Many folks continue to be confused about the differences between Medi-Cal and Medicare. Both Medicare and Medi-Cal, which is California’s name for the Medi-Cal program, have their originals in federal law. They were originally enacted in 1965 under President Johnson’s Great Society programs. Both programs have evolved over the years. Medicare was focused on providing health care for the elderly while Medi-Cal was focused on providing health care for the poor. California’s Medi-Cal … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...]
What is your greatest fear?
According to the study Aging in Place in America, more people over the age of 65 are afraid of moving into a nursing home than are afraid of death. One of the problems with our fears is that so many of us choose to ignore them. Ignoring the possible need for nursing home care means that you miss out on the valuable chance to plan ahead. Not only does planning ahead let you shape what your nursing home experience might look like, it also allows you to think carefully about how you’ll pay for … [Read more...]
Should I Pay a Lawyer for Medi-Cal Planning?
Elder law attorneys vary in what they charge for Medi-Cal planning; a common fee is equivalent to the average cost of one month in a nursing home. However, it will typically vary depending on the complexity of the needed planning. Why should you pay thousands of dollars for Medi-Cal planning? The answer is simple: To save what you have. If you don’t bother with nursing home planning and you need care, you will continue to pay with your private funds until they run out. Once you’re broke, … [Read more...]
Long-Term Care Insurance vs. Medi-Cal
You may think you are too young yet to be seriously considering the likelihood that you will need long-term care at some point down the road. However, you may want to make a point of thinking about the possibility to ensure that you can afford to pay for it when the time comes. Unless you have the ability to cover long-term care (LTC) costs out of pocket you will probably need to rely on a long-term care insurance policy or Medi-Cal. In this blog, we will explain how long-term care insurance … [Read more...]
NEW CALIFORNIA LAW HELPS PERSONS WHO ESTABLISHED EDUCATION SAVINGS ACCOUNTS AND THEN NEED MEDI-CAL LONG TERM CARE ASSISTANCE
Parents, grandparents and other family members seeking to assist other family members (often children and grandchildren) with the high cost of college education will commonly turn to Education Savings Accounts to put away money for this purpose. These accounts are often referred to as “529 accounts”, which is a reference to the section of the Internal Revenue Code that authorizes these tax-advantaged accounts. When properly established, 529 accounts grow on a tax-deferred basis (like an … [Read more...]
13 Disturbing Estate Planning Problems
Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan. If you don’t name a guardian in your will, your minor children could end up with persons you either don't like or don't know. If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die. If you put assets in joint tenancy with a second spouse, your children may be disinherited. If … [Read more...]
Five Things You Probably Didn’t Know about Medi-Cal
Many people make it through their entire working years without ever needing to turn to Medi-Cal (California’s Medicaid program) for help with healthcare expenses thanks to employer-sponsored or privately funded health insurance. If you are one of those people, you may find that you do need to rely on Medi-Cal as a senior if you need long-term care because of the prohibitive cost of that care. With that in mind, the Sacramento Medi-Cal attorneys at the Northern California Center for Estate … [Read more...]
A Primer on Medi-Cal Long Term Care Planning (Part 2 of 2)
In Part 1, we provided an overview of the Medi-Cal Long Term Care program and its eligibility requirements. In this installment, we will focus on specific planning strategies. When Should You Plan for Medi-Cal Long Term Care? It is never too late to get help with Medi-Cal planning, even if you or your loved one is already in a nursing home. However, the sooner you begin to plan, the better. Estate planning and elder law attorneys divide Medi-Cal planning into two categories based on how … [Read more...]
Will My Spouse Suffer If I Need to Qualify for Medi-Cal?
As a senior, there is a very good chance that you, or your spouse, will need long-term care at some point. The cost of that care will not be cheap. Fortunately, Medicaid (Medi-Cal in California) may be able to help; however, you may have heard people talk about the Medi-Cal eligibility rules and fear those rules will cause your spouse to suffer. We will explain why you need not worry about your spouse if you need help from Medi-Cal. Will You Need Nursing Home Care? Although we all hope to … [Read more...]
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