Elder law attorneys help clients address the eventualities of aging from a legal and financial perspective. It is difficult to make projections about the future, but you should understand the cold hard facts so you can make informed decisions even though it is an imperfect science. When you are planning for your active retirement years, the picture may start to come into focus eventually, but there is another dimension that people sometimes overlook. Life Expectancy The overall life … [Read more...] about Longevity Statistics May Surprise You
There is an emerging demographic that has been dubbed the “sandwich generation.” These are people that are simultaneously caring for their children and their aging parents, and they are typically in their late 30s and 40s. Their ranks are growing because the baby boomers are attaining senior citizen status, and they face challenges because they have to juggle many responsibilities. Take Care of Yourself Experts that have studied this phenomenon emphasize several key points to keep in mind. … [Read more...] about Sandwich Generation Members Face Challenges
The Medi-Cal program may not be on your radar if you have health insurance and you know you will qualify for Medicare when you are 65. This is understandable on the surface, but there is a good reason why you should keep Medi-Cal in mind. Long-Term Care Costs Why is Medi-Cal relevant? The program will pay for a stay in a nursing home, and Medicare does not cover the custodial care that nursing facilities provide. You can expect to pay over $100,000 per year for a private room in a Los … [Read more...] about What Is the Medi-Cal Asset Limit in 2021?
The lawmakers in Washington have been wrangling with the White House with regard to an infrastructure spending package. There is an element that would impact elder care, so we will look at the details in this post. Demographic Shift During the post-World War II years between 1946 and 1964, an unprecedented number of babies were born. This phenomenon has been dubbed the “baby boom,” and if you do the math, you can see that these people are attaining senior citizen status right around … [Read more...] about Will Infrastructure Plan Include Funding for Elder Care?
Medi-Cal may not be on your radar if you have health insurance through Medicare or your employer. This makes sense on the surface, but at some point, it may become quite relevant to you. Long-Term Care Costs Most senior citizens will need help with their activities of daily living, and long-term care is very expensive. It is not easy to get out a checkbook and pay over $100,000 for a year in a nursing home when you have been retired for a couple of decades. And of course, a married couple … [Read more...] about Medi-Cal Answers: Can My Spouse Keep My Income?
Your legacy can fall into place haphazardly if you do not think about the events that will take place after you pass away. On the other hand, you can proactively consider the impact of your actions (or inaction) from an estate planning perspective. Wealth Preservation When you are planning for retirement, you have to consider your own needs as a senior citizen first and foremost. You will make projections with regard to the expenses that you expect to incur and create a retirement plan that … [Read more...] about Legacy Planning: Medi-Cal Should Be on Your Radar
Elder law attorneys keep a finger on the pulse of laws that impact programs for seniors. Changes are always possible via legislative mandate, and now that there is a new power dynamic in Washington, we may see movement over the coming months and years. With this in mind, an attention-getting proposition has been presented that would significantly impact the Medicare program, and will take a look at it here. Eligibility Age You earn retirement credits that lead to Medicare eligibility when … [Read more...] about Elder Law News: Medicare Eligibility Age My Be Reduced
There is a tongue-in-cheek truism that goes like this: “Experience is something you get just after you need it.” Indeed, you are sometimes blind to a reality that becomes very clear after you have had the experience, and it’s hard to imagine how you could have missed it. This definitely enters the picture when it comes to planning ahead for your elder years. Retirement Planning When you get your first career position, you are introduced to the concept of retirement planning. You are given … [Read more...] about Elder Care Planning: Dissolve the Psychological Barrier
Elder law attorneys help clients address the legal and financial challenges that they may face during their golden years and twilight years that will follow. Without question, long-term care is the most pressing matter that we address on a day-to-day basis. Just over half of senior citizens will need some type of paid care eventually, and 52 percent of these individuals will require care for over a year. Professional in-home care is very expensive, and you can expect to pay over $100,000 for … [Read more...] about Veterans Aid and Attendance Pension Can Defray Assisted Living Costs
Most people with disabilities in our state rely on Medi-Cal as a source of health insurance, and Supplemental Security Income (SSI) provides a modest stream of monthly cash. These are need-based programs, so you cannot qualify if you have more than $2000 in countable assets in your name. Since these folks are not in a position to work, they typically have sparse resources, so the limit is not a problem on the one hand. On the other, a parent or another family member may be willing to … [Read more...] about How Can a Special Needs Trust Trustee Spend the Money?