When you pay FICA or self-employment taxes while you are working, it can seem like you are throwing money into a black hole for no particular reason. In fact, when you make these contributions, you earn retirement credits. During the current calendar year, you get one credit for every $1360 that you earn.The maximum accrual in a given year is four retirement credits. Once you have at least 40 credits “in the bank” so to speak, you will qualify for Medicare when you reach the age of 65 under … [Read more...]
Elder Law Report: Medi-Cal Costs Will Rise
Medicare will help to pay for a wide range of different health care treatments, procedures, and services, including convalescent care after an injury or illness. However, it will not pay for custodial care. This is the type of care that you would receive in a nursing home or assisted living community. There are also health aides that provide mobile custodial care in the homes of patients, and Medicare does not cover their fees.If you are under the impression that there is a good chance that … [Read more...]
Nursing Home Costs Can Erase Your Legacy
When you think about retirement planning, you probably consider the normal expenses that you would naturally incur after your working years are behind you. As you are doing this, you will inevitably get a feel for the legacy that you intend to be able to leave behind to your loved ones.This is well and good, but you should understand some things about nursing home care and the costs that go along with it when you are looking ahead toward the future.Misconceptions About MedicareIf you … [Read more...]
Veterans Benefits Can Provide Much Needed Assistance
Long-term care costs can have a devastating impact on your financial situation when you are a senior citizen.When you have always been self-sufficient, it can be hard to imagine a time when you will need help with your day-to-day needs. However, in reality, most seniors do eventually require living assistance.Many people are unconcerned, because they expect Medicare to cover their medical expenses when they attain senior status. Medicare will pay for convalescent care for up to 100 days … [Read more...]
What Is a Medi-Cal Trust?
Before we get into the question that serves as the title this blog post, we have to provide some important background information so you understand why Medi-Cal should be on your radar. According to the United States Department of Health and Human Services, seven out of every 10 people that are turning 65 on any given day will eventually need living assistance.On the surface, this may not seem like much of a big deal. Family members and friends can help with errands and such and life can … [Read more...]
Understand the Limitations of Social Security and Medi-Cal
As elder law attorneys, we advise clients that are looking ahead toward their senior years. For the vast majority of people, Social Security and Medi-Cal will be key pieces to the retirement puzzle.Though these programs are quite helpful, there are limitations and gaps. It is important to understand all the facts when you are putting a plan for aging in place. In this post, we will explain some of the intricacies of Social Security and Medi-Cal.Social Security Eligibility AgeThe age of … [Read more...]
What’s the Difference Between a Medi-Cal Trust and a Living Trust?
All trusts are not created equal. Different types of trusts are utilized to satisfy varying objectives. In this post, we will look at revocable living trusts and Medi-Cal trusts, and we will explain the major difference between them.Revocable Living Trusts and the Medi-Cal ProgramA revocable living trust is a trust that you can revoke or rescind. If you choose to do so, you can dissolve the trust, and it would no longer exist. You can also act as the trustee and the beneficiary while you are … [Read more...]
Key Medi-Cal Facts and Figures for 2019
Before we provide some detailed information about the Medi-Cal parameters, we should explain why this program is relevant to many senior citizens that qualify for Medicare. The United States Department of Health and Human Services maintains a website called longtermcare.gov. This site is chock-full of very useful information about living assistance for elders.There is a particular statistic that really reaches out and grabs you when you visit the website. Researchers have found that seven … [Read more...]
Los Angeles Seniors May be Eligible for Tax Filing Services
It’s tax season and the chore of filing taxes is upon us. If you are a senior in Los Angeles and you have limited income, there may be some useful tax filing services available to you. The AARP Tax Aide Foundation-South Bay provides free tax filing services to low-income seniors. If you have questions about estate planning, elder law services, and retirement issues, let our Los Angeles elder law attorneys help.Where to Find Tax Filing Services in the Los Angeles AreaVolunteers who have been … [Read more...]
Elder Abuse and Neglect Resulting in Fatal Infections
Regrettably, nursing home abuse and neglect are realities. When the time comes to consider whether to place a loved one in a nursing home, finding one that is safe becomes a primary concern. Many clients ask are county nursing homes safe. The fact is, every nursing home is different. So, it is important to do your homework. Even so, neglect can occur. If your loved one has suffered from elder abuse or neglect, discuss your options with one of our Los Angeles elder law attorneys.Elder Abuse in … [Read more...]
