Medicaid Change in Place for 2018

Many people are surprised when they hear just how expensive long-term care has become these days, says a Temecula probate lawyer.  If you look at the average length of stay which is between two and four years, coupled with the average costs you may be faced with an expense that exceeds $200,000 toward the end of your life.

Before you say that you are not worried about this because you will be on Medicare you would do well to understand the fact that Medicare does not cover long-term care. The government program that will pay for it is Medicaid.

However since Medicaid is intended to assist those who have financial need there is an upper resource limit that you cannot exceed if you want to qualify for Medicaid. This limit is just $2000, but it is important to note that a lot of your valuable personal possessions are not considered to be countable in a Medicaid eligibility context.

In addition, let’s say that you need to enter long-term care but your spouse does not. He or she can keep his or her half of the community assets that are of a countable nature up to a certain prescribed limit. This limit has been adjusted upward for 2017. In 2011 it was $109,560; now that we are in 2018 it is $113,640.

Medicaid can provide a solution for many people who need long-term care. It is however important to aim toward eligibility in advance to optimize your position. The best way of doing this is to get together with an experienced Sarasota elder law attorney who will analyze the specifics of your situation and make the appropriate recommendations.

41593 Winchester Rd #200, Temecula, CA 92590
(951) 223-7000

Transferring Assets Outside of Probate

Moving properties to your loved ones is the goal when you are planning your estate, and it is essential to understand the fact that you have several choices to this end.

You might automatically believe that you will be using a last Will to reveal your wishes, but when you look into the details you might find that this is not the very best option for you. It works to comprehend the realities of probate when you are making this decision.

When you use a last Will as the document that will be directing your assets transfers, your estate is going to need to pass through the process of probate. Throughout this time the court of probate will identify the validity of the Will and monitor the administration of the estate. In Florida the individual who is accuseded of the obligation of really handling the tasks included is called the individual representative.

The two main reasons that probate is often avoided are since it is time-consuming and it can be costly. Your member of the family will not get their inheritances up until the estate has been probated, and the overall worth of your estate can be reduced by perhaps 5% to 10% once probate expenses have been paid.

There are nevertheless a variety of ways to move possessions outside of the probate process, and one popular option would be to create a revocable living trust.

If you wish to explore all of your choices, merely take a minute to schedule a consultation with a good Temecula Probate Attorney,
CALL Steve Bliss!

41593 Winchester Rd #200, Temecula, CA 92590
(951) 223-7000

GLBT Life-Partners Things to Know About Estate Planning

probate, estate planning, living trust, trusts, bankruptcy

If it’s crucial for many people to have all of their estate planning documents in place ahead of something disastrous happens. It is even more crucial for members of the gay, lesbian, bisexual, and transgender community. This is because different states have different laws about GLBT life-partnerships. These laws can change your end-of-life financial and medical directives as well as who will get your estate. You should speak to San Diego Estate Planning Lawyer. today to be aware of the laws in your state and prepare your important documents.

If you die without a Will, your assets will normally go to your closest living relative under your states laws of intestate succession. For straight people, this often means that a spouse gets most of the estate’s assets.

However, not all states will treat GLBT life-partners as a spouse in this case. Thus, if you want your partner to receive an inheritance from you, it is necessary that you say so particularly in a Will or a Trust. Do not count on current laws in your state that protect life-partners in civil unions. However, in today’s political climate, civil union laws are subject to change.

You will also wish San Diego Estate Planning Attorneys if you want to appoint a life-partner as the person to make medical choices if you are unable of doing so. This will make sure that doctors and hospitals respect your wishes. Don’t wait until something happens to start making plans.

3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123
(858) 278-2800

 

