How to Eliminate Unexpected Medical Bills
A medical emergency is hard enough, but the pain may only worsen when huge bills arrive. Even if you have insurance. So how does one go about eliminating unexpected medical bills? Well, here’s how. No Surprises Act A federal law called the “No Surprises Act,” effective January of 2022, banned “surprise billing” or “balance billing.” Before the law passed, specialists like anesthesiologists could set their fees independently of the agreed-to costs between an insurer and a facility within the approved insurance network. Now, specialists’ fees will no longer land on patients receiving treatment from out-of-network specialists at in-network hospitals. Patients ... Read More
Things to Know About Estate Planning
The law describes estate planning as legal documents summarizing the property a person owns and how to distribute these assets when deceased. Property ownership includes individual as well as jointly owned bank accounts, stocks and bonds, retirement accounts, real estate, jewelry, vehicles, your online digital footprint, and even pets. Short of being utterly destitute, you have an estate, and planning for it helps to protect yourself, your family, and your loved ones. According to Caring.com, fewer Americans than ever are engaging in estate planning. The number of adults who have a will or other types of estate planning documents has ... Read More
Assemble the Right Group of Professionals to Prepare a Comprehensive Estate Plan
As complex as estate planning can be, it is vital to gather the right professionals to give you the best advice when preparing your estate plan. Aside from an estate planning attorney, who often specializes in elder law, you may need the services of a certified public accountant (CPA) and possibly even an insurance specialist if you have a large estate or own a business. Some estates may be large enough even to require valuation experts and trust services. Your elder law estate planning attorney understands the array of qualified information needed to create a sound estate plan. Procrastination – ... Read More
Navigating the Shifting Landscape of Estate and Inheritance Taxes: A Yearly Odyssey
Estate and inheritance taxes have long been a complex and ever-evolving aspect of financial planning. What might have been a sound strategy one year may be rendered obsolete the next, thanks to changes in federal and state tax laws. In this blog post, we'll explore the dynamic nature of estate and inheritance taxes, including how they can change yearly, the impact of retroactive estate tax laws, and the importance of staying informed to navigate this intricate landscape. The Ever-Changing Landscape States in the U.S. retain the authority to set their own estate and inheritance tax laws, leading to a patchwork ... Read More
Is Your Estate Plan Updated for the New Year?
You should check your estate planning documents every so often, to make sure they’re still good, especially with big life changes like births, marriages, divorces, and moving to another state. Children grow up, marriages dissolve, property gets sold, residences change and laws change. It is critical that your estate planning documents are Long-Term Care Compliant so that you are in a position to successfully navigate a health care crisis without destroying your nest egg. That’s why we recommend that you consult us for an estate plan check-up every five years or so. What Happens If You Retire in Another State? ... Read More
Retirement Planning Considerations for Gen Xers
Retirement planning is becoming a more urgent matter for Gen Xers (born between 1965 - 1980) as they enter their 40s, 50s, and 60s. There are many things to consider, including finances, investments, insurance policies, legal & estate planning documents, living arrangements, and healthcare. It is advisable to make a detailed checklist within these categories and take action on each item. Meeting with an attorney can help you establish overall goals for your retirement and legacy planning while ensuring the steps you take will lead you to retirement success. With regards to longevity, things may not be what they seem ... Read More
Navigating Estate Plans Across State Lines
When it comes to estate planning, life's changes can sometimes lead to questions about the validity of your plans. One common situation that raises concerns is relocating to a different state. If you find yourself in this scenario, you might wonder if your estate plan remains valid. In this article, we'll explore the factors to consider when evaluating the status of your estate plan after moving out of California. Understanding Estate Plans An estate plan is a comprehensive set of legal documents detailing how your assets and affairs should be managed and distributed upon passing. This typically includes documents such ... Read More
Six Important Questions When Planning for Retirement
Almost everyone dreams of retiring one day. Planning for retirement can be done no matter your age, but experts encourage people to start as early as possible. Retirement planning can seem daunting for many people as they focus on day-to-day financial obligations. Many people have no idea where to start. Below are six simple questions that can help people of any age plan for retirement. What does retirement look like to you? This is an essential question to ask when planning for retirement. Begin by jotting down your ideas and if you’re married, include your spouse’s ideas for retirement. Maybe ... Read More
The Rising Tide of Caregiving Costs: Navigating the High Price of Longevity
In an era where medical advances and improved living conditions have led to longer lifespans, the aging population faces a new challenge – soaring caregiving costs. The emotional, physical, and financial toll of caring for elderly loved ones has become a significant concern for many families. As the demand for long-term care continues to grow, families are grappling with the daunting reality of expenses that can easily surpass the million-dollar mark. In this blog post, we will explore the rising tide of caregiving costs and shed light on the challenges faced by families when taking care of their aging relatives. ... Read More
How to Pass On Your Heirlooms and Forego the Drama
Passing down heirlooms from generation to generation is a cherished tradition that transcends time and culture. These tangible mementos of our family's history hold sentimental value and can help keep the stories of our ancestors alive. However, we often unwittingly pass on unresolved family tensions and disputes alongside the passing of precious heirlooms. It is essential to recognize the potential for family drama when planning your estate to ensure a smooth transition of your legacy. This blog post will explore the importance of mindful estate planning, open communication, and preserving family harmony to ensure that your heirlooms are embraced with ... Read More
Essential Estate Planning Documents for College-Bound Students
Sending your child to college is an exciting time filled with new opportunities and challenges. While you're busy helping them pack and preparing for the transition, it's crucial to consider their well-being and future security. As a parent in California, ensuring your college-bound student has the proper estate planning documents in place is a responsible step that can provide both of you with peace of mind. Once your child turns eighteen in California, they become an adult, and your right to make medical and financial decisions as well as gain access to their information terminates. Here is what can be ... Read More
Restoring Prop 58: The Howard Jarvis Taxpayers Association’s Initiative to Repeal Prop 19
At Botti & Morison, we are committed to keeping our clients informed about the latest developments in estate planning and tax laws. The recent changes brought about by Prop 19 have had significant negative impacts on estate planning for our clients. Virtually every one of our clients regrets that Prop 19 has passed. Our clients want to know what can be done about it. What follows is what can be done by you. The Howard Jarvis Taxpayers Association (HJTA) is taking a significant step to address these issues with an Initiative Constitutional Amendment set for the November 2024 Ballot. Following, ... Read More
