The Medi-Cal program is a government health insurance program that is intended for financially needy individuals. If you have been on solid financial footing throughout your life, you may feel as though Medi-Cal will never be important to you. In reality, Medi-Cal is quite relevant to a significant percentage of senior citizens, because the program will pick up the tab for custodial care. This is the form of care that you would receive if you ever reside in a nursing home or assisted living … [Read more...] about Will My Assets Be Taken If Medi-Cal Pays My Nursing Home Expenses?
Long Term Care Planning
Isn’t a Trust Just a Glorified Will?
People sometimes assume that a trust is a somewhat glorified legal device that accomplishes the same thing that a will would accomplish. In fact, there are different types of trusts. Trusts can satisfy objectives that a will would not satisfy. Let's look at some of these scenarios. Estate Tax Exposure The federal estate tax is a legacy threat to high net worth families. This tax carries a 40 percent top rate, so we are talking about a very significant level of taxation. The good news is … [Read more...] about Isn’t a Trust Just a Glorified Will?
A Medi-Cal Trust Can Preserve Inheritances
When you are contemplating your legacy, you may have a certain vision with regard to the inheritances that you would like to leave behind to your loved ones. Making this vision a reality takes careful planning as you build a nest egg for your own retirement with your legacy goals in the back of your mind. Your active retirement years can be full of fun, travel, and leisure activities if you act within a well defined plan over the years. However, when you are considering the expenses that you … [Read more...] about A Medi-Cal Trust Can Preserve Inheritances
Use the Right Trust for the Right Job
Estate planning is often misunderstood. People who do not obtain professional guidance can assume that it is an either/or proposition. They are under the impression that a last will is the right choice for people who are not multimillionaires. The idea is that a trust is the other option, but it would only be useful for very wealthy people. In fact, this is a very shortsighted point of view. There are numerous different types of trusts. It is true that there are trusts that are used by high … [Read more...] about Use the Right Trust for the Right Job
A Medi-Cal Trust Can Preserve Inheritances
When you are contemplating your legacy, you may have a certain vision with regard to the inheritances that you would like to leave behind to your loved ones. Making this vision a reality takes careful planning as you build a nest egg for your own retirement with your legacy goals in the back of your mind. Your active retirement years can be full of fun, travel, and leisure activities if you act within a well defined plan over the years. However, when you are considering the expenses that you … [Read more...] about A Medi-Cal Trust Can Preserve Inheritances
Comprehensive Planning for the Eventualities of Aging
Legal professionals often dedicate themselves to particular areas of focus. One of these specialties is the elder law arena. These attorneys help people who are concerned about the eventualities of aging. At the present time, there is an unprecedented aging of the population underway. This is due to the maturation of the baby boomer generation. As a result, many people have questions about the contingencies that they may face during their senior years. Elder law attorneys provide guidance and … [Read more...] about Comprehensive Planning for the Eventualities of Aging
Californians Can Take Advantage of Added Nursing Home Asset Protection
Nursing home asset protection is a very big deal when you understand all of the facts. It would be natural to assume that Medicare will pay for nursing home care if you ever need it, but in reality, the program does not pay for custodial. The Medicare program will often cover rehabilitative care after release from a hospital following an injury or illness, but it will not pay for custodial care. Paying out-of-pocket is really not a sensible option for most people, because long-term care costs … [Read more...] about Californians Can Take Advantage of Added Nursing Home Asset Protection
Is There a One-Size-Fits-All Estate Plan?
Instant gratification has become the expectation in many cases during our current era, and this is largely due to the emergence of the Internet. Without question, the fact that you can obtain information about anything with the click of a mouse is a very good thing, but there are some pitfalls to avoid. From a commercial perspective, there are many different offers out there. The idea is that you can sidestep the need for professional assistance if you use simple tools that are offered online. … [Read more...] about Is There a One-Size-Fits-All Estate Plan?
Medi-Cal and Long-Term Care: A Primer
You should understand the basics when it comes to Medi-Cal and long-term care. Many aging persons will require living assistance at some point in time, and Medicare will not pay for help with your activities of daily living. Nursing homes and assisted living communities are extremely expensive, and in-home care givers are also costly. Medi-Cal does pay for long-term care, and it is the solution for many Californians. In this post, we will provide some basic information about the Medi-Cal … [Read more...] about Medi-Cal and Long-Term Care: A Primer
Medi-Cal Long Term Care Primer- Part 4 of 4
An important, but frequently overlooked, aspect in Medi-Cal long term care (LTC) benefit planning is Medi-Cal Estate Recovery. The Medi-Cal laws requre that the state pursue recovery from a Medi-Cal LTC beneficiary's estate following death for the benefits obtained during his or her lifetime. These benefits have often been accruing at thousands of dollars a month. In cases of extended periods of care, recovery claims can be hundreds of thousands of dollars. In situations involving a … [Read more...] about Medi-Cal Long Term Care Primer- Part 4 of 4