The Estate Planning Process

The Estate Preparation Process

( NC) – How do I begin? Start by making a list of those you want to remember in your Will. You will want to offer your dependants initially, however here is your chance to be innovative. You can provide a meaningful product to a favourite relative, honour a friend or set up gifts to companies and charities that you think in and support.
Prepare a list of the names and addresses of all the people that you wish to include in your Will. File this list in your Essential File File.
Precision in naming the individuals and companies to whom you want to leave money or home is essential when you make your Will. Your Will should leave no room for doubt. Identify each recipient plainly and precisely. Use care, various organizations might have almost identical names. Organizations will happily provide you and your consultant( s) with all required details.
Decide upon an Administrator or Co-Executors
Among a Will’s important functions is to name an Administrator (your individual agent) to settle your estate and carry out your Will’s terms. Select your Executor with care. You might want to call co-Executors, one a relative, the other an attorney, bank or trust business. The role involves submitting income tax return, investing assets and valuing and selling (or keeping) residential or commercial property. The job of estate settlement includes submitting the Will for probate (proof of credibility), securing and inventorying all your possessions and liabilities, paying your debts and taxes, then distributing exactly what is left as your Will directs.
Among your essential estate planning choices is your choice of Administrator. Even the best-laid plans will stop working if the individual you choose is not up to the job. An Administrator needs to be:
Trustworthy.
Willing, and have the time to act.
Objective toward all beneficiaries.
Able to make choices in a prompt style.
Proficient in business, financial investment and administrative matters at a level adequate to manage your estate.
Experienced and knowledgeable in estate and trust law and administration.
Preferably, your Administrator ought to be below you
Tips
Name an alternate in case your Administrator can not act or passes away before you
An Administrator, whether an independent professional or a relative, is entitled to sensible cost from the estate
Ask the person first to make sure they comprehend all the tasks included
If you do not have a Will, or if your Will has not been updated just recently, perhaps it is time to meet with an attorney and get the job done. Take the first step; call Ontario March of Dimes
toll-free at 1-800-263-3463 x 383 for a totally free copy of “My Individual Organizer” – a convenient estate planning tool

Why A Will Is Not Enough To Save Anna Nicole Smith’s Baby Daughter?

Why A Will Is Not Enough To Save Anna Nicole Smith’s Baby Daughter?

Police
Source: Flickr

With much discomfort I have been forced to watch the Anna Nicole Smith probate proceedings and much more information than I wanted to know about Anna Nicole’s life events. Her reported death is everywhere: on TV, in print, magazines, online and everywhere else you can imagine. The media has made a circus of showing the legal battle going on in open court about the six-year-old will and interpretation thereof.

COULD YOU BE LEAVING THE SAME LEGACY AS ANNA NICOLE SMITH?

Would you want this to happen to you? The legal battles over the Anna Nicole Smith’s estate will go on for years. An unintended myriad of problems and a legacy left behind about her life living and beyond the grave.

A will does not avoid probate. A will does not eliminate the estate tax. If you die with a will or without a will your personal and real property has to go to probate. If you have property in more than one state, each states’ probate court has jurisdiction to probate the will.

What’s probate? Probate is a public process whereby a local court of jurisdiction (probate court) assumes the responsibility of determining who gets what. The court will determine the legitimacy of your will? Was it written with undue influence? Is it the last will? Who is the true executor (i.e. the person who will make the distributions under court jurisdiction)? Did it assign custody for minor children?

The probate court will take inventory of your personal and real property. In addition, the probate court will assign and investigate claims made against your property from potential and real creditors and even assign accountants and lawyers to drag the process.

SO WHY HAVE A WILL? WHAT GOOD IS A WILL?

There are two legitimate reasons for having a will. The will enables:

(1) The assignment of a custodial guardian of minor children.
(2) The assignment of an executor.

The assignment of choosing a guardian for your minor children is the most important aspect of having a will. Choose your custodian well, based on the love of your children as if you were going to be there. Traditionally, you would not choose the executor of your will to be the guardian of your minor children.

There’s a balance to be had between the Executor and the Guardian of your children. The Executor would have some degree of control if there were to be any uncontemplated issues, later in time. All other aspects of the will can be highly contested by anyone having an interest in the outcome of any distributions. Even a very well drafted will becomes a public document and must go to probate in each state where the decedent had property.

Anna Nicole’s will is a public document; even you can get a copy if you’re interested. Final disposition and battle over her estate is going to play before our eyes for years to come. Is this what you would want?

THINGS YOU CAN DO TO AVOID LOSING CONTROL OF YOUR ASSETS

What can you do to avoid the type of media circus over your assets? Can you avoid leaving this painful legacy? An absolute and resounding YES.

Aside from the custody of minor children, a will does not provide any type of safety net over your assets. Only a Trust will avoid this public disclosure of what should be a private matter between you and your assets you leave behind.

A Trust is a Contract. If you choose to be private about your private matter, a Trust, any Trust, will avoid probate; revocable or irrevocable, grantor or non-grantor type Trusts will avoid the probate process. A Trust is not just for the rich. Any one with $200,000 or more should have a Trust.

