Ensuring That Your Loved Ones Receive Your IRA

Q. I have a large Traditional IRA, and I wish to name my wife as primary beneficiary and my children from a previous marriage as backup beneficiaries. Can I lock in this beneficiary designation plan on the IRA Beneficiary Designation Form I sign at the bank? A. Unfortunately, not likely. While it is always a… 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 »

What Happens If a Die Without a Will?

Q. If I die without a will, do my assets go to the state? A.  Generally, no. The state would be the last potential recipient, and then only if your successors or next of kin could not be located. Here is how your assets would be handled: Joint Tenancy Assets: Assets held in joint tenancy… Read More »

When Should I Update My Trust?

Q.  My wife and I have a Living Trust and related estate planning documents which were prepared some years ago. We were told that we should keep them current.  Do you have any advice in terms of when it is time to update or revise them? A.  When your trust was prepared, your attorney probably… Read More »