Effective January 1, 2022, California Probate Code Sections 15800 and 16069 are amended by Assembly Bill 1079. The law changes affect trustees who assume their role when the settlor or trustor (the trust’s creator) becomes incapacitated. Typically, the person or persons who create a revocable living trust hold power to revoke the trust. However, when a person dies, their revocable…
The Aged and Disabled Medi-Cal program pays for long-term care in a skilled nursing facility and care at home through In Home Support Services (IHSS). In order to qualify for this type of Medi-Cal, you must meet an income test, or have a share of cost if your income is too high, and you are limited in the amount of…
A client recently asked about leaving property to his only child and wanted to know if he could add his child on title to his home rather than using a trust. The client wanted to use joint tenancy to avoid probate and smooth transition between parent and child. While my client was correct about avoiding probate and the smoother transition,…
Big Three from Episode #065: Diablo Valley Foundation for the aging is not just for orphaned seniors. They provide support to all seniors and their family members however they may need it. DVFA has various programs, but their primary three services include professional private fiduciary services, care management, and adult daycare. DVFA’s mission is to provide support enabling older adults…
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…
Big Three from Episode #060: Finding out what’s important to people – who they are and what they like is key to helping maintain quality of life. Work with someone local, knows the communities, assess clients, and have a physical presence. Who pays for long-term care and senior living communities? We do with our assets that we save, long-term care…
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 –…