It’s never too early to start planning for eldercare, whether for a relative, a spouse, or yourself. Generally, eldercare is separate and distinct from nursing home care. Nursing homes provide medical and personal care in a clinical setting. Eldercare offers personal care in a home-like or social setting. In California, there are three primary types of eldercare: Assisted living, home…
The passage of the U.S. Achieving a Better Life Experience Act of 2014 (ABLE) enabled millions of disabled Americans to save money without losing means-based benefits, such as Supplemental Security Income (SSI) and Medi-Cal. Currently, anyone with more than $2,000 in countable assets is ineligible for most means-based programs. Prior to ABLE, it was impossible to save funds for larger…
The California State Controller’s Office administers the Property Tax Postponement program that allows eligible homeowners to postpone paying their property taxes on their primary residence. The program allows for the deferral of the payment and secures repayment by placing a lien on the property, or if the home is a manufactured or mobile home, by a security agreement with the…
Alicia stared at the statement that had been arrived in the mail. “This can’t be right,” she mumbled. “There is no way Dad’s Medicare premiums have doubled. And why has his monthly Social Security check been reduced?” She picked up her coffee mug and sipped. “I need to call someone.” She scanned the notice for a phone number and dialed.…
Many people set up estate plans because they are concerned with having to pay estate or “death” taxes. Currently, if someone dies in 2020, their estate is taxed by the Federal government for every dollar their estate is over $11,580,000. California does not currently impose any estate taxes. But what happens if you own property in another state? What if…
Our clients understand the importance of estate planning. In this time of COVID-19, many people are also feeling a sense of urgency. It is important to remember, though, that the plan is only the beginning. A surprising number of our clients discover, after the death of a family member, that an asset that should have been transferred to the trust…
Federal law mandates that you take a required minimum distribution (RMD) from your IRAs by April 1st of 2020 if you turned 70-1/2 in 2019, or by April 1st of the year after you turn 72 (after 2019), thanks to the new SECURE Act passed in December of 2019. Each year after that age you must take your RMD by…
Elder abuse is a common topic and we hear frequent warnings about scams by caregivers, email and telephone scams, and even being taken advantage of by children or grandchildren. While marrying for money is not a new concept, it is quickly spreading into the area of elder abuse. Caregivers, or people wanting to get close to an elderly person with…