Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys The Baby Boomer generation – the largest generation in American history to date – is heading into retirement, but are they prepared? More importantly for their children and grandchildren – and possibly the economy as a whole – will there be anything left to bequeath when they pass away? It appears some Baby Boomers have planned for their retirement, however, estate planning is not a priority for many. … [Read more...] about Will Baby Boomers Have Anything Left to Pass Down?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys For roughly half of all seniors living in nursing homes, or other long-term care (LTC) facilities, Medi-Cal is their only hope for assistance with the high cost of that care. Qualifying for Medi-Cal can be problematic for an applicant who failed to plan ahead. Once an applicant is approved for Medi-Cal they no longer have to worry about paying for their long-term care, right? Not exactly. Many Medi-Cal … [Read more...] about Medi-Cal Patient Share of Cost for Long-Term Care

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Are you prepared to cover the expenses of long-term health care (LTC) if you need nursing home, assisted living or regular at home care down the road? If you are like many seniors, you will turn to Medi-Cal for help with your LTC costs. While Medi-Cal will cover LTC expenses, getting approved can be challenging. The old adage is that “if you fail to plan, you may as well plan to fail.” Your failure to … [Read more...] about Medi-Cal Planning – Planning to Get Approved

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Previously, retirement planning focused on an employer sponsored pension and Social Security retirement benefits. The concept of lifetime employment, however, is largely a thing of the past, which also makes pensions a thing of the past. Moreover, the fate of the Social Security retirement program is uncertain. Also, monthly Social Security benefits do not go as far as they once did. As a result, … [Read more...] about Traditional or Roth – Which Type of IRA Is Right for You?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys If your spouse is suffering from Alzheimer’s disease, you understand how devastating the disease can be – both to the patient and to the caregiver. Alzheimer’s doesn’t just rob the patient of memories, it also robs loved ones of their time and energy. In most cases, the symptoms of Alzheimer’s progress slowly, making it relatively easy to care for a loved one during the early stages of the disease. As … [Read more...] about Caring for an Alzheimer’s Patient— Can Medi-Cal Home Based Services Help?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys For many people, owning a small business remains part of the “American Dream.” If you are one of those people and you have managed to make your small business a success, you are to be congratulated. Getting a business off the ground is challenging enough. Actually turning a profit is nothing short of impressive. What happens to your business though if you (or your spouse) need to qualify for Medi-Cal to … [Read more...] about Can I Keep My Small Business and Still Qualify for Medi-Cal?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Deciding you can no longer adequately care for a spouse in your home is heart-wrenching. However, once you have made the decision to move your spouse to a nursing home, you will need to make a number of practical, financial, and legal adjustments as a result of the move. One of those adjustments may be to get your spouse qualified for Medi-Cal to help cover the high cost of nursing home care. If you … [Read more...] about How Can I Continue to Help My Nursing Home Spouse and Pass Down an Inheritance to My Children?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys The longer you live, the greater the odds are that you, or a spouse, will need long-term nursing home care. To cover the cost of that care, you may find yourself turning to Medi-Cal for help. You may have heard, however, that in order to qualify for Medi-Cal you need to sell your home and use the proceeds to cover expenses first. Someone else may have told you that you can probably avoid selling your … [Read more...] about What You Need to Know about Medi-Cal Estate Recovery

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Over half of all seniors who need long-term care end up turning to Medi-Cal for help covering the cost of that care. Many of them know little, or nothing, about the Medi-Cal eligibility rules because they never needed Medi-Cal prior to their retirement years. The result is that there are a number of misconceptions surrounding the Medi-Cal rules, particularly when it comes to making financial gifts just … [Read more...] about Frequently Asked Questions About Gifting and Medi-Cal Eligibility

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys You’ve heard the horror stories about married couples who lost the majority of their nest egg as a result of the Medi-Cal “spend-down” requirements when one of them needed help paying for long-term care costs. Understandably, you don’t want this to happen to you. Are the stories true? Will you really lose a considerable portion of your assets if you, or your spouse, go into a nursing home? The good … [Read more...] about Does a Married Couple Have to “Spend-Down” Assets to Qualify for Medi-Cal?