Thompson Von Tungeln Legal Blog

Estate plans containing securities have specific rules that are best negotiated by a certified estate planning specialist. The federal government has specific rules for the valuation of securities and financial instruments included inside or outside of estate plans. Since there are a vast number ...

For years now wealthy people have used dynasty trusts to shield their assets from estate taxes for tens and hundreds of years, or even forever. But the dynasty trust is under attack from a new piece of legislations in President Obama's 2012 budget. The bill would limit tax-free dynasty trusts to ...

Elder care is a giant step for most families who go through the transition of an older loved one living on their own to living with assistance. Some transition well, yet others can become discouraged by the lack of complete freedom. To ease your loved one into elder care (and to reduce the burden...

Antelope Valley estate planning law firm Thompson Von Tungeln is offering a complimentary seminar on the Myths about Medi-Cal program and how those myths can affect long-term care planning. “Long-term care planning is an intricate process,” said Kevin Von Tungeln, partner at Thompson Von Tungeln...

Medicaid is a program that affects millions of Americans. (California renamed its Medicaid program “Medi-Cal”). Originally established to help elderly citizens cover medical costs, the program has grown exponentially and is a large cost to many states. Since the federal government only pays 57% o...

In 1992, before Donna and Ollie Phillips began their family, they executed wills that named their yet to be born children as primary benefactors with the rest of their estate going to the Riley Hospital for Children. Years later, after not having any children, the Phillips set up durable powers o...

California consumers should beware of “Living Trust Mills” when doing estate planning, because they may actually be a scheme represented by salespeople posing as “living trust experts.” These salespeople sell annuities and other investments under the guise of helping people create a living trust....

As we age, mundane tasks become more difficult and often need some adjustments. One such activity is that of driving. While many seniors enjoy the freedom of driving until late in their lives, it would be wise for every senior to take time to evaluate their driving as they grow older. The Centers...

A Power of Attorney is a vital part of the estate planning, but what exactly is a power of attorney and why is it necessary to establish one? The term power of attorney has been defined by Merriam-Webster's Dictionary of Law as “an instrument containing an authorization for one to act as the agen...

In years past, many agricultural families passed on control of assets, properties, and family businesses through a limited partnership arrangement. The parents establish the children as “managers” of the business and slowly build their wealth through designating to them the maximum tax-free amoun...

One of the major questions people have regarding estate planning is how to avoid taxes and other costs that would diminish the size of their estate. While there are several ways to avoid state and federal estate taxes, one way is through a charitable trust. Charitable trusts are usually thought t...

If you've every filled out an IRA, Pension Plan, 401(k) plan, or other retirement plan form, you realize the complexity that is involved in the process. But don't allow the complexity to distract you from one very important question that affects your estate planning in a major way. One section of...

While some people may not have taken time to create a will or trust (and we suggest you do so promptly), others have had a will or trust for many years. But how can you be sure your will or trust is current enough to cover any life changes that may have happened since its creation? Ask yourself t...

As many people grow older, they seem to lose track of time when it comes to estate planning and creating a will. Too often, children are left trying to create a will for their parents after they've lost the ability to make legal decisions themselves. Aside from spending much money to establish co...

As our bodies grow older, they slow down and tend to want to move as little as possible. After all, we've spent our lives keeping up with the rat race, rushing between appointments, caring for children, and working at our careers. Isn't it time for a break, time for some rest? It's easy to think ...

When debating whether to establish a Special Needs Trust (SNT) for yourself (if you are the one who is disabled) or a loved one, you must consider which type of trust is best for you. Here are three types of Special Needs Trusts and how they help beneficiaries: First Party Special Needs Trusts Th...

Special Needs Trusts are trusts designed specifically for people with disabilities. The disability could be from birth, an accident or from addiction. One of the benefits of designating a special needs trust is that the assets of the trust are not directly accessible by the beneficiary, and there...

In the last article in our series on how to make the transition into caring for your elderly loved ones, let's look at how to involve others in the process. First, you need to be realistic. You can't care for your loved one alone without giving up parts of your life. But truth is, you don't have ...

Many family members find themselves transitioning from child to parent as they take on the responsibility of caring for parents or elderly loved ones. While the transition is made out of love, fear and apprehension can surround the decision. Rather than worrying about the move, take time to fully...

Your loved one is growing older, and more you are realizing the need for extra care for your elder. What do you do? Can you afford to care for them yourself or to hire a professional? Many questions surround the transition of caring for an elderly loved one. If you decide to take on the responsib...

Estate planning is a very beneficial step for all of us to take in our lives. In order to begin your planning for the future, think of these five steps to get you started. 1. Understand Your Family. Before you can begin allocating assets and dividing your estate, you need to sit down and plan wh...

Power of attorney is a term used often in the world of elder law and financial planning. Although a power of attorney isn't something everyone will utilize, it is important to understand the difference between and benefits of special power of attorney compared to a general financial power of atto...

No one wants to think of the “what-ifs” in life. Worrying about the future never helped anyone, but planning for the future is something every person should think about. Especially as an elderly person, planning becomes a vital preface to assure you and your loved ones will be taken care of in th...

There are currently over 25 million veterans alive in the United States. There are over 9 million surviving spouses of veterans currently living in the United States. Many of these veterans and surviving spouses are receiving long term care or will need some type of long term care in the near fut...

One of the biggest fears family members have surrounding their aging elders is that of a new “friend” convincing them to get a new will or trust – especially after their spouse is gone. A new caregiver, new friend, or recent love interest sadly poses the risk of a change in a loved one's will. Ho...