Have You Taken Your Long-Term Care Insurance?
Long-term care planning is something we think of when we start getting older. You know that we need insurance and plans in place for when we can’t take of ourselves and need assistance in our day-to-day life. If you are not having any protection related to your health than you may face elder abuse by your loved ones or caretakers.
Many people don’t prefer having any long-term care plans as they think their families can take care of them or they feel they have enough assets to keep them above water level. They’ll be safe without care plans, but it’s not true.
You cannot help yourself when you don’t have any rescue plans. Think of care-plans to safeguard your family from any twisted situation. If you find anything wrong happening with you, contact Elder Abuse Attorney in San Bernardino for your help.
Is a long-term plan essential?
With the rising costs of the insurance and care, it’s getting necessary to have insurance and plan for your needs in the future. Long-term care is something very vital and becoming an essential part of our lives as compared to past. It protects your assets by giving you financial support in the future when you need the most.
Long-term care insurance is something most of the people don’t want, but it’s likely to be used at some point. The cost of a nursing home is expected to be more than your insurance price per year. Your family may not bear such a significant amount, so it’s better to have insurance plans for covering yourself with the costs of your accommodation. Even in an assisted-living facility, the expenses are very high.
In case you need nursing home temporarily for recovering any of your surgeries or illness or any injury, Medicare provides you 100 days covering. However, it doesn’t offer with the help for nursing homes or in-home help unless you have no savings.
Why is long-term care insurance right choice for you?
You should take care of a few things including what you are worth and the odds of having long-term care insurance. According to statistics, around 70% of Americans need long-term care when they reach the age of 65, so the likelihood is you’ll too need it. If you are earning more than net-worth of buying long-term care insurance, then you should go for it as it will not affect your savings. But if you don’t have more than $2000 in your savings than relying on Medicaid is fine.
Finally, go through your family tree. If others too have ended up having long-term care insurance than you too should have it, you may need it in future. Health and longevity both are important, but having a longer life means you rely more on care insurance.
If you’re facing any elder abuse or need any legal help in keeping you safe from wrong treatment than you can freely contact the Law Office of Michael. C. Maddux and talk to Elder Abuse Attorney in San Bernardino. You can also take advice regarding your legal issues or elder abuse.
Revocable or Irrevocable Trust: What’s the difference?
We all are aware of trusts and wills. But do you know anything about irrevocable or revocable trust? If your answer is no then let's discuss these terms in this blog, and if your answer is you are aware but don’t know much about it then you will have the knowledge after reading this blog.
After knowing the terms, you’ll be able to decide which term is beneficial for your family and estate. A person faces many ups and downs in life including family and financial changes, and these changes have both good and adverse impact on your estate plan. So, which type of the trust best fits your estate and asset planning depends on you as you move forward in life.
Irrevocable Trust
When a person gives his will to the beneficiary, and still he can make changes in the provided will, this is an irrevocable trust.
Irrevocable trust and Thing to consider:
Pros:
- It ensures will goes to the decided person or organization and no one can unnecessary control your decision later.
- Irrevocable trust gives a secure way to avoid certain probate and taxes.
- An irrevocable trust keeps a person safe from taking any decision in the case of Alzheimer’s or dementia.
- It follows the family security as nobody can take advantage of surviving spouse for changing the trust.
Cons:
- Changes cannot be done easily in the trust.
- For changing your current trustee, you have to get through the court process.
- If you are changing the trustee after funding, you have to go through a court process with the presence of all the beneficiaries.
Your trust should include the events that can happen in your life like you want to add the name of the born child in the trust, or what happens when anyone passes away. So, time and thought should be provided for all the possible events, like the birth or death of anyone in the family and plans should be available for all the possibilities.
Revocable trust
Revocable trust is when a person can make changes in the will, whenever he wants.
Pros:
- You can do any changes whenever you want.
- If anyone dies or born unexpectedly, then you can make adjustments accordingly.
Cons:
- It does not save you from taxes.
- You may change the name of a beneficiary in case of memory loss that you would not do if you were fine.
- It allows the surviving spouse to make changes in the trust and disinherit other beneficiaries from the trust.
You should consider all the concerns while doing estate and trust planning for your family. By doing perfect planning, you are making a right decision for your family. Michael. C. Maddux can assist you in the process of your estate planning. Click on the link and get more information about the Real Estate Litigation in Inland Empire. It is necessary to consider all the options while doing estate planning and take decision according to the concerns needs. The Law office is happy to help you in completing your trust that meets your particular situation.
Rules to avoid Litigation in your business
Misunderstandings can arise anytime in your business especially when you are running a very successful company. So to manage disputes proper litigation is necessary.
However, if you can adequately control the disputes; there is no need for litigation. There are many reasons for avoiding litigation in a business. A lawsuit should be handled correctly as they can create adverse effects on the company’s reputation.
