Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Family members, friends, and neighbors devote countless hours to providing care to their relatives or loved ones. During National Family Caregivers Month, we recognize and thank the humble heroes who do so much to keep our families and communities strong.” President Barack Obama, NFC Month Proclamation 2012 The words of President Obama remind us how important the caregivers are who devote their time … [Read more...] about Help Celebrate National Family Caregiver Month

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Like many people, you may not have given much thought to the possibility that you will need to qualify for Medi-Cal later in life. More importantly, you may not realize that the retirement nest egg you have worked so hard to establish over the course of your lifetime could be at risk if you do ultimately need to qualify for Medi-Cal benefits. Often, the best way to explain something is by using an … [Read more...] about Can Purchasing an Annuity Allow You to Keep Assets and Still Qualify for Medi-Cal?

At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medi-Cal benefits in order to cover the high cost of that care. Qualifying for Medi-Cal can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of much confusion for applicants. While it is always best to consult with an experienced Medi-Cal … [Read more...] about Medi-Cal Gifts to Children

There has long been a misconception that nursing homes and Medi-Cal planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medi-Cal planning actually helps ensure that patients qualify for Medi-Cal. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medi-Cal planning, a nursing home can find itself stuck with an exorbitant bill that the patient cannot pay and … [Read more...] about A Nursing Home’s Take on the Need for Medi-Cal Planning

David and Amy have been happily married for over 50 years and are now well into their retirement years. They have two grown children. Their daughter Sarah is an engineer, while their son Allen has special needs and lives in a group home. Amy is very concerned lately because it looks as though both she and her husband will be living in a nursing home in the near future. She is unsure how that will affect Allen and the financial help they have always given him. The good news is that Amy doesn’t … [Read more...] about How You Can Provide for Your Disabled Child and Still Qualify for Medi-Cal

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Across the nation, about half of all seniors who require nursing home care depend on Medi-Cal to cover the cost of that care. Medi-Cal, however, has both income and asset tests that must be satisfied before a senior will be approved for benefits. If the applicant’s assets exceed the limit, the applicant will be told to “spend-down” the excess assets in order to reach the asset limit (typically $2,000 … [Read more...] about A Funeral Plan is Not Always the Best Medi-Cal “Spend-Down” Solution

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys A comprehensive estate plan should do much more than simply determine how your estate assets are to be distributed when you are gone. Another important goal of a well thought out estate plan is planning for incapacity. That includes planning for the possibility that you will need to pay for long-term care. Most people cannot afford to pay for long-term care out-of-pocket given the average nationwide … [Read more...] about Is Purchasing Long-Term Care Insurance a Good Idea?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Almost half of all seniors eventually turn to Medi-Cal for help covering the high cost of long-term care. If you are one who may need to qualify for Medi-Cal at some point, will you be able to keep your real estate? Understandably, it’s a question that worries every senior who may need to qualify for Medi-Cal benefits in the future. The answer may surprise you! While you may already know that your … [Read more...] about Is Your Real Property Safe from the Medi-Cal “Spend-Down” Requirements?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Were you recently notified that you will be receiving an inheritance? If so, an inheritance can come hand-in-hand with conflicting emotions. An inheritance follows the death of a loved one, and especially in the event of a sudden or unexpected loss, may cause you to experience the grief that comes with it. On the other hand, an inheritance can often mean financial freedom for the recipient. A sudden … [Read more...] about What Should I Do with My Inheritance? Dos and Don’ts for the Recent Heir

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys What Are Beneficiary Designations? Although you may not realize it, beneficiary designations govern many of your most valuable assets. Life insurance policies, retirement plans, and investment and bank accounts, as well as mutual funds and brokerage accounts all may have beneficiary designations. In some states, even personal property, such as your vehicle, may carry a beneficiary designation. These … [Read more...] about Do You Know Who Your Designated Beneficiaries Are?