There are many different acronyms that come into play when you are looking into estate planning and elder law topics. SSDI and SSI are two of them. Because they are so similar, some people think that there is no difference. In fact, there are some significant differences. SSDI The acronym SSDI stands for Social Security Disability Insurance. When you are working and paying taxes, you are paying into the Social Security program. This program is in place to provide senior citizens with income … [Read more...] about What’s the Difference Between SSDI and SSI?
Why Do I Need a Power of Attorney?
A power of attorney is a legally binding document. If you are creating a power of attorney, you are referred to as the principal or the grantor of the device. As the grantor, you name an agent or attorney-in-fact. When you create a power of attorney, you are giving the agent the power to act on your behalf in a legally binding fashion. You can decide on the extent of the power that you want to give to the agent. There are general powers of attorney, and limited powers of attorney. With a … [Read more...] about Why Do I Need a Power of Attorney?
Caregiver Contracts (an Elder Law Today Blog)
Our office writes the Elder Law Today each month to provide useful information for the elderly and disabled, their family members, friends, and advocates. Recently, one of our readers asked us to write an article regarding Caregiving Contracts. We thought that was a great idea, as so many of our clients care for their aging or ailing parents, friends, or relatives. Millions of Americans are currently caring for an elderly family member or friend at home, without receiving regular compensation. … [Read more...] about Caregiver Contracts (an Elder Law Today Blog)
Will Medicare Pay for All of My Medical Expenses?
Retirement planning involves a careful assessment of the expenses that you may face during your senior years. As you are making plans for the future, you should have a thorough understanding of what you can expect from the Medicare program. Let's look at some of the details. Medicare Eligibility To qualify for Medicare, you earn retirement credits. As you work and earn income, you pay taxes, and some of what you pay goes toward future Medicare coverage. The requirements are actually quite … [Read more...] about Will Medicare Pay for All of My Medical Expenses?
When Would a Conservatorship Become Necessary?
Guardianship and conservatorship are two terms that you may come across when you are researching elder care topics. The terms are applied differently in different states. Generally speaking, a guardian or conservator would be empowered by the state to handle the affairs of a minor child or incapacitated adult. In some states, a guardian handles personal decision-making, and a conservator handles the financial affairs of a ward. In others, a guardian handles both types of decisions. We … [Read more...] about When Would a Conservatorship Become Necessary?
Do I Need Anything In Addition to My Last Will?
Many people reduce the process of estate planning to the creation of a last will. In reality, a well constructed estate plan will involve the execution of additional documents. Incapacity Planning When you create your last will, you facilitate future asset transfers. However, a comprehensive estate plan will also address the latter portion of your life. Incapacity is common among elders. There are a number of different causes, but Alzheimer's disease is the leading culprit. This disease … [Read more...] about Do I Need Anything In Addition to My Last Will?
Is Incapacity Planning Really Important?
People sometimes overlook incapacity planning because they feel as though it is not really important. They know that some elders become unable to make their own decisions, but they take the "this will never happen to me" approach. You should certainly do everything possible to stay mentally and physically healthy. It is quite possible that you will be able to handle all of your own affairs every day of your life. However, people routinely take precautionary measures of various kinds, and this … [Read more...] about Is Incapacity Planning Really Important?
How Does Medicaid/Medi-Cal Apply to Married Couples?
Medicaid is a jointly administered federal/state government health insurance program. It is designed as a safety net that provides health care insurance for people who can demonstrate significant financial need. In the state of California, the program is called Medi-Cal. If you are going to qualify for Medicare when you reach the age of 65, you may initially wonder why Medi-Cal should be relevant to you when you are planning for the future. The reason why Medi-Cal is relevant to a significant … [Read more...] about How Does Medicaid/Medi-Cal Apply to Married Couples?
How Does Medi-Cal Treat My Home?
Before we look at the matter of Medi-Cal eligibility and home ownership, we should briefly explain why Medi-Cal is important to many seniors who were never financially needy. Medi-Cal is a need-based health insurance program that is intended for people with limited resources. In spite of this, a high percentage of elders ultimately seek Medi-Cal eligibility. This is because Medicare will not pay for long-term care. If you were to require assistance with your activities of daily living, this is … [Read more...] about How Does Medi-Cal Treat My Home?
Who Can Act as an Agent Under a Power of Attorney?
Your estate plan should ideally be looked upon as the culmination of a long-term financial plan. It is important to prepare for your active retirement years so that you can enjoy that stage of life, and there are also the twilight years that will follow. During the latter portion of your life, incapacity becomes quite possible. There are those who suffer from physical incapacitation, and cognitive impairment can also be a factor. Alzheimer's disease is a leading cause of dementia. We have all … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