So, to avoid all the issues, that can bring unfavorable results to your company, you can go with these rules to avoid litigation. These points will help you stay out of the court.
- Control the money
Several times it has been observed that business owners involve strangers in control of their money. They provide finances and chequebooks; often offer authority of signature to the third parties. These third parties may do the day-to-day operation of the money and business. They know your money very well. This may sound dull, but you must check your finances weekly or monthly, ask your accountant to generate the information related to expenses, budgets, and accounts. Don’t replace yourself with the third party to stay away from your responsibilities.
- Stay with your agreements or contracts
Once you are done with the drafts of contracts or agreements, stay with them. While your business is in good condition, racing forward with the time, and you are making lots of money, it’s easy to go with unclear decisions. These unclear decisions may affect your business severely. As soon as you see things changing rapidly with your unclear contracts, stop right there. Amend the contract and agreement or draft a new one, this will save you from unfavorable results.
- Clarify business terms
Never start your business on a handshake or don’t allow someone to take advantage of your old-friendship into your business. The business should start with the mutual honesty. Clarify all the business terms, objectives and every possible aspect before starting your partnership. Then, have an experienced attorney and let him know every term so that he can mention in a legal and understandable contract that have actual and reliable language.
- Go with Calendar
Use your calendar to set the goals. It should have every objective and set your milestones. You can start with month-by-month or quarter-by-quarter information to reach your objectives.
- Discuss with your committed people
Sit with your trusted people; dedicate your time in explaining each detail about those goals and objectives and have a general agreement. Also, you can have the information related to their shares and company details so you can have enough details about their business.
Planning is a calculated and disciplined practice. It goes with your scheduled calendar, commitments, terms, objective, and no out of context agreements. Even if you are forced to litigate at any point, then these terms and legal documents will conclude in your favor. If you need any help with business litigation issue, contact Probate Attorney in San Bernardino : Michael C Maddux
Complete Guide - Revocable Living Trust
Generally, most of the people have confusions about Will & Living Trusts. If you discuss with living trust attorney, you can get a clear picture of all those things correlated with these things. In this article, you will find some of the basic yet crucial details a living trust attorney may provide for a Revocable Living Trust, with the motive of asset protection:
Protecting Resources
A revocable living trust is an indispensable and valuable estate planning tool. Contrary to conventional opinions, you don’t need to be excessively wealthy to get support from a revocable living trust. These trusts can fulfill several different estate planning goals, but a revocable living trust is not the only solution. You can terminate the trust any time, and it will no longer endure. The property that you carried into the trust will become your direct personal property once again.
The individual who creates the trust is termed as the grantor of the trust. A beneficiary is an individual who receives financial distributions from the trust. And, the trustee is called as the trust administrator. Being a grantor of a revocable living trust, you will be treated as the beneficiary and trustee while you are well or alive. As you manage the operations of the trust while you are well and living, you have the authority of revocation. However, a revocable trust does not render asset protection from litigants seeking redress. Michael C Maddux can help you with Real Estate Litigation in Inland Empire.
Advantages of Revocable Living Trusts
You may be wondering why you would want to make a revocable living trust if it doesn't protect your assets. One advantage that you obtain when you create a revocable living trust is the authority to designate a disability trustee.
Many oldies become unable to manage all of their assets at some point in their lives. If you designate a trustee in your declaration, this person will be authorized to manage your trust in the case of your incapacitation.
Another advantage is to add the ability to add conditions that the trustee will be enforced to obey according to the nature of the asset distributions. You do not need to allow for all of the assets to be shared in lump sums. It will be possible to let the trustee buy the assets, and the profits will be allocated to the recipients over an extended period.
To know more about Revocable Living Trusts, Trust Litigation Will Contest San Bernardino County, contact Michael C. Maddux.
Why Should You Hire Probate Attorney in San Bernardino, California?
Most of us look for the Surrogate’s Court for assistance after any close one passes away. If the case is complicated or the estate is ample, the clerk always directs them to contact a probate attorney. For the small estate, you can often proceed yourself, but you can face various difficulties in legal processes.
To help you know why a probate attorney may be essential for a successful presidency, you really need to ask yourself: What does a probate attorney usually do? Before you hire a solicitor, you need to understand why you need a probate attorney in San Bernardino, California as opposed to a general lawyer.
If you aim to legally administer an estate or manage the validity of a Will, here are some of the most significant things about the California probate attorney that you should know:
Critical Roles of a Probate Attorney in San Bernardino, California
Aside from legal action, some of the assistance you should expect from your probate lawyer is as follows:
- File tax returns.
- Distribute of proceeds to heirs.
- Secure life insurance proceeds.
- Defend against the Will Contest.
- Assure the sale of real estate.
