Most people are fully aware of the fact that Medi-Cal is California’s version of the Medicaid program, which is a need-based health insurance benefit. Because it is intended for people with limited resources, there is a $2000 ceiling on assets. Why is Medi-Cal relevant to elder law attorneys? The majority of seniors will need living assistance eventually, and three out of every ten will require nursing home care. A year in a Los Angeles nursing home comes with a price tag of over $100,000, … [Read more...] about What Are the Medi-Cal Rules for a Healthy Spouse?
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Top 5 Medi-Cal Myths
People frequently reach their retirement years having never needed to rely on Medicaid to cover their healthcare expenses, only to realize they must now do so to help cover the high cost of long-term care (LTC). Those same people are often operating under some common myths about Medicaid (known as “Medi-Cal” in California) that may discourage them from applying for help. To help prevent you from relying on incorrect information when faced with the need to pay for LTC care, a Los Angeles Medi-Cal … [Read more...] about Top 5 Medi-Cal Myths
Questions to Consider When It’s Time to Create Your Will
The first document you create will likely be a Last Will and Testament when you decide to get started on an estate plan. Creating your first Will can be intimidating given the importance of the document. Taking the time to contemplate what you need and want in your Will ahead of time will make the process run smoother and help ensure that your Will accomplishes what you want it to accomplish. Toward that end, a Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors offers some … [Read more...] about Questions to Consider When It’s Time to Create Your Will
IRS Releases 2022 Estate Tax Exclusion
For the most part, inheritances are not subject to taxation because there are no income taxes on direct bequests. There is a step-up in basis for inherited appreciated assets, so an inheritor is not responsible for capital gains that accumulated during the life of the decedent. However, there is a tax that can have a major impact if you have been very successful from a financial standpoint. We have a federal estate tax in the United States, and it can take a major bite out of your legacy … [Read more...] about IRS Releases 2022 Estate Tax Exclusion
2022 Medi-Cal Part B Premium Has Been Determined
We recently shared the amount of the Social Security cost of living adjustment. That was good news because we will see the largest increase that we have seen since 1982. Now, it is time to pass along some bad news with regard to the Medi-Cal Part B premiums. Medi-Cal Part B Premium Increase This is the portion of the program that covers treatments that are received from physicians and other health care professionals. The coverage will pick up 80 percent of the costs that are incurred, and you … [Read more...] about 2022 Medi-Cal Part B Premium Has Been Determined
California Advocates for Nursing Home Reform: Abolish Medi-Cal Estate Recovery
Earlier this year, the California Advocates for Nursing Home Reform along with four other senior advocacy groups called upon Congress to abolish the Medicaid/Medi-Cal estate recovery mandate. In order to understand the relevance of this petition, you have to digest some information about senior citizens, nursing home care, and Medicare. Long-Term Care Costs When you make FICA or self-employment tax contributions to the IRS, you are earning retirement credits. You get one credit for every … [Read more...] about California Advocates for Nursing Home Reform: Abolish Medi-Cal Estate Recovery
Can I Appoint Myself as Trustee?
A variety of estate planning tools and strategies will likely be incorporated into your estate plan as your assets, family, and estate grow. One of the most common additions to a comprehensive estate plan is a trust. If you do decide to add a trust to your estate plan, you will need to appoint a Trustee to oversee the administration of your trust. A Los Angeles trust attorney at Schomer Estate & Wealth Advisors discuss appointing yourself as the Trustee of your own trust. Trust Basics – … [Read more...] about Can I Appoint Myself as Trustee?
Can Relying on Medicaid Threaten My Estate Assets After I Die?
The likelihood of needing long-term care and the high cost of that care make Medicaid planning an integral part of the average estate plan. Understanding the need for Medicaid (known as “Medi-Cal” in California) planning, however, is only the beginning of formulating a successful Medicaid planning component. You also need to understand the often-confusing eligibility guidelines as well as how the Medicaid Estate Recovery Program could impact your estate after your death. To help get you started, … [Read more...] about Can Relying on Medicaid Threaten My Estate Assets After I Die?
Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
As fall turns into winter and the holiday season arrives, it’s natural to review the year, plan for the next, and count your blessings. One of the ways to plan for the next year, and perhaps to address some outstanding concerns in this one, is to consider making annual per donee exclusion gifts. This article will explore annual exclusion gifting and demonstrate how gifts of seemingly modest amounts can be a powerful estate planning tool. Read on to learn more. … [Read more...] about Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
Living in a Digital World and the Importance of Planning for Cryptocurrency
Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. Read on to learn more. … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency
