Assets held in “Joint Tenancy” should not require a probate. For instance, the title can be held by two individuals “as joint tenants.”
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Intestate Rights of a Married Person
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May
May
When and Under What Circumstances Should You Update Your Estate Planning Documents?? We are often asked, “When and under what circumstances should we update our estate planning documents?” One of the first things you should check for in your revocable living trust and financial durable power of attorney, are Medi-Cal and government benefits asset […]
Find out what we will talk about at our next asset protection workshop regarding how to pay for our long term care and getting our ducks in a row for Medi-Cal qualification Welcome to our estate planning and asset protection workshop
Some people are of the belief that if they give away an amount equal to the current $15,000 annual gift tax exclusion amount, that this gift will be exempted from Medi-Cal’s 30 month look back penalty period. This notion is incorrect.
Of course, pre-planning at the earliest opportunity is the best way to assure that Medi-Cal will grant your application, should you need to file at a later time.
If the decedent is single, all assets in the decedent’s name alone can be distributed through a probate proceeding.
The ill spouse, or applicant spouse, cannot have more than $2,000 in his/her name, of non qualified assets. The well spouse can have up to $123,600 in non-qualified assets.
Exercise: Keep your strength up. Walk every day if you can, and add more steps all the time. If your legs are strong and your balance is good, you are less likely to fall.
Probate statutory time frames must be adhered to, and apply to various aspects of the probate, including filing dates, publication and creditors’ claims. If there are creditors’ claims against the estate, the probate can take even longer in order to resolve the claims.