A perfect Trust for under $500,000 is a living Trust, or a revocable Trust to avoid the probate process. Any one with significant assets should have an Irrevocable Trust. While any Trust will avoid the probate process, only an Irrevocable Trust will avoid the probate process and avoid the inheritance tax or the estate tax.

WHAT’S THE DISTINCTION BETWEEN REVOCABLE AND IRREVOCABLE TRUSTS?

With a Revocable Trust the word “revocable” means that you have sufficient strings to revoke the contract; nullify and void it. While it will avoid going to probate and drag your dirty linen through the public process, it will not avoid the inheritance/estate tax, because on the date of your death you still owned your assets in your name.

For purposes of taxation and civil liability the “revocable” strings attached, means that you did not give up power to control and “own” on a long-term basis your assets; therefore, you are the “deemed” owner of the assets. The Estate Tax is based on what you own in your name at the date of your death. So, the Probate Process is about who gets what; the Estate Tax is about who owns what and what’s it worth for the purpose of taxation.

The estate tax is based on the “fair cash value” of your property of personal estate or real estate at the time of your death not at the time you bought it. Items that are included in your estate are cash, CD’s, real estate, investment accounts, IRA’s, vacation spot, art, jewelry, antiques, boats, planes or anything of value that could be converted to cash or near cash. Only an Irrevocable Trust avoids both the Probate Process and the Estate/Inheritance Tax.

THE IRREVOCABLE TRUST

An Irrevocable Trust is a Contract whereby you give up “any ownership claims” against your assets repositioned/transferred from you to your Irrevocable Trust. The key to dissolve your ownership claims is with an Independent Trustee.

Your “Trustee” must be “independent.” The Trustee cannot be you or any one related to you by blood or marriage. It could be your son-in-law, daughter-in-law, or any in-law, but it would not be prudent. I do not recommend it since it could cause disharmony of your family unit. Death changes people; money changes people. It’s not worth the risk of forever splitting your family for the love of money. Choose your independent Trustee well.

As mentioned before, no matter how well drafted, a will must go to probate where it becomes a public document for every interested party to view and review. The only method of avoiding the probate process is to have your possessions and valuable assets titled to a Trust.

Though the tragedy of Anna Nicole Smith and her baby daughter’s plight cannot now be avoided, we can learn from this situation and apply remedial steps to our own life. Here are some things for you to consider in your life:

– All Trusts, revocable or irrevocable, grantor or non-grantor avoid Probate.
– A will does NOT avoid Probate.
– A will does NOT avoid Estate Taxes.
– Only an “Irrevocable Trust” avoids Estate/Inheritance Taxes.

What is the Difference Between a Power Of Attorney and a Guardianship? Which is Appropriate for Someone With Alzheimer’s?

Exactly what is the Distinction In between a Power Of Lawyer and a Guardianship? Which is Suitable for Someone With Alzheimer’s?

A power of attorney is a legal file in which a single person (the principal) licenses another (the representative) to act on his/her behalf. Financial powers of lawyer enable your agent to make decisions regarding your property. Healthcare powers of attorney enable your agent to make decisions concerning your healthcare needs.
A power of lawyer allows you to appoint another person to manage your monetary and business affairs when you can not do it yourself anymore.
This document can be a lifesaver when crisis scenarios take place after a mishap or illness. The representative can do whatever the document allows, such as withdraw bank funds, pay bills, money checks, and buy and sell real estate. The power of attorney is less pricey and more private than a guardianship.
Guardianship, on the other hand, is a legal relationship where a probate court provides an individual (the guardian) the power to make individual choices for another (the ward).
A relative or a friend can start the proceedings by submitting a petition in the court of probate in the county where the private resides. A medical examination by a certified doctor may be required to develop the person’s condition. A law court will then determine whether the individual is not able to satisfy the important requirements for his/her health and safety.
A conservatorship is a legal relationship whereby the court of probate gives an individual (the conservator) the power to make monetary decisions for another (the protectee). The court proceedings are extremely much like those of a guardianship other than the court determines whether a specific does not have the capacity to handle his/her monetary affairs. If so, the court designates a conservator to make financial choices for the individual. Typically the court appoints the same individual to act as both guardian and conservator for the individual. Like the guardian, the conservator is required to report to the court annual.
With all this in mind, you must examine your situation.
Exactly what would you do if you could not manage your own affairs? You may wish to seek advice from a lawyer concentrating on Elder Law, who will have the ability to help you and recommend you in this matter. By doing this now when you still have the time, you will save yourself and your liked ones heartache and monetary expenses in the future.

