Q. I hear that under the CARES Act, my wife and I may each be able to withdraw up to $100K from our IRA’s without penalty and without tax. Is that true? A. Well, not quite. Here’s the deal: Under the recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Congress did recently… Read More »
Posts Categorized: Uncategorized
Signing Legal Documents in the Time of COVID
Q. We recently engaged you to assist my elderly mother to update and revise her estate planning documents, all while she was a patient in a skilled nursing facility under “lockdown” due to the COVID Pandemic. I appreciate that you were successful, but wonder how you were able to deal with the COVID issues that… Read More »
Big Budget Win for Seniors And Low Income Older Adults
Q. I heard that the proposed CA Budget cuts to the Medi-Cal program are now off the table. Is that true? A. Yes! Some background: Faced with a proposed $54 Billion Budget Deficit, last month Governor Newsom had proposed drastic cuts to Medi-Cal and other social programs that serve low income seniors and the disabled…. Read More »
Estate Planning When You Spend Time in Different States
Q. My wife and I spend a substantial amount of time each year living in two other states, so that we can spend time living near each of our two children and their own families. We have our California estate planning documents created some time ago, but wonder whether we should create new documents in… Read More »
New Law Makes Big Changes to IRA’s & Other Retirement Plans
Q. I heard that there is a new law which makes major changes to IRA’s and other retirement plans. Can you comment? A. The new law, signed by President Trump on December 20, 2019, and effective January 1, 2020, is called the “SETTING EVERY COMMUNITY UP for RETIREMENT ENHANCEMENT ACT”, or the “SECURE ACT” for… Read More »
Consider Tax Savvy Year-End Gifts
Q. My wife and I are considering making large gifts to our two children and four grandchildren, and we would like to do so in a way that is “tax wise”. Do you have any advice for us? A. Yes. Many people mistakenly believe that you cannot gift more than $15,000 per year without incurring… Read More »
How Can We Save Mom’s Home While She’s In A Nursing Home On Medi-Cal?
Q. Our mother just moved into a nursing home for care and has qualified for a Medi-Cal subsidy to help with the cost. However, Medi-Cal wants all of mom’s income to go to the nursing home as her “co-pay”. That leaves nothing to cover her home expenses, including her mortgage, property taxes, insurance and upkeep…. Read More »
Discrimination By Nursing Homes. Getting In Is Half the Battle
Q. If I seek entry into a nursing home for my mother, will it be tougher to find a bed if she goes in as a Medi-Cal beneficiary? A. Unfortunately, that is a distinct possibility. See the following article published by California Advocates for Nursing Home Reform (“CANHR”), and re-printed here with permission: “Over the… Read More »
Medicare Launches A New “App” To Help Seniors Figure Out What’s Covered
Q. I hear that Medicare has developed an “App” to help beneficiaries determine what benefits may be covered. Do you have any information on this? A. Yes. Recently, as part of its initiative focused on modernizing Medicare and empowering beneficiaries, the Center for Medicare and Medicaid Services (“CMS”) has developed and launched a new “App”… Read More »
An Approach to Handling Legal Affairs When Your Spouse Can’t Sign
Q. My husband suffers from dementia and we have significant expenses for care in the home. In order to help with these expenses, I have been thinking about selling our vacation property which we no longer use or cashing in one of his annuities. I would also like to set up a Living Trust and… Read More »