When estate planning for special needs there are quite a few terms you should be aware of, to understand the scope of work involved. Third-party special needs trusts sometimes referred to as supplemental needs trusts are estate planning tools for those parents of...
Whether you have a horse, dogs, cats, parrots, or even more exotic pets such as a snake or lizard, it is possible to provide for them after you are gone or no longer are capable of tending to their needs by creating a pet trust. A pet trust is a legal arrangement that...
At first thought, life insurance may not seem to have a bearing on how to dispose of your assets in your estate plan. However, life insurance can be an integral, indispensably important part of a well-thought-out estate plan. There are numerous other benefits to...
When considering your estate plan have you considered how taxes affect your estate? Some of the more commonwealth transfer strategies for estates may have significant impacts due to tax law change proposals on the precipice of being enacted into law. While it is too...
Long-term care costs are on the rise. Industry-driven, massively underpriced policies are playing fiscal catch up with hefty premium rate increases. This price increase is forcing some aging Americans to abandon their policy while others struggle to reduce their...
You could hear your mother say that, right? And how often have you wished that you’d followed mother’s good advice? Nobody really wants to think in advance about accidents or illness. But if no advance planning has been done, and if an elderly parent has broken a hip,...
When mistakes are made concerning inheritances and Medi-Cal (California’s Medicaid program), the cost could become significant. Those mistakes can be costly. When a person is drawing Medi-Cal benefits and inherits money or property, that inheritance jeopardizes the...
As an Orange County estate planning lawyer, I often find that people associate the phrase “estate planning” with the task of making final plans and ensuring that loved ones are provided for after death. While we all want to make sure that our families are taken care...
Long-distance caregiving is defined as delivering care for an individual who lives an hour or more away according to The National Institute on Aging (NIA). This type of caregiving takes many forms – from arranging for in-home care, money management, bill paying, and...
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When your spouse, child, or other loved one inherits your retirement account, creditors have the power to seize it...
Once your young child turns 18, they are considered an adult. Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live independently. No wonder the law calls this coming of age “emancipation.” But...
There is no doubt that having a will as part of your estate plan is important. Having a will allows you to appoint a legal representative or executor to carry out your bequests and name a guardian for your children and avoid the state doing so via state law that may...
Whether you are starting from scratch or have an estate plan in place a letter of instruction (LOI) is an important part of any comprehensive plan. A letter of instruction can help your loved ones manage important information about you. A LOI conveys your desires,...
When you have a child with special needs, it is crucial to plan their future with the utmost care as they will meet additional challenges to care for themselves and their lives. According to the US Census Bureau, between the years 2008 to 2019, the biggest increase in...
While Michael was waiting for his home in Texas to sell, he was vacationing with friends in California. Unfortunately, he took a bad fall and ended up in a California hospital. He had his Texas power of attorney, but the problem was that they were “springing” powers....
Estate Planning for Families with Disabled Persons and Special NeedsOctober 27, 2021