Essential Subjects of Online Paralegal Studies

Essential Topics of Online Paralegal Researches

A paralegal degree or education made through online paralegal studies must have the same quality of education as that of regular paralegal schools; for it is through education that a paralegal acquires the germane and crucial lessons he needs in being successful in the paralegal occupation.
Online paralegal studies need to have a curriculum approved by the American Bar Association and other international associations for paralegals to guarantee that trainees who would take the online paralegal degree would have the competitive and quality type of online paralegal studies.
In online paralegal studies, it is very important that the trainees must take the necessary subjects primarily law topics due to the fact that this is going to be the foundation of themselves as excellent and competitive paralegals. A few of the topics to be consisted of in online paralegal research studies are:

* American Jurisprudence– this is necessary to trainees taking online paralegal research studies and planning to work in American countries. It consists of a comprehensive study of the nature of the judiciary and the court system; the federal and state court distinctions; special and/or inferior state and federal courts; the nature of jurisdiction and location; the administrative process and the nature of law and corresponding judicial power.
* Estates, Trusts and Probate— this will inform students of online paralegal research studies in information the preliminary planning and preparation required for an extensive estate plan.
* Torts and Personal Injury– a subject that would inform and teach the students about the torts and the tort law.
* Legal Composing– must be taught likewise in online paralegal studies because most of the paralegal tasks involve composing and preparing.
* Legal Research study– a paralegal needs to know how to conduct a research study, that’s why this subject should be likewise provided priority.
* Ethics and Professional Responsibility– It is an extensive review of the law of expert duty as it impacts paralegals, recognizing and resolving ethical issues, and useful suggestions to use in everyday practice. The modes and guidelines of this that will be consisted of in online paralegal research studies need to be in accordance with the requirements of ABA and National Federation of Paralegal Associations.
* Civil Lawsuits– this would be an intriguing subject considering that some paralegal are allowed to come in court and do some preparations for litigations.
* Other laws such as household law; criminal law; work law and other useful law subjects. Paralegals, however are not thinking about going into the law school to become attorneys, they must understand or have understanding on these subjects because as they go into the paralegal occupation, they would be handling these subjects.
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Personal Financial Planning

Personal Financial Planning

On any given day, 1 in 25 #hospital patients contract at least one #infection https://t.co/wZP4xbOFTs
Source: Flickr

5 must-ask questions
(NC)-Beware of estate organizers charging little or nothing to prepare your estate strategy. They are likely making a commission on the investment items they advise – which could jeopardize the neutrality of their recommendations. And note that proficient estate planners should offer a holistic technique to estate preparation. That is, an objective and proficient adviser offers more than financial investment strategies or monetary preparation recommendations.
When looking for the right estate preparation consultant, consider these essential concerns:
Exactly what is your previous estate planning experience and have you worked with customers like me?
Do you have in-depth knowledge of appropriate legislation such as income tax law, provincial family law and probate acts?
How do you set your fees? Do you sell life insurance, mutual funds or other investment products?
I wish to set time lines and how can you help me fulfill those deadlines?
Can you refer me to other experts, as needed, such as a legal representative or an accountant?
For more details, see www.GrantThornton.ca. Grant Thornton LLP is a leading Canadian company of chartered accounting professionals and management consultants.

Leaving time shares and probates to loved ones

Leaving time shares and probates to liked ones

People who deal with time shares and probate problems have the difficulty of deciding what will take place to the home. For those who do not know, probate is the legal procedure of moving the property of a person upon their death. Time shares and probate costs a lot of time and money.

Time shares and probates are typically not an issue especially when the deceased left a will that will be performed by the household’s attorney. Squabbles of time share properties can occur which is why it is suggested to consist of the time shares and probate while doing your estate planning.

What takes place to the time shares throughout probate? The probate procedure can be contested or uncontested. Most issues emerge within the time shares and probate process since a dissatisfied heir desires a larger share of the deceased’s home than that she or he at first received.

Arguments frequently raised consist of: the deceased being improperly influenced in making the presents, the departed did not know or was not familiar with exactly what they were doing when the will was carried out, and the deceased did not follow the legal formalities in preparing the will. Most of time shares and probate estates are uncontested.

The basic procedure of transferring an estate consists of:

· Gathering all the residential or commercial property of the deceased;
· Paying all claims, debts and taxes owed by its estate;
· Collecting all rights to dividends, earnings, and so on;
· Settling any disputes; and lastly,
· Dispersing the staying property to the beneficiaries.

Usually, the deceased names an individual (executor) to deal with the management of his/her affairs upon death. If the departed fails to name one, an appointment by the court will happen such as an individual agent or administrator, to settle the will and estate.

There are 3 common estate-planning tools that can be used to prevent time shares and probate in the circulation of the individual’s residential or commercial property at death: joint tenancy with rights of survivorship, revocable trusts and beneficiary classifications. Joint occupancy applies to all property types other than retirement plans. Revocable trusts can be utilized with all types of property. Beneficiary classifications are for life insurance coverage, specific retirement accounts and retirement strategies.

At this moment, time shares and probate can be prepared with these 3 tools in mind. In the lack of a will, the very best device to fix time shares and probate problems is the through a revocable trust. Revocable trusts or often called “living trusts” have the following advantages over wills:

– Personal privacy. Monetary affairs and to whom the home is provided are private. Wills and inventories of probate estates are a public record.

-Expense Cost savings. The trustee just ahs to continue the deceased’s monetary obligatios to the assets, hence removing time shares and probate expenses.

-Convenience. A revocable trust makes it easier to pass time shares and probate residential or commercial properties to the trustee.

– Connection. Revocable trusts work as an extention of the deceased as he provides the duties to the trustee after death to foot the bill, pay taxes, and to manage the time shares and probate and disperse possessions right away.

-Stability. Revocable trusts generally do not need to be changed since of transferring to another estate.

-Security. Revocable trusts are more difficult to be legally contested after death specifically for time shares and probate properties.

Whether a will or a revocable trust is decided to settle time shares and probate residential or commercial properties, factor to consider should be offered to the executor of the will as well as to the alternate executors. The same factor to consider chooses respect to the initial trustee and successor trustees for the time shares and probate.

A deceased might wish to select to manage time shares and probate more than one follower trustee or executor as well as the successor trustee and administrator can be an individual or business entities like a bank trust department.

To avoid conflicts in time shares and probate, normally it is advised that the follower trustees and executors be the very same person. A good estate plan must be able to distribute the property to whoever the testator wishes when the testator wishes, with a minimum quantity of income, estate, and estate tax and most affordable possible attorney’s charges and other expenses. Avoiding time shares and probate can be a huge relief to the deceased and their household.

Death And Taxes – Two Certainties Of Life

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Source: Flickr

(NC)-There are no estate taxes or succession responsibilities in Canada. However, taxes upon death have not disappeared. When an individual passes away, there is a ‘deemed personality’ of all capital home. What does that suggest? It means that the government deals with all your home or business (unless collectively held) such stocks, bonds, RRSPs, property, etc as cost fair market value on the day of your death. Your estate will be required to pay capital gains tax on that residential or commercial property. This uses to your RRSP if you do not have a spouse to whom you can move it. Mindful planning can minimize or postpone the taxes owing. Without an estate strategy, you could lose nearly half of the worth of your gains to taxes. While your Executor may claim full individual exemptions on your final income tax return, your estate may wind up paying taxes at the highest tax rate (over 50%). If you do not have a Will, or if your Will has not been upgraded just recently, it may be a great time to obtain the job done to prevent tax issues.
What is Probate?
“Probate” is the recognition by the provincial court of the credibility of your Will and the consultation of the person named as your Administrator. Granting of the “letters probate” is notice to the general public that your Will abide by the standard official requirements and that the Will was not being challenged at the time of application.
Reducing Probate Fees
In some provinces, the Executor must apply to the court for “letters probate” in order to begin administering an estate. These fees are payable to the provincial government based upon the worth of particular properties in your estate. There have been boosts throughout the years in provincial probate charges. There are ways to arrange your affairs to decrease these probate costs. Again, estate planning helps determine these concerns and decrease any unfavorable effect on your estate.
It sounds complicated!
Estate planning need not be made complex or expensive. First, who understands better than you exactly what you want maded with the important things that you’ve worked all your life to develop. Second, look for the expert recommendations of a professional to direct you on the financial and legal ramifications to make sure that you get the most beneficial tax treatment possible.
If you do not have a Will, or if your Will has actually not been updated just recently, possibly it is time to meet a legal representative and do the job. Take the initial step; call Ontario March of Dimes toll-free at 1-800-263-3463 x 383 for a totally free copy of “My Personal Organizer” – a helpful estate preparation tool.