In California, a “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. In some other states, this person is called a guardian. However, as noted below, in California, a guardian is the person appointed in connection with a minor (under 18) child. Examples of decisions would be where someone lives and what medical … [Read more...] about What is the difference between a “Conservator” and a “Guardian”?
Incapacity Planning
Differences Between a “Conservator” and a “Guardian”
The terms conservator and guardian vary in their usage from state to state. In California, they have specific and different meanings. Let's explore them. A “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. Examples of decisions would be where someone lives and what medical treatment he or she receives. In … [Read more...] about Differences Between a “Conservator” and a “Guardian”
Can a Living Trust Help with Disability Planning?
One of the main benefits of living trust planning is disability planning. You maintain control over your finances only if you have disability planning; otherwise, the court may step in, through the conservatorship process, and takes over (even if you’re married.) Your disability trustees who you have hand picked have control over any assets that are funded into your trust. This means that those you select to step into your shoes, should you become disabled, can only manage, invest, and pay … [Read more...] about Can a Living Trust Help with Disability Planning?
Understanding Incapacity as part of Incapacity Planning
A person's ability to comprehend things happening around them is referred to as "mental capacity." With legal proceedings in particular, the term capacity generally refers to as the ability to understand the nature and consequences of the legal proceedings. In the legal context, it can also refer to whether the person is competent enough to enter into a legally binding agreement. If this becomes an issue, you may need incapacity planning. "Capacity" in the area of estate planning When it … [Read more...] about Understanding Incapacity as part of Incapacity Planning
You Don’t Have to Be Sick to Need Medi-Cal Planning
Simply because you are healthy right now doesn't mean you may not need long-term care when you get older. This is a common misconception shared by many. The truth is, you don't have to be sick to need Medi-Cal planning. You may not have health issues at the moment, but who can predict how healthy they will be in 40 years? An unexpected injury could also leave you with health issues that require long-term care as well. In fact, more than two-thirds of all individuals over the age of 65 need … [Read more...] about You Don’t Have to Be Sick to Need Medi-Cal Planning
How is a Durable Power of Attorney Different from a Living Trust?
When it comes to estate planning, there are so many beneficial options, depending on what you need to accomplish. A durable power of attorney is a common tool. So is a living trust. So, what is the difference and how do you know which one you need for your estate planning. What is the definition of a Durable Power of Attorney? A power of attorney is a flexible estate planning tool that allows you to choose someone who will handle all or part of your personal affairs, including making health … [Read more...] about How is a Durable Power of Attorney Different from a Living Trust?
Nursing Home Planning: Are your Parents Prepared?
Nursing home care can be very expensive. Many private health insurance policies don't cover these long-term care services. For California residents who need long-term care, Medi-Cal is the most common source of funding. In fact, Medi-Cal covers nursing home care expenses of nearly 65% of Californians residing in nursing homes. However, applying for and receiving assistance from Medi-Cal takes planning. Getting your parents prepared for the potential need for long-term health care, nursing home … [Read more...] about Nursing Home Planning: Are your Parents Prepared?
Medi-Cal Laws are Favorable for Sacramento Residents
Medi-Cal, California's Medicaid program, provides, among other benefits, no-cost or low-cost health insurance for adults age 65 years or older, blind, disabled, pregnant, or in a long-term facility. The program also provides benefits for non-disabled, non-elderly and qualifying adults aged 19-64 whose income levels are at or below 138% the Federal Poverty Level. For Sacramento residents, it is important to know that the Medi-Cal benefits are available if you qualify or you have a loved one who … [Read more...] about Medi-Cal Laws are Favorable for Sacramento Residents
Protecting Your Inheritance with Inheritance Planning
Getting the news that you have inherited money or property from a family member is usually a good thing. For some people, it may be more of a concern. If you receive income-based government benefits, you may be concerned that your benefits will be in jeopardy if you receive a significant inheritance. For instance, if you receive Medi-Cal or Supplemental Security Income (SSI), you assets must not exceed a certain amount in order for you to remain eligible. If that's the case, you need to … [Read more...] about Protecting Your Inheritance with Inheritance Planning
4 Myths About Wills and Trusts
Estate planning means preparing for possible incapacity and inevitable death. An estate plan can include many different types of documents, including wills and trusts. The variety of tools available will allow for a customized and comprehensive estate plan. There are many benefits to estate planning and there are some myths as well. Here we will dispel 4 common myths about wills and trusts. MYTH #1: Trusts are only for the rich and elderly One common misconception is that, if you are young … [Read more...] about 4 Myths About Wills and Trusts
