California Estate Planning Blog by Kevin Staker

April 27, 2016

Medi-Cal Announces Average Private Pay Rate for California Long Term Care Increased to $8,189 by Kevin Staker

Filed under: Kevin Staker,Medi-Cal Planning,Uncategorized — kevinstaker @ 5:09 pm
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The California Department of Health Care Services has announced the “average private pay rate” (the “APPR”) for 2016 is $8,189. This is the amount used to calculate the period of time a person is ineligible from long term care assistance if he or she gives more than that amount away to another individual in a non-exempt gift.

The present rules provide if just under that amount, such as $8,188, is given away, they round down to zero and so no period of ineligibility is created.

By Kevin Staker

March 17, 2016

Republican Politics by Kevin Staker

Filed under: Kevin Staker — kevinstaker @ 6:57 pm
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Sorry to digress from the usual theme.  However, I would not feel comfortable with Trump as president.  We do not know what we are getting.

The only way to prevent him from getting the Republican nomination is for Cruz to win more delegates from this point forward.  (Not my favorite but oh well).

Unfortunately, #AVoteForKasichIsAVoteForTrump from this point forward.

I elaborate at the Federal Deficit Reduction Blog of Kevin Staker:  found at http://kevinstaker.tumblr.com/

By Kevin Staker

March 6, 2016

Kevin Staker on Probate in California

Filed under: Kevin Staker,Uncategorized — kevinstaker @ 6:33 pm
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Probate is a court proceeding that simply changes title from the decedent to an executor. The title “executor” technically only applies if there is a Will being probated. If there is no Will, the personal representative is technically the “administrator” of the estate. If there is a Will, but the named executor fails to serve, then the personal representative is called the “administrator with Will annexed”.

A probate in California is triggered if the decedent had more than $150,000 in assets in the decedent’s name alone, without a beneficiary. Automobiles do not count towards the $150,000 and only have to be probated if a probate is triggered by other assets.

Attorneys fees in a California probate are based on the gross size of the estate. Not the amount of work performed. Hence, one should have a living trust to avoid a probate.

If you need a probate, however, for your decedent, StakerLaw would be honored to assist you. We generally will give a discount off of the state set fees.

By Kevin Staker

March 5, 2016

Attorney Sasha Collins

Filed under: Uncategorized — kevinstaker @ 3:38 pm

The Staker.com website has now been revamped.  It is now mobile friendly.

It includes a new living trust video by Kevin Staker.  The video is found at https://vimeo.com/156134189.

Attorney Sasha Collins

Attorney Sasha Collins

It also includes a new attorney page regarding Sasha Collins.  Sasha Collins is an attorney at StakerLaw Tax and Estate Planning Law Corporation.  In particular, the site includes a new photo of Sasha Collins.  This page on Sasha Collins is found at http://staker.com/attorney/sasha-collins/.

Sasha Collins now has a Twitter feed at https://twitter.com/sashalcollins.

February 21, 2016

Living Trust Video by Kevin Staker on YouTube

Filed under: Kevin Staker — kevinstaker @ 6:48 am
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California living trust attorney Kevin Staker has also posted his living trust webinar at Youtube as follows:

By Kevin Staker

Embedded Kevin Staker Living Trust Video

Filed under: Uncategorized — kevinstaker @ 6:41 am

This as follows:

By Kevin Staker

February 20, 2016

Living Trust Video Seminar by Kevin Staker Latest Update

Filed under: Kevin Staker,living trust — kevinstaker @ 11:51 pm
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Living trust attorney Kevin Staker has posted an updated version of his short (17 minute) seminar on the web (webinar) on living trusts. The living trust video of Kevin Staker is found on Vimeo.

https://vimeo.com/156134189

 

The Summary follows:

Three ways to plan your estate

1.  Do nothing: expensive fees and costs in probate, law decided who gets your assets, and judge selects your executor.

2.  Have a will, just as expensive, still must be probated.  But at least you decide beneficiaries and executor.

3.  Living trust, best, much less expensive at death or incapacity, you select successor trustee and beneficiaries.

Living trust also results in full step up in income tax basis for a couple, as opposed to half in joint tenancy.  Living trust s also best way to protect children from a prior marriage as well as to reduce or eliminate estate taxes.

Kevin Staker offers a free initial consultation on a living trust.

By Kevin Staker

February 14, 2016

If You Own Your Own Home, You Should Have a Living Trust

Filed under: Kevin Staker,Uncategorized — kevinstaker @ 7:20 pm
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May we return to a fundamental of estate planning: if you own your home, you should have a living trust.

You can avoid probate only if the assets in your name alone with no beneficiary are under $150,000 (See California Probate Code section 13100.)  This is based on the gross value of your home, not the net equity.

Also, you do own your home; the bank does not own it.  The bank only has a lien on your home to secure its loan.

Very few homes in California are under $150,000 in value.  Hence, everyone’s family faces a probate of the home when they are gone.

A probate is an involved court proceeding where a judge gives someone in your family the power to sell your home.  Otherwise, your home cannot be sold.  Your name is on the deed.  You cannot sign the deed to sell.  You are deed.

The fees and costs in a probate are astronomical.  The median price of a home in California is about $480,000.  The statutory attorneys fees in a probate of such a home would be $12,600.  Plus your executor could charge you the same amount.

We also handle probates.  But much prefer you do a living trust now.

To paraphrase the old Fram oil filter, “You can pay us a little now, or your family can pay us a lot later on.”

For more information go to the Kevin Staker video at https://vimeo.com/123550117

By Kevin Staker

February 13, 2016

The Federal Estate Tax Exemption for 2016 is $5,450,000

Filed under: estate tax,Fiscal Cliff,Kevin Staker,Uncategorized — kevinstaker @ 9:35 am
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The Federal estate tax exemption has been increased for inflation since 2010 at $5,000,000. This occurred because President Obama was such a terrible negotiator with the Republicans during “Fiscal Cliff” in late December 2012.

The exemption is now $5,450,000 for decedents dying in 2016. See https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estate-Tax

This exemption allows a couple to escape estate taxes on at least $10,900,000 if they do proper estate planning.

Of course, I would be honored to assist them.

By Kevin Staker

February 11, 2016

The Typepad Profile of Kevin Staker, Camarillo living trust attorney, Has Changed

Filed under: Kevin Staker — kevinstaker @ 1:57 pm
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The Typepad profile of Kevin Staker, a living trust attorney in Camarllo, Ventura County, California, is now located at http://profile.typepad.com/kevinstaker.

Kevin Staker specializes in estate planning, probate and taxation.  He is certified by the California Board of Legal Specialization.

The Typepad profile of Kevin Staker should be fairly visible.  Kevin Staker has a number of blogs.

They include:

The Planning for Long Term Care under Medi-Cal Blog of Kevin Staker .  Kevin Staker blogs on current issues in planning for long term care under Medi-Cal.  This Medi-Cal blog is found at http://kevinstaker.blogspot.com/.

The Travel Blog of Kevin Staker has frequent posts by Kevin Staker.  The latest post is on a Rim to Rim hike in the Grand Canyon in May 2015.  This travel blog of Kevin Staker is found at https://www.quora.com/profile/Kevin-Staker/Travel-Blog-of-Kevin-Staker.

The Tumblr Blog of Kevin Staker is dedicated to Federal Deficit Reduction.  Kevin Staker believes our growing federal debt is our nation’s most pressing problem.  The Federal Deficit Reduction Blog of Kevin Staker is  located at http://kevinstaker.tumblr.com/.

By Kevin Staker

 

 

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