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Big Three from Episode #061: Teach your heirs ahead of time how to handle wealth successfully. Communication and conflict management is KEY to building a solid family foundation, especially for when the older generations are no longer around. Have the family find a shared purpose for using their wealth as a tool. Time-stamped Show Notes: 5:57 – How often do…
This seems like a simple question, right? My retirement goes to the person I listed as my beneficiary (spouse, kids, etc.). Most of the time this is true, yet we also get a fair share of people having to file a probate for an IRA or having to request the court to allow someone to set up a special needs…
The California Department of Health Care Services recently announced new Medi-Cal resource numbers for 2021. In All County Welfare Directors Letter (ACWDL) 20-27 the Community Spouse Resource Allowance (CSRA) was increased to $130,380 and the Minimum Monthly Maintenance Needs Allowance (MMMNA) was increased to $3,260 for 2021. The CSRA is the amount of non-exempt assets that the spouse of a Medi-Cal applicant…
You may or may not already have your estate planned for when you die, but did you know that you can also make gifting your assets while you are alive a part of your estate plan? Most people are aware that you, as an individual, can gift up to $15,000 per year to any other individual without having to report…
Big Three from Episode #058: Parents can nominate someone for guardianship, but only the judge can appoint someone. As a parent, make sure your wishes are clearly expressed in your estate plan; otherwise, you will have absolutely no say in the matter. Choose potential guardians that you can trust to make sure things get done. Time-stamped Show Notes: 2:30 –…
Big Three from Episode #056: Don’t wait until it’s too late, start planning NOW! Treat your parents like your partner. Listen to what’s important to your parents. What do they want to happen? Time-stamped Show Notes: 5:43 – When is the right time for adult children to have conversations with their parents, and what is the best approach? 7:51 –…