Q. My wife and I set up a Living Trust back in 2001, but we have never updated it. In view of the recent change in the tax law, is that something that we should consider? A. Yes, by all means! At the time you created your trust, the estate tax exemption was only $675,000… Read More »
Posts Categorized: Current Events
What’s in the New Tax Law?
Q. I hear a lot about the new tax law that Congress passed and President Trump just signed, but I am unclear as to how it might affect me and my family. Can you give us a summary? A. Sure. While much of the new “Tax Cuts and Jobs Act” was designed to reduce the… Read More »
New Law: Medi-Cal To Dramatically Scale Back Estate Recovery
Q. My husband receives a Medi-Cal subsidy to help with his nursing home expense, and I have long worried about protecting our home from a later Medi-Cal “payback” claim. I heard there might be some changes coming. Do you know anything about this? A. Yes, indeed, there are big changes coming! Gov. Jerry Brown just signed… Read More »
New End of Life Law Became Effective in California; Recently Challenged; Reinstated Pending Further Legal Proceedings
[Alert to Readers: Make sure to read the “ALERT” at the bottom of this post for recent developments]. ******************************* Q. I hear a new Right-to-Die law goes into effect very soon. Do you know anything about this? A. Yes. Starting June 9, 2016, California becomes the fourth state in the union to allow a terminally… Read More »
Does California Recognize the ‘Right to Die’ ? New Law Says “Yes”!
News Flash: On October 5, 2015, Governor Brown signed the End of Life Option Act. It authorizes “an adult who meets certain qualifications, and who has been determined by his or her attending physician to be suffering from a terminal disease, as defined, to make a request for a drug prescribed …. for the purpose of… Read More »
Happy 800th Birthday, Magna Carta!
Q. I have been hearing snippets of news lately about the Magna Carta. What is it and why is it important? A. The Magna Carta of 1215 is considered by some to be the most important legal document created in Western Civilization during the last millennium. Historically, it was a peace treaty between King John… Read More »
Alert: Reverse Mortgage Rules About to Tighten
Q. I hear that qualifying for a reverse mortgage will soon become more difficult. Do you know anything about this? A. Yes, beginning March 2, 2015, all persons applying for a reverse mortgage under the Home Equity Conversion Mortgage (HECM) program will need to pass a Financial Assessment. This is new! No longer will reverse… Read More »
New Reverse Mortgage Rule Protects Younger Surviving Spouses From Foreclosure
Q. I hear that there is a new reverse mortgage rule that protects younger surviving spouses from being forced out of their home when the older spouse dies. Do you know anything about this? A. Yes, a new HUD reverse mortgage rule went into effect on August 04, 2014, and seeks to protect certain surviving… Read More »
Is My IRA Safe from Creditors?
Q. My wife and I have a lot of credit card debt and we are having difficulty keeping it current. Most of our savings is in my IRA. Are these funds protected from our creditors? A. In California, Traditional IRA accounts enjoy only limited protection under state law, but expanded protection under federal bankruptcy law…. Read More »
With $5 Million Gift Tax Exclusion About to Expire, Is Now the Time to Give To Your Children or Grandchildren?
When legislation in 2010 raised the lifetime gift tax exclusion amount from $1 million to $5 million many wealthy families rejoiced, expecting that they would now be able to give large gifts to children or grandchildren and be able to save millions in taxes at the same time. But for all the rejoicing, the unsteady… Read More »