NEW MEDI-CAL LEGISLATION! SPREAD THE WORD.

Update: New similar legislation was just passed! See here fore more information. 

UPDATE:  SB1124 WAS VETOED BY GOVERNOR BROWN.

6/2015 UPDATE: THERE IS NEW LEGISLATION YOU CAN SUPPORT SB33.



For those of you who have been following my posts about Medi-Cal, you know that I put out an alert that going on Medi-Cal under Covered California could lead to the loss of your family home if you are over 55 years old. This is new news to for the many people who have just qualified for Medi-Cal because of the expanded program (Thanks Obama!), but as my post on Medi-Cal recovery explains, it is old news for everyone who has been dealing with the fact that Medi-Cal is a LOAN, not a public service, once you hit 55 (or if you are unlucky enough to fall in any of the other recovery categories).

SHOULD I PUT MY TIMESHARE IN MY TRUST?

For some people timeshares are the perfect vacation solution.  For others, they are a nightmare of fees and wasted time on paperwork.
The trick for estate planning is to figure out which category your children are in.

Most, but not all, timeshares are an interest in real property.  That means that you do actually own something (other than all of the fees).

Different timeshares are set up differently, but often they are what lawyers refer to as a “tenancy in common” where distinct people or entities have a percentage ownership in a piece of real estate.  The co-owners also have a timeshare agreement that designates the manner in which they share the property.

WHY YOU MAY WANT TO PUT YOUR TIMESHARE IN YOUR TRUST