When it comes to the potential need for long-term care, Medi-Cal planning is needed to protect your assets, especially your home, from Medi-Cal recovery. One way to do that is to create an irrevocable Medi-Cal trust. But, what if you want to revoke that trust later on? Here is what you need to know. The [ ] The post Medicaid Trusts as Part of Medi-Cal Planning appeared first on Northern California Center for Estate Planning and Elder Law.
A person s ability to comprehend things happening around them is referred to as mental capacity. With legal proceedings in particular, the term capacity generally refers to as the ability to understand the nature and consequences of the legal proceedings. In the legal context, it can also refer to whether the person is competent enough to [ ] The post Understanding Incapacity as part of Incapacity Planning appeared first on Northern California Center for Estate Planning and Elder Law.
The probate code is basically the set of laws regarding wills and estates. There is a Uniform Probate Code which was created for the purpose of simplifying the probate process and standardizing the laws regarding wills, trusts and intestacy. The Uniform Probate Code also addresses gifts, as well. Because the probate code is an important [ ] The post Why Probate is a Part of Estate Planning Sacramento Residents Must Consider appeared first on Northern California Center for Estate Planning and Elder Law.
“The only thing that is constant is change.” ~Heraclitus In our recent newsletters, we have been exploring and debunking many myths about the Medi-Cal Long Term Care program that seem to abound. The focus of the most recent articles has been the myths surrounding the home, including the right of Medi-Cal to assert a claim [ ] The post Myths About Medi-Cal, Part IV appeared first on Northern California Center for Estate Planning and Elder Law.
One part of overall estate planning is considering how to minimize taxes as much as possible. This includes not only estate taxes but also gift taxes. When you transfer ownership of property, even as a gift, the IRS will impose a tax. There are some exceptions or exclusions to the gift tax that is typically [ ] The post Understanding the Annual Gift Exclusion appeared first on Northern California Center for Estate Planning and Elder Law.
By Timothy P. Murphy © 2016 All Rights Reserved MEDI-CAL MYTHS: PART I: YOU GOTTA BE BROKE! Editor’s note: This is the first installment of an occasional series about common misconceptions by consumers about the Medi-Cal Long Term Care program which provides financial assistance in paying for care in a skilled nursing facility. As many of our clients already know, we regularly assist families who are facing care issues for a family member who may need long term care including advice and assistance in obtaining benefits available under certain Veterans and Medi-Cal programs. A very common situation that arises when first meeting with families about their planning options is a large amount of wrong information that they have obtained from their friends, the media, the internet, uninformed advisors, and, regrettably, even employees of agencies charged with administering these programs. In this series of reports, we will explore some of the more common myths and misconceptions. Most
The process of estate planning should ideally be viewed from a comprehensive perspective. There are eventualities that you may face before you pass away, and this is something that you should take into consideration, because there are actions that you can take to prepare yourself. This is certainly not a very pleasant thing to contemplate, but the cold hard reality is that many people become incapacitated and unable to communicate before they pass away. During this interim, there can be medical decisions that must be made. You can account for this through the execution of incapacity planning documents called advance directives for health care. One advance directive that you should definitely include in your incapacity plan is a living will. Doctors can sometimes use artificial measures to keep people alive indefinitely, even when there is no hope of recovery. Would you want doctors to utilize measures such as these to keep you alive under these circumstances? When you create a livin