- Determine all assets of the dead person.
- Retain assessment services for real estate.
- Prepare the accounting of all assets and expenses.
- Negotiate and settle conflicts with heirs, executors, and administrators.
- Retain appraisal services for personal property of the estate.
- Transfer the financial accounts of decedents into an estate bank account.
- File all required papers for your appointment as the administrator or executor.
- Dispute or negotiate claims which are made against the property by creditors of the deceased.
Pitfalls that Must be Avoided
Every general lawyer in San Bernardino will like to be selected by you to manage the estate? Why? Since the fees correlated with an estate concern can be high. Though, choosing a general practice may be easier for you. However, hiring a probate lawyer without any past experience is usually a very bad idea. So, always understand your goals and make sure that the attorney you hire is experienced with relevant stuff.
If you would to discuss anything about Trust Litigation, Will Contest, or Living Will; call Law Office of Michael C. Maddux and make an appointment.
1894 Commercenter Dr W. Suite 108
San Bernardino, CA
92408909-890-2350
3 Reasons To Not Avoid Developing Estate Plan: Expert Advice from Probate Attorney
For many individuals, it looks like they dedicate more time to planning a holiday or where to have dinner than deciding who will acquire their estate. Though estate planning is not as fun as going for a long trip or booking a dinner table but without this essential decision, you can’t determine who gets everything after your sudden death. Generally, people do not prefer talking about death. It is one of the main reasons they do not develop estate plans. Unfortunately, not having a well-drafted estate plan can have unfortunate outgrowths for your close one's long-term future.
Estate planning isn't only meant for the wealthy people and powerful person. Without an estate plan, there would be a long-lasting effect on your family members, even if you don’t own a luxurious home, huge investment account or expensive art to pass on. Here are some reasons why everyone should consider developing an estate plan:
Prevents Your Assets from Dividing into Unintended Beneficiaries
If you are looking to prevent your assets from dividing into unintended heirs, then you must have an estate plan. You don’t need to be very rich or do well in real estate industry or the stock market. Even if you are going to leave second home behind, you need to determine who will receive the assets after your death. Designating beneficiaries for your assets is one of the primary steps of estate planning. Without an estate plan, your family members may need to go through a lengthy process that can take years. Then, the courts will decide who gets your property.
Protects Families with Young Kids
Nobody wants to die young, but if you're the parent of small kids, you need to prepare for any unexpected circumstances. This is where the Will comes in. In order to assure that your kids are well taken care of, you must designate the guardians in the event when you and your spouse die before your kids turn 18. Without any will, again the court will decide who gets a piece of your assets including real estate or artwork. Being a responsible parent, you must secure the future of your children by preparing an estate plan.
Eliminates Family Messes After Your Death
You must have heard some news or stories that when some individual dies with money, the conflicting between family members occurs. One family member may think he/she deserves more than another and starts fighting. Such warring can get violent and end up in the court with unintended decisions. This is another main reason why an estate plan is required for every individual. This little effort will allow you to determine who manages your assets and finances if you become mentally disable or die. If you want to know more about estate plan and probate Los Angeles County, contact law office of Michael C. Maddux.
Visit: http://www.madduxlaw.com/
How Often Should You Review Your Living Trust and Will?
If you ever stressed on, “How frequently should I update my living trust and will,” you are not alone, and it is a big question that people often come across, sadly, they don’t address. Probate Attorney in San Bernardino is an essential task that every individual should properly deal with.
How to Update Living Trusts
A living trust commonly known as a revocable trust is a written legal record about assets that are arranged into a trust for a long-term benefit. General assets put into a trust including your bank accounts, home, and stocks. A revocable trust permits you to define yourself as the trustee during your entire lifetime period to remain in charge of your assets. When you are no more, the trust becomes permanent and is assigned to a named beneficiary.
As the grantor” of trust, you can amend a revocable trust if conditions change. Revocable trusts are generally revised to add or modify an assigned beneficiary, or to discuss domestic affairs. The trust can be amended or withdrawn at any time by the trustor unless he or she is mentally fit. Having an updated trust will decrease the chances of your assets passing through probate.
Update your living trust in following situations -
- Recent marriage or divorced
- Change of residence address
- Financial status change
- When a beneficiary or trustee expires
- New tax laws affecting trust assets
Furthermore, you should also renew every five years your trust’s record of assets. This, in turn, allows you to enter newly earned assets and exclude assets that got disposed of.
You should never go extended periods of time without reconsidering your estate plan. The initial step of the estate planning is to create a will, although, frequently it is essential to modify a will that was before done due to life changing situations. You should evaluate your estate plan in every few years to secure no changes need to be done. Considering making an update or preparing a living trust or will? Contact Probate Attorney in San Bernardino for assistance. We can help you settle your dear one’s future when you pass away.
