Encino Trust Attorney Answers, “What Should a Special Needs Trust Pay For?”

Trustees of special needs trusts shoulder an incredible amount of responsibility. In addition to providing care for the individual with special needs, they must also make sure the assets in the trust are spent wisely and will not disqualify the person from any benefits they may be receiving.

Continue reading

How to Qualify for Medi-Cal – Even If You Have Too Many Assets

Medi-Cal is a needs-based program meant to help those without considerable resources access medical care and benefits. Since it is needs-based, there are significant asset and income limits attached to eligibility, which can easily lead to a disqualification from receiving benefits if the assets are not monitored closely. However, there are several ways to prevent a Medi-Cal eligibility disqualification through the use of trusts. For the purposes of this article, we’ll focus on how an irrevocable trust can help if a person expects to receive Medi-Cal benefits in the future and a First-Party Special Needs Trust if a person is ready to receive Medi-Cal benefits.

Continue reading

Encino Estate Lawyer: What Happens to Your Digital Assets After You Pass Away?

Digital assets and what happens to them after you pass away are fairly new concerns for people. However, this issue must be given significant thought, since so much of our lives are impacted by the digital age. To help alleviate these concerns and give more control to those managing estates of the recently incapacitated or deceased, Congress passed The Revised Fiduciary Access to Digital Assets Act, otherwise known as RUFADAA. This act allows fiduciaries (executors, trustees, and agents working with a Power of Attorney) to manage digital accounts owned by others, while at the same time affording the account owner a level of privacy.

Continue reading

LA County Elder Law Attorney: How to Help an Elderly Parent Manage Money

A concern for many adult children with an aging parent is whether or not they can still handle money and make sound choices regarding their financial affairs. There are many reasons why an elderly parent would have trouble handling their own finances, usually due to some physical or mental ailment or the loss of a spouse who normally handled the finances, though there are other times when the parent just decides they would rather have someone else handle financial decisions, so they may focus on other things.

Continue reading

Encino Trust Lawyer Answers: “What is a Qualified Personal Residence Trust (QPRT)?”

Family homes and other real property are usually the most valuable assets in an estate. While homeowners may want to leave these properties to children or other beneficiaries as part of an inheritance, tax burdens can throw a wrench into those plans. Unfortunately, without proper planning, most beneficiaries cannot afford the taxes that come along with inheriting property, which usually forces the sale of a family home or other property after the homeowner dies.

Continue reading

Encino Trust Lawyer: How to Safely Leave an Inheritance to an Adult Child with Substance Abuse Problems

Just about everyone knows or loves someone with a substance abuse problem. The detrimental effects impact many facets of American society. Sadly, we are seeing an upswing in the number of clients that have to deal with a loved one’s substance abuse in their estate planning.

Continue reading