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?
Elder Law
Legacy Planning: Medi-Cal Should Be on Your Radar
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 News: Medicare Eligibility Age My Be Reduced
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
Elder Care Planning: Dissolve the Psychological Barrier
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
Veterans Aid and Attendance Pension Can Defray Assisted Living Costs
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
How Can a Special Needs Trust Trustee Spend the Money?
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?
Biden Plan Would Increase Social Security Benefits
As elder law attorneys, we keep a finger on the pulse of legislative proposals that would impact government benefits for senior citizens. Now that we have a new administration and a different Senate majority, the potential for change exists. With this in mind, we will look at some possible changes to the Social Security program. Benefit Increases Your Social Security benefit is based on the 35 years during which you paid taxes on the most amount of money. Under the Biden proposal, the … [Read more...] about Biden Plan Would Increase Social Security Benefits
Alzheimer’s Looms Large for Seniors
As elder law attorneys, we address challenges that affect senior citizens. Alzheimer’s disease is one of them, and it can have an impact on a few different levels. Key Facts and Figures The Alzheimer’s Association is a great resource if you want to learn more about this terrible disease. According to the site, over 6 million Americans are living with the disease right now, and this number is expected to double by 2050. One third of seniors will pass away with Alzheimer’s or some other form … [Read more...] about Alzheimer’s Looms Large for Seniors
The Twilight Years Can Derail Your Legacy Plan
When you are entering into your active retirement years, you are embarking on a stage of life that can be very rewarding on several levels. If you are so inclined, you get to cross things off your bucket list, enjoy leisure activities, and spend quality time with your family and friends. You also have the ability to sit back and reflect on the hard work and intelligent planning that got you to that point, and the sense of accomplishment is a satisfying feeling. This can be punctuated by the … [Read more...] about The Twilight Years Can Derail Your Legacy Plan
An Overview of Long-Term Care Insurance
We are going to look at long-term care insurance in this post, but many people are not interested in the subject because they harbor certain misconceptions. Before we share information about the coverage, we will provide clarity so you know why the matter is relevant. Most Seniors Need Living Assistance It’s hard to imagine a time when you will not be able to handle all of your own day-to-day needs, but the statistics paint a compelling picture. The average lifespan for someone that is in … [Read more...] about An Overview of Long-Term Care Insurance
