IRAs, 401k’s and other “qualified accounts” are exempt. The applicant however must be taking RMD’s or some amount of principal and interest on a periodic basis.
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Properly recorded mortgages survive the death of the borrower/owner of the property, and remain as liens against the real property through probate.
You can also have access to the funds, like a line of credit, that you can draw on when needed.
Title to real property that is held in a revocable living trust is not subject to probate, because the real property will be distributed to the beneficiaries of the trust, by operation of the terms of the trust.
The state will want to know about all assets of both spouses, including savings, cash, stocks, etc. In addition, the cash surrender value of whole life insurance of the ill spouse cannot exceed $1,500.
If the will lists other beneficiaries in addition to the surviving spouse, then only the property listed in the will that goes to the surviving spouse is subject to the petition.
If there is no will, then the surviving spouse, the children of the decedent, parents, etc., can petition the court to be named as the “Administrator With Will Annexed.”
We usually don’t think estate planning documents are necessary for younger adults. But consider the potential need for financial and health care powers of attorney for them.
If you do happen to answer the phone, you should hang up immediately if the caller is trying to sell you something. Just tell the caller no regarding any prizes, requests for money from people you don’t know and requests for money from religious and charitable organizations.
All current beneficiaries are scheduled to receive their new cards no later than December, 2019. In California, the new cards should arrive between April and June, 2018.