Q. I am thinking about giving my home to my son now, so that probate can be avoided and my affairs simplified when my time comes. Any comment as to whether this plan makes sense? A. Caution: Transferring your home to your son by gift during your lifetime can have adverse tax consequences. Example: assume… Read More »
Monthly Archives: August 2019
When Your Most Valued Assets Are Not Covered by Your Will
Q. My wife and I hold title to her home as joint tenants, and most of our cash assets are in the form of two large IRA accounts and one big annuity. We have basic wills which leave everything to the other and then on to our children. Our son suggested that our wills may… Read More »
INHERITANCE WHILE ON MEDI-CAL?
Q. My 86-year-old mother is in a nursing home and receives a Medi-Cal subsidy. We just learned that her brother died and left her $200,000 in his trust. Will the receipt of this inheritance bounce mom off of Medi-Cal? Is there anything we can do? A. The answer to your first question is easy: yes,… Read More »