As Medicare Advantage providers begin to implement new benefits, it is important to evaluate your insurance options during each Medicare enrollment period. Additionally, even with expanded benefits, it is still crucial to plan for long-term care. Private long-term care insurance, private paying, and Medi-Cal will still be the primary sources for paying for long-term care, not Medicare.
Reviewing your estate plan will alert you to any changes that need to be addressed. For example, you may need to make changes to your plan to ensure it meets all of your goals, or when an executor, trustee, or guardian can no longer serve in that capacity. You’ll probably want to do a quick review each year, because changes in the economy and in the tax code often occur on a yearly basis. Every five years, do a more thorough review.
Children are always concerned with their elderly parents, whether it is with their health, happiness, or their financial situation. Read more to learn about ways to identify and resolved issues with elderly parents and their financial situation.
A divorcing couple must typically negotiate a property settlement agreement to divide assets. Retirement plan benefits are often among the most valuable marital assets to be divided, along with houses, cars, and bank accounts. The laws of your state will define which retirement benefits are community property assets that are subject to division.
It’s almost impossible to overstate the importance of taking the time to plan your estate. Nevertheless, it’s surprising how many American adults haven’t done so. You might think that those who are rich and famous would be way ahead of the curve when it comes to planning their estates properly, considering the resources and lawyers presumably available to them. Yet there are plenty of celebrities and people of note who died with inadequate estate plans.
California has not had any kind of a statewide estate, gift, or generation-skipping transfer tax since prior to 2005, however, with the proposal of a new bill introduced by California State Senator Scott Wiener, that could all change.
Older Americans are turning to Medical Marijuana more than ever, but there may still be some legal complications.