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June 2019 Archives

What to do When Your Loved one is Losing Capacity

What to do When Your Loved one is Losing Capacity.jpgSigns that your loved one's mental processes are slowing down can be subtle.  You may notice more and more that he or she repeats themselves or can't remember where they left an item or parked the car.  Over time, these symptoms can worsen to the point that you have real concerns for your loved one's safety.  Once you have reached this point, it is important to know what options are available.  Here are some considerations regarding what to do when your loved one is losing capacity.

Do you have to worry about probate?

Estate planning in California involves understanding what probate is, how it is likely to affect your loved ones after you pass on and what you can do now to simplify the process for your survivors. Not everyone in California has to worry about probate, but those who do have strategic estate planning options available to either shorten the process or avoid it altogether. 

Preparing for your child with Autism: Why you can't afford to wait

Preparing for your child with Autism Why you can't afford to wait.jpgWhen you are raising a child with autism keeping up with their daily needs and the other demands of life can leave little room to think about the future.  However, when you know your child is going to need care into adulthood, it's essential to consider making plans for them sooner rather than later.  By preparing for your child with autism now, you can help make certain his or her needs are met and avoid leaving them and other members of your family in an uncertain position.

At What Age is a Special Needs Trust Required?

At What Age is a Special Needs Trust Required.jpgWhen someone has a significant disability, which prevents them from supporting themselves, they will probably have to rely on government benefit programs such as California Medicaid (Medi-Cal) and Social Security Income (SSI).  While programs provide the recipient with essential medical coverage and a small amount of money, they rarely cover their true cost of living.  Medi-Cal and SSI are income-sensitive meaning that to qualify for coverage, the recipient is generally not allowed to have more than $2000 in personal assets. However, in most cases, a person in this position is going to need something to supplement these benefits.  A California special needs trust can be a valuable resource in this situation.  For those planning, the question may come up:  At what age is a special needs trust required?

Should I start planning my funeral?

Nobody wants to think about their eventual death, no matter how old or young they are. However, California residents may want to consider expressing their funeral wishes in their will planning, especially if they are specific or complicated. You may be reassured to learn that planning your funeral does not have to be time-consuming or overly complex.

What type of special needs trust do we need?

If you are one of the many residents in California who is the parent of a child with special needs, you understand the unique concerns you face when considering how to support your child and their needs for the duration of their life. A special needs child might not have the ability to work to a level at which they can financially support themselves, making it important to you that you establish some means of ongoing income for them. A special needs trust may be a good option for this. 

What is a dynasty trust?

If you are a reasonably well-to-do Californian, you likely already have an estate plan in place or are currently constructing one. If you have established one or more trusts as part of your plan, most if not all of them probably are revocable. As you continue to accumulate wealth, you can therefore revoke most of your trusts and establish others. You may want to start thinking about establishing a dynasty trust.

Why is estate planning so important?

If you are like many California residents, you think that only wealthy people need estate plans. Unfortunately, this common misconception puts many families in untenable situations when a loved one dies. It can also cause major problems when a loved one cannot communicate his or her wishes with regard to medical care because of injury or illness, but no one really knows what (s)he wants or does not want.

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