Probate is a legal process which includes validating a decedent’s will, and settling his or her estate. Probate assets are the assets owned by the decedent, such as a bank account — assets that were not given a designated beneficiary, a joint owner or listed as part of a living trust.

Federal estate tax is a tax on assets the individual owned at death, such as a retirement account or an investment account. An individual may be required to pay federal estate taxes on assets, regardless of whether those assets went through probate.

If you have concerns about probate or federal estate taxes, and wish to avoid one or both, contact a qualified estate planning attorney at Gilfix & La Poll Associates.

Michael Gilfix is an estate planning attorney in Palo Alto California and is one of the pioneers of elder law. To learn more, visit Gilfix & La Poll Associates LLP at http://www.gilfix.com/.

Medicare and most private health insurance programs do not cover nursing home expenses, and private long-term care insurance can be extremely costly.

Luckily, you do have some options. If you are a military veteran or the spouse of a veteran, there may be benefits available from the Veterans Administration to help with cost. Also, you may be able to use Medi-Cal to pay for a nursing home stay while protecting your assets. Enrollment in Medi-Cal includes stringent requirements; work with an experienced elder law and estate planning attorney to see how planning for Medi-Cal will work with your future plans.

Michael Gilfix is an estate planning attorney in Palo Alto California and is one of the pioneers of elder law. To learn more, visit Gilfix & La Poll Associates LLP at http://www.gilfix.com/.

There are different types and different levels of long-term care, including:

Home Care. Home care encompasses care from home aides or personal assistants, people who come to your home to help with bathing, dressing and personal needs. They may also do light housekeeping, assist with shopping and do minor errands. Personal assistants and home aides usually are not medically trained and do not cover medical issues. A home health care nurse or attendant with medical training can also be hired to provide basic medical care, such as dispensing medication, checking blood pressure, changing dressings, etc.

Day Programs. Day programs offer meals, activities and social interaction for adults who do not need 24-hour care, but may wish to go on supervised trips to museums, concerts, and shopping, or to get exercise and attend classes. Some day programs also provide transportation to and from the care center and offer some medical services.

Senior Housing. Senior housing may include different configurations of independent rental apartments, with a central hub for meals and socializing, as well as housekeeping and scheduled activities.

Assisted Living. An assisted living facility is more hands-on, with on-premises staff members who oversee bathing and dressing as well as meals, housekeeping and medications.

Nursing Home. A nursing home has 24-hour nursing care. A nursing home may be a long-term residence for an individual who needs full-time care, or may be a shorter duration stay for someone recovering from surgery, an illness or an injury.

What level of care you choose depends on what services you will need, and what services you can afford. Many people erroneously believe that Medicare will cover their long-term care needs, but Medicare is a federal program for people over age 65 as well as for those with certain disabilities, and generally does not pay for long-term care. Medicaid is state-federal program that is designed for people with certain low-income requirements and limited assets. Importantly, Medicaid (Medi-Cal in California) is the only government program that can pay all or a portion of nursing home care.

Unexpected long-term care can deplete even extensive savings and retirement reserves. The most prudent way to prepare for the likelihood that long-term care will be needed in the future is to sign up for long-term care insurance. Just as with health insurance, signing up for a policy and making monthly premiums will ensure that your long-term care will be covered.

If you do not have long-term care insurance and the need for such care has arisen, you need to learn about planning steps you can take to protect your assets and maximize availability of government programs such as Medicaid/Medi-Cal.

It is important to work with an elder law or estate planning attorney at Gilfix & La Poll to ensure that you get safe and affordable care while simultaneously protecting your assets.

Michael Gilfix is an estate planning attorney in Palo Alto California and is one of the pioneers of elder law. To learn more, visit Gilfix & La Poll Associates LLP at http://www.gilfix.com/.

For example, if you earn a salary of $100,000 in your last employment year before you retire, there should be $800,000 or more stashed away to ensure your retirement years are enjoyed at roughly the same lifestyle level as in pre-retirement. The new estimate suggests you cover 85 percent of your pre-retirement income via savings to retire at age 67, and plan to live to the age of 92. Previous savings guidelines by Fidelity suggested a savings goal of much as 10 times your yearly salary by retirement, but critics found that too unworkable for most individuals.

However, for individual with pensions, it may be financially feasible to save somewhat less than the advised multiple of eight. Workers facing retirement with the cushion of a pension or with a small pension may wish to work longer than age 67; every year you delay retirement, you add to you Social Security benefits. Potential retirees may also explore how they can simplify their lifestyles to closer meet their financial burdens at retirement, such as padding payments to more quickly pay off a home mortgage, and working to pay down debt including credit cards and various loans.

In addition to sound financial planning, taking appropriate tax and estate planning steps is essential.

It is never too early to begin to plan your financial future. Work with an experienced estate planning attorney at Gilfix & La Poll Associates to see what creative and innovative trust and tax planning options are available to best fit your needs.

Michael Gilfix is an estate planning attorney in Palo Alto California and is one of the pioneers of elder law. To learn more, visit Gilfix & La Poll Associates LLP at http:// www.gilfix.com/.