Something we see quite often with our older clients is a joint bank account – parent’s money, child added to the account for convenience of the parent. It really can be very convenient, so, despite the list of problems I’ll get to in a minute, for some families in some situations, adding a child to your bank account can be…
One of the most important aspects of your estate plan may be the decisions you make about your health care. There may come a time when you are no longer able to make such decisions and by planning for that possibility, you can ensure that your desires will be carried out to the very end-of-life. There are three tools at…
For many people, the proper care of beloved pets after their death is a significant concern. When clothing designer Karl Lagerfeld died recently, much was made about the fate of his long-time pet, a cat named Choupette. While Lagerfeld was alive, Choupette lived a lavish lifestyle. A team of maids were at her beck and call as she resided in…
Under the Tax Cuts and Jobs Act enacted last year, the federal lifetime gift and estate tax exemption doubled. Every year the lifetime gift tax exemption and estate tax exemption amounts are adjusted for inflation. For 2019, the exemption increased to $11.4 million for individuals and $22.8 million for married couples. That means, for example, that estates valued at less…
There are so many ways for parents to leave inheritances to their children as you can imagine. These are a few of the common approaches that parents seems to like, each of which can be tailored to a given family. IF YOUR CHILDREN ARE MATURE ADULTS: Outright Distribution If your children are adults, and you have no concerns for their…
This is another installment in our series on Medi-Cal planning. We are focusing on the income requirements for Medi-Cal eligibility. In our last blog post we discussed income in the context of in-home care. Here we look at nursing home care. Nursing Home Medi-Cal The income calculation for nursing home Medi-Cal is slightly different from in-home Medi-Cal. There is almost…
