at a time when each small task can serve as a reminder of your loss. At such a time it can be helpful to know that you’re not - [Prepare Now for an Uncertain Future](/prepare-now-for-an-uncertain-future/) - There’s a useful saying that goes something like this: “Expect the best, but prepare for the worst.” Never has that saying been as useful as it is right now in regards to asset protection and estate planning. As Laura Lallos mentions in her article in the Morningstar Advisor, “Estate attorneys are trained to prepare for - [Lapse in Generation-Skipping Transfer Tax Makes Giving to Grandkids Easier Than Ever](/lapse-in-generation-skipping-transfer-tax-makes-giving-to-grandkids-easier-than-ever/) - Wealthy grandparents have a unique opportunity this year to give their grandchildren gifts of substantial value without incurring any generation skipping transfer tax. This is a huge savings opportunity!—so why aren’t more people taking advantage of it? Part of the reason may be lack of awareness. Everyone knows about the Bush administration’s year-long repeal of - [How to Keep Your Children from Squandering Their Inheritance](/how-to-keep-your-children-from-squandering-their-inheritance/) - Most parents come into our office with one concern on their minds: protecting and providing for their children. We help these parents select loving guardians and set up solid trust or inheritance plans to ensure that their children will have everything they need. But parents often have another concern as well—how to keep their children - [Women and Retirement: Your Money, Your Future, Your Plan](/women-and-retirement-your-money-your-future-your-plan/) - You have a longer life expectancy than a man, different ideas about what constitutes risk, often work for a different pay-scale... and if you’re a woman, you likely need a different kind of retirement plan as well. You may think that the financial advisor recommended by your husband/father/brother will suit you just fine, but this - [Help for Alzheimer’s Patients AND Their Caregivers](/help-for-alzheimers-patients-and-their-caregivers/) - Shakespeare said that old age is a return to childhood; without teeth, without voice... and in the case of Alzheimer’s patients, without memories. But if the elderly have to endure the drawbacks of childhood, shouldn’t they get some of the benefits too? The Family Caregiver Alliance must have thought so too, because a few times - [Planning for the Future is Essential for Special Needs Families](/planning-for-the-future-is-essential-for-special-needs-families/) - If you have a special needs child, parent, or sibling then you know that planning for the future can be overwhelming under the best of circumstances; which is why so many parents and caretakers tend to live for today, while planning for tomorrow is always put off until... well, until tomorrow. But if planning and - [How to Prepare for Dismaying Changes to Estate Tax Law](/how-to-prepare-for-dismaying-changes-to-estate-tax-law/) - This may seem like we’re listening to a broken record, but once again Congress’ inability to act is creating uncertainty in the estate-tax-planning world. We’re little over 3 months away from a major upheaval in the estate tax, and according to the New York Times the upcoming law is likely to cause a lot of - [How to Help Your Elderly Parents When You Live Far Away](/how-to-help-your-elderly-parents-when-you-live-far-away/) - We've written often on this blog about the concerns that caregiver children have for their elderly parents, but that’s only one side of the story. Many families also have an adult child living far from home, and though the concerns of the long-distance child may be different from the one who lives down the street, - [You’re Never Too Young to Need a Financial Planner](/youre-never-too-young-to-need-a-financial-planner/) - Most people don’t think about visiting a financial planner until they’re old enough to have some money to manage, but if your child is a recent college graduate, or in his or her final year, you may want to consider a joint trip to your financial planner. A recent article in the Boston Globe lists - [Planning to Live Through the 2010 Estate Tax Repeal? You Can Still Save on Taxes](/planning-to-live-through-the-2010-estate-tax-repeal-you-can-still-save-on-taxes/) - It is common knowledge that 2010 is a great year for heirs. If you didn’t know about the 2010 estate tax repeal, all the media coverage of George Steinbrenner’s recent death (and his heirs’ lucky tax break) probably alerted you. Everybody is saying that 2010 is a good year to die... But what about those - [Caregiver Compensation Agreements Benefit Elders AND Caregivers](/caregiver-compensation-agreements-benefit-elders-and-caregivers/) - Caring for an aging relative is hard work. Many of the people who serve as caregivers admit that they often feel as if they have two jobs—their day job, and the part-to-full-time job of caregiver. If you consider that in our fast-paced society time is money, then most of these caregivers are not only giving - [Debunking 5 Common Estate Planning Myths](/debunking-5-common-estate-planning-myths/) - There are five common myths that frustrate all estate planners—particularly because we know that not only are they patently untrue, but also because their continued circulation can be harmful. 1. Estate Planning is only for rich people. This is probably the single most common estate planning myth there is—and it is a myth. When - [A Step-By-Step Guide to Getting Started With Your Estate Planning](/a-step-by-step-guide-to-getting-started-with-your-estate-planning/) - You’ve heard all the arguments in favor of estate planning, you know it’s the right thing to do, you want to get your planning done... you just aren’t sure how to get started. This is understandable; estate planning can feel like an overwhelming endeavor when you’re presented with everything at once. The trick to getting - [Women and Finances: How Estate Planning Can Help](/women-and-finances-how-estate-planning-can-help/) - When it comes to family matters, women are often the head (and sometimes the sole member) of the planning committee. Vacations, dinner parties, school activities and celebrations... many of these wouldn’t happen at all if the women of the family didn’t take the lead. Estate Planning tends to be no different: Many first phone calls, - [The REAL Reason to Plan Your Estate](/the-real-reason-to-plan-your-estate/) - We write often on our blog about specific pieces of the estate planning whole: elder law, retirement planning, estate administration, etc... But sometimes it’s important to pull back and look at the big picture—to remind ourselves why we’re doing all this in the first place. And the plain truth is that there is one main - [Does Marriage Matter in Estate Planning?](/does-marriage-matter-in-estate-planning/) - How much does “marriage” matter when it comes to estate planning? The recent California court ruling on gay marriage has thrown marriage and its meaning once again into the limelight, and has many people thinking about what marriage means on a legal level. Anyone who pays taxes knows that your marital status matters to the - [Will Long-Term Care Living Arrangements Prevent You from Leaving an Inheritance?](/will-long-term-care-living-arrangements-prevent-you-from-leaving-an-inheritance/) - In our last post we wrote about what matters most when choosing a long-term care living situation, suggesting that it’s not always the place that matters most, but the mind-set of the elderly person who will be living there, and how involved that person is in the decision-making process. However, this does not mean that - [What Matters Most When Choosing a Long-Term Care Living Situation?](/what-matters-most-when-choosing-a-long-term-care-living-situation/) - Elderly people and their families can spend months—sometimes years—looking for the perfect long-term care living arrangement. Most families try to avoid the nursing home option to the very end, believing that assisted living or small residential care homes provide a better quality of life. But is this fact or fiction? Paula Span in her article - [Jane Austen’s Will: It Used to Be So Easy](/jane-austens-will-it-used-to-be-so-easy/) - Many clients are shocked when they see the sheer volume of paper in a truly well-done estate plan. A trust by itself can be hundreds of pages, not to mention the other 6 to 16 documents you may or may not have—depending on your family situation. You may find that the “simple” estate plan you - [The Next Step In Elderly Home Care](/the-next-step-in-elderly-home-care/) - Many adult children of an aging parent get to a point in their parent’s care where they feel they have only two options: move their parent in with them so that they (or their spouse) can provide around-the-clock care, or move their parent into a nursing home. Reaching this point can be a very emotional - [You Know the Importance of Planning... But Do Your Aging Parents?](/you-know-the-importance-of-planning-but-do-your-aging-parents/) - If you have been reading our blog then you know that this year—the year without a federal estate tax—is an important year, and that next year—when the estate tax returns—will be an even more important year for planning and reviewing your estate. You know this... but do your parents? Kimberly Palmer, author of this article - [Communication is Key: Talk to Your Doctor About Your End-Of-Life Wishes](/communication-is-key-talk-to-your-doctor-about-your-end-of-life-wishes/) - Part of creating an estate plan is talking to your spouse, your family—and yes, your attorney—about your end-of-life wishes. A living will or healthcare directive is an essential part of any estate plan. This is the document in which you nominate the person or people who will make healthcare decisions for you when you are - [Not Just Estate Tax Anymore](/not-just-estate-tax-anymore/) - Anyone who has been following our blog knows that the expiring Bush tax cuts (including the repeal of the estate tax this year and the tax’s reinstatement next year) have given lawmakers no end of trouble as they struggle and debate—and debate and struggle—to agree on new tax legislation moving forward. In fact, The Wall - [The Comfort That Comes With Planning Ahead](/the-comfort-that-comes-with-planning-ahead/) - Everybody thinks it won’t happen to them. Or rather, everybody knows it’s going to happen to them eventually, but nobody thinks it’s going to happen tomorrow, or next week, or even next year. The “it” of which I speak is, of course, death. It is this perceived immortality that allows so many people to put - [Estate Planning Advice for Ex-Pats and World Travelers](/estate-planning-advice-for-ex-pats-and-world-travelers/) - Estate planning can be a pretty involved affair, even for people whose lives are fairly straightforward; but if you are an ex-patriot, have dual citizenship, or plan to leave assets to family members in another country the estate planning process can by downright mind-boggling. This is because each country is going to have its own - [Falling Through the Cracks](/falling-through-the-cracks/) - Our country may be facing a simultaneous growth and recession... unfortunately, according to journalist John Leland, the two seem to be at odds. What we are referring to is the growth of the elderly population and the recession of funds available to help this aging community pay for the care they need. The economic downturn - [One Man’s Trash is Another Man’s... Heirloom?](/one-mans-trash-is-another-mans-heirloom/) - Families have a way of acquiring great numbers of treasured objects and mementos: photo albums, antique books, Wedgewood China... a mounted deer head? You just never know what’s going to end up in the trash-heap and what will be kept and passed on to the next generation. Ellen Lupton mentions in her recent article in - [No Estate Tax Means No Need to Plan, Right? . . . Wrong.](/no-estate-tax-means-no-need-to-plan-right-wrong-2/) - Since the estate tax was repealed at the beginning of this year many people have rejoiced in the thought that there’s no need to create an estate plan. While it may be true that for the moment, at least, your assets don’t need to be protected from outrageous estate taxes, there are still a number - [Is Medicare Headed for a Crisis?](/is-medicare-headed-for-a-crisis/) - If you are among the wave of Baby Boomers about to begin enrolling in Medicare you may be in for some tough times. Recent stories in Financial-Planning.com and USA Today report that the number of doctors refusing new Medicare patients is reaching a record high—and it’s not expected to improve anytime soon, especially since last - [Will Billionaire Steinbrenner’s Death Inspire Congress to Reinstate the Estate Tax?](/will-billionaire-steinbrenners-death-inspire-congress-to-reinstate-the-estate-tax/) - Common superstition says that famous deaths come in threes, but the death of New York Yankees owner George Steinbrenner on July 13 makes four billionaire deaths in 2010. It’s hard to deny the significance of such events in a year when there is no estate tax. According to the Associated Press Steinbrenner’s family is set - [How to Plan for the Future While Estate Tax Debate Continues in the Senate ](/how-to-plan-for-the-future-while-estate-tax-debate-continues-in-the-senate-2/) - With all the estate tax proposals currently floating around the Senate the future of the estate tax is anybody’s guess... but that doesn’t mean we’ll stop trying to figure it out. A recent article in the Wall Street Journal touches on some of the more recent (and more controversial) proposals floating around Washington. The proposal - [How to Tell If Your Loved One Needs In-Home Care (And What to Do About It)](/how-to-tell-if-your-loved-one-needs-in-home-care-and-what-to-do-about-it/) - It’s not always easy to know—or to admit—that a loved one is unable to fully care for themselves anymore. The signs develop gradually, and aren’t always easy to pick up on if you see your loved one on a daily or weekly basis. Often it’s the son or daughter who has moved away and comes - [Heirs Pay the Price for a Do-It-Yourself Estate Plan](/heirs-pay-the-price-for-a-do-it-yourself-estate-plan/) - A recent article in U.S. News and World Report has brought the battle between professional estate planners and Do-It-Yourself document proponents out into the open. As author Kimberly Palmer points out in the article, lawyers believe Do-It-Yourself is dangerous when it comes to estate planning, and they will certainly tell you so when asked. But - [Should A Bank Help You Care for Your Elderly Parents?](/should-a-bank-help-you-care-for-your-elderly-parents/) - The influential Baby Boomer generation is aging, which means more and more of them are taking on the responsibility of caring for their elderly parents, and the Boomers are beginning to face up to the fact that they will need caregiving themselves in the not-so-distant future. Large banks are not immune to this trend—and the - [The Estate Planning Needs of Women](/the-estate-planning-needs-of-women/) - We’re all about equality, but the fact is that women have different estate planning needs than men. Whether they’re single or married, have children or no children, women have different things to think about when it comes to estate planning. This means that women need to be involved in the planning process: Express their own - [Can You Really Afford Long-Term Care Insurance?](/can-you-really-afford-long-term-care-insurance/) - The American Association for Long-Term Care Insurance recently released a report on the costs of long-term care insurance, and the results were surprising. Most people mistakenly believe that long-term care insurance is going to be expensive and difficult; but in fact, according to the report, “over one-fourth [of buyers under the age of 61] paid - [It’s a Dog’s Life](/its-a-dogs-life/) - There seems to be some confusion nowadays about whether “a dog’s life” refers to a life of ease or toil, but for these wealthy canine heirs life is definitely the former! Whether it’s a wealthy eccentric leaving millions to a dear canine companion or whether it’s a lover of animals leaving a portion of their - [More News About the Repealed Estate Tax](/more-news-about-the-repealed-estate-tax/) - Six months into 2010 and the estate tax repeal is still making news. This time it’s a story about Texas billionaire Dan L. Duncan who died in March, leaving all of his billions to his spouse, family and various charitable organizations... and none to the government: “Had his life ended three months earlier, Mr. Duncan’s - [How To Choose Your Executor or Personal Representative](/how-to-choose-your-executor-or-personal-representative/) - Serving as someone’s executor or personal representative under a Last Will and Testament can be a HUGE job, and may not be right for the faint of heart. Although nomination is commonly considered an honor, there is a lot of work involved, and an executor must have a great capacity for organization, attention to detail, the ability - [World Elder Abuse Awareness Day is June 15](/world-elder-abuse-awareness-day-is-june-15/) - As we age we become vulnerable. We begin to doubt our memories, our bodies are not as reliable as they used to be, and technological advances outstrip our abilities to keep up with them. With this vulnerability comes the opportunity for abuse. Unfortunately, elder abuse is becoming more and more common, both physically and financially. - [Ensure that Your Retirement Savings Go to the Right People](/ensure-that-your-retirement-savings-goes-to-the-right-people-2/) - Do you know how your retirement plan fits into your estate plan? Ideally you would never have to worry about this; you would spend the last penny of your savings on the day you die. But life rarely works out according to ideal circumstances, and the reality is that doing a little bit of estate - [How to Find the Perfect Senior Living Arrangement](/how-to-find-the-perfect-senior-living-arrangement/) - When it comes to living arrangements, senior citizens have far more options available to them today than they ever have in the past: independent retirement communities, assisted independent communities, at-home assisted living, at-home nursing care, live-in nursing homes... the list can go on and on. Having all these options available is almost certain to make - [Stay Current and You’ll Stay Protected](/stay-current-and-youll-stay-protected/) - In many of our previous posts we’ve stressed the importance of keeping your estate planning documents up-to-date. Changes to the law, as well as changes to your own personal, medical and financial status can wreak havoc on a well-crafted estate plan if these changes aren’t addressed. A good rule of thumb is to have your - [Senator Kennedy's Legacy May Also Be Yours](/senator-kennedys-legacy-the-class-act/) - One of the most important pieces of the recently enacted "Patient Protection and Affordable Care Act" is the "CLASS Act", which stands for the Community Living Assistance Services and Supports program. Authored by the late Senator Ted Kennedy and others, it creates -- for the very first time -- a long term care insurance plan to help - [Stuck In The Middle: Caring For Aging Relatives](/stuck-in-the-middle-caring-for-aging-relatives/) - “Too rich for most government-funded social programs and not rich enough to pay for full-time, long-term care services.” Does this sound familiar? It is exactly the kind of financial situation most elderly find themselves in today, and one which requires many adult children who are still raising their own kids to also care for their - [Ensure Your Wishes for Medical Treatment are Followed: Share Them With Your Doctor](/ensure-your-wishes-for-medical-treatment-are-followed-share-them-with-your-doctor/) - This time of year often involves spring cleaning for many families: reorganizing the closets, clearing the weeds and brush from the yard, and getting rid of all those boxes in the garage or basement. Spring seems to be a time to take stock and start fresh... at least in the home. But what about with - [Take Action in the Face of Estate Tax Uncertainty](/take-action-in-the-face-of-estate-tax-uncertainty/) - If you’ve been reading our blog regularly then you know that the 2010 estate tax repeal has caused no end of confusion and uncertainty; not only for those who have been dealing with probate and trust administration since the tax was first repealed, but also for those who are trying to think ahead and do - [Robin Hood Lives On: Tax Breaks to Help Your Family](/robin-hood-lives-on-tax-breaks-to-help-your-family/) - It may seem like you just can’t catch a break when it comes to paying taxes, but according to this article in the Wall Street Journal there are a few little known tax breaks that could end up saving your family money. Some are new—so new, in fact, that it is still before the Senate—such - [Recent Deaths Bring Home the Consequences of No Estate Tax in 2010](/recent-deaths-bring-home-the-consequences-of-no-estate-tax-in-2010/) - There was too much confusion to be much rejoicing when the estate tax was repealed for a year on January 1st, 2010. Although the words “no estate tax” may sound good, nobody really expected the state of affairs would last. Most experts believed that Congress would never actually let it happen in the first place; - [Where Can Seniors Find “Home Sweet Home”?](/where-can-seniors-find-home-sweet-home/) - Where you live is a defining aspect of your character throughout your life. Your “hometown” often plays a large part in the formation of your character; as adults we decorate our homes to reflect our interests, hobbies and loves; and the neighborhoods in which we choose to raise our children (city, farm, suburb) tell us - [A “Graying Trend” In Caregiving](/a-graying-trend-in-caregiving/) - What will you be doing when you’re 73? If you think you will have earned the right to have someone take care of you, think again; you may end up serving as a caregiver for someone else. A recent article in the New York Times describes a new trend in caregiving: the elderly are being - [How to Choose the Right Nursing Home](/how-to-choose-the-right-nursing-home/) - A recent article in the New York Times calls choosing a nursing home for your loved one “one of the hardest [decisions] you will ever make;” and yet it is a decision that almost all of us will have to think about eventually (whether for a grandparent, parent, spouse, or for ourselves.) It is a - [Sharing Your Passion With The People Who Matter](/sharing-your-passion-with-the-people-who-matter/) - What is your passion? Do you love reading and collecting books? Are you a rabid coin or stamp collector? Do you find peace and tranquility out tending your garden? Whatever it is that you love to do in your “off time”, you can bet the people closest to you know it. These are the people - [Benefits for Veterans](/benefits-for-veterans/) - In our country we have a tradition of honoring those men and women who served in the military. That tradition extends to offering very valuable benefits to Veterans and their families. Unfortunately, VETS sometimes are not aware of all of those benefits. One of the benefits most often overlooked is something called a Veteran's Pension. - [Defining Probate](/defining-probate/) - Probate: [from the Middle-English probat, from Latin probatum…] a : the action or process of proving before a competent judicial authority that a document offered for official recognition and registration as the last will and testament of a deceased person is genuine. b : the judicial determination of the validity of a will. This Merriam-Webster - [Help For Caregivers: 10 Steps Toward Taking Care of Yourself](/help-for-caregivers-10-steps-toward-taking-care-of-yourself-2/) - The number of people serving as caregivers has exploded in recent years, and according to PR Newswire the number of caregivers now tops 65 million people (29% of the population of the US.) This includes people providing care for elderly adults, special needs children, young adults with disabilities, and more. These caregivers are people who - [One More BIG Reason to Have a Health Care Directive](/one-more-big-reason-to-have-a-health-care-directive/) - Do you have a health care directive? If not, the Los Angeles Times has just given you one more reason to create one: Advance directives for end-of-life care result in preferred treatment. That’s right, according to the recent article; those people who have recorded their wishes for end-of-life treatment have their wishes followed by agents - [Tax Tips to Benefit YOUR Family](/tax-tips-to-benefit-your-family/) - Tax day is here. Are you ready to file? And just as important—are you taking advantage of all the savings and deductions available to you? Most people who do their own taxes are unaware of some of the lesser-known deductions which can help you save money come tax-time. We have a couple of articles we’d like - [Will You Be Able To Afford Old Age?](/will-you-be-able-to-afford-old-age/) - Are you ready for the financial implications that come with growing older? As the average American lifespan grows longer the cost of aging becomes more and more prohibitive. A recent segment on NBC’s The Today Show takes a close look at long-term care and the price individuals and couples are required to pay as age - [The Receiving End of Estate Planning](/the-receiving-end-of-estate-planning/) - We publish a lot on this blog about preparing your estate plan: writing a will, setting up a trust, choosing beneficiaries and nominating guardians; but there is another side to estate planning, a fun side... the receiving end. You may assume that the receiving end of estate planning is the fun and easy part, but - [More On Health Care Reform](/more-on-health-care-reform/) - As promised in our earlier Blog, here's more information on the recent health care reform legislation signed into law by President Barack Obama on March 23, 2010. Notice, in particular, the provisions for reducing the cost of prescription drugs for seniors by reducing the impact of the "doughnut hole" and the "CLASS Act" which will assist - [What Does the New Healthcare Legislation Mean for YOU?](/what-does-the-new-healthcare-legislation-mean-for-you/) - Everybody knows the latest big news: President Obama’s health care reform bill was finally approved by the senate—for better or worse—and although politicians may still be arguing the benefits and evils of the bill across party lines, most Americans are asking one simple question: What does this legislation mean for me? CNN Health attempts to - [3 Reasons to Discuss Estate Planning With Your Ex](/3-reasons-to-discuss-estate-planning-with-your-ex/) - Creating an estate plan to protect your minor children is one of the most difficult—and most important—things you will ever do; this is especially true if you and your child’s other parent are separated or divorced. Relationships don’t always end amicably, but if you do have children it is definitely worthwhile to put aside your - [Estate Tax to Again Become an Issue in the House](/estate-tax-to-again-become-an-issue-in-the-house/) - Could it be that some movement finally happening in the House of Representatives with regard to the estate tax? It looks like it may be, if we are to believe this recent article in Bloomberg Business Week. According to the article, the House Ways and Means Committee has plans to begin discussions in April (after - [Do You Need A Will Or A Trust?](/do-you-need-a-will-or-a-trust/) - When it comes to estate planning there are two major vehicles for the distribution of property: A will and a trust. Both are very useful tools and can accomplish specific goals—but how do you know which one is best for your family? Which document you will need depends on a number of factors, some of - [Facing the BIG Picture](/facing-the-big-picture/) - We frequently urge you here on our blog to create the documents necessary to protect yourself in case of emergency, and to ensure that your family and loved ones know your wishes for health care if you are ever unable to make those decisions yourself. But a recent article on MSNBC reminds us that creating - [The Most Important Plan You’ll Make](/the-most-important-plan-youll-make/) - Whether or not we do it regularly, all of us know how to plan ahead: We plan for travel and vacation, we plan weddings, and we plan for natural disasters, for retirement, or what to make for dinner tomorrow night. Why is it, then, that so few of us will create a plan to help - [When and Why You Might Turn Down An Inheritance](/when-and-why-you-might-turn-down-an-inheritance/) - Would you ever turn down an inheritance? Your first reaction might be “Of course not!” But don’t speak too soon. Most estate plans are created at least in part to protect heirs (generally spouses and children) from the sometimes devastating blow of estate taxes; but with the estate tax in a confusing state of flux - [10 Tips for Potential (or Existing) Trustees ](/10-tips-for-potential-or-existing-trustees-2/) - The creation of a trust and estate plan includes spending a certain amount of time choosing the people who will be your fiduciaries—the people who will carry out your wishes. One of the most important fiduciaries is your trustee, who is involved in just about every aspect of the administration of your trust. Most people - [News and Updates About the Estate Tax](/news-and-updates-about-the-estate-tax/) - A month and a half into 2010 and Congress’ failure to stop the lapse in estate tax is still making waves. These two trusted news sources explain why having “no estate tax” this year should worry you. One of the first reasons you should be worried, as revealed by this article in the Wall Street - [The Question of Competence](/the-question-of-competence/) - One of the things estate planning attorneys have to deal with in their line of work (most often with elderly clients) is the question of whether or not a client is competent to sign their legal documents. Every principal (or person executing the documents) must be competent, and most attorneys—most people—can make this assessment based - [Make Your Memoirs a Part of Your Legacy](/make-your-memoirs-a-part-of-your-legacy/) - As members of a melting-pot nation, Americans place a high value on family stories and history. We love to know when and why our ancestors came to this country from “the home land”; but we also enjoy the simple stories about how mom and dad met, or how grandpa served in the military. These stories - [Living in a Digital World](/living-in-a-digital-world/) - Do you have an e-mail account? Do you participate in Facebook or other Social Networking sites? Do you do any of your banking, bill paying or investing online? If you answered yes to any of these questions then you might want to think about this next question... what will happen to all of your online - [What Does “Do Not Resuscitate” Mean to You? ](/what-does-do-not-resuscitate-mean-to-you/) - Everybody seems to know (from popular TV shows, if nothing else) that DNR means “Do Not Resuscitate”, but do you know what “Do Not Resuscitate” means in your own personal healthcare directive or living will? Too often, when talking with clients about the healthcare documents in their estate plans, they don’t know the extent of - [The Importance of Being Earnest](/the-importance-of-being-earnest/) - Do you have a will or a trust? Has your will or trust been reviewed or updated in the past 3-5 years? If you answered yes to these questions then you are two steps ahead of 2/3 of the rest of Americans. But the next question is the big one: Does your family or executor - [Part of the Family: Planning for Pets](/part-of-the-family-planning-for-pets/) - Creating an estate plan often involves serious discussion with your advisors about tax planning, asset protection, and charitable giving; but it is important to remember that at its core, estate planning is about protecting your family—and as this article in the Wall Street Journal reminds us, for many people the word “family” also includes our - [Another Kind of “Bucket List”: the New "Carry-Over Basis" Rule](/another-kind-of-bucket-list-the-new-carry-over-basis-rule/) - Among the many changes in tax law to go into effect in 2010 was the change in cost basis for inherited assets. Previously, all inherited assets were “stepped-up” from their original value at date of purchase to their fair market value at date of death. In this way, if inherited assets were sold shortly after - [Will You Take Advantage of New Roth Rollover Rules?](/will-you-take-advantage-of-new-roth-rollover-rules/) - January of 2010 has brought with it a lot of change that is keeping financial and estate planners on their toes. In addition to the repeal of the estate tax (discussed in a previous post), we have been presented with new Roth IRA rollover rules that took effect January 1st, and which now allow anybody, - [Keep Your Estate Safe in 2010](/keep-your-estate-safe-in-2010/) - Now that it’s 2010 and congress has failed to take action regarding the repeal of the estate tax, we see a lot of articles discussing whether the lack of taxation for a year is a good or bad thing; sometimes these articles go even further, arguing whether estate tax in general is a good or - [Estate Tax Repeal Creates Dilemma: Some Spouses May Now Be Left Out in the Cold](/estate-tax-repeal-creates-dilemma-some-spouses-may-now-be-left-out-in-the-cold/) - With the New Year has come a dramatic change in the estate tax: for persons dying in 2010, there is suddenly no estate tax no matter how large the decedent’s estate. Although that may sound good, you had better think again. Many couples set up their estate plans years ago on the assumption that at least - [Portrait of A Caregiver: It May Be You!](/portrait-of-a-caregiver-it-may-be-you/) - If you are a Caucasian woman, aged 35 or older, possibly married, definitely working at least part-time—then there is a good chance that you are now or will soon be serving as a caregiver for an aging parent or relative; at least, this is according to the new report released by the National Alliance for - [Celebrity Gossip Can Save Your Estate!](/celebrity-gossip-can-save-your-estate/) - Did you know that Jimi Hendrix’s estate took twenty years to finalize because he didn’t have a will? Have you heard about Heath Ledger’s two year old daughter who got nothing when he died because Ledger neglected to update his will after she was born? Can you imagine how difficult it would be to sit - [Talking About Elder Care](/talking-about-elder-care/) - Do you know who will take care of you when you are too elderly to take care of yourself? According to the statistics your caregiver is likely to be a woman, and most likely to be your daughter or daughter-in-law. What this means is that unless you have a plan for your future long term - [How to Pick the Perfect Health Care Agent](/how-to-pick-the-perfect-health-care-agent/) - Cicero said “In nothing do men more nearly approach the gods than in giving health to men,” a quote which underlines the important role of anyone involved in your health care, whether it be a doctor or an agent. A health care agent is the person who makes medical decisions for you if you are - [Estate Planning Lessons Learned in the Holiday Bustle](/estate-planning-lessons-learned-in-the-holiday-bustle/) - Most of us look forward to these winter holidays as a time to spend with family, enjoy the spirit of giving, and even relax a few days away from the stress of our jobs. Every year we hear about how stressful the holidays are, and yet we look forward to them anyway. Why is it - [Will Nursing Home Costs Bankrupt the Nation and the Elderly?](/will-nursing-home-costs-bankrupt-the-nation-and-the-elderly/) - Along with the rest of the nation, you are probably watching the progress of various versions of the health care legislation making their way (or not making their way) through Congress. An article in the Deember 13, 2009, issue of the New York Times points out that the current bill contains a “major new federal insurance - [The Shortest Will: It May Hold the Record, But It Won’t Hold Water](/the-shortest-will-it-may-hold-the-record-but-it-wont-hold-water/) - Have you ever wondered just how little you could get away with in your last will and testament? Aletta Stager of Brooklyn, NY holds the distinction of having executed one of the shortest wills on record—a mere 2 lines long! “Nov. 29, 1895. I give to my cousin, Nettie M. Cowan, all money that I - [New Developments in the Estate Tax Arena](/new-developments-in-the-estate-tax-arena/) - The question on every estate planning attorney’s mind (and on the minds of our clients) is what will happen to the estate tax next year? There is less than a month left before the estate tax expires, and although nobody expects our representatives in Washington to actually let that happen, as of yet there are - [Tax Moves to Make Before the End of 2009](/tax-moves-to-make-before-the-end-of-2009/) - Why do people give so many charitable gifts in December? The holiday spirit may not be the only thing inspiring people to give to the less fortunate this month, it may also have something to do with lowering your 2009 tax bill. If it’s taxes you’re worried about, there are a few other moves you - [Going Beyond Legal Language with an Ethical Will](/going-beyond-legal-language-with-an-ethical-will/) - Estate and Legacy planning documents are often seen as difficult, and boring pieces of paper—which in some ways is exactly what they have to be in order to someday withstand tough legal scrutiny; but unless you’re an attorney who is practiced at reading the sentiment between the lines of dry legal jargon, these documents don’t - [Test Your Knowledge: An Estate Planning Quiz](/test-your-knowledge-an-estate-planning-quiz/) - How much do you know about estate plans? And how do you know when you need one? Many people have a vague feeling that they should execute some kind of estate plan eventually, but think (hope) that they really don’t need one right now. On our blog we spend a lot of time telling people - [As Time Goes By... Part 3](/as-time-goes-by-part-3/) - Our previous installments on how to review your estate plan discussed how and why to review the more financial portions of your estate plan; for this final installment we will cover how to review the documents that may be closer to your heart: your health care documents and documents pertaining to minor children (such as - [As Time Goes By... Part 2](/as-time-goes-by-part-2/) - In our recent blog post we listed 6 essential components of your Estate Plan that should be reviewed on a regular basis and why it’s so important to keep them updated. Today we’ll go into more detail about the first of these components; what they are, and how to review them. Fiduciaries- Make a list - [As Time Goes By... Part 1](/as-time-goes-by-part-1/) - For many people the holiday season brings more than just celebration. Seeing family and friends you may not have seen since this time last year means seeing children who have shot up like weeds, siblings and cousins with noticeably more gray in their hair, and even sometimes seeing an empty place at the dinner table - [Imagine No Estate Tax](/imagine-no-estate-tax/) - The federal estate tax is scheduled to disappear next year (in 2010); and although most people expect lawmakers to pass legislation keeping the estate tax alive, they also vaguely hope that the estate tax (also sometimes called the “death tax”) does disappear—at least for a little while. But this article in the Wall Street Journal - [Is All This Really Necessary? . . . Yes, It Turns Out It Really Is](/is-all-this-really-necessary-yes-it-turns-out-it-really-is/) - Jane Hodges of the Wall Street Journal recently jumped in where few would fear to tread—and lived to write about it. Where most people would prefer not to think about taxes and estate planning at all if they could help it, Hodges went through the process of creating an estate plan not only once, but - [Executors Have Options When It Comes to Final Medical Expenses](/executors-have-options-when-it-comes-to-final-medical-expenses/) - Most people die in a hospital; sometimes after a long and slow decline, sometimes after a quick and unexpected tragedy. If you are an executor of the deceased’s estate this is significant because it means that there are usually final medical bills to be paid. What most executors do not know is that these final - [Don’t Take That IRA Withdrawal Yet! New Options for Seniors in 2009](/dont-take-that-ira-withdrawal-yet-new-options-for-seniors-in-2009/) - If you are a senior 70 ½ or older who owns an IRA we have good news for you. Last year Congress approved legislation that waives the minimum withdrawal requirement for seniors in 2009. This leaves seniors with more options than usual regarding their IRAs. You can still choose to take the withdrawal, of course; - [The “Second Victims” of Alzheimer’s Disease](/the-second-victims-of-alzheimers-disease/) - The “first victim” is the person who is actually diagnosed with Alzheimer’s disease; the person who finds their memory failing, their personality changing, their past and present fading into a sea of frightening and confusing fragments of recognition. But Alzheimer’s disease affects more than just its victims, it touches the lives of their families and - [The Intersection of Family and Finances](/the-intersection-of-family-and-finances/) - Forget silver, china, or linens; the best gift you can give a newly married couple is an estate plan! This is especially true if the marriage is a second marriage for either of them. Marrying a person means marrying their financial issues as well; this may include children or responsibilities from a previous marriage, a - [What To Do If You Suspect Foul Play](/what-to-do-if-you-suspect-foul-play/) - The movies have given people certain expectations when it comes to a death in the family and probating a will; this Hollywood portrayal includes an attorney, a book-lined office, and the entire family assembled for a formal reading of the will which ends in shocked gasps as the entire fortune goes to an unknown and - [The Dangers of Neglecting Your Estate Plan](/the-dangers-of-neglecting-your-estate-plan/) - Many people think that there’s no need to update your estate plan documents if none of your beneficiaries or fiduciaries have changed, but that’s exactly the kind of thinking that can lead to disaster. Estate planning documents are based not only on your own wishes, but also on federal and state tax laws. When we - [The IRS Provides One More Reason to Consider Long-Term Care Insurance](/the-irs-provides-one-more-reason-to-consider-long-term-care-insurance/) - In the estate planning business we help people plan for the future, not only for their children and heirs but for themselves as well; which is why we are pleased to share the news that it just got a little bit easier to plan for your own financial future, because according to this article on - [Trust Mill Con-Men Fined $6.4M for Illegal Practice of Law](/trust-mill-con-men-fined-6-4m-for-illegal-practice-of-law/) - The Ohio Supreme Court has recently taken strong action against two co-owners in a company participating in an illegal “trust mill” operation. According to this article from the Associated Press, the two owners, Jeffrey and Stanley Norman, have been permanently barred from marketing or selling their trust products in Ohio after they were found to - [Alzheimer’s Disease Can Take Your Memory AND Your Financial Security](/alzheimers-disease-can-take-your-memory-and-your-financial-security/) - Alzheimer’s disease affects as many as 5.3 million people in the United States; which means it affects as many as 5.3 million families, because Alzheimer’s is a disease that affects everybody it touches—husbands, wives, children and grandchildren—they all bear witness to their loved one’s slow demise. Sadly, emotional stress is not the only stress that - [Geriatric Care Managers Provide Help for Families and Caregivers](/geriatric-care-managers-provide-help-for-families-and-caregivers/) - Caring for elderly relatives is always a team effort. Sometimes the team consists of the entire family, sometimes the team is a man and wife, and sometimes the team consists solely of the elderly person and their primary caregiver; but no matter how you look at it, elder care is a complex, difficult, and expensive - [Guilty Verdict for Brooke Astor’s Son Brings Elder Abuse Issues to the Forefront](/guilty-verdict-for-brooke-astors-son-brings-elder-abuse-issues-to-the-forefront/) - The recent verdict by a New York jury finding Anthony Marshall guilty of stealing from his aging mother, Brooke Astor, while she suffered from Alzheimer’s disease is a sad reminder that abuse of elders does occur. Elder abuse is an issue that is all too common in our society, but one that rarely gets much attention. - [Keeping Financial Stability After the Loss of Your Spouse](/keeping-financial-stability-after-the-loss-of-your-spouse/) - Losing a spouse is one of the most difficult experiences life has to offer. Even continuing to take one day at a time seems almost impossible when you’ve lost your partner, your mate, the love of your life. Many people who have lost a spouse describe feeling as though the rug has been pulled out - [What To Do When Your Kids Don’t Like Your Will](/what-to-do-when-your-kids-dont-like-your-will/) - In an ideal world elderly parents and their adult children always get along, and when those parents pass away their children quietly and respectfully follow their wishes regarding the distribution of their estate. Unfortunately, we don’t always live in an ideal world, and inheritance and estate planning can often cause tension between parents and children - [Do Life Insurance or Retirement Benefits Have to Go Through Probate?](/do-life-insurance-or-retirement-benefits-have-to-go-through-probate/) - We may acquire many assets over the course of our lives now—bank accounts, stocks, real property, life insurance, retirement, and more—it’s almost impossible to know what has to go through probate and what doesn’t. The answer to the question in the title, above, is "no"; life insurance and retirement benefits do not have to go through - [Should You Talk to Your Kids (Or Your Parents) About Inheritance?](/should-you-talk-to-your-kids-or-your-parents-about-inheritance/) - The subject of inheritance is one that most people studiously avoid for a number of different reasons: superstition, fear, lack of knowledge, or—as this article by Gordon Powers points out—they don’t want to appear greedy. Furthermore, many older adults were raised to believe that money was a private affair, and that talking about it was - [A Guide to Taking Care of the Details After the Death of a Loved One](/a-guide-to-taking-care-of-the-details-after-the-death-of-a-loved-one/) - “The death of a loved one imposes cruel demands on the closest survivors.” The truth of that statement from this article in moneywatch.com is known to anybody who has lost a close friend or family member. We’ve written a lot on our blog about going through the probate process when a loved one dies, but - [5 Goals Your Estate Plan Can Help You Achieve](/4-goals-your-estate-plan-can-help-you-achieve/) - What is your estate plan all about? Is it about saving your assets from estate tax, or is it about leaving an inheritance for your children? Or is it something even beyond that—providing for your own financial security during your life, thus enabling you to leave a lasting legacy for your family? Estate planning—or what - [How to Leave Meaningful Mementos to the Next Generation](/how-to-leave-meaningful-mementos-to-the-next-generation/) - When clients come into our office to design their estate plans one of their biggest concerns is how to dispose of their tangible personal property. Sometimes clients spend more time determining how to dispose of these personal mementos than they do the big ticket items such as bank accounts, real property, and investments. This is - [If You’re Waiting on Congress to Settle the Estate Tax—Better to Take Action Now](/if-youre-waiting-on-congress-to-settle-the-estate-tax-better-to-take-action-now/) - Schoolchildren aren’t the only ones putting their noses back to the grindstone after this warm summer and long Labor Day weekend; Congress is also returning to work, and among the many issues they will be discussing is that of the Estate Tax, which is set to expire for one year in 2010. According to The Wall - [What We Can Learn From the Kennedy Trusts](/what-we-can-learn-from-the-kennedy-trusts/) - The recent death of Senator Ted Kennedy has given us an opportunity to reflect on the unique nature of trusts not only as a tool to protect assets for future generations, but also as a way to leave a lasting legacy for your children and grandchildren. The Kennedy trust—or Kennedy trusts, we should say—are some - [Blended Families Bring Unique Challenges for Caregivers](/blended-families-bring-unique-challenges-for-caregivers/) - A recent study about how divorce may affect your health has been making the rounds in the news sources lately. This article discusses how the added stress of divorce, family upheaval, and tighter finances can be so detrimental to your health that the effects can last years into the future. Because our firm works frequently - [How To Boost Your Social Security Income: Little Known Strategies!](/how-to-boost-your-social-security-income-little-known-strategies/) - Approximately $10 BIllion in Social Security Benefits go unclaimed every year, primarily because married couples do not know how to optomize their social security benefits. Being wise about these spousal benefits and how they work, can result in increased social security income for a married couple. According to a recent article in AARP Magazine by Lynn Brenner, - [Good News. . . You’ll Live Longer…](/the-good-news-is-youll-live-longer/) - Planning for retirement often requires a fine-tuned equation which includes such variables as where you plan to live, how many years you’ve worked and how much social security you can expect, health care expectations, long-term care, and especially your life expectancy. Well, part of that equation is about to change, because according to U.S. News - [Helping the Special People in Your Life: The Special Needs Trust](/the-best-way-to-help-the-special-people-in-your-life/) - Parents, grandparents, aunts and uncles often come into our offices to make estate plans, and one of the questions they ask is how they can support the people in their lives who have special needs. Special needs can include anything from Autism or Down Syndrome to Paralysis or blindness, and everything in between. These special - [Finances Are A Family Affair](/finances-are-a-family-affair/) - We’ve all been learning a lot more lately about economics and investment practices than we ever thought we would… but do these lessons from the global economy transfer to the family circle? Studies have shown that most families have one person who takes care of all the finances: paying the bills, setting aside money for - [In the News: What Does it Mean to Have a Health Care Directive?](/in-the-news-what-does-it-mean-to-have-a-health-care-directive/) - There seems to be a lot of fear around President Obama’s proposed healthcare reforms, most of that fear centering on the end-of-life planning included in the proposal. As a firm that deals with elder law issues, it is important to us that our clients be informed about their health care and choices. As we regularly counsel - [Protect Your Child from Dangerous Guardians](/protect-your-child-from-dangerous-guardians/) - Some of the clients who seek our estate planning advice are parents of small children whose primary goal in creating an estate plan is to protect their children. This includes providing for their immediate financial needs, ensuring they will have the means to receive an education, and so forth, but often the very first question these - [A Daytime Solution for Working Caregivers](/a-daytime-solution-for-working-caregivers/) - According to a study done by the AARP over 34 million people provide care to ill or disabled adults aged 50 or over, and with the aging baby boomer population (and their aging parents) that number is only likely to grow. This presents a growing problem, because providing care to aging parents or grandparents is - [Dad Died and I’m His Executor… Now What?](/mom-died-and-im-her-executor-now-what/) - Dealing with the death of a family member—especially when that family member is a parent—can be fraught with confusion and emotion even under the best of circumstances. Being named as the executor of a family member's estate (although often considered an honor) means that you have to have a clearer head and more patience than everyone else - [A Living Will Is Good For You, Good For The Country](/a-living-will-is-good-for-you-good-for-the-country/) - President Obama’s pet project of health care reform seems to have a lot of people worried. His talk of living wills encouraging people to specify their end-of-life wishes in particular are the topics bandied about most often in tense (or downright frightened) conversations. Some people seem to think that the very act of specifying your - [Medi-Cal Budget Cuts Won’t Affect Nursing Home Residents](/medi-cal-budget-cuts-wont-affect-nursing-home-residents/) - We have received many inquiries from clients and colleagues asking whether the California Budget, just signed by Governor Arnold Schwarzenegger on July 28, 2009, will adversely affect nursing home residents who rely upon Medi-Cal to help pay for care. The good news: No. Neither will it directly affect subsidies for ancillary services, such as dental and - [“Second Childishness and Mere Oblivion”](/second-childishness-and-mere-oblivion/) - Shakespeare wrote about the seven ages of man, in which he describes the human journey from helpless child to adult and back to helpless child again: “…Infant, schoolboy, lover, soldier, justice, pantaloon, and second childhood, ‘sans teeth, sans eyes, sans taste, sans everything’”. Anyone who has had to watch as their parents age knows how - [Talking Taxes Now Brings Big Savings Next April](/talking-taxes-now-brings-big-savings-next-april/) - Everyone knows that March and April are tax season, when everybody scrambles to get their taxes done, mailed off, and out of mind for the rest of the year; but according to this article from Reuters the taxes you pay in April can be significantly lower if you take the time to think about them - [Medicaid Fact and Fallacy: Shouldn’t You Know the Truth?](/medicaid-fact-and-fallacy-shouldnt-you-know-the-truth/) - Health Care is one of the Obama Administration’s pet projects, and ever since President Obama took office there has been a lot of media attention and speculation about the national health care system and what changes (for good or ill) may be in store. Of course, the backbone of our national health care program is - [Avoid Caregiver Burnout](/avoid-caregiver-burnout/) - Many of our clients provide care for elderly loved ones; some even providing constant, around the clock care. Care giving is a demanding, overwhelming, and often grossly under-appreciated job. In addition to giving up their own time and interests, caregivers have to watch someone they love slowly regress and lose the ability to do even - [Answers to Frequently Asked Questions About Wills and Trusts](/answers-to-frequently-asked-questions-about-wills-and-trusts/) - It is human nature to want to be as informed as possible before making big decisions, and although we all know how important it is, the decision to create an estate plan is a BIG one. Most people like to do a little research and asking around before putting themselves at the mercy of an - [Not All Healthcare Directives Are Created Equal](/not-all-healthcare-directives-are-created-equal/) - Google is getting into the healthcare industry. Google recently made it possible for individuals to store their healthcare records online through their Google Health Records Management Service, a move that has met with mixed reviews. Even more recently, Google Health has started offering another, similar, service: storage of your “end-of-life wishes” along with your healthcare - [Sharing the Nest When Adult Children Fly Home](/sharing-the-nest-when-adult-children-fly-home/) - If you have adult children then you know that it’s more than just credit limits and investment accounts that have been affected by the slow economy; companies also are tightening their belts, and people of all ages are finding it harder to get (or keep) jobs. As a result, more and more adult children have - [Who Needs An Estate Plan?](/who-needs-an-estate-plan/) - The recent unveiling of Michael Jackson's will has brought up a lot of questions about wills, trusts, and estate planning: Why is his will so short? Does this mean it doesn't work? Where is all his money going? And then there's the statement that makes any estate planning attorney shudder: I guess trusts and estate - [Time, Technology, Fire and Flood: 3 Rules to Protect Your EP Documents](/time-technology-fire-and-flood-3-rules-to-protect-your-ep-documents/) - Anyone who has been around long enough knows that accidents happen, Murphy’s Law does exist, and things have a tendency to go wrong occasionally; computers crash, fires happen, pipes break and flood the first floor of your home. And sometimes things just get lost during the passage of time. This can even happen to something - [Michael Jackson’s Will Answers Few Questions](/michael-jacksons-will-answers-few-questions/) - The past week has been filled with media speculation about Michael Jackson and his will: Did he have one and what might be in it? Well the waiting is finally over… kind of. It turns out Michael Jackson did create a will, which was submitted to the California probate courts earlier this week. The will - [Planning Your Estate is Just the Beginning…](/planning-your-estate-is-just-the-beginning/) - Many people come into our offices thinking that the estate plan we help them create will be quick, easy, and -- above all -- final for all time. They hope that once this item is crossed off the to-do list they can breathe a sigh of relief and never think about it again. For some - [Michael Jackson’s Death Leaves A Legacy of Questions](/michael-jacksons-death-leaves-a-legacy-of-questions/) - Michael Jackson’s death on Thursday shocked the world. As fans and mourners line up to pay their respects (and snap up Jackson music and merchandise) the question now on the minds of many is: What will happen to Michael Jackson’s estate and to his children? It is still too early to know what legal steps - [A Matter of Faith: Advanced Health Care Directives and Religion](/a-matter-of-faith-advanced-health-care-directives-and-religion/) - The subjects of life and death are not generally considered legal topics, but rather spiritual ones; they push us to examine the very nature of humanity and the existence (or not) of a soul, touching on our most deeply held beliefs. As a document that deals directly with these issues in the most personal manner, - [How Far Would You Go to Leave a Legacy for Your Children?](/how-far-would-you-go-to-leave-a-legacy-for-your-children/) - As an estate planning firm our job is to help people find the best way to leave an inheritance to their loved ones; but the inheritance you leave your children can end up making a huge statement about your core family values. When planning your estate it is important to ask not only “how?” to - [If It Sounds Too Good to Be True, It Probably Is](/if-it-sounds-too-good-to-be-true-it-probably-is/) - “We are pleased to inform you of the result of the Lottery Winners International programs… Your address attached to ticket number 2051146 won in the second category, you have therefore been approved to receive a sum of 1,000,000.00 Euro. Congratulations!!!” You probably recognize the paragraph above from a common mail/e-mail scam letter. This letter (or - [Summer is a Time for Giving](/summer-is-a-time-for-giving/) - Summer is a time for iced tea and watermelon, long days in the pool, vacations at the shore… and for many people summer is also a time to volunteer for your favorite charity. With school out and free time at a maximum the time is ripe to get to know your community—and contribute with a - [Communication is Key When Planning for the Future](/communication-is-key-when-planning-for-the-future/) - How often do you and your spouse talk about the financial aspect of your retirement? For that matter, how often do you talk about finances in general? New Research by Fidelity has found that an alarmingly high number of couples barely communicate about their finances at all. In fact, “only 15 percent of couples feel - [New Website May Help Caregivers Breathe a Sigh of Relief](/new-website-may-help-caregivers-breathe-a-sigh-of-relief/) - If you provide care for an elderly relative or a special needs child you know how much work is involved in just getting away for an afternoon or evening, let alone planning for their care if you were to pass away. First you have to find a caregiver qualified to handle your loved one's more - [There’s No Place Like Home](/theres-no-place-like-home/) - The decision to place a loved one in a nursing home (or the decision to leave your own home and move to a nursing facility, if you are making the decision yourself) can be one of the most difficult and harrowing decisions we ever make. Stories about disreputable facilities where seniors are neglected or abused - [Internet Tools to Improve Your Personal Finances](/internet-tools-to-improve-your-personal-finances/) - The realm of personal finance is in the midst of being revolutionized. The crash on Wall Street has made many armchair investors mistrustful of professional financial advice, and many people are now taking the time to manage their own personal finances with the focus shifted from investing and earning to budgeting and saving. The problem - [The Best Gift for Aging Parents is… A Laptop?](/the-best-gift-for-aging-parents-is-a-laptop/) - Americans love our technology; cell phone, laptop, wi-fi, Kindle, iPod—all of these things keep us socially connected, culturally informed, and satisfy our growing need for instant gratification. But there is an assumption that this technological savvy and appreciation stops once you reach a certain age. We expect teens, twenty and thirty-somethings, and baby-boomers to be - [The Wall Street Journal: Every Child Deserves a Little Trust](/the-wall-street-journal-every-child-deserves-a-little-trust/) - If you’ve been weighing the pros and cons of setting up a trust for your young child, wondering if you really have enough assets to warrant such an expense, you must read Stacey L. Bradford’s recent article in the Wall Street Journal entitled “Deciding if Your Kid Is Trust-Worthy”. In her article Bradford explains why - [Unattended Life Insurance Policies Can Subvert the Best Laid Estate Plans](/unattended-life-insurance-policies-can-subvert-the-best-laid-estate-plans/) - Many people count on life insurance to pay their estate tax when they pass away (allowing their heirs to keep non-liquid assets such as real estate without having to sell immediately), and this has always been a fairly safe and reliable strategy—as long as you’re keeping track of your policy. Arden Dale’s article in the - [How Well Do You Know Your Power of Attorney?](/how-well-do-you-know-your-power-of-attorney/) - Imagine for a moment that you (or you and your spouse) are in a car accident, knocked on the head, and suffer brain injuries great enough to put you into a coma for 2 weeks and require a full seven months of nursing and rehabilitative care. Thankfully, you make a full recovery of all your - [You Ought To Be In Pictures: When and How To Create A Video Will](/you-ought-to-be-in-pictures-when-and-how-to-create-a-video-will/) - The process of creating a last will and testament hasn’t changed much over the centuries, and the requirements are few: Paper, pen, witnesses, and a testator who is of sound mind. This endurance and simplicity is one of the hallmarks of estate planning—and yet there are plenty of ways to incorporate technology into our practices - [When Should I Update My Estate Plan?](/when-should-i-update-my-estate-plan/) - You’re one of the smart ones: You already have an estate plan that you and your spouse created it back in 1996; it’s sitting snugly in a safety deposit box, gathering dust until the (hopefully) far-off day when it will be needed. You’re done, right? Wrong. Kudos to you if you’ve already created your estate - [E-mail, Twitter, Pay Pal—Oh My! How to Protect Your Online Assets](/e-mail-twitter-pay-pal-oh-my-how-to-protect-your-online-assets/) - E-mail, blog, iTunes, social networking, online photo albums… more and more of our lives and our businesses are moving online, but what happens to that online life when you pass away? Will your accounts languish, becoming an easy mark for hackers? Eventually be deleted? Perhaps they’ll be passed to your spouse after petitioning the court - [Don’t Let Hospital Procedures Leave You In The Dark](/dont-let-hospital-procedures-leave-you-in-the-dark/) - If you or a loved one has spent any time in hospitals recently then you know that they operate under strict rules regarding privacy; rules that, according to this post by Tara Parker-Pope, can seem difficult or unfair. These rules prevent hospital staff from sharing information about patients (even with extended family members), and in - [Maria Shriver and HBO: Bringing Alzheimer’s out of the Back Room and into the Living Room](/maria-shriver-and-hbo-bringing-alzheimers-out-of-the-back-room-and-into-the-living-room/) - Every 70 seconds someone is diagnosed with Alzheimer’s 5.3 million people are currently suffering from Alzheimer’s Alzheimer’s is now the sixth leading cause of death There are 9.9 million unpaid caregivers in America One in eight people over the age of 65 suffers from Alzheimer’s (from the Alzheimer’s Association’s 2009 Alzheimer’s Disease Facts and - [How Far Would You Go To Control Your Heirs?](/how-far-would-you-go-to-control-your-heirs/) - A trust is one of the most flexible and most powerful estate planning tools, and not just for avoiding unnecessary estate taxes. Many of the clients who come through our office choose to create trusts for other reasons as well; namely to protect their heirs from predators, creditors, and sometimes even from themselves. Sometimes a - [Obama Administration Proposes Elimination of Estate Tax “Loopholes”](/obama-administration-proposes-elimination-of-estate-tax-loopholes/) - The government has plans for your children’s inheritance. The particulars of the estate tax have been in flux, and have been the subject of much debate over the past few years, with the only constant being that there always is an estate tax. And now the Obama administration is proposing more changes to the estate - [Procrastination is Not a Planning Tool](/procrastination-is-not-a-planning-tool/) - The number one reason that people die without protecting their assets or their heirs is not that they lack the money to create an estate plan, and it’s not that they don’t know that they need one, or how to create one—It’s procrastination. Most people who die without an estate plan in place do so - [An Estate Plan Can Help “Keep the Peace” When Parents Remarry](/an-estate-plan-can-help-keep-the-peace-when-parents-remarry/) - Nothing, it seems, has the potential to cause a fight over inheritance quite like a second marriage. The Wall Street Journal’s SmartMoney magazine, in an article entitled Before Your Parents Say ‘I Do’ Again, says that poor estate planning (or even worse, no estate planning) can cause terrible damage to family relationships: “As Americans live - [Swine Flu: What Should You Do?](/swine-flu-what-should-you-do/) - All the news lately seems to be about swine flu. Every day brings at least 3 new stories about it, and it’s all people on the street can talk about. But how worried should we really be? We know that many of our readers are caregivers for the elderly, and are concerned about swine flu - [“Mom, Dad… It’s Time for an Estate Plan”](/mom-dad-its-time-for-an-estate-plan/) - So many clients come into our office, finish signing their estate plan, start to lean back with a sigh of relief only to sit straight up again and say “My parents really need to do this! I wish they would listen to me and come in to see you.” How can adult children persuade stubborn - [Estate Planning Lessons from Leona Helmsley](/estate-planning-lessons-from-leona-helmsley/) - Hotel magnate and “Queen of Mean” Leona Helmsley has always been a figure of controversy, both in life and after her death in 2007. Reporters and bloggers went wild when she left $12 million dollars to her dog “Trouble” in a trust fund after her death. But that $12 million (later reduced to $2 million - [Retirement Fantasy Turned on its Head](/retirement-fantasy-turned-on-its-head/) - People used to think that retirement was a time of placidity and relaxation, a time when all of life’s big surprises were behind you and most days and years would now bring an unchanging idyllic existence… It seems unlikely that this was ever an accurate portrayal of any phase of human existence, including retirement, but - [A Situation Such As This](/a-situation-such-as-this/) - A child paralyzed in a tragic accident; a spouse diagnosed with Parkinson’s disease and then placed in assisted living after a terrible fall; mounting medical bills. How does one plan for a situation such as this? Kate Michelman certainly thought she and her husband had planned for every eventuality—she is a well-known and well-to-do public - [Family Business? You Might Flip For A FLP](/family-business-you-might-flip-for-a-flp/) - The Wall Street Journal says that family limited partnerships are finding renewed favor as an estate planning tool, thanks to recent tax-court decisions. In an article entitled “Covering Your Assets” Journal writer Mark Klimek asserts that despite some IRS opposition, tax court rulings in recent years have endorsed the use of FLPs when they are - [A Realistic Look at the Future](/a-realistic-look-at-the-future/) - How are you feeling about your retirement these days? According to Chuck Jaffe’s article in MarketWatch most people’s answer to that question is not so good. According to Jaffe, Americans are losing confidence in the market’s ability to support their retirement (with good reason), and the most common reaction to this lack of confidence is - [Will You Leave A Gift—Or A Mess?](/will-you-leave-a-gift-or-a-mess/) - Do you consider yourself an organized person? It seems that when it comes to organization some people have the gift for it and some people simply don’t. If you’ve ever had (or have currently) the overwhelming job of sorting through the estate of a deceased loved one, you know how very grateful you can be - [The Fine Art of Informing Your Fiduciaries](/the-fine-art-of-informing-your-fiduciaries/) - At the end of the day, when all of the decisions have been made and documents have been signed, many estate planning clients still have one question: Should I tell my Fiduciaries that I’ve nominated them as executor, healthcare agent, guardian, trustee, etc; and how much should I tell them? The answer to the question - [The Consequence of Silence](/the-consequence-of-silence/) - The second annual National Healthcare Decisions Day is coming up on April 16, and there has never been more reason to consider what your own wishes are, and especially to make those wishes known. As difficult as it may be to think about the end of your parent’s, your child’s or your own life, not - [The Most Important Part of Your Estate Plan](/the-most-important-part-of-your-estate-plan/) - What is the most important component of an estate plan? This is a question that comes up a lot in our practice, and as you might guess, different families will have different answers. The Trust: Many families feel that this is the heart of the estate plan, and as such the most important part. - [Be Prepared](/be-prepared/) - As an estate planning firm it is our job to keep our clients prepared for what’s coming. This means helping prepare them not only for the eventuality of death, but also for what is coming in life; retirement, the possibility of divorce, new children or grandchildren, and even taxes. Estate taxes especially are of great - [Help for Growing Old Gracefully and Peacefully](/help-for-growing-old-gracefully-and-peacefully/) - There is a saying that goes something along the lines of “the only thing worse than getting old is the alternative,” which is said to express pretty well the dismay, betrayal, confusion and sometimes horror that go along with the aging process. Americans are living longer than ever—which really means that there are more opportunities - [Preserving Your Grandparents' Story](/finding-how-to-live/) - An estate planner’s office can feel a lot like it’s all about the logistics of death: who gets what and how, who gets to make decisions, where things are kept, etc. But at our office, we know that every estate plan is also about a personal or a family story, and we encourage our clients - [Prepare Your Heirs for Tough Times with an Incentive Trust](/prepare-your-heirs-for-tough-times-with-an-incentive-trust/) - In these troubled financial times many parents are re-thinking the wisdom of passing on an inheritance with no strings attached. Parents and grandparents still want to help give their heirs a financial boost, but now they want to pass on something else as well—the value of resourcefulness and hard work. How often have you longed - [Should You Share Your Estate Plan With Your Heirs?](/should-you-share-your-estate-plan-with-your-heirs/) - If you have a significant estate to leave to your heirs—but you are still alive and well—to whom does that significant estate belong, you or them? This seems a silly question: of course the property belongs to you, but many adult children have come to count on the property their parents will leave them, and—rightly - [Organize Your Estate for Your Successor Trustee](/organize-your-estate-for-your-successor-trustee/) - If you’ve ever been unlucky enough to have to execute a deceased loved one’s estate, then you know what an overwhelming job it can be. Think about your own method of organization. Do you keep all of your financial papers in one place? Do you keep your birth and marriage certificates nearby and easily accessible? - [The Sleepy Field of Estate Planning—Until Now](/the-sleepy-field-of-estate-planning-until-now/) - When people think of lawyers they usually think of the fast-paced lives of the characters in John Grisham’s legal dramas, or maybe the dramatic and exciting courtroom scenes from the movie A Few Good Men. But Estate Planning Law has never been like that. Estate Planning has always been a calm and sedate area of - [Make the Most of IRA Distributions—Carefully](/make-the-most-of-ira-distributions-carefully-2/) - When we talk to clients about “the estate” they will pass on to their heirs, that estate includes a number of components: home, life insurance, bank accounts, investment accounts, secondary properties, and IRAs or other retirement assets. Many people consider their IRA the least of the assets in their estate, because they intend to spend - [Choosing A Fiduciary: Some Special Thoughts](/eeny-meeny-miney-mo/) - Choosing your fiduciaries can be one of the most difficult parts of creating your estate plan, especially choosing trustees for your trust, which, depending on the circumstances, you may hope will be in existence for quite a long time. Most people’s first instinct is to choose a family member, someone they know and trust, perhaps - [Time and Tide Wait for No Man, It’s Time to Update Your Estate Plan](/time-and-tide-wait-for-no-man-its-time-to-update-your-estate-plan/) - If you are one of the thoughtful people who already have an estate plan you may be looking at the news stories about President Obama and his changes to the estate tax and wondering if it will affect your plan. “How long ago did I create my plan?” is the inevitable question we ask ourselves, - [Young or Old—Love is in the Air, part 2](/young-or-old-love-is-in-the-air-part-2/) - When elderly parents fall in love it affects more than just the lovers, it has an impact on their concerned children as well. This is especially true when the lovebirds want to make significant changes in their lives; things such as getting married or moving in with each other. In Monday’s post we shared a - [Providing for the Special Heroes in Your Life](/providing-for-the-special-heroes-in-your-life-2/) - As an estate planning law firm we often have to take on the role of encouraging our clients to think and talk about difficult and sometimes sad issues. Sometimes, however, we have the joy of sharing something truly heartwarming. This video about autistic high school basketball player Jason McElwain is one of those things. Check - [Bereaved Relatives Beware!](/bereaved-relatives-beware/) - As if dealing with the emotional pain after the death of a loved was isn’t enough, bereaved relatives now have one more thing to be aware of after a family member has passed away: incorrigible debt collectors looking for someone—anyone!—to pay off the debts of the deceased, even if you have no obligation to do - [President Obama’s Tax Proposals Bring Mixed Reactions](/president-obamas-tax-proposals-bring-mixed-reactions/) - Change in Washington D.C. means change will eventually trickle down to all of us, especially when that change has to do with taxes. In preparation for that change, Dean Zerbe of Forbes.com has provided us with a review of President Obama’s tax proposals. According to Zerbe, Obama’s proposals contain (as Clint Eastwood would say) the - [Do You Have Confidence in Your Estate Planning Attorney?](/do-you-have-confidence-in-your-estate-planning-attorney/) - If you’ve been wondering whether it’s worth the time and money to have a lawyer help you with your estate plan, the New York Times is here with an answer, and everything you need to know is right there in the title of the article: Good Advice Makes All the Difference in Estate Planning. Learning - [Don’t Be Shy About Your Health Care Decisions](/dont-be-shy-about-your-health-care-decisions/) - How do you want to die? Do you want lifesaving treatments to be administered even if all brain activity has ceased? Is your family aware of your wishes? And perhaps the more important question, according to the NY Times, is your Doctor aware of your wishes? Included in the complete estate plan our firm provides - [The Woman's Guide to Retirement](/the-girlfriends-guide-to-retirement/) - There is a joke about women and retirement in which a mother turns to her child and says something along the lines of “after all I’ve done for you; I expect you to keep me in the style to which I plan to become accustomed when I’m old.” The quip may well make you chuckle, - [Sibling Rivalry Goes Too Far](/sibling-rivalry-goes-too-far/) - A disturbing case is underway set in Arizona, where a group of siblings are having a court battle over their mother’s estate… while she’s still alive! Family members fighting over inheritance is a sad situation, but not unusual. In fact, it probably happens more often than you think; which is why our firm works hard - [Thoughts About President Lincoln from an Estate Planning Perspective](/thoughts-about-president-lincoln-from-an-estate-planning-perspective/) - When President Abraham Lincoln passed away on April 15, 1865 he left his family at the mercy of the state laws of inheritance and succession—because he died without a will. It is hard to imagine how Lincoln could have neglected this one thing; after all, he was a statesman and a lawyer. Furthermore, Lincoln is - [How to Get the Perfect Retirement Home—and Get it Now](/how-to-get-the-perfect-retirement-home-and-get-it-now/) - It has been said that the best investment one can make is in land; real estate. this is especially true now, when housing prices are at an all time low, and even more true if you are in a position to begin thinking about your retirement—and your retirement home. While some people are worriedly watching - [Autistic Adults: When Your Child Needs You as Much at 50 as She Did at 5](/autistic-adults-when-your-child-needs-you-as-much-at-50-as-she-did-at-5/) - Every parent’s first priority is making sure that their child is provided for; that is an important goal for young couples when creating Wills and other estate planning documents. If their child or children are young, parents want to insure that their child will be safe and cared for if that tragic “what if” scenario - [Advance Business Planning is the First Step to Success](/advance-business-planning-is-the-first-step-to-success/) - Big corporations may be laying off employees in distressingly record numbers, but big corporations are not the only employers in the U.S.—as long as we have our small business community, all may not be lost. According to this article on Reader’s Digest.com, small businesses are taking the economic downturn in stride, and in some cases - [The Financial Diet](/the-financial-diet/) - Towards the beginning of the year most people make resolutions having to do with diet or finances—or both. But what if you combined the two and put yourself on a financial diet? This is exactly what Ron Lieber is suggesting in his February 6 article in the New York Times. As Lieber points out, because - [Do-It-Yourself Estate Planning? Don’t!](/do-it-yourself-estate-planning-dont/) - Is the budget too tight to pay for an expensive estate plan right now? Why not do it yourself? How hard could it be? Actually, it can be very hard—hard on your wallet when it costs you thousands of dollars to fix the mistakes in the plan you made; and especially hard on your heirs - [Putting off Your Estate Plan is a Grave Mistake](/putting-off-your-estate-plan-is-a-grave-mistake/) - At a time when the economy is slow and money is tight, many people are looking to save money by cutting back on “unessential” expenses—including estate planning. Although this instinct is understandable, the trend is a disturbing one. Our firm understands the need to dig in during tough times, but what you may not realize - [Growing Children Need an Updated Estate Plan](/growing-children-need-an-updated-estate-plan/) - Every parent knows how miraculously fast children seem to grow and develop. So many parents find themselves marveling that their child’s foot ever fit into that tiny set of infant socks, or wistfully packing up the blocks and books their child has outgrown for electronic games or more mature interests. It is cliché to say - [Forbes.com: The Girlfriend’s Guide to Estate Planning](/forbescom-the-girlfriends-guide-to-estate-planning/) - Women in the United States have a unique set of estate planning needs, not the least of which has to do with the fact that they outlive their husbands by an average of 7 years, and are more likely than their male counterparts to become the family caregiver. So why is it that so few - [Memorial Instructions in Literature and in Life](/memorial-instructions-in-literature-and-in-life/) - “The Geat people built a pyre for Beowulf, stacked and decked it until it stood four-square, hung with helmets, heavy war-shields and shining armour, just as he had ordered. Then his warriors laid him in the middle of it, mourning a lord far-famed and beloved.” (From Beowulf, translated by Seamus Heaney) Funerals get great coverage - [Senior Issues on the Silver Screen](/senior-issues-on-the-silver-screen/) - It’s that time again, and the news sources are all aglow with coverage… no, not the inauguration—the Oscars! This isn’t something we’d normally talk about on an estate planning blog, but one of the top contenders this year is ‘The Curious Case of Benjamin Button’ (receiving 13 nominations in all); a movie about a man - [Family Milestones = Estate Planning Milestones](/family-milestones-estate-planning-milestones/) - Any parent will tell you that the birth (or adoption) of a child shifts the nature of your thinking irrevocably. One day you look around and discover that your own wants and needs are no longer at the center of your life. We see evidence of this shift when planning for parents of young children, - [Caregiver Agreements Reduce the Burden of Caring for Elderly Family Members](/caregiver-agreements-reduce-the-burden-of-caring-for-elderly-family-members/) - Anyone serving as a caregiver for an aging relative knows that it’s hard work no matter how much you love the person to whom you are providing care and service, and in many cases it can be a severe financial hardship as well. Studies have shown that the child who serves as the primary caregiver - [Caring For Your Parents; Presidential In-Laws Throughout History](/caring-for-your-parents-presidential-in-laws-throughout-history/) - After our recent posts about President-elect Obama and his plan to keep the estate tax, we thought it might be nice to follow up with a lighter story about the office of the President. When Barack Obama takes office on Tuesday and moves his family into the White House, his mother-in-law Marian Robinson will be - [How the Future of the Estate Tax Will Impact YOU](/how-the-future-of-the-estate-tax-will-impact-you/) - The inauguration of Barack Obama is only days away, and many people are curious (to say the least) about what his presidency has in store. We all know there are changes ahead; some you may be looking forward to, and others about which you may be apprehensive. If you’re looking right now with an interested - [The State of The Estate Tax Under President Obama](/the-state-of-estate-tax-under-president-obama/) - When President Bush was elected in 2000, one of his campaign pledges was to make the estate tax go away. And Congress did, in fact, pass legislation that would abolish the estate tax. Kinda. Sorta. What they passed, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGGTRA), enacted a series of increases in - [Beware of a “One Size Fits All” Financial Plan](/beware-of-a-one-size-fits-all-financial-plan/) - Most Americans have become aware of the benefits of financial planners, and of having a financial plan of their own. And now with the recent Wall Street crisis, public talk about financial plans and goals (and how yours may be weathering the storm) has become a lot more common. With all of this, it may - [4 Common Estate Planning Mistakes](/4-common-estate-planning-mistakes/) - Estate planning can be a touchy subject. Luckily, more and more people are coming to realize just how crucial it is to plan for their deaths, but even knowing its importance, few people want to spend time thinking about it. We understand why people might shy away from it. After all, estate planning deals with - [Could YOU Be A Trust Fund Baby?](/could-you-be-a-trust-fund-baby/) - It used to be that trusts were for the wealthy. Those who had inherited money in trust were often labeled “trust fund babies,” and these were the people who had everything paid for and worried about nothing. This is no longer the case. Trusts are used by the middle class more and more, as a - [When Planning for the Future, Don’t Forget Your Pets](/when-planning-for-the-future-dont-forget-your-pets/) - In our blog we often address how estate planning can help you provide for your children or protect your elderly parents or grandparents, but today let’s talk about another member of the family—Today we would like to address how estate planning can help you take care of your pets. According to this article by Angie - […And A Happy New Year!](/and-a-happy-new-year/) - New Year’s Eve has come again, and it’s time for New Year’s Resolutions. A new year means a fresh start; it is an opportunity to reassess—your life, your work, and your self—and separate the wheat from the chaff; an opportunity to leave the unhelpful things behind with 2008 and bring in new and better habits - [Taking the Fear Out of Taxes](/taking-the-fear-out-of-taxes/) - “In the world nothing can be said to be certain except death and taxes.” –Ben Franklin It’s that time of year again. With only two days left of 2008 it’s time to turn our thoughts to doing our taxes once more; and unless you’re an accountant, there’s probably a certain amount of grumbling and procrastination - [Some Family Tips For The Season](/tidings-of-comfort-and-joy/) - The holidays mean different things for all of us; time with family, a celebration of religious values, or an opportunity to show appreciation for loved ones with gifts… but for the elderly it can be a time of loneliness and depression. Those of us with busy and frantic holiday schedules may find it hard to - [Self Employed? Failure to Plan = Disaster](/self-employed-failure-to-plan-disaster/) - It used to be that people stayed at one company—one job—for their whole lives. Employers were benevolent, and almost part of the family; took care of families, once upon a time, offering health care coverage, life insurance, retirement packages… all this and an annual company picnic to boot! As we all know, the world is - [11 Days Left—Countdown to 2009](/11-days-left-countdown-to-2009/) - There are only eleven days left in 2008. If you had plans for this year—things you were absolutely going to get done before 2009—you are quickly running out of time to do them. This doesn’t only include your 2008 picks from the 1000 Places to See Before You Die, this includes smaller things, more prosaic - [Cheap Wills May Cost Your Loved Ones Later](/cheap-wills-may-cost-your-loved-ones-later/) - With the holidays approaching and the economy in crisis, we’re all trying to cut back financially, especially on what we think of as non-essential items. And one of the areas in which people are cutting back, according to this article by Leslie Wimmer, is the area of estate planning. Some people are cutting back by - [Health Care Agent; Choose Your Representative Wisely](/agent-and-ambassador-choose-your-representative-wisely/) - Do you know who will be making your end-of-life decisions when you are incapacitated? If you haven't named a Health Care Agent, it is possible that a family member who does not share your views or wishes, or with whom you are no longer close, may be asked to call the shots in an end-of-life - [A Season of Giving](/a-season-of-giving/) - The economy is reeling, stocks are plummeting, and most people want nothing more than to take their money, hide it under a mattress, and avoid any kind of financial or estate planning. Giving money away is just about the last thing on most people’s minds right now. But those with financial wisdom and experience (namely - [Checks and Balances In Designing A Trust](/checks-and-balances/) - Every once in a while we’ll hear a story about a family for whom a trust was more of a hindrance than a help. Most often it’s because the trust was not created properly, or was old and outdated and hadn’t been reviewed by the grantors on a regular basis. But sometimes the conflict is - [Give the Gift of Peace of Mind](/give-the-gift-of-peace-of-mind/) - The holidays are the perfect time for family reunions, family bonding, family fun ...and, according to the Wall Street Journal the perfect time for parents and children to talk about family finances, family estate plans, and family decisions about end-of-life issues. After all, there are relatively few times each year in the lives of most - [Should You Be Responsible For Your Parents’ Care?](/should-you-be-responsible-for-your-parents-care/) - Jane Gross over at the New Old Age Blog recently wrote a post about the prospect of enforced filial responsibility. Filial responsibility laws are patterned after Elizabethan Poor Laws and state that adult children are responsible for the basic needs of their parents, just as you would be for the basic needs of your spouse - [Special Needs Trust May Prolong Life of Beneficiary](/are-there-no-prisons-are-there-no-workhouses/) - Individuals with mental illnesses already have a number of unique challenges to face, and now Time Magazine tells us they have one more terrifying prospect, because, according to Time’s recent article by Kate Torgovnick “on average, people with severe mental illness die 25 years younger than the rest of the population.” There are many contributing - [Forced Divorce for Seniors?](/forced-divorce-for-seniors/) - Growing old alone can be tough, but it might be what many of our parents and grandparents will be forced to do in order to protect their assets and still qualify for Medicare. In her article Caring for Aging Loved Ones Can Be a Catch-22, journalist Gail Sheehy describes how she learned the hard way ## Pages - [The Law Offices of Osofsky & Osofsky](/) - The Osofsky Law Firm is a boutique Medi-Cal planning, Elder Law and Estate Planning firm in the East Bay Area. While we offer all the services of a traditional estate planning firm, we focus on the increasingly important and complex area known as Elder Law. We consult with Clients and Financial Planners frequently. - [Frequently Asked Questions](/frequently-asked-questions/) - Can the attorney-in-fact be compensated for his or her work? Yes, if the principal has agreed to pay the attorney-in-fact. In general, the attorney-in-fact is entitled to “reasonable” compensation for his or her services. However, in most cases, the attorney-in-fact is a family member and does not expect to be paid. If an attorney-in-fact would - [Publications from the Law Offices of Osofsky & Osofsky](/publications/) - “The Consumer’s Guide to Medi-Cal Planning” A consumer friendly overview of Medi-Cal, Medi-Care and planning strategies to avoid going broke when paying for long term nursing care. “The Consumer's Guide To Hospice Planning” A consumer friendly guide to Hospice planning, including its history and some of the legal steps that should be taken when you - [Planning Calculators](/calculators/) - Retirement Planning Many Web sites now offer free "retirement calculators" to assist you with retirement planning. By providing a few details about yourself and your finances, these calculators calculate how much you need to save to achieve your retirement objectives. Below are links to three such calculators. The calculators differ on certain assumptions they make, - [Is a Power Of Attorney Still Valid After The Principal Dies ?](/is-a-power-of-attorney-still-valid-after-the-principal-dies/) - Q. My mother named me as her agent under a power of attorney several years ago. Sadly, she recently passed. Can I still use it to take care of her financial matters as her agent? A. Unfortunately, no. Your mother’s financial power of attorney expired upon her death and is no longer valid. This fact - [Events](/events/) - [Videos](/videos/) - [videos] - [Why we do what we do](/about/) - I am sometimes asked how I got started working with seniors and doing the kind of long-term care planning that we do. I actually appreciate when clients ask this question. I owe it all to my grandmother. After my grandfather died in the 1960s, my grandmother became the head of the family in spiritual and - [Contact Us](/contact/) - [Practice Areas](/practice-areas/) - [Claiming a Tax Deduction for Long-Term Care Insurance Premiums](/claiming-tax-deduction-long-term-care-insurance-premiums/) - Q. Tax day is coming soon and I wonder if I can claim a tax deduction for my Long Term Care Insurance Premiums paid during this past year? A. Depending upon your income and age, the answer may very well be ‘yes’, at least as to a portion of your premiums paid. Here’s the way it - [Articles](/articles/) - [Download Links](/publications/download-links/) - Thank You. Below you will find the download links to our guides. Download: The Consumer’s Guide to Medi-Cal Planning Download: The Consumer’s Guide To Hospice Planning - [“Spousal Protection Planning": Creating A Plan For Each Other](/the-spousal-protection-plan-creating-a-plan-for-each-other/) - Senior couples often ask how they might protect each other from the devastating financial cost of long term nursing home care. This is a real concern, as nursing home expenses average $8,500 per month in our community, and are likely only to increase over time. This concern is all the more real for those who - [Gene Osofsky](/about/gene-osofsky/) - Gene Osofsky, founder and principal of Osofsky Law, focuses on Elder Law, Estate Planning, Medi-Cal Planning, Special Needs Planning, Trust Administration and related areas. He derives a great deal of personal and professional satisfaction from protecting seniors and their loved ones from the expense, frustration and stress associated with incapacity and long-term health care. Mr. - [Coping With Alzheimer’s](/coping-with-alzheimers/) - Maybe you have a loved one showing signs of memory loss and you’re concerned that it might be Alzheimer's Disease. Or perhaps your loved one has already been diagnosed. In either case, you’re no doubt concerned about getting them good care and wondering where you’ll find the strength to cope with a disease that can - [](/articles/proposed-va-asset-transfer-regulations-will-change-approach-planning/) - [Download “The Consumer’s Guide to Medi-Cal Planning”](/publications/download1/) - [Testimonials](/about/testimonials/) - In compliance with California Rules of Professional Conduct, Rule 1-400, we advise you that these testimonials or endorsements do not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter. - [Nasty, Brutish & Long: Adventures in Old Age and the World of Eldercare](/article-_i_nasty__brutish___long__adventures_in_old_age_and_the_world_of_eldercare__i_/) - Last Updated: 9/11/2009 4:27:54 PM - [New Web Site Promotes Senior Volunteer Opportunities](/article-new_web_site_promotes_senior_volunteer_opportunities/) - Last Updated: 8/28/2009 9:06:13 AM Seniors who want to remain active and engaged often turn to volunteering. A new government Web site sponsored by the Corporation for National and Community Service is promoting volunteerism for seniors. The site, www.getinvolved.gov, makes it easier for seniors to find volunteer opportunities around the country. Those age 55 - [SSA Agrees to Stop Suspending Benefits Based on Existence of Arrest Warrant](/article-ssa_agrees_to_stop_suspending_benefits_based_on_existence_of_arrest_warrant/) - Last Updated: 8/26/2009 11:00:08 AM A U.S. district court has approved a settlement agreement between the Social Security Administration (SSA) and a group of individuals who had their benefits automatically withheld because of outstanding arrest warrants against them. The SSA has agreed to repay more than $500 million in benefits that were withheld since - [Contact Us - Complete](/contact/contact-complete/) - Thank You. The information has been forwarded to our office administrators. We will contact you as soon as possible. - [Download “The Consumer’s Guide To Hospice Planning”](/publications/download2/) - [Review Your Living Trust: Older Ones May Need Revision](/review-your-living-trust-older-ones-may-need-revision/) - Last Updated: 6/27/2008 Many couples created Revocable "Living" Trusts before the 2001 changes in the tax law, which increased the personal estate tax exemption many-fold over what it was in earlier years. Just before the new law, the personal lifetime exemption was $675,000. For persons dying in years 2004 and 2005, the exemption has been increased - [Asset Preservation & Medi-Cal Planning](/asset-preservation-medi-cal-planning/) - Is Public Benefits Planning Ethical? We are sometimes asked whether it is ethical, or even lawful, for an individual or couple to take planning steps in order to qualify for a Medi-Cal Long-Term-Care subsidy or other government benefits. In our view, the answer is an unequivocal, YES ! Consider the following: (1) Like Tax Planning - [“Typical” Client Scenarios](/typical-client-scenarios/) - Married Couple Ralph and Alice have a home valued at $700,000, IRA's worth $150,000, savings of $300,000 and combined incomes of $2,750/month. Ralph has dementia and needs placement in a nursing home. The couple have been told that they have too much in savings and need to “spend down” before Ralph can qualify for Medi-Cal. However, ## Articles - [The New CA Decanting Statute: Some Advisory Cautions *](/articles/the-new-ca-decanting-statute-some-advisory-cautions-2/) - As of January 1, 2019, California is now the 29th state to adopt a Trust Decanting statute, now codified in Probate Code §’s 19501 et. seq. and referred to as the Uniform Decanting Act (SB 909). The Act generally prescribes the scope of the decanting, based in large part upon the degree of discretion given - [How to Get the Most From Medicare’s Limited Nursing Home Coverage](/articles/how-to-get-the-most-from-medicares-limited-nursing-home-coverage/) - Q. My wife and I do not have long-term care insurance. We hear that Medicare coverage for nursing homes is limited. Do you have any tips on how to make the most of it? A. Sure. Medicare coverage for nursing home stays is really designed for short-term convalescence following a hospital stay. But if you - [Special Needs Planning & Divorce:](/articles/special-needs-planning-divorce/) - Preserving Public Benefits in a Disso for the Spouse or Adult Child with a Disability: A New Use For the Special Needs Trust The Problem: What do you do when the supported spouse, or an adult child, in a dissolution has a disability and is receiving SSI and Medi-Cal, where an award of support would - [SNT’s Can Protect Public Benefits In Divorce. Revised](/articles/snts-can-protect-public-benefits-in-divorce-revised/) - [This article originally appeared in the Legal Network News published by California Advocates For Nursing Home Reform, Fall 2017, Vol 28, No.3. It was designed for a readership of California Elder Law and Special Needs Attorneys. It has been updated and revised as of January 7, 2021.] *** As Elder Law attorneys, we are all - [Using Annuities in Long Term Care Planning](/articles/using-annuities-in-long-term-care-planning/) - Q. My wife and I do not have long-term care insurance and we are concerned about how we would pay the cost of care if one of us had to go into a nursing home, which I understand is very expensive. I heard that purchasing an annuity might help us qualify for a Medi-Cal long - [New 'Secure Act' Makes Big Changes To IRA's and Other Retirement Plans](/articles/new-secure-act-makes-big-changes-to-iras-and-other-retirement-plans/) - President Trump has signed a spending bill that makes major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning. The Setting Every Community Up for Retirement Enhancement (SECURE) Act changes the law surrounding retirement plans in several ways: - [The New Paradigm For Seniors: Estate Planning for Long-Term Care](/articles/the-new-paradigm-for-seniors-estate-planning-for-long-term-care/) - Q. My wife and I signed basic wills in our 40s when our concern was passing our assets to our children in the event of death. However, we are now both in our mid 70's and we are now more concerned about the cost of long-term care for ourselves. Should we now redesign our estate - [USING ‘UNAVAILABILITY’ TO REDUCE SPEND DOWN AND/OR SECURE RETROACTIVE MEDI-CAL ELIGIBILITY](/articles/using-unavailability-reduce-spend-secure-retroactive-medi-cal-eligibility/) - Practice Note for Elder Law Attorneys: By Gene L. Osofsky, Esq .[i] For purposes of determining the countable assets available to the individual applying for Medi-Cal, an asset which is “unavailable” enjoys – for the time that it remains unavailable – the same status as an asset which is “exempt”. We often think that an - [How Will Tax Reform Impact Seniors and Persons with Disabilities?](/articles/will-tax-reform-impact-seniors-persons-disabilities/) - The Tax Cut and Jobs Act (TCJA) is now officially law. Both the House and Senate passed the new tax reform bill in December with straight party-line votes and no support from Democrats. President Trump signed it into law right before Christmas. It is the first overhaul of the tax code in more than 30 - [GOP Tax Plan Could Deal Blow To Seniors Struggling To Pay Long Term Care Expenses](/articles/gop-tax-plan-deal-blow-seniors-struggling-pay-long-term-care-expenses/) - [From an article prepared by ElderLaw Answers.com and reproduced here with permission]. The tax plan put forward by the Republican-led House of Representatives would eliminate many current deductions, and getting rid of one of them in particular could deal a serious financial blow to seniors and individuals with disabilities. The plan proposes eliminating the medical - [Those Darned Bypass Trusts: What Do We Do with Them?](/articles/those-darned-bypass-trusts-what-do-we-do-with-them/) - By Gene L. Osofsky, Esq. * An Earlier draft of this article was first published in the Legal Network News of the California Advocates For Nursing Home Reform, Volume 23 No. 2, Summer 2012. It was designed for Elder Law attorneys practicing in California. ------------ Bypass Trusts Pose Special Problems for Medi-Cal Planning By Gene L. - [Senate Releases "Better Care Reconciliation Act" To Replace the Affordable Care Act ('Obamacare')](/articles/senate-releases-better-care-reconciliation-act-replace-affordable-care-act-obamacare/) - Senate Republicans unveiled their long-awaited health care overhaul proposal on Thursday (June 22, 2017). The Senate bill, called the "Better Care Reconciliation Act," would repeal major parts of the Affordable Care Act (ACA), also known as Obamacare. The broad outlines of it look a lot like the House bill, the American Health Care Act, which was passed - [The American Health Care Act (AHCA): Now Pending In U.S. Senate](/articles/american-health-care-act-ahca-now-pending-u-s-senate/) - Below is a summary of the key provisions of the The American Health Care Act (AHCA), narrowly passed by the House of Representatives in early May, 2017. It is now pending in the U.S. Senate: The House of Representatives narrowly passed this bill in early May, by a margin of 217 to 213, with 20 Republicans - [Fixing a Problem Trust After the Death of a Spouse](/articles/fixing-a-problem-trust-after-the-death-of-a-spouse/) - Q. My wife and I created a Living Trust about 15 years ago. She recently died and I just re-read our trust. To my surprise, it requires that her half of our assets go into a Bypass Trust and greatly limits my access to that portion. This comes as a surprise, as we always intended - [Review Your Trust Now To Avoid A Tax Surprise Later](/articles/review-your-trust-now-to-avoid-a-tax-surprise-later/) - Q. Back in 2001, 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 two years later, my attorney helped me divide the trust assets between the A and the B portions. The problem: my CPA just - [So, You've Been Appointed Trustee of a Trust? Here Are 9 Do's & and 1 Don't](/articles/article-so__you__039ve_been_appointed_trustee_of_a_trust__here_are_9_do__039s_and_1_don__039t_/) - Last Updated: 10/7/2008 Whether it's an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out? Here are nine do's and one don't to get you started:Do read the trust document. It sets out the - [Be Certain You Get the Pension You've Earned](/articles/article-be_certain_you_get_the_pension_you__039ve_earned/) - Last Updated: 6/25/2008 Are you having difficulty getting the pension or 401(k) plan funds you worked years to earn? Five pension counseling projects, funded through the U. S. Administration on Aging and serving plan participants and their beneficiaries in 22 states, can help! The retirement system's complexity and unresponsiveness can overwhelm the most - [Proposed VA Asset Transfer Regulations Will Change Our Approach to Planning](/articles/proposed-va-asset-transfer-regulations-will-change-approach-planning/) - On January 23, 2015, the Department Of Veterans Affairs issued proposed regulations which would make significant changes to the determination of Net Worth, the treatment of pre-application Asset Transfers, and the deductibility of medical expenses in determining countable income. [1] To the extent these become final, they will dramatically impact planning strategies that advocates have - [Getting Cash From a Life Insurance Policy If You Are Terminally Ill](/articles/article-getting_cash_from_a_life_insurance_policy_if_you_are_terminally_ill/) - Last Updated: 7/27/2009 6:12:35 PM Unfortunately, a diagnosis of a terminal illness often comes with many expenses. If you need money to pay for your medical care or comfort, you may be able to use your life insurance policy to get some immediate cash. "Viatical settlements" allow terminally ill individuals to sell their life - [When Your Most Valued Assets Are Not Covered by Your Will](/articles/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 leave everything to the other and then on to our children. Our son suggested that our wills may - ["Stretch" You IRA To Leave More For Younger Beneficiaries](/articles/stretch-you-ira-to-leave-more-for-younger-beneficiaries/) - Q. My IRA is a significant part of my assets, and I wonder if there are any special considerations when planning my affairs? Name Beneficiaries: Remember to name both primary and contingent beneficiaries. If you are married, the primary beneficiary would typically be your spouse, but name back-up beneficiaries as well. If you and your - [2009 Long-Term Care Insurance Prices Rise Slightly, Range Widely](/articles/article-2009_long_term_care_insurance_prices_rise_slightly__range_widely/) - A 55-year-old individual considering a basic level of long-term care insurance protection -- a $100 daily benefit and three years of coverage -- can expect to pay $723 a year if married or $1,060 if single, according to the 2009 Long-Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care - [Repeal of Estate Tax May Warrant a Fresh Look At the Use of Disclaimers To Avoid Death Tax](/articles/repeal-of-estate-tax-may-warrant-a-fresh-look-at-the-use-of-disclaimers-to-avoid-death-tax/) - The end of the estate tax during 2010 might only be a temporary reprieve. As the law now stands, for persons dying in 2011 estates valued above $1,000,000 will be subject to estate tax at very hefty rates rising as high as 55%. This circumstance suddenly creates the real possibility that estates valued at greater - [USING 'UNAVAILABILITY' TO REDUCE SPEND DOWN AND/OR SECURE RETROACTIVE MEDI-CAL ELIGIBILITY](/articles/using-unavailability-to-reduce-spend-down-andor-secure-retroactive-medi-cal-eligibility/) - Practice Note: By Gene L. Osofsky, Esq., CFLS Published in the Legal Network News, Fall 2010, California Advocates for Nursing Home Reform For purposes of determining the countable assets available to the individual applying for Medi-Cal, an asset which is unavailable enjoys for the time that it remains unavailable the same status as an - [New SSI and Spousal Impoverishment Numbers Effective 01/01/2013, Per CMS](/articles/ssi-and-spousal-impoverishment-numbers-effective-01012013-per-cms/) - On November 16, 2012, the folks at ElderLawAnswers.com reported that the Center for Medicare and Medicaid Services just announced the "2013 SSI and Spousal Impoverishment Standards", effective January 01, 2013. If things are the same as last year, it will probably be a few weeks before CMS posts this on its website or in a location that is "citable". Likewise, it will likely be a - [With the New Tax Law, Does Your Trust Need a Tuneup? ](/articles/with-the-new-tax-law-does-your-trust-need-a-tuneup/) - 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 - [Online Legal Documents Company Sued Over Flawed Estate Plan](/articles/8355-2/) - Online Legal Documents Company Sued Over Flawed Estate Plan Last Updated: 6/18/2010 11:50:08 AM LegalZoom, one of the most prominent sellers of do-it-yourself wills and other estate planning documents, is the target of a class action lawsuit in California charging that the company engages in deceptive business practices and is practicing law without a license. - [Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide](/articles/8358-2/) - Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide Last Updated: 6/22/2010 10:55:20 AM Deborah Jacobs. Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide. DJWorking Unlimited., New York, NY. 2009. 352 pages. $13.57 at Amazon (click on book to purchase). Planning an estate involves fitting together many pieces. You need to think about wills, trusts, life - [Crummey Trusts: A Way to More Safely Give Gifts to Children](/articles/8351-2/) - Crummey Trusts: A Way to More Safely Give Gifts to Children Last Updated: 7/27/2010 4:19:45 PM Many parents and grandparents want to pass their wealth to their children while they are still alive. Gifts to children or grandchildren can be a good way to reduce a taxable estate. While you can give a child or - [Court Again Rules That Part D Recipients Must Repay Mistaken Refunds](/articles/8421-2/) - Court Again Rules That Part D Recipients Must Repay Mistaken Refunds Last Updated: 6/24/2010 4:23:59 PM A federal appeals court has again ruled that 230,000 Medicare Part D beneficiaries who were erroneously mailed a premium refund do not have the right to apply for a waiver excusing them from repaying the money. Action Alliance of - [Health Reform Law's Pre-Existing Condition Plan Kicks In](/articles/article-health_reform_law__39_s_pre_existing_condition_plan_kicks_in/) - Health Reform Law's Pre-Existing Condition Plan Kicks In Last Updated: 8/13/2010 2:40:42 PM Many Americans, including baby boomers too young for Medicare and disabled adults of any age, have been unable to obtain private health coverage at any price because of a pre-existing health condition. As part of the roll-out of the new health - [BOOK REVIEW: The Hard Times Guide to Retirement Security](/articles/article-book_review___i_the_hard_times_guide_to_retirement_security__i_/) - BOOK REVIEW: The Hard Times Guide to Retirement Security Last Updated: 7/21/2010 2:39:05 PM - [10 Reasons to Create an Estate Plan Now](/articles/article-10_reasons_to_create_an_estate_plan__i_now__i_/) - 10 Reasons to Create an Estate Plan Now Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don't have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, regardless - [Steinbrenner Fourth Billionaire in 2010 to Escape Taxes, If Not Death](/articles/article-steinbrenner_fourth_billionaire_in_2010_to_escape_taxes__if_not_death/) - Steinbrenner Fourth Billionaire in 2010 to Escape Taxes, If Not Death Last Updated: 7/16/2010 2:52:48 PM - [Nursing Home Residents Have Rights!](/articles/article-nursing_home_residents_have_rights_/) - Nursing Home Residents Have Rights! Last Updated: 7/27/2010 4:09:55 PM Many people incorrectly believe that once someone enters a nursing home, their freedom is over. In fact, nursing home residents have many rights, and it is important to know those rights and to be able to enforce them. Nursing home residents' rights are protected - [GAO Report Raises Some Concerns About Regulation of Retirement Communities](/articles/article-gao_report_raises_some_concerns_about_regulation_of_retirement_communities/) - GAO Report Raises Some Concerns About Regulation of Retirement Communities Last Updated: 7/23/2010 5:24:04 PM A report by the Government Accountability Office (GAO) warns that given the weak economy, Continuing Care Retirement Communities (CCRCs) are facing challenging times. While few CCRCs have gone bankrupt so far, CCRCs are primarily regulated by states rather than - [Report Looks at What People Are Paying for Long-Term Care Insurance](/articles/8336-2/) - Report Looks at What People Are Paying for Long-Term Care Insurance Last Updated: 6/8/2010 11:59:52 AM More than a third (35.4 percent) of individuals who recently purchased long-term care insurance are paying less than $1,499 a year for the coverage, according to a new report by the American Association for Long-Term Care Insurance, an industry - [Obama Signs Major Income & Estate Tax Cuts; Big Benefits For Wealthy](/articles/congress-poised-to-extend-major-income-big-benefits-for-wealthy/) - Last Updated: 12/17/2010 10:38:06 PM On 12/17/2010, President Obama signed major legislation implementing the tax-cut deal negotiated with Congressional Republicans. As expected the legislation restores the estate tax for two years with an exemption of $5 million and a 35 percent tax rates for estates over that amount, but the new law also contains several unexpected provisions that - [How Married Couples May Increase Their Social Security Retirement Income By Choosing A Spousal Subsidy](/articles/how-married-couples-may-increase-their-social-security-retirement-income-by-choosing-a-spousal-subsidy/) - Q: I am approaching age 66 and my wife is almost 62. Each of us has a work record, although my earnings are greater. I heard that there may be a way for us to receive a larger Social Security retirement income by my opting for only a Spousal Benefit now based upon her work - [The Virtues of Private Reverse Mortgages](/articles/the-virtues-of-private-reverse-mortgages/) - For many years, banks have been touting the advantages of so-called "reverse" mortgages as a way for cash-strapped seniors to tap into the equity in their homes in order to meet expenses, whether simply for day-to-day living or to pay for the increased cost of home care. The basic concept of a reverse mortgage is - [The Ethical Will: Putting Your Values on Paper](/articles/the-ethical-will-putting-your-values-on-paper/) - Q. In connection with creating our estate planning documents, my husband and I would like to leave our children and grandchildren something more than just our money and assets. We would like to leave them a sense of our values. A friend mentioned something to us about an "Ethical Will". Can you tell us anything - [Consumer Friendly Website Allows Seniors to Check Program Eligibility](/articles/consumer-friendly-website-allows-seniors-to-check-program-eligibility/) - Q: I hear that there are many federal and state programs designed to help seniors of limited means apply for extra help with prescription drug coverage, pay utility bills, groceries, health care and other needs. However, I don’t know where to go to find out about them. Is there some central source that might be - [Responsibility for a Deceased Relative's Debts](/articles/article-id-9053-section-4-state/) - The loss of a loved one is tough to begin with, but if the loved one left debts behind, it can be even tougher. Family members generally should not have to pay for a decedent's debts, but it is important to know your rights because collection agencies may target the decedent's relatives. Usually the loved - [Caregiver Contracts: A Growing Planning Trend for Families](/articles/article-id-5646-section-4-state/) - Many people are willing to voluntarily care for a parent or loved one without any promise of compensation. Even so, a growing number of people are entering into caregiver contracts (also called personal service or personal care agreements) with their family members. Having such a contract has many benefits. It rewards the family member doing - [New Rule Requires Homebound Medicare Patients to See Doctors](/articles/article-id-9059-section-4-state/) - Medicare patients typically receive home care services because it is difficult or impossible for them to leave their homes. But the Centers for Medicare and Medicare Services (CMS) has now implemented a new Medicare requirement that doctors must meet face-to-face with their patients who are receiving home health care in order for the patient's home - [States May Now Extend Medicaid's Spousal Protections to Same-Sex Partners](/articles/article-id-9068-section-4-state/) - The U.S. Department of Health and Human Services (HHS) has announced it will now permit states to extend Medicaid long-term care protections long available to spouses of nursing home residents to same-sex domestic partners as well. While nursing home residents must spend down to $2,000 (or slightly more in some states) of countable assets before - [Free Medicare Preventive Care Has Kicked In](/articles/article-id-8891-section-4-state/) - One of the benefits of the health reform law took effect January 1, 2011: free preventive services for Medicare recipients. Under the law, people with regular Medicare will no longer have to pay a co-pay, coinsurance or deductible to receive preventive services that are highly recommended by the U.S. Preventive Services Task Force -- services - [A Trip to the Hospital May Put Assisted Living Residents on Medicaid at Risk of Eviction](/articles/article-id-8926-section-4-state/) - Assisted living facility residents covered by Medicaid are at risk of being evicted if they leave the facility, even for a temporary hospitalization, the National Senior Citizen's Law Center (NSCLC) warns in a recently released White Paper on the problem. Ironically, Medicaid officials in most states have the power to prevent these evictions but in - [The Savvy Senior](/articles/article-id-3324-section-5-state/) - Jim Miller. The Savvy Senior (Hyperion, New York, N.Y., 2004; 250 pages).$13.95 from Amazon.com (click on book to order)You will indeed be savvy about senior issues after finishing this information-packed book. It offers a wealth of resources and basic, need-to-know information on a broad range of topics of vital interest to seniors. Within the book's - [Consider Putting Gifts to Grandchildren in a Trust](/articles/article-id-6302-section-4/) - Gifting assets to your grandchildren isn't just a nice thing to do; it can reduce the size of your estate and the tax that will be due upon your death. Grandparents can give their grandchildren up to $13,000 a year (in 2011) without having to report the gifts. While you can make an outright gift, - [2011 Long-Term Care Insurance Price Index Announced](/articles/article-id-8939-section-4-state/) - A 55-year-old individual can expect to pay $1,480 annually for $169,000 in current benefits, which would grow to $354,000 of coverage by age 80, according to the 2011 Long-Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance, an industry group. A 55-year-old couple purchasing long-term care insurance protection - [AARP Sues Government Over Reverse Mortgage Foreclosures](/articles/article-id-9005-section-4-state/) - Charging that reverse mortgage borrowers were caught in what amounts to a regulatory bait and switch, the AARP's legal arm is suing the Department of Housing and Urban Development (HUD) on behalf of three now-deceased borrowers' surviving spouses who are facing imminent foreclosure and eviction from their homes. The case involves the spouses of individuals - [What Is Asset Protection Planning?](/articles/article-id-9050-section-4-state/) - Asset protection planning is about protecting your assets from creditors -- and it is not just for the super-wealthy. Anyone can get sued. Lawsuits can stem from car accidents, credit card debt, bank foreclosures, or unhappy customers, among many other things. If someone wins a monetary judgment against you, your family could become bankrupt trying - [They're Your Parents, Too! ](/articles/article-id-9033-section-5/) - Francine Russo. They're Your Parents, Too! How Siblings Can Survive Their Parents' Aging Without Driving Each Other Crazy. Bantam Books. New York, NY. 2010. 286 pages. $17.16 from Amazon (click on book to order)Sibling relationships can be difficult even in the best of times, but add in an aging parent and there is bound to - [You Can't Opt Out of Medicare Without Losing Social Security, Judge Rules](/articles/article-id-9017-section-4-state/) - Retirees cannot disenroll from Medicare Part A without also losing their Social Security benefits and refunding all the money paid to them, a federal judge has ruled. The judge dismissed a case, Hall v. Sebelius , brought by three retired federal employees who have reached age 65 and are receiving Social Security Retirement benefits, but - [House Budget Cutters Prescribe Radical Surgery for Medicare, Medicaid](/articles/article-id-9072-section-4-state/) - House Budget Committee Chairman Paul Ryan (R-WI) has proposed a budget that would radically reshape both the Medicare and Medicaid programs and shift more costs to seniors and people with disabilities. The plan may well become the Republican Party's de facto platform in 2012.The proposed budget, aimed at shrinking the nation's deficit as well as - [Courts Reject 'Urban Legend' That Medicare Nursing Coverage Requires Improvement](/articles/article-id-8738-section-4-state/) - In welcome news for seniors and the disabled with chronic conditions, two federal courts in the past two months have ruled that Medicare's coverage of skilled care does not require a beneficiary to show improvement. Instead, both courts said that Medicare can pay for skilled care if it is needed simply to preserve a patient's - [IRS Issues Long-Term Care Premium Deductibility Limits for 2011](/articles/article-id-8736-section-4-state/) - Social Security benefits may be stagnant, but the IRS is increasing the amount you can deduct on your 2011 taxes as a result of buying long-term care insurance. Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible provided that they, along with other unreimbursed medical expenses, exceed 7.5 percent of the - [Obama Signs Tax-Cut Bill Setting Estate Tax Exemption at $5 Million for Two Years](/articles/article-id-8833-section-4-state/) - Congress has passed and President Obama has signed into law the deal extending the Bush tax cuts that he struck with Congressional Republicans. The legislation restores the estate tax for two years at a 35 percent tax rate, with estates up to $5 million exempt from paying any tax ($10 million for couples). If Congress - [Federal Program Helps Nursing Home Residents Move Home](/articles/article-id-8814-section-4-state/) - Once someone enters a nursing home, it isn't always easy to move out again. While some residents may prefer nursing home care to living on their own, others would rather be independent. For residents who want to move out but need some assistance to live on their own, there may be help available. A federal - [The 101 Biggest Estate Planning Mistakes](/articles/article-id-8858-section-5/) - Herbert E. Nass. The 101 Biggest Estate Planning Mistakes. John Wiley & Sons, Hoboken, NJ. 2010. 279 pages. $12.21 from Amazon (click on book to order)Learning what not to do can be just as instructive as learning what to do. That is the premise of The 101 Biggest Estate Planning Mistakes, an entertaining and informative - [Do Surviving Spouses Have a Right to a 401(k) or an IRA?](/articles/article-id-8831-section-4-state/) - When choosing a beneficiary for a retirement plan, it is important to understand how your spouse will be treated under the plan. Surviving spouses are treated differently under 401(k)s and individual retirement accounts (IRAs). While a 401(k) provides protections for a surviving spouse, an IRA does not.Because the 401(k) is an employee-based retirement system, it - [As Predicted, Social Security Closes Door on Benefits 'Do-Over' Strategy](/articles/article-id-8816-section-4-state/) - As ElderLawAnswers warned in a previous article, the Social Security Administration has eliminated a loophole that had allowed Social Security recipients to start receiving benefits when they first became eligible without being permanently locked in to the lower benefit level. Although you can collect Social Security benefits starting at age 62, if you do, your - [Obama Signs Tax-Cut Bill Setting Estate Tax Exemption at $5 Million for Two Years](/articles/article-id-8833-section-4-state-2/) - Congress has passed and President Obama has signed into law the deal extending the Bush tax cuts that he struck with Congressional Republicans. The legislation restores the estate tax for two years at a 35 percent tax rate, with estates up to $5 million exempt from paying any tax ($10 million for couples). If Congress - [Federal Program Helps Nursing Home Residents Move Home](/articles/article-id-8814-section-4-state-2/) - Once someone enters a nursing home, it isn't always easy to move out again. While some residents may prefer nursing home care to living on their own, others would rather be independent. For residents who want to move out but need some assistance to live on their own, there may be help available. A federal - [The 101 Biggest Estate Planning Mistakes](/articles/article-id-8858-section-5-2/) - Herbert E. Nass. The 101 Biggest Estate Planning Mistakes. John Wiley & Sons, Hoboken, NJ. 2010. 279 pages. $12.21 from Amazon (click on book to order)Learning what not to do can be just as instructive as learning what to do. That is the premise of The 101 Biggest Estate Planning Mistakes, an entertaining and informative - [Do Surviving Spouses Have a Right to a 401(k) or an IRA?](/articles/article-id-8831-section-4-state-2/) - When choosing a beneficiary for a retirement plan, it is important to understand how your spouse will be treated under the plan. Surviving spouses are treated differently under 401(k)s and individual retirement accounts (IRAs). While a 401(k) provides protections for a surviving spouse, an IRA does not.Because the 401(k) is an employee-based retirement system, it - [As Predicted, Social Security Closes Door on Benefits 'Do-Over' Strategy](/articles/article-id-8816-section-4-state-2/) - As ElderLawAnswers warned in a previous article, the Social Security Administration has eliminated a loophole that had allowed Social Security recipients to start receiving benefits when they first became eligible without being permanently locked in to the lower benefit level. Although you can collect Social Security benefits starting at age 62, if you do, your - [Reviewing Your Medicare Plans Is More Important Than Ever This Year](/articles/article-id-8676-section-4-state/) - Medicare open enrollment is coming! During the annual open enrollment period, which runs from November 15 to December 31, you may switch Medicare drug or health care plans. While you should review your coverage every year, this year it is particularly important because of changes brought on by the new health care law. As the - [Average Cost of a Nursing Home Room Tops $83,000 a Year](/articles/article-id-8717-section-4-state/) - Nursing home and assisted living rates rose significantly from 2009 to 2010, according to the 2010 MetLife Market Survey of Long-Term Care Costs. Private room nursing home rates rose 4.6 percent to $83,585 a year or $229 a day, while assisted living facility costs climbed 5.2 percent on average to $39,516 a year or $3,293 - [Trial and Heirs: Famous Fortune Fights](/articles/article-id-8722-section-5/) - Andrew Mayoras & Danielle Mayoras. Trial and Heirs: Famous Fortune Fights. Wise Circle Books. Long Beach, CA. 2009. 277 pages. $19.95 from Amazon (click on book to order). Can we learn anything about estate planning from Jimi Hendrix, Princess Di, and Sonny Bono? Yes! Written by a husband-and-wife attorney team, Trial and Heirs uses fascinating - [Avoid Disagreements Between Your Power of Attorney Holder and Health Care Proxy](/articles/article-id-8704-section-4-state/) - A durable power of attorney and a health care proxy are two very important estate planning documents. Both allow other people to make decisions for you in the event you are incapacitated. Because the individuals chosen will have to coordinate your care, it is important to pick two people who will get along. A power - [Some Seniors Getting Sticker Shock When Moving From Hospital to Nursing Home](/articles/article-id-8675-section-4-state/) - A growing number of Medicare beneficiaries are spending days in the hospital before being transferred to a nursing home, only to find that Medicare won't pay for the first 20 days of their nursing home stay, as it typically would. The reason, the beneficiaries later learn, is that they had never actually been "admitted" to - [New Medicare Premium, Deductible and Co-Pay Charges for 2011](/articles/article-id-8746-section-4-state/) - The basic premium for Medicare Part B will be $115.40 a month in 2011, up from $110.50 in 2010 (a 4.4 percent increase). But because there will be no cost of living benefit increase for Social Security recipients for 2011, most beneficiaries will be exempted from paying this increase and will instead pay the same - [Hospital Trying to Revoke Daughter's Power of Attorney](/articles/article-id-8748-section-4-state/) - [47 Secret Veterans' Benefits for Seniors](/articles/article-id-8770-section-5/) - Victoria Collier. 47 Secret Veterans' Benefits for Seniors. Collier Communications, LLC. Scottdale, GA. 2010. 110 Pages. $14.95 from Amazon (Click on book to order)Many veterans don't realize all the benefits available to them and their family members. 47 Secret Veterans' Benefits for Seniors provides older veterans and their advocates with insider tips to help them - [Daily Money Managers Can Help Assist Seniors with Financial Matters](/articles/article-id-9167-section-4-state/) - Having difficulty keeping on top of your bills? Maybe a daily money manager can help. Daily money managers can assist elderly individuals with handling anything from routine bill-paying to more complicated tasks like filing medical insurance claims. A daily money manager -- a member of a relatively new profession that now has its own professional - [Program Helps Elderly Remain Together at Home, Instead of Nursing Home](/articles/program-helps-elderly-remain-at-home-instead-of-nursing-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 - [Why You Need to Plan for Long-Term Care](/articles/article-id-9172-section-4-state/) - Thinking about a time when you will need help taking care of yourself is not fun. That is why most people put off discussing long-term care until it can't be ignored. But it is better to start long-term care planning early. Here are some reasons to start planning now:People are living longer and are more - [Bank of America Says Power of Attorney Does Not Grant Access to Online Banking](/articles/article-id-9197-section-4/) - When one spouse suffers from dementia, the other spouse often must take over managing the couple's finances, usually with the help of a power of attorney. But things don't always go smoothly with financial institutions. Just ask Chicago resident Eva Kripke, who has been handling money matters since her husband, Sidney, was diagnosed with Lewy - [Mom Always Liked You Best](/articles/article-id-9194-section-5/) - Arline Kardasis, Rikk Larsen, Crystal Thorpe, and Blair Trippe. Mom Always Liked You Best: A Guide to Resolving Family Feuds, Inheritance Battles & Eldercare Crises. Elder Decisions. 2011. 123 pages. $14.95 from Amazon (Click on book to order).Making decisions about elderly parents can cause conflict even in the best of families. In this book, three - [Resolving Conflicts Between Co-Agents on a Power of Attorney](/articles/article-id-9079-section-4-state/) - Having power of attorney over a family member is a big responsibility and sometimes it makes sense to share that responsibility with someone else. But when two people are named co-agents under a power of attorney, conflicts can arise. Unfortunately, if the conflict can't be resolved, it may be necessary to get a court involved. - [Powers of Attorney Come in Many Flavors](/articles/powers-of-attorney-come-in-many-flavors/) - 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. - [How to Avoid Problems as a Trustee](/articles/article-id-9429-section-4-state/) - Being a trustee is a big responsibility and if you don't perform your duties properly, you could be personally liable. That's why it's important to hire the right people to guide you in this important role.A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), - [Long-Term Care Services Have Room to Improve According to New Report](/articles/article-id-9391-section-4-state/) - A new state-by-state scorecard evaluates the effectiveness of long-term care services across the country and concludes that there is a lot of room for improvement. The State Long-Term Services and Supports Scorecard examines the performance of state long-term care services for older people and adults with physical disabilities. The purpose of the report is to - [Senior Cohousing: A Retirement Alternative](/articles/article-id-9397-section-4-state/) - Seniors want to remain at home as long as possible, but with family spread out all over the country, it isn't always easy to do so. "Senior cohousing," a relatively new concept, allows older Americans to age at home in a supportive community.Senior cohousing consists of a group of houses or condos that are individually - [The Difference Between Alzheimer's Disease and Dementia](/articles/article-id-9144-section-4-state/) - Many people use the terms Alzheimer's disease and dementia interchangeably, but they have very different meanings. Although dementia is a group of symptoms that include memory loss, the term itself doesn't explain what is causing the symptoms. Alzheimer's disease is the leading cause of dementia, but here are many other causes. Dementia is a general - [Who Gets Copies of the Will After a Person Dies?](/articles/article-id-9225-section-4-state/) - Many movies and television shows have a scene where a family gathers around a big table after a relative has died to listen to the reading of the will. While this is a great dramatic scene, it doesn't usually happen like that in the real world. There is no requirement that a will be read - [Followup Study Finds Financial Abuse of Elderly Is on Rise](/articles/article-id-9203-section-4-state/) - Older Americans are losing $2.9 billion annually to elder financial abuse, a 12 percent increase from the $2.6 billion estimated in 2008, according to "The MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America's Elders." The study, based on a comprehensive review of news articles on elder financial abuse, found - [Two Tax Court Decisions Clarify When Long-Term Care Expenses Are Deductible](/articles/article-id-9273-section-4-state/) - Long-term care can be very expensive, but many long-term care expenses can be deducted from your taxes. Two important recent decisions by the U.S. Tax Court provide guidance on when caregiving services are deductible. In one decision, the court ruled that payments to non-medical caregivers are still deductible as medical expenses; in the other, the - [Cohabiting Seniors: Protect Your Rights](/articles/article-id-5323-section-4-state/) - More and more seniors are living together without getting married. According to U.S. Census data, the number of cohabiting seniors nearly doubled between 1989 and 2000. For some seniors, marriage isn't financially worth it? they don't want to lose their former spouses' military, pension, or Social Security benefits. Other seniors don't want to have to - [Hiring a Caregiver: Should You Employ One Yourself or Go Through an Agency?](/articles/article-id-9252-section-4-state/) - Most seniors prefer to stay at home as long as possible rather than move into a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency. Hiring directly: When you hire a caregiver - [Feds Enhance Site for Comparing Nursing Homes](/articles/article-id-9243-section-4-state/) - There is now more information available to help families evaluate nursing homes. The federal government has revamped the criteria on its "Nursing Home Compare" Web site, where consumers can compare nursing home care in the United States. In addition, new information about complaints against nursing homes will soon be available on the site. The government - [How Will the Debt-Limit Deal Affect Seniors?](/articles/article-id-9330-section-4-state/) - Congress has agreed to allow the President to raise the debt ceiling in exchange for $2.4 trillion in budget cuts over 10 years. How this deal will affect the three major programs crucial to the elderly -- Medicare, Medicaid and Social Security -- may not be known until almost year's end, but the impact could - [IRAs Require Special Consideration in Estate Planning](/articles/article-id-9353-section-4-state/) - Individual Retirement Accounts (IRAs) are a popular investment tool for retirement, but they also need to be taken into account when doing estate planning. Although IRAs can be used to provide for heirs either directly or through a trust, to what extent your heirs will benefit from the IRA and avoid unnecessary taxes depends on - [Fat Cats & Lucky Dogs](/articles/article-id-9370-section-5/) - Barry Seltzer & Gerry Beyer. Fat Cats & Lucky Dogs: How to Leave (some of) Your Estate to Your Pets. Prism Publishing. 2010. 249 Pages. $39.35 from Amazon (click the book to order). For many people, their pets are members of the family that need to be taken care of if the pet owner dies - [Amy Winehouse's Death Illustrates the Importance of a Will](/articles/article-id-9325-section-4-state/) - [Medicare Fraud Costs Billions: Here's How You Can Help](/articles/article-id-9366-section-4-state/) - Medicare fraud is often in the news, but what is it, exactly? Fraud costs Medicare an estimated $60 billion a year and contributes to the rising cost of health care for all Americans. Once you understand what is involved, you can help prevent fraud.Medicare fraud occurs when providers mislead Medicare into paying for services it - [Adult Children Losing $3 Trillion in Caring for Aging Parents](/articles/article-id-9223-section-4-state/) - Americans who take time off work to care for their aging parents are losing an estimated $3 trillion dollars in wages, pension and Social Security benefits, according to a new MetLife study. Meanwhile, the percentage of adult children providing basic care for their parents has skyrocketed in recent years. Nearly 10 million adults age 50 - [Prenuptial Agreements Can Be an Estate Planning Tool](/articles/article-id-9209-section-4-state/) - As more and more people marry more than once, prenuptial agreements have become an important estate planning tool. Without a prenuptial agreement, your new spouse may be able to invalidate your existing estate plan. Such agreements are especially helpful if you have children from a previous marriage or important heirlooms that you want to keep - [The Parent Care Conversation](/articles/article-id-5817-section-5-state/) - Dan Taylor, The Parent Care Conversation: Six Strategies for Transforming the Emotional and Financial Future of Your Aging Parents (Penguin Books, New York, NY, 2006. 262 pages).$14.00 from Amazon (click on book to order) One of the hardest things for aging parents and their adult children to do is sit down and have a frank - [Gov. Brown Signs Law to Extend to Same-Sex Couples and RDP’s Some Medi-Cal Protections of Married Couples](/articles/gov-brown-signs-law-to-extend-to-same-sex-couples-and-rdps-some-medi-cal-protections-of-married-couples/) - Recently, Governor Jerry Brown signed legislation seeking to extend to same-sex couples and Registered Domestic Partners ("RDP’s") some of the Medi-Cal benefits enjoyed by married couples. The legislation, known as AB 641, was authored by assemblyman Mike Feuer, whose website summarizes the importance as follows: "Under current law, Medi-Cal's long term care benefit helps to - [How the Medi-Cal "Look Back" Works](/articles/how-the-medi-cal-look-back-works/) - Q. Prompted by the temporary increase in the gift tax exemption, my wife and I recently made gifts of $50,000 apiece to each of our 3 sons. Shortly thereafter my wife had a stroke and now needs full-time care in a nursing home. The cost is running about $7,500 per month and I need to - [Advance Care Planning: Making Sure Your Loved One’s Wishes Are Honored](/articles/advance-care-planning-making-sure-your-loved-ones-wishes-are-honored/) - Q. Our parents are up in years and have become increasingly frail. I know that they both have definite wishes about advance care planning and end-of-life decisions. Any suggestions on how we might help them make sure that their wishes are honored? A. Yes, I do. The first step is to begin the conversation. There - [Managing the Afterlife of Your Online Accounts](/articles/managing-the-afterlife-of-your-online-accounts/) - Q. I do most of my banking and bill paying over the Internet, participate in Facebook and exchange e-mails with friends and family. What would happen to these online accounts when I die or if I became disabled and could no longer manage them? A. Great question. As we move further into the 21st century, - [ Spouse on Medi-Cal? May Be Time To Change Your Will](/articles/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 most everything is in my name now. However, I have my own health problems and I wonder - [What to Do When a Spouse Enters a Nursing Home?](/articles/what-to-do-when-a-spouse-enters-a-nursing-home/) - Q. My husband recently entered a nursing home and it appears he will be there for the long term. It is very expensive and I am concerned that we may lose our home and savings. Is there anything that we should do at this time? A. Yes. The first step is to take a deep - [How Work Affects Social Security Retirement Benefits](/articles/how-work-affects-social-security-retirement-benefits/) - Q. I will soon be 66 and at full retirement age. I have the option of continuing to work for my present employer for long as I wish. How would my continuing to work affect my Social Security retirement benefits? A. The connection between work and Social Security Benefits involves the following considerations: (1) The - [How Would Paul Ryan Change Medicare?](/articles/how-would-paul-ryan-change-medicare/) - Last year, it was reported that House Budget Committee Chairman Paul Ryan (R-WI) proposed a budget that would radically reshape Medicare and shift more costs to seniors and the disabled. At the time, we noted that “the plan may well become the Republican Party's de factoplatform in 2012.”Little did anyone know that the plan’s architect would - [How the Medi-Cal Look Back Works](/articles/how-the-medi-cal-look-back-works-2/) - Q. Prompted by the temporary increase in the gift tax exemption, my wife and I recently made gifts of $50,000 apiece to each of our 3 sons. Shortly thereafter my wife had a stroke and now needs full-time care in a nursing home. The cost is running about $7,500 per month and I need to - [End of Year Tax Planning: More Important This Year](/articles/end-of-year-tax-planning-more-important-this-year/) - Q. I hear that tax laws may change dramatically on January 1, 2013. Are there tax strategies that I should consider before year end? A. Bush-era tax reductions are slated to end on January 1st, unless Congress and the President agree on a way to avoid the "fiscal cliff" before then. Absent such agreement, tax - [When Seniors Remarry: Consider a “Prenup” ](/articles/when-seniors-remarry-consider-a-prenup/) - Q. My fiancé and I plan to marry. This is the second marriage for each of us, and we both have children from previous marriages. I have heard something about a “Pre-Nuptial Agreement” for couples in our situation. Does that sound like a good idea? A. Probably, yes. In its simplest form, a Prenuptial Agreement - [When Seniors Remarry: Revise Your Estate Plan](/articles/when-seniors-remarry-revise-your-estate-plan/) - Q. My fiancé and I will soon marry. This will be the second marriage for each of us and we both have children from previous marriages. We want to arrange our estate plan to make sure that the survivor of us is financially secure, but we also want to leave something to our own children. - [Newsflash! Registered Domestic Partnerships Recognized by Medi-Cal](/articles/newsflash-registered-domestic-partnerships-recognized-by-medi-cal/) - Q. I have been in a Registered Domestic Partnership for several years, and my partner may soon need to apply for a Medi-Cal nursing home subsidy. How will Medi-Cal treat our finances in that situation? A. The good news is that Medi-Cal will now evaluate your partner’s financial need for a subsidy based upon the - [Protecting Marital Assets From Recovery: Using the "SPA" To Solve A Tax Problem For The Non-Citizen Spouse](/articles/protecting-marital-assets-from-recovery-using-the-spa-to-solve-a-tax-problem-for-the-non-citizen-spouse/) - By, Gene L. Osofsky, Esq., CFLS, Hayward, CA. Published By California Advocates For Nursing Home Reform, "Legal Network News" , Volume 20, No. 3, Fall, 2009, (Reprinted Here With Permission) When planning to avoid Medi-Cal recovery against marital assets where one spouse is in a Skilled Nursing Facility and receiving a Medi-Cal subsidy, a common technique - [Long-Term Care Hybrid Products Give Buyers More Options](/articles/article-long_term_care_hybrid_products_give_buyers_more_options/) - With many people unwilling to purchase long-term care insurance policies due to the cost, insurers are rolling out new products that combine long-term care insurance with either a life insurance policy or an annuity. These new products have been on the market for awhile, but they are gaining in popularity due to a law that - [ Death for Beginners: Your No-Nonsense, Money-Saving Guide to Planning for the Inevitable ](/articles/article-_i__death_for_beginners__your_no_nonsense__money_saving_guide_to_planning_for_the_inevitable___i_/) - Death for Beginners: Your No-Nonsense, Money-Saving Guide to Planning for the Inevitable Last Updated: 9/24/2010 3:49:01 PM - [So Far Away: Twenty Questions for Long-Distance Caregivers](/articles/article-_i_so_far_away__twenty_questions_for_long_distance_caregivers__i_/) - So Far Away: Twenty Questions for Long-Distance Caregivers Last Updated: 8/24/2010 3:49:55 PM - [Circles of Care: How to Set Up Quality Home Care for Our Elders.](/articles/circles-of-care-how-to-set-up-quality-home-care-for-our-elders/) - Circles of Care: How to Set Up Quality Home Care for Our Elders. 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The current ultra-low interest rate environment is - [Next Steps: A Practical Guide to Planning for the Best Half of Your Life](/articles/article-_i_next_steps__a_practical_guide_to_planning_for_the_best_half_of_your_life__i_-2/) - Last Updated: 3/17/2010 2:29:37 PM - [More Seniors Eligible for Big Medicare Drug Subsidy](/articles/article-more_seniors_eligible_for_big_medicare_drug_subsidy/) - Last Updated: 1/26/2010 3:47:31 PM Reprinted by permission of retirementrevisedA million low-income seniors have become eligible for a big assist on prescription drug expenses this year under a newly expanded federal program. The subsidy can defray thousands of dollars in costs, and in many cases eliminate prescription drug expenses entirely for participating seniors. The - [Next Steps: A Practical Guide to Planning for the Best Half of Your Life](/articles/article-_i_next_steps__a_practical_guide_to_planning_for_the_best_half_of_your_life__i_/) - Last Updated: 2/26/2010 9:34:53 AM - [A Parent's Guide to Wills & Trusts: For Grandparents, Too](/articles/article-_i_a_parent__39_s_guide_to_wills___trusts__for_grandparents__too__i_/) - Last Updated: 9/28/2009 10:35:50 AM Don Silver. A Parent's Guide to Wills & Trusts: For Grandparents, Too. Adams-Hall Publishing. Los Angeles, CA. 2008. 248 pages. $19.95 from Amazon (click on book to order)Getting started on an estate plan can be overwhelming. A Parent's Guide to Wills & Trusts is an easy-to-understand overview of estate - [The Alzheimer's Advisor: A Caregiver's Guide to Dealing with the Tough Legal and Practical Issues](/articles/article-_i_the_alzheimer__39_s_advisor___a_caregiver__39_s_guide_to_dealing_with_the_tough_legal_and_practical_issues__i_/) - Last Updated: 10/27/2009 1:34:52 PM Vaughn E. James. The Alzheimer's Advisor: A Caregiver's Guide to Dealing with the Tough Legal and Practical Issues. AMACOM. New York, NY. 2009. 300 pages. $14.96 from Amazon (click on book to order) Caring for a family member with Alzheimer's disease is complicated enough, but often overlooked are the - [The Complete Book of Wills, Estates and Trusts](/articles/article-_i_the_complete_book_of_wills__estates_and_trusts__i_/) - Last Updated: 10/7/2008 - [Coping with Dementia](/articles/article-_i_coping_with_dementia__i_/) - Last Updated: 7/31/2008 - [On Your Own: A Widow's Passage to Emotional and Financial Well-Being](/articles/article-_i_on_your_own__a_widow__039s_passage_to_emotional_and_financial_well_being__i_/) - Last Updated: 10/7/2008 - [Don't Leave Children Unequal Shares By Mistake](/articles/article-don__39_t_leave_children_unequal_shares_by_mistake/) - Last Updated: 8/26/2009 10:48:41 AM Siblings do not always receive equal shares of a parent's estate. 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Want to know whether a traditional or a Roth IRA is better for you, how much life insurance - [Who Can Serve as Executor?](/articles/article-who_can_serve_as_executor_/) - Last Updated: 9/28/2009 10:45:17 AM One important reason to have a will is to be able to name your executor (also called a personal representative). An executor is the person responsible for managing the administration of your estate after you die. If you don't choose an executor, the court will choose one for you. - [Web Site Allows Elderly to Check Program Eligibility](/articles/article-web_site_allows_elderly_to_check_program_eligibility/) - Web Site Allows Elderly to Check Program Eligibility Although there are nearly 1,000 federal and state programs available to help older persons, it is estimated that more than five million seniors are currently missing out on at least some of them for which they qualify.The National Council on Aging (NCoA) has developed a Web - [Charitable Remainder Trusts: Income for Life and a Good Deed at Death](/articles/article-charitable_remainder_trusts__income_for_life_and_a_good_deed_at_death/) - Charitable Remainder Trusts: Income for Life and a Good Deed at Death Last Updated: 8/24/2010 11:45:31 AM Many people like the idea of leaving bequests to favorite charities in their wills. 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The study, conducted by James McNally of - [Survey Finds Medicare Doesn't Work As Well for Younger, Disabled Beneficiaries](/articles/article-survey_finds_medicare_doesn__39_t_work_as_well_for_younger__disabled_beneficiaries/) - Survey Finds Medicare Doesn't Work As Well for Younger, Disabled Beneficiaries Last Updated: 8/16/2010 4:24:42 PM A new survey of nearly 4,000 Medicare beneficiaries has found that Medicare beneficiaries who are younger than 65 receive fewer medical services, have a harder time paying for the medical care that they do receive, and are more - [Prevent Your Power of Attorney from Being Ignored](/articles/article-prevent_your_power_of_attorney_from_being_ignored/) - Prevent Your Power of Attorney from Being Ignored Last Updated: 10/13/2010 12:08:58 PM A durable power of attorney is one of the most important estate planning documents there is. It allows someone you appoint -- your agent or "attorney-in-fact" -- to act in your place for financial purposes when and if you ever become - [Social Security May Soon Put Lid on Benefits 'Do-Over' Strategy](/articles/article-social_security_may_soon_put_lid_on_benefits___39_do_over__39__strategy/) - Social Security May Soon Put Lid on Benefits 'Do-Over' Strategy Last Updated: 9/17/2010 4:15:07 PM The Social Security Administration may soon eliminate a loophole that allows Social Security recipients to claim benefits early and then apply for them again years later when they are eligible for larger checks. Although you can collect Social Security - [Tips on Providing for Children with Disabilities](/articles/article-tips_on_providing_for_children_with_disabilities/) - Tips on Providing for Children with Disabilities Last Updated: 10/1/2010 9:36:00 AM One of the major concerns for parents or grandparents of children with disabilities is how to provide for their financial future. Here are some legal tips: Buy enough life insurance. A parent is irreplaceable, but someone will have to fill in. In - [Nursing Home Can't Honor Resident's Request for White-Only Caregivers](/articles/article-nursing_home_can__39_t_honor_resident__39_s_request_for_white_only_caregivers/) - Nursing Home Can't Honor Resident's Request for White-Only Caregivers Last Updated: 9/28/2010 5:53:10 PM A federal court in Indiana has ruled that a nursing home cannot honor patients' requests for caregivers based on race. The case, which pitted nursing home residents' rights against discrimination law, establishes that there may be a limit to a - [Make Sure Your Life Insurance Is Not Taxed at Your Death](/articles/make-sure-your-life-insurance-is-not-taxed-at-your-death/) - Last Updated: 5/27/2010 4:21:23 PM Although your life insurance policy may pass to your heirs income tax-free, it can affect your estate tax. If you are the owner of the insurance policy, it will become a part of your taxable estate when you die. While the federal estate tax is currently zero, the exemption will - [Investigative Report Questions Five-Star Rating System for Nursing Homes](/articles/investigative-report-questions-five-star-rating-system-for-nursing-homes/) - How reliable are the ratings given nursing homes under the five-star rating system that the federal government recently instituted? Not very, according to an investigative report by the Massachusetts magazine Commonwealth. In an in-depth discussion of the rating system, the report highlights numerous instances in which facilities received above-average overall ratings despite being cited for - [ The Savage Number: How Much Money Do You Need to Retire?](/articles/the-savage-number-how-much-money-do-you-need-to-retire/) - Terry Savage. The Savage Number: How Much Money Do You Need to Retire? (John Wiley & Sons, Hoboken, New Jersey, 2005. 256 pages) $24.95 from Amazon (Click on book to order). Having enough money to retire is an important goal for many people, and The Savage Number attempts to help people understand how to reach - [How Risky Is Buying a Limited-Duration Long-Term Care Insurance Policy?](/articles/how-risky-is-buying-a-limited-duration-long-term-care-insurance-policy/) - More consumers are buying shorter-duration policies as a way to keep the cost of long-term care insurance affordable. For example, in 2009 almost one-third of individual buyers purchased a three-year benefit period policy, according to the American Association for Long-Term Care Insurance. But is that sufficient coverage or is the policyholder likely to run out - [Getting Social Security While Living Overseas](/articles/getting-social-security-while-living-overseas/) - Many retirees look forward to traveling in their retirement, and more and more are actually retiring overseas, in part as a way to stretch savings. But what happens to retirees' federal benefits while they are out of the country? The short answer is that although Social Security benefits are available to retirees in other countries, - [Steps to Take in Advance of Death or Disability](/articles/steps-to-take-in-advance-of-death-or-disability/) - Steps to Take in Advance of Death or Disability Last Updated: 4/29/2010 11:05:37 AM No one wants to face the fact that our loved ones will not be with us forever. Facing our own mortality is frightening as well. Although none of us wants to contemplate a time when we or a loved one might - [Powers of Attorney Come in Different Flavors](/articles/powers-of-attorney-come-in-different-flavors/) - Powers of Attorney Come in Different Flavors Last Updated: 4/29/2010 11:01:52 AM A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes. Before executing this crucial document, it is important to understand what your - [Getting Medicare While Traveling or Living Overseas](/articles/getting-medicare-while-traveling-or-living-overseas/) - Getting Medicare While Traveling or Living Overseas Last Updated: 4/26/2010 11:46:14 AM Many retirees look forward to traveling in their retirement, and more and more are actually retiring overseas, in part as a way to stretch savings. But what happens to retirees' federal benefits while they are out of the country? The short answer - [Social Security Adds New Online Medicare Application](/articles/social-security-adds-new-online-medicare-application/) - Social Security Adds New Online Medicare Application Last Updated: 5/20/2010 8:56:10 AM Time was when Medicare eligibility and one's full retirement age for Social Security were both 65, but that's no longer the case. While Medicare's age of eligibility remains 65, Social Security's full retirement age is now 66 for those just becoming eligible, - [Health Reform: What Changes Are in Store for the Elderly?](/articles/article-health_reform___what_changes_are_in_store_for_the_elderly_/) - Last Updated: 4/8/2010 2:44:42 PM After a year of legislative wrangling and premature forecasts of death, historic legislation overhauling the nation's health insurance system has passed the Congress and been signed into law by President Obama. The measure that finally prevailed, the Patient Protection and Affordable Care Act, is the same legislation the Senate - [The Forgetting](/articles/article-_i_the_forgetting__i_/) - Last Updated: 3/29/2010 11:52:44 AM David Shenk. The Forgetting. Alzheimer's: Portrait of an Epidemic . New York, N.Y.: Anchor Books, 2002. 294 pages.$10.17 from Amazon.com (click on book to order)Alzheimer's is a progressive and ultimately fatal neurological affliction that interferes with and extinguishes brain cells. It kills nearly 100,000 Americans a year, and nearly - [Exchange an Old Annuity or Life Insurance for Long-Term Care Insurance](/articles/article-exchange_an_old_annuity_or_life_insurance_for_long_term_care_insurance/) - Last Updated: 3/31/2010 12:05:46 PM A new law makes the purchase of products that combine annuities or insurance policies with long-term care insurance more attractive. As ElderLawAnswers previously reported, these "hybrid" products are gaining in popularity due to a law that went into effect January 1, 2010, making distributions from life insurance and annuities - [Social Security Calculator Now Available to Delayed Retirees](/articles/article-social_security_calculator_now_available_to_delayed_retirees/) - Last Updated: 2/23/2010 3:16:29 PM Social Security's Retirement Estimator is now available for people who have signed up for Medicare but have not yet signed up for Social Security because they are delaying retirement. The popular calculator allows you to project what your monthly Social Security benefit will be based on your actual work - [Congress Lets Estate Tax Expire, But May Act Retroactively](/articles/articlesarticle-congress_lets_estate_tax_expire__but_may_act_retroactively/) - Last Updated: 1/12/2010 1:43:46 PM With Senate Democrats unable to persuade Republicans to extend the 2009 estate tax law for even a couple of months until a more permanent solution could be devised, there is currently no tax on the estates of those dying during 2010. Although Congress may reinstate the tax retroactively in - [Things to Remember at Tax Time](/articles/article-things_to_remember_at_tax_time-2/) - Last Updated: 2/5/2010 11:49:46 AM April 15th is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to. Following are some things to keep - [The Complete Eldercare Planner](/articles/article-_i_the_complete_eldercare_planner__i_/) - Last Updated: 1/29/2010 11:59:14 AM - [To Roth or Not to Roth?](/articles/article-to_roth_or_not_to_roth_/) - Last Updated: 1/12/2010 3:06:17 PM Now that 2010 has arrived, people whose incomes were previously too high to permit them to rollover a traditional IRA to a Roth IRA are calling their investment houses about making conversions. That's because for the first time, even if your annual income exceeds $100,000, you can convert a - [Avoiding Expensive Funerals](/articles/article-avoiding_expensive_funerals/) - Last Updated: 1/25/2010 11:28:30 AM When planning a funeral, the expenses can add up quickly. The average funeral costs about $7,300, including the casket, embalming, and transportation, and if you include extras like flowers, obituary notices, and acknowledgement cards, the price goes even higher. However, there are several ways you can save on funeral - [Demise of Estate Tax Could Have Serious Consequences for Spouses](/articles/article-demise_of_estate_tax_could_have_serious_consequences_for_spouses/) - Last Updated: 3/2/2010 2:14:01 PM As ElderLawAnswers has reported, the estate tax expired on January 1, 2010. It remains to be seen whether Congress will reinstate it before it returns in 2011, but the fact that there is currently no estate tax can have unintended consequences for spouses. Standard language found in many estate - [Medigap Coverage Is Changing](/articles/article-medigap_coverage_is_changing/) - Last Updated: 2/12/2010 9:56:19 AM Several changes are coming to Medigap plans, which supplement Medicare's coverage. In June 2010, four current plans will be dropped and two new plans will be added, bringing the total number of available Medigap plans to 10. Between copayments, deductibles, and coverage exclusions Medicare does not cover all medical - [Bank Pays Price for Refusing to Honor Request Made Under a Power of Attorney](/articles/article-bank_pays_price_for_refusing_to_honor_request_made_under_a_power_of_attorney/) - Last Updated: 12/8/2009 10:43:58 AM A durable power of attorney (POA) allows the person creating the document, called the "principal," to name a trusted agent who can act on his behalf in almost any situation. But because of the risk of abuse, many banks will scrutinize a POA carefully before allowing the agent to - [Online Retirement Planning Calculators Measure Risk Poorly, Study Finds](/articles/article-online_retirement_planning_calculators_measure_risk_poorly__study_finds/) - Last Updated: 10/15/2009 9:41:14 AM If you are retired or are nearing retirement, the main questions on your mind are probably "Will I run out of money in retirement?" and "Will I be able to maintain my standard of living?" For answers, people often turn to free online retirement calculators, such as those listed - [How to Care for Aging Parents](/articles/article-_i_how_to_care_for_aging_parents__i_/) - Virginia Morris. How to Care for Aging Parents. Workman Publishing Company, Inc. New York, NY. 2004. 691 pages. $12.89 from Amazon.com (click on book to order)As your parents age, their needs begin to change. How to Care for An Aging Parent -- a revised and greatly expanded edition of a book first published in - [Financial Crisis Affects Prepaid 529 Plans](/articles/article-financial_crisis_affects_prepaid_529_plans/) - Last Updated: 1/12/2010 1:57:32 PM As ElderLawAnswers reported earlier this year, the uncertain stock market has made prepaid 529 plans more attractive to parents looking to save for their children's college education. However, the same economic problems that have increased the popularity of the plans are also putting the plans in jeopardy. Many plans - [Pre-Paid Funeral Plans: Buyer Beware](/articles/article-pre_paid_funeral_plans__buyer_beware/) - Last Updated: 1/6/2010 5:31:45 PM Funerals rank among the most expensive purchases many consumers will ever make. A traditional funeral costs about $6,000, although "extras" like flowers, obituary notices, acknowledgment cards and limousines can bring the total to well over $10,000. Moreover, people often "overspend" on a funeral or burial because they think of - [Medicare's Open Enrollment Season Has Begun](/articles/article-medicare__39_s_open_enrollment_season_has_begun/) - Last Updated: 11/18/2009 8:01:04 AM It is that time of year again -- time to reassess whether your Medicare plan is working for you. Medicare's open enrollment period began November 15 and continues until midnight December 31. During this period, you may enroll in a Medicare Part D (prescription drug) plan or, if you - [The Effects of Health Care Reform on Long-Term Care](/articles/article-the_effects_of_health_care_reform_on_long_term_care/) - Last Updated: 12/8/2009 4:20:35 PM Most of the discussion about health reform has centered around issues like the "public option" and abortion restrictions. But buried in both the House and Senate reform bills are important provisions that would make long-term care more affordable, help the elderly and disabled remain at home rather than move - [The Boomer's Guide to Aging Parents](/articles/article-_i_the_boomer__39_s_guide_to_aging_parents__i_/) - Last Updated: 11/25/2009 11:32:36 AM Carolyn Rosenblatt. The Boomer's Guide to Aging Parents. AgingParents.com. 2009. 262 pages. $39.99 (click on book to order) As members of the boomer generation become caretakers for their parents, more and more guides are popping up. The Boomer's Guide to Aging Parents provides practical information on topics that aren't - [End-of-Year Tax Planning Considerations](/articles/article-end_of_year_tax_planning_considerations/) - Last Updated: 12/8/2009 4:27:24 PM As the New Year approaches, taxpayers around the nation are thinking about making gifts or other financial moves before January 1 that will benefit them come April 15, 2010. Here are some year-end considerations of particular interest to seniors. A Reprieve on RMDsLast year, as the stock market plunged - [No Change in Medicaid Spousal Impoverishment Standards for 2010](/articles/article-no_change_in_medicaid_spousal_impoverishment_standards_for_2010/) - Last Updated: 11/12/2009 11:17:25 AM For the first time since 1989, when a law was enacted protecting the spouses of institutionalized Medicaid recipients from impoverishment, the federal Centers for Medicare and Medicaid Services is not raising its guidelines for how much money the husbands or wives of institutionalized Medicaid recipients may keep. With no - [Insurance Industry Fighting to Remove Kennedy's LTC Plan From Health Reform](/articles/article-insurance_industry_fighting_to_remove_kennedy__39_s_ltc_plan_from_health_reform/) - Last Updated: 9/28/2009 3:07:12 PM A proposal to establish a new national long-term care insurance program that would offer basic help to the elderly and disabled is under attack by the insurance industry. Although the proposed program is still included in major health reform bills in both the House and Senate, it is unclear - [Program Provides Support Services to Family Caregivers](/articles/article-program_provides_support_services_to_family_caregivers/) - Last Updated: 9/28/2009 5:51:06 PM Caring for a family member is hard work, and without support, caregivers can easily get burnt out or overwhelmed. However, there is help available for caregivers if they know where to look. The National Family Caregiver Support Program is a federal initiative that provides money to states to fund - [What Is a Trust Protector and When Might You Need One?](/articles/article-what_is_a_trust_protector_and_when_might_you_need_one_/) - Last Updated: 9/28/2009 10:44:54 AM Trust protectors -- long popular in offshore trusts set up by high rollers -- are now gaining popularity in trusts established here in the U.S. by less affluent folks. A trust protector is someone who is appointed to watch over a trust that will be in effect for a - [529 Plans Can Pay for Computers and Internet Next Two Years](/articles/article-529_plans_can_pay_for_computers_and_internet_next_two_years/) - Last Updated: 9/11/2009 3:25:21 PM Tax-free college savings plans and prepaid tuition programs -- so-called 529 plans -- can be used to buy computer equipment and services for an eligible student during 2009 and 2010. The change was part of the American Recovery and Reinvestment Act (ARRA), aka the Stimulus Bill, enacted earlier this - [Medicare Part B Premiums to Rise 15 Percent for Some, or Maybe None](/articles/article-medicare_part_b_premiums_to_rise_15_percent_for_some__or_maybe_none/) - Last Updated: 10/23/2009 10:48:02 AM After not rising last year, the basic premium for Medicare Part B will shoot up 15 percent to $110.50 a month in 2010 from $96.40 in 2008 and 2009. But most beneficiaries will be exempted from paying this increase. Whether the rest will be able to avoid it as - [Understanding the Differences Between a Will and a Trust](/articles/article-understanding_the_differences_between_a_will_and_a_trust/) - Last Updated: 10/28/2009 10:45:01 AM Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan. One main difference between a will and a trust is that - [IRS Issues Long-Term Care Premium Deductibility Limits for 2010](/articles/article-irs_issues_long_term_care_premium_deductibility_limits_for_2010/) - Last Updated: 10/19/2009 3:28:06 PM The Internal Revenue Service has announced the 2010 limitations on the deductibility of long-term care insurance premiums from taxes. For the first time, the maximum deductible limit for an individual exceeds $4,000. Premiums for "qualified" (see explanation below) are tax deductible provided that they, along with other unreimbursed medical - [Switching Medicare Plans If You Move](/articles/article-switching_medicare_plans_if_you_move/) - Last Updated: 10/28/2009 10:34:11 AM If you are over 65 and preparing to move to another county or state, be sure to add "check Medicare plan" to your to-do list. You need to make sure your Medicare plan will still be in effect after you move. Whether or not your policy will be valid - [Don't Fall for the 'Certified Copy of Your Deed' Swindle](/articles/article-don_t_fall_for_the__certified_copy_of_your_deed__swindle/) - Last Updated: 6/15/2009 10:18:30 AM Would you pay $60 for something you could get for as little as $1 and probably don't need at all? A company called National Deed Service is hoping to persuade homeowners to part with the extra cash to purchase a "certified copy" of the deed to their home. Officials - [Can We Talk? A Financial Guide for Baby Boomers Assisting Their Elderly Parents](/articles/article-_i_can_we_talk__a_financial_guide_for_baby_boomers_assisting_their_elderly_parents__i_/) - Last Updated: 6/23/2009 4:59:40 PM - [Beware of Generic Health Care Proxy Forms](/articles/article-beware_of_generic_health_care_proxy_forms/) - Last Updated: 6/23/2009 4:22:19 PM Hospitals often give patients a health care proxy form to sign on being admitted. While it might seem easy to sign a generic health care proxy form, having a document that is specifically tailored to your needs is important. A health care proxy allows you to appoint someone else - [Writing a Memorandum of Intent for a Special Needs Child](/articles/article-writing_a_memorandum_of_intent_for_a_special_needs_child/) - Last Updated: 10/30/2008 How can you ensure that your special needs child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for your child's future, special needs planners also advise families to write - [FDIC Temporarily Boosts Insurance Limit to $250,000, Including Trusts](/articles/article-fdic_temporarily_boosts_insurance_limit_to__250_000__including_trusts/) - Last Updated: 10/31/2008 The recently passed Emergency Economic Stabilization Act of 2008 (aka "the bailout bill") temporarily raises the basic limit on federal deposit insurance coverage (FDIC) from $100,000 to $250,000 per depositor. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009.The rise in insurance coverage - [Questions and Answers on Life Insurance](/articles/article-_i_questions_and_answers_on_life_insurance__i_/) - Last Updated: 10/27/2008 - [Are You Sitting Down? Medicare Premium to Remain Unchanged in 2009](/articles/article-are_you_sitting_down__medicare_premium_to_remain_unchanged_in_2009/) - Last Updated: 10/6/2008 For the first time in eight years, Medicare's monthly premium will remain unchanged for most of the program's 44 million beneficiaries. The Centers for Medicare and Medicaid Services (CMS) announced that the Part B premium will remain at its 2008 level of $96.40 for 2009 for individuals earning $85,000 or less - [Does Your Will Name an Alternate Beneficiary?](/articles/article-does_your_will_name_an_alternate_beneficiary_/) - Last Updated: 10/27/2008 What will happen to your estate if your primary beneficiary does not survive you? If your will does not name an alternate beneficiary, your estate will be divided according to state law. The way the state divides your estate may not agree with your wishes. Your money may go to someone - [Financial Abuse of the Elderly: A Detective's Case Files of Exploitation Crimes](/articles/article-_i_financial_abuse_of_the_elderly__a_detective__039s_case_files_of_exploitation_crimes__i__/) - Last Updated: 10/6/2008 - [How Does Work Affect Your Social Security Payments?](/articles/article-how_does_work_affect_your_social_security_payments__/) - Last Updated: 10/6/2008 Many people continue to work beyond retirement age, either by choice or out of necessity. But if you are receiving Social Security benefits, you need to be aware of how working can affect your benefit payments. Earning income above Social Security thresholds can cause a reduction in benefits and mean your - [Senior Move Managers Help Make Moving Easier](/articles/article-senior_move_managers_help_make_moving_easier/) - Last Updated: 3/24/2009 Moving can be stressful for anyone and especially so for seniors. On top of hiring movers, packing, and setting up the new home, there is the emotional toll of leaving a house the senior may have lived in for years. If the move seems overwhelming, a senior move manager may be - [Online Calculator Gives Personalized Estimate of Future Social Security Benefit](/articles/article-online_calculator_gives_personalized_estimate_of_future_social_security_benefit/) - Last Updated: 10/7/2008 The Social Security Administration (SSA) has unveiled a new online calculator that allows you to project what your monthly Social Security benefit will be based on your actual work record. The Retirement Estimator also lets you create "what if" retirement scenarios based on different earnings projections and retirement ages. The calculator - [How Parents Can Provide for a Caregiver Child](/articles/article-how_parents_can_provide_for_a_caregiver_child/) - Last Updated: 10/7/2008 Taking care of a parent can be a full-time job. Children may have to give up paying jobs in order to provide care to aging parents. Unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child who takes on the burden of caregiving may do so in one - [New Web Site Invites Reviews of Nursing Homes and Other Senior Care Services](/articles/article-new_web_site_invites_reviews_of_nursing_homes_and_other_senior_care_services/) - Last Updated: 10/7/2008 A new Web site, seniorDECISION, features consumer ratings and reviews of nursing homes, assisted living, retirement communities, and home health care agencies. The site is a forum for seniors, caregivers, and aging professionals to share opinions on more than 75,000 senior care and housing services nationwide.Unlike many Web sites that provide - [Millions of Retirees and Vets Are Leaving Stimulus Money on the Table](/articles/article-millions_of_retirees_and_vets_are_leaving_stimulus_money_on_the_table/) - Last Updated: 10/7/2008 The IRS reports that more than 5 million retirees and disabled veterans who are eligible to receive a tax rebate under the $152 billion economic stimulus package have failed to take the steps necessary to get their checks.As we have previously reported, Social Security recipients (including beneficiaries receiving Social Security Disability - [Second Marriages and Life Insurance](/articles/article-second_marriages_and_life_insurance/) - Last Updated: 8/5/2008 As second marriages become more and more common, beneficiary designations become more complicated. If you are remarried, choosing a beneficiary for your life insurance policy may not be simple‚ especially if you have children from a previous marriage. When it comes to life insurance, how do you make sure your spouse - [Disinheiriting a Relative Can Be Complicated](/articles/article-disinheiriting_a_relative_can_be_complicated/) - Last Updated: 6/26/2008 You may feel that you have given one child more during your life, so he or she should get less in your will. Or you may want to cut out an heir altogether. Whatever the reason, disinheriting a close relative--especially a spouse or a child--can be complicated. It may not be - [Web Site Aims to Take the Rancor Out of Dividing Up an Estate](/articles/article-web_site_aims_to_take_the_rancor_out_of_dividing_up_an_estate/) - Last Updated: 6/26/2008 As ElderLawAnswers has reported, dividing up family heirlooms can be a difficult business. Wills often deal only with financial assets, not personal possessions, and infighting between family members over who gets which personal item can damage relationships for years to come. Now there is a Web site that may help families - [Mediation Can Facilitate an Amicable Senior Divorce](/articles/article-mediation_can_facilitate_an_amicable_senior_divorce/) - Last Updated: 6/23/2009 2:23:49 PM As people live longer, the divorce rate among seniors is growing. Older couples confront different problems than younger ones do when getting divorced, and a mediator can help sort through these issues and facilitate an amicable settlement. While divorces among younger couples usually focus on child support and visitation - [Congress Waives Retirement Account Distribution Requirements for 2009](/articles/article-congress_waives_retirement_account_distribution_requirements_for_2009/) - Last Updated: 1/5/2009 Congress has passed and President Bush has signed legislation that will temporarily suspend the penalty for seniors who fail to take the required minimum distribution from IRA and employer retirement accounts in 2009. But the penalty freeze, which is part of the Worker, Retiree, and Employer Recovery Act of 2008, does - [Updating Your Estate Plan When Your Finances Change](/articles/article-updating_your_estate_plan_when_your_finances_change_/) - Last Updated: 2/26/2009 In the recent economic downturn, many homes have lost considerable value and stock portfolios have plummeted. If this is the case for you, do you need to change your will? What if your income and assets have increased significantly? If your finances have changed markedly since you wrote your will, you - [Caring for Your Parents: The Complete Family Guide](/articles/article-_i_caring_for_your_parents__the_complete_family_guide__i_/) - Last Updated: 12/22/2008 - [Five-Star Rating System for Nursing Homes Arrives, for Better or for Worse](/articles/article-five_star_rating_system_for_nursing_homes_arrives__for_better_or_for_worse/) - Last Updated: 12/20/2008 The Centers for Medicare & Medicaid Services (CMS) has unveiled a one- to five-star rating system for nursing homes to help consumers evaluate a nursing home's quality when selecting a facility. The ratings appear on the agency's Nursing Home Compare Web site. A five-star designation means the facility ranks "much above - [Long-Term Care Insurer Dumps 140,000 Policies on State's Doorstep](/articles/article-long_term_care_insurer_dumps_140_000_policies_on_state__039s_doorstep/) - Last Updated: 12/5/2008 Conseco Inc., a major long-term care insurer, has transferred more than 140,000 of its policies to an independent trust set up by Pennsylvania, putting the policyholders at risk. Conseco moved its Senior Health Insurance Co. long-term-care policies, which were underpriced, to a new state-supervised nonprofit trust, Senior Health Insurance Co. of - [What Happens If You Die Without a Will?](/articles/article-what_happens_if_you_die_without_a_will_/) - Last Updated: 2/26/2009 We all know we are supposed to do estate planning, but not all of us get around to it. (If you are among the many who haven't gotten around to it, see our current home page survey.) So what happens if you don't have a will when you die? Your estate - [Supreme Court Says Deceased Employee's Ex-Wife Can Get His Pension Benefits](/articles/article-supreme_court_says_deceased_employee__039s_ex_wife_can_get_his_pension_benefits/) - Last Updated: 2/2/2009 A new Supreme Court decision illustrates the importance of making sure your beneficiary designations are up-to-date. The Court has unanimously ruled that an employer must distribute a deceased employee's retirement benefits to his ex-wife even though she had renounced the benefits in their divorce. Kennedy v. Plan Administrator for DuPont Sav. - [Living and Dying in a Long-Term Care Facility: Notes From a Nursing Home Doctor](/articles/article-_i_living_and_dying_in_a_long_term_care_facility__notes_from_a_nursing_home_doctor__i_/) - Last Updated: 1/29/2009 - [10 Steps to Less Stressful Caretaking](/articles/article-10_steps_to_less_stressful_caretaking/) - Last Updated: 2/26/2009 Taking care of an elderly loved one, whether due to dementia or illness, can be exhausting and stressful. Often due to the lack of outside help, a devotion to the person needing care, or the tunnel vision that can accompany exhaustion, caretakers don't take care of themselves. But they must. Failure - [IRS Clarifies Recent Law Waiving Account Distribution Rules for 2009](/articles/article-irs_clarifies_recent_law_waiving_account_distribution_rules_for_2009/) - Last Updated: 1/17/2009 The Internal Revenue Service (IRS) has issued guidance to financial institutions clarifying the new law that allows seniors to avoid making required withdrawals from depleted retirement accounts in 2009. Taxpayers over 70 1/2 years old generally must begin withdrawing a certain percentage of the balance of retirement accounts like IRAs and - [Financial Downturn Coupled With Changing Estate Tax Rules Mean It's Time to Review Your Estate Plan](/articles/article-financial_downturn_coupled_with_changing_estate_tax_rules_mean_it__039s_time_to_review_your_estate_plan/) - Last Updated: 4/20/2009 The financial crisis, coupled with possible changes in the estate tax law, make now a good time to review your estate plan. The future of the estate tax will likely be up for debate in Congress soon because one of the priorities of the Obama administration is making the estate tax - [What the Stimulus Bill Does for the Elderly](/articles/article-what_the_stimulus_bill_does_for_the_elderly_/) - Last Updated: 3/6/2009 The American Recovery and Reinvestment Act of 2009, the $787 billion stimulus package that President Barack Obama signed into law February 17, 2009, includes a number of provisions that help the elderly in need as well as the economy. Here are the highlights: A one-time payment of $250 in the form - ['Who Moved My Dentures?'](/articles/article-_i___039who_moved_my_dentures___039__i_/) - Last Updated: 3/26/2009 - [Reevaluate Insurance Needs When You Retire](/articles/article-reevaluate_insurance_needs_when_you_retire/) - Last Updated: 4/20/2009 Along with many other changes, your insurance needs change when you retire. It is a good idea to look at your insurance options and figure out what you need or don't need and where you might be able to achieve some savings. Life Insurance. Once you retire, you may no longer - [New Study Finds Financial Abuse of Elderly Is Costly and Vastly Underreported](/articles/article-new_study_finds_financial_abuse_of_elderly_is_costly_and_vastly_underreported_/) - Last Updated: 3/20/2009 Elder financial abuse costs older Americans more than $2.6 billion a year and is most often perpetrated by family members and caregivers, according to a new report released by the MetLife Mature Market Institute entitled, Broken Trust: Elders, Family and Finances. The 40-page report notes that for each case of abuse - [Be Aware of the Dangers of Joint Accounts](/articles/article-be_aware_of_the_dangers_of_joint_accounts/) - Last Updated: 3/27/2009 Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones, and such accounts are sometimes referred to as "the common person's estate plan." But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. - [Nursing Home Residents May Keep $250 Stimulus Payment](/articles/article-nursing_home_residents_may_keep__250_stimulus_payment/) - Last Updated: 4/24/2009 Just about everyone who gets Social Security, Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), or a Railroad Retirement or Veterans Administration disability pension, will receive a one-time payment from the U.S. government of $250 as part of the American Recovery and Reinvestment Act of 2009 (aka the stimulus bill). - [The Boomer Burden: Dealing with Your Parents' Lifetime Accumulation of Stuff](/articles/article-_i_the_boomer_burden__dealing_with_your_parents__039_lifetime_accumulation_of_stuff___i_/) - Last Updated: 4/29/2009 - [Nearly Two-Thirds Face Risky Retirement Due to Long-Term Care Costs](/articles/article-nearly_two_thirds_face_risky_retirement_due_to_long_term_care_costs/) - Last Updated: 4/1/2009 A new report by the Center for Retirement Research at Boston College finds that nearly two-thirds of U.S. households are at risk of being unable to maintain their standard of living in retirement when possible long-term care costs are taken into consideration. The report, "Long-Term Care Costs and the National Retirement - [Tips for Preventing, Detecting, and Reporting Financial Abuse of the Elderly](/articles/article-tips_for_preventing__detecting__and_reporting_financial_abuse_of_the_elderly/) - Last Updated: 4/6/2009 As the economy worsens, incidences of elder financial abuse are reportedly on the rise. The elderly are particularly vulnerable to scams or to financial abuse by family members in need of money. A recent study found that up to one million older Americans may be targeted yearly. Family members and caregivers - [Things to Remember at Tax Time](/articles/article-things_to_remember_at_tax_time/) - Last Updated: 2/19/2009 April 15th is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to. Following are some things to keep in mind - [How to Choose a Medigap Policy](/articles/article-how_to_choose_a_medigap_policy/) - Last Updated: 4/14/2009 Once you become eligible for Medicare, you will be inundated with offers from insurance companies for Medigap (supplemental insurance) policies. Sorting through these offers can be confusing. Not only are there 12 standardized plans, but there can be huge differences in premiums between companies. Medicare plans A and B cover only - [The Last Goodnights: Assisting My Parents with Their Suicides](/articles/article-__i_the_last_goodnights__assisting_my_parents_with_their_suicides__i_/) - Last Updated: 2/27/2009 - [Retirement Home Can Force Resident to Move to Higher Level of Care](/articles/article-retirement_home_can_force_resident_to_move_to_higher_level_of_care/) - Last Updated: 2/18/2009 A federal court has ruled that a continuing care retirement community (CCRC) can force one of its residents to move from her private apartment to an assisted living unit. Sally Herriot, 90, is a resident of Channing House, a CCRC in Palo Alto, California, that provides three levels of care -- - [Do You Have the Right Fiduciary?](/articles/article-do_you_have_the_right_fiduciary_/) - Last Updated: 2/24/2009 When creating an estate plan, an important decision is who to name as your fiduciary. A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do it yourself, such as the executor of an estate, the trustee - [A Roundup of Key Elder Law Numbers for 2009](/articles/article-a_roundup_of_key_elder_law_numbers_for_2009/) - Last Updated: 10/31/2008 Below is compilation of Medicaid, Medicare, Social Security and other figures for 2009 that are of interest to the elderly and their families. Medicaid Spousal Impoverishment Figures for 2009 In 2009, the spouse of a Medicaid recipient living in a nursing home (called the "community spouse") may keep as much as - [Revoking a Power of Attorney](/articles/article-revoking_a_power_of_attorney/) - Last Updated: 2/3/2009 If for any reason, you become unhappy with the person you have appointed to make decisions for you under a durable power of attorney, you may revoke the power of attorney at any time. There are a few steps you should take to ensure the document is properly revoked. While any - [Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values](/articles/article-_i_preparing_heirs__five_steps_to_a_successful_transition_of_family_wealth_and_values__i_/) - Last Updated: 12/2/2008 - [More Seniors Turning to Free Food Programs](/articles/article-more_seniors_turning_to_free_food_programs_/) - Last Updated: 11/17/2008 By Sue Woodman The story is the same across the country: the combination of a tough economy, rising food and fuel prices, and strained social services are causing dramatically higher numbers of elderly to seek out free food programs. In big cities like New York, the numbers showing up for free - [Retiring on Obama's Watch: What to Expect From 44](/articles/article-retiring_on_obama__039s_watch__what_to_expect_from_44/) - Last Updated: 11/7/2008 By Mark Miller, RetirementRevised.com - [Annual Gift Tax Exclusion Jumping to $13,000 Next Year](/articles/article-annual_gift_tax_exclusion_jumping_to__13_000_next_year/) - Last Updated: 10/17/2008 The annual gift tax exclusion will increase from $12,000 to $13,000 effective January 1, 2009, the Internal Revenue Service (IRS) has announced. The gift tax exclusion is the amount the IRS allows a taxpayer to gift to another individual without reporting the gift. The increase means that more can be given - [Tax Deductions for Assisted Living Costs](/articles/article-tax_deductions_for_assisted_living_costs/) - Last Updated: 11/4/2008 If you or a family member lives in an assisted living facility, you know that assisted living costs continue to rise every year. But did you know some of those costs may be tax deductible? Medical expenses, including some long-term care expenses, are deductible if the expenses are more than 7.5 - [Investment Pundits Urge Calm and Patience](/articles/article-investment_pundits_urge_calm_and_patience_/) - Last Updated: 10/6/2008 It's being called the greatest shock to the U.S. financial system since the Great Depression. With major brokerage houses and insurers going under and Wall Street gyrating wildly, many are wondering if there is any safe place to put their money and what, if any, investment moves they should make. In - [New Law Makes Changes to Reverse Mortgages](/articles/article-new_law_makes_changes_to_reverse_mortgages/) - Last Updated: 12/1/2008 In addition to addressing the current housing crisis, the Housing and Economic Recovery Act of 2008 makes changes to reverse mortgages, including higher borrowing limits and protections from aggressive marketing. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her - [Estate Taxes: What's a Taxpayer to Do?](/articles/article-estate_taxes__what__039s_a_taxpayer_to_do_/) - Last Updated: 6/8/2009 4:40:07 PM After almost a decade of changes in the federal estate tax code, and many states changing their tax structure in response to the federal changes, clarity appears to be on the horizon. Congress's recently passed budget resolution would make the current estate tax rules permanent, taxing only estates over - [Accounting for Gifts and Loans to Children in Your Estate Plan](/articles/article-accounting_for_gifts_and_loans_to_children_in_your_estate_plan/) - Last Updated: 5/27/2009 9:29:04 AM No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others. However, a few key words in your estate plan can minimize the potential for conflict.If you give - [Long-Term Care at Home Consumer Guide](/articles/article-_i_long_term_care_at_home_consumer_guide__i_/) - Last Updated: 5/27/2009 8:30:13 PM - [Online Services Offer Estate Planning for Digital Assets](/articles/article-online_services_offer_estate_planning_for_digital_assets/) - Last Updated: 6/9/2009 2:19:29 PM Once upon a time, when life was less complicated, the key to a safe deposit box was all loved ones needed to gain access to important documents and accounts following a death. Today, many aspects of our lives -- both financial and personal -- are lived in places accessible - [Requiring Adult Children to Pay for Aging Parents](/articles/article-requiring_adult_children_to_pay_for_aging_parents/) - Last Updated: 5/21/2009 11:37:18 AM Did you know you could be responsible for your parents' unpaid bills? Thirty states currently have laws making adult children responsible for their parents if their parents can't afford to take care of themselves. While these laws are rarely enforced, there has been speculation that states may begin dusting - [You May Be Able to Claim Social Security Benefits Now and Claim More Later](/articles/article-you_may_be_able_to_claim_social_security_benefits_now_and_claim_more_later/) - Last Updated: 6/23/2009 2:24:07 PM Although you can begin receiving Social Security benefits anytime after age 62, the longer you wait, the higher the benefit you will receive. But many people need money right away and cannot afford to delay. If you are married, there is a strategy that may allow you to claim - [New Privacy Rules Restrict Family Access to Health Information](/articles/new-privacy-rules-restrict-family-access-to-health-information/) - Last Updated: 6/27/2008 With the strict new health care privacy rules now in force, it's more important than ever that everyone consider creating an advance medical directive that specifically names those persons who are entitled to access to health care information about them. Under the Health Insurance Portability and Accountability Act (HIPAA), which recently became effective, ## Practice Areas - [Longevity Planning](/practice-areas/longevity-planning/) - Americans are living longer than ever before. And while you may not want to think about it now, the reality is that many elderly people will eventually require long-term or nursing home care. Unfortunately, such care is expensive. When someone in your family needs the services of a nursing facility, the cost now approaches $7,500 - [Long-Term Care Insurance](/practice-areas/long-term-care-insurance/) - Introduction For nursing home care in the San Francisco Bay Area the average cost is approaching $7,500 a month for a semi-private room and as much as $10,320 per month for a private room. In some cases, such as where the resident is on a ventilator, the cost can approach $25,000 per month or more. - [Disability Planning](/practice-areas/disability-planning/) - Supplemental Security Income (SSI) SSI is the basic federal safety net program for the elderly, blind and disabled, providing them with a minimum guaranteed income. Effective January 1, 2009, the maximum federal SSI benefit is $674 a month for an individual and $1,011 a month for a couple (the amounts go up every January 1). - [Veteran's Benefits](/practice-areas/veterans-benefits/) - MEDICAL CARE The Veterans Administration (VA) provides health care benefits to veterans. The plan covers a number of health care services, including preventative services, diagnostic and treatment services, and hospitalization. It may also cover nursing home and other long-term care options. Who is Eligible? To receive care, most veterans must be enrolled in the VA - [Probate](/practice-areas/probate/) - To put it simply, Probate is the court-supervised administration of a decedent’s estate. Unfortunately, there is nothing simple about Probate in California. It is an expensive, time-consuming, highly public and often frustrating process, made all the more difficult by the grief that accompanies losing a love one. Fees are set by statute in the California - [Trust Administration](/practice-areas/trust-administration/) - Losing a loved one is difficult enough; the last thing your family needs is the added stress of making important financial and legal decisions while in mourning. At the Law Offices of Osofsky & Osofsky, we have the experience and compassion necessary to make the estate and trust administration process as efficient and stress-free as - [Medi-Cal Planning](/practice-areas/medi-cal-planning/) - The Need for Planning One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. In the California Bay Area, nursing homes cost approach $90,000 a year, and are rising. Most people - [Advance Care Planning](/practice-areas/advance-care-planning-the-advance-directive-and-the-polst/) - The Advanced HealthCare Directive and the "POLST" Advance Care Planning generally refers to the decision-making regarding healthcare issues as we age. It involves making important decisions about your wishes for medical intervention and end-of-life, including the decision to nominate a health care agent to implement your wishes if you are unable to do so. The - [Nursing Home Issues](/practice-areas/nursing-home-issues/) - Choosing and Evaluating a Nursing Home Can there be a more difficult job than finding a nursing home for a parent or spouse? No one wants to live in a nursing home. They serve as institutions of last resort when it's impossible to provide the necessary care in any other setting. 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She now suffers from Parkinson's Disease - [Hospice Planning](/practice-areas/hospice-planning/) - You’ve probably heard of hospice, but you may be unfamiliar with the details concerning this philosophy of medical care. Rather than a place to receive medical care, hospice is an approach to medical care for patients nearing the end of life. Its goal is to enhance the quality of life for patients with terminal illness. - [Special Needs Planning](/practice-areas/special-needs-planning/) - Disability and other special needs often limit a child’s capacity to become independent and financially secure as an adult, which is why planning for your child's special needs future is so important. This is particularly true today, with declining government entitlements and rising costs of care. At the Osofsky Law Firm, we can help ease - [Estate Planning](/practice-areas/estate-planning/) - Why Plan Your Estate? The knowledge that we will eventually die is one of the things that seems to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your demise until it is too ## Videos - [About Gene Osofsky](/videos/about-gene-osofsky/) - Gene's Story - [Elder Law presentation by Gene L. 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