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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.

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.

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.

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.

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.

Encino Elder Lawyer: Which Power of Attorney is Right for Me?

A Power of Attorney is a document which names an agent to handle your financial affairs if you are incapacitated or otherwise unable to, while also explaining any limitations you wish to place on your agent while they act in your stead. There are many Power of Attorney types to choose from, so it’s important to know which one best meets your goals. To determine this, you must decide on what you’d like your POA to accomplish. Some reasons you’d name an agent for your financial affairs include:

Encino Estate Attorney: What You Need to Know About Guardianship Laws in California

Guardianship cases involving minor children can be complicated and expensive, especially if you do not have proper help or advice. Each guardianship case goes through the court system, but the process can be made smoother with proper planning. Below is the information you need to know about guardianship laws in California.

The Four Types of Real Estate Deeds You Should Know About

During the estate planning process, real estate properties can be sold, given to family, or put into trusts depending on the situation and goals of the planners. Depending on what course of action needs to be taken, a different deed is required. Here are the four most common real estate deeds you should know about when beginning the estate planning process:

Los Angeles County Special Needs Lawyer: Protecting Benefits with a Special Needs Trust

Many people have questions about whether they can still receive government benefits after coming into an inheritance. The simple answer is yes, but there is a significant amount of planning that must occur to protect both the benefits and the inheritance, which usually involves the creation of a special needs trust. While inheritances placed in a special needs trust are often protected, the protection of benefits depends on the type of benefits are being received.

Irrevocable Trusts: Everything You Need to Know

Irrevocable Trusts make up the backbone of most solid asset protection planning strategies. These trusts can help protect property and financial assets if you should end up in a nursing home, and depending on your individual situation, can also help by saving you a significant amount of money. Here is everything you should know if you’re considering an Irrevocable Trust as part of your asset protection strategy:

4 Types of Property to Put in a Revocable Living Trust

To many, the best reason to create a Revocable Living Trust is to avoid probate and put a quick end to the estate administration process. However, a trust needs to be funded for it to have any real effect on the probate and estate administration process. Here are four types of property that are commonly used to fund a Revocable Living Trust.

Should You Worry About Avoiding California Probate?

Avoiding probate in California is one of the main benefits of estate planning and asset protection planning. But what exactly does it mean to avoid probate, and is it something you should be concerned about? The main reason many people want to avoid California probate is because the process is long, public, and costly. In fact, the probate process could tie your loved ones up in the legal system for months or even years.

Encino Estate Planning Lawyer: How to Claim Death Benefits

The loss of someone close is a terrible experience to deal with, but what could make the situation even worse is the financial aspect that accompanies funeral and burial expenses. Money issues are the last thing grieving families want to think about, but difficulties can arise since death-related expenses must be paid soon after a loved one has passed.