There is much confusion and misunderstanding that surrounds the issues of asset titling after the death of a spouse. Many surviving spouses are unaware that they can utilize the benefit of a Living Trust to avoid the financial and time frustrations of probate for their children, heirs or other estate beneficiaries. There is a two…
According to various sources, 60% of us will require some form of long term care during our lifetime. Another 50% of us will be involved in providing some form of long term care for a family member during their lifetime. Do you or your parents have an established long term care plan? Why should you?…
A Step By Step Approach Part I When it comes to taking care of estate planning business, most clients are paralyzed by procrastination. Procrastination has cost the American public more than any tax bill ever enacted. We can hear something or see something that we, admittedly, need to accomplish for the benefit of ourselves or…
A recent case in Tennessee reveals the problems that can arise with Financial Durable Powers of Attorney (DPA). In that case, mom designated her daughter to be her financial agent in the DPA. The daughter and her husband moved in with the mother to care for her and take responsibilities for her monthly expenses. The…
Elder Law Attorneys are frequently faced with a myriad of issues surrounding annuities and many times find it difficult to provide adequate answers for their clients. Questions: 1) What should be done with older annuity contracts in which companies are offering financial incentives to policy holders to relinquish the guaranteed income and death benefits? 2)…
As I reported in Pennsylvania, now North Dakota, nursing homes are utilizing archaic filial support state statues to sue children of long term care patients. That is exactly what these laws allow – filial support for a parents unpaid expenses in a nursing facility or from some medical provider. Most of these state statues had…
In numerous consultations with the Successor Trustee of a deceased parent, usually a son or daughter, the issue of a disabled sibling arises. The disability may have increased over the years and the sibling is now, or shortly will be, receiving S.S.I. or Medi-Cal. Or, so they thought. Because the now deceased parent left all…
Why should clients continue with an A-B Trust division of assets after the Congress has continued with the $5 million exemption from federal estate tax (FET)? For one reason, the law can change. Permanency means nothing to Congress. When Congress is in session, nobody’s safe. Another consideration is that California could resurrect her own version…
As we all know, capital gain is derived from the appreciation of assets. All of us hope our homes and other property increases in value after purchase. This appreciation results in capital gain. When we sell appreciated assets, there are tax ramifications which is called capital gains tax. Although the tax rate is considerably less…
If you are acting as an agent under a Healthcare Durable Power of Attorney (DPA) or Advanced Health Care Directive (AHCD), you should note the following ALERT. You could be a target as a Defendant in a lawsuit should you fail to notify the DMV of your principal’s inability to properly operate a vehicle due…
1) Uniform Durable Powers of Attorney (UDPA) Changes in California Law The following are recent legislative changes under the Uniform Statutory Durable Powers of Attorney (UDPA) for California. The following powers need to now be specifically included in the UDPA: 1) The powers of an agent to create, modify, or revoke a Trust; 2) The…
Pull up a chair, you’re gonna need it. North Dakota has now actively joined the ranks of states who are resurrecting filial support laws to enable state authorities to collect judgements against children for the parents’ nursing home debts. A filial support law was recently upheld in Pennsylvania in the case of Health Care and…