Generally speaking, in the elder law/estate planning field, the term “Medi-Cal planning” is used to describe a very important strategy. To provide a brief explanation, a significant percentage of senior citizens will ultimately reside in nursing homes. Medicare will not pay for the custodial care that these facilities provide, but Medicaid is set up to absorb long-term care costs.Since Medicaid is a health insurance program that is intended for people with very limited resources, you have to … [Read more...] about Another Type of Medi-Cal Planning
Special Needs Planning
In the estate planning field, we often help clients that have concerns about eligibility for Supplemental Security Income (SSI). This will usually be a factor when someone wants to provide for a loved one with special needs.There is another program that is similar in many ways called Social Security Disability Insurance (SSDI). The fact that it is a source of income for people that are disabled is self-apparent, but this program is separate from SSI. Let’s look at the differences between … [Read more...] about What’s the Difference Between SSI and SSDI?
There are those that see estate planning as a one-way street. They think that it’s all about deciding “who gets what” as it were. When that is determined, everyone can receive their inheritances in the same manner, or so this line of thinking goes.You can adopt this perspective, but it would be shortsighted to say the least. To devise a well-constructed estate plan, you should definitely consider the life situation of each person that will be receiving a bequest from you. If you do not act … [Read more...] about Special Needs Planning and Estate Recovery
When you plan your estate, it is important to understand that there are many different ways to get assets into the hands of others after you are gone. The ideal choice will depend upon your assets and your intentions, but the life situation of each respective inheritor should also be taken into consideration. With this in mind, let’s take a look at the value of the legal device called a special needs trust.Benefit PreservationObviously, health care insurance is important for everyone, but it … [Read more...] about Use Resources Efficiently With a Special Needs Trust
One thing every family of a special needs child knows is that it often takes a village. In other words, the more helpful information you can obtain, from as many sources as necessary, the easier the challenge of raising a special needs child can become. Raising children with autism is no exception. One nonprofit charitable organization known as "TASK" is working in California to provide such assistance.TASK serves California families with special needsThe mission of TASK is "to enable … [Read more...] about Upcoming Workshop in Los Angeles Provides Helpful Information for Children with Autism
Special Needs Trusts are useful estate planning tools used to improve the lives of those who are disabled or have special needs. If a disabled individual receives government benefits, or may be eligible to receive them in the future, owning too much property can jeopardize their eligibility. A special needs trust can help the disabled maintain their eligibility for need-based government benefits, while still providing for their continued care. So, who can be a first party trust … [Read more...] about Who Can be a First Party Trust Beneficiary?
Trusts are created for the purpose of protecting certain assets that you may want to leave for your heirs, but want to make sure they are used for whatever purpose you have in mind. A common example is money set aside for grandchildren when they reach a certain age. Trusts can also establish how the money can be used when they finally obtain it. Trusts are essential estate planning tools.A “Special Needs Trust” is a specific type of trust for the benefit of someone who is disabled. It is … [Read more...] about What Is a Special Needs Trust in Los Angeles California?
If you have a child or adult relative with special needs, you may have already included a special needs plan in your overall estate planning. If not, you definitely should. A special needs plan is a necessity for all families with a loved one who is disabled in some way. Special needs planning is not a simple task, however. There are many common mistakes to avoid in special needs planning, which could potentially make your planning efforts worthless.Why is a special needs plan … [Read more...] about Mistakes to Avoid in Special Needs Planning
Individuals with disabilities often need a special needs trust in place to help provide for their care. Special needs trusts are so beneficial because they allow the disabled to maintain sufficient resources, while protecting their entitlement to government benefits. There are several ways to establish or fund a special needs trust. The trust can be created by family members, through the court, or through a non-profit organization. Using a pooled trusts in special needs planning is a great … [Read more...] about Pooled Trusts in Special Needs Planning
If you receive Medi-Cal, or any other income-based government benefits, and you are expecting an inheritance, you should consider how to handle the money or property in a way that will not jeopardize your government benefits. Each state determines the specific qualifications for its own Medi-Cal program. However, most states provide coverage for adults with children below a certain income level. If you are a recipient that falls in that category, then depending on the amount of the … [Read more...] about I’m on Medi-Cal. How do I Protect My Inheritance?