“I’ll tell you, Marge, my attorney is a wizard, a downright magician. When the time comes and my kids stick me in a nursing home, I am going to be ready. She has created a plan that protects my assets and will enable me to qualify for Medi-Cal quickly.” Lynda smiled triumphantly as she sipped her coffee. Marge frowned. “I…
Eighteen-year-old Sarah tried to calm her excitement. She had been named the beneficiary of her Grandpa Jack’s IRA (Individual Retirement Account). While all of the grandchildren had been named in Grandpa Jack’s will, she was the only one to get a separate gift. Visions of a new car and new clothes began to dance through her head. “Your grandfather named…
The Tax Cuts and Jobs Act, passed at the end of 2017, significantly alters many of the deductions to which we have become accustomed. CPA’s and financial planners continue to unravel the new laws but one of the new changes is clear. The new tax law will reduce the tax benefit of charitable giving for many individuals. However, the changes…
Lisa studied her late son’s will and frowned. “To my mother and father, George and Lisa Cummings, I bequeath the contents of my wallet, to be found at Coinbase.” “George, you ever heard of a place called Coinbase?” George shook his head. “No. What about it?” “Well, according to Danny’s will, he left his wallet there and we inherit the…
Susan stared at her father’s Last Will and Testament and groaned. “I know I am supposed to be the executor of Dad’s will, but some of this makes no sense.” “How so?” asked her husband, Tom. “Well, he makes these very specific bequests of airline miles and hotel points, even credit card reward points. But I’m pretty sure all of…
There are several kinds of disability income benefits available to a worker who becomes unable to work due to an injury or illness. This article focuses on private disability insurance policies or plans provided by employers that are governed by a federal law known as the Employee Retirement Income Security Act of 1974 (“ERISA”). Applying for long-term disability benefits under…
There are many different kinds of revocable living trusts out there. It’s not really important that you understand much about all the difference kinds, but it is important that you understand what kind you have. This article is focused on trusts for married couples, and in particular on what the trust says must happen when the first spouse dies. There…