When you know that you are going to have some financial responsibility in the future, such as financing the education of your children, you take action in the present to prepare for it. Unfortunately, far too many people fail to apply this logic when it comes to long-term care expenses. One of the reasons why many people do not address the matter is because they feel as though they are healthy and they won't need long-term-care. This may be the case, but if you never need any help with your … [Read more...] about Long-Term Care: Is Staying At Home Feasible?
Three Social Security & Medicare Myths
Retirement planning is something that many people ignore until it is too late. A belief in certain myths about Social Security and Medicare is at the root of some of the procrastination and cavalier behavior. We would like to look at three of these myths here. 1.) Social Security will provide me with a solid income during my retirement years. Unfortunately the above statement is patently untrue for most people. We are all aware of the cost-of-living here in the greater San Jose and Santa … [Read more...] about Three Social Security & Medicare Myths
Understand Relevant California Elder Law Facts
In this post we would like to look at some California elder law resources that are very valuable for anyone who is preparing for life as an elder. The best way to proceed when you're making plans is to discuss everything in detail with a licensed elder law attorney. However, you should certainly do some research on your own so that you have a basic understanding of some of the most relevant facts. Retirement Planning & Social Security Clearly, financing your retirement is going to be … [Read more...] about Understand Relevant California Elder Law Facts
Elders, Nursing Homes & Medi-Cal
If you are among those who are under the impression that Medicare will take care of everything once you are a senior citizen, you would do well to understand the fact that nursing home expenses are not covered by Medicare. This is a significant challenge for many individuals because nursing home care is very expensive. Across the country as a whole, