Disabled California residents may now open savings accounts without jeopardizing means-based benefits, such as Supplemental Security Income (SSI). SSI is a federal income supplement program that is funded by general tax revenues. Under that program, the aged, blind, and disabled with little or no income qualify for cash benefits to pay for housing, food, and clothing. However, to qualify for…
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…
If you have a loved one with dementia or Alzheimer’s disease, you have already seen how a diagnosis can flip life as you know it upside down. It’s a long road and a lot of work to make sure loved ones with dementia are happy and well cared for. It is imperative to take steps to legally protect your loved…
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…
The days following the death of a spouse can be confusing. There are a lot of decisions to make and tasks to undertake. One area that must be dealt with quickly and competently is your finances. It is very important to get a clear picture of what steps you must take to secure your financial future. For example, it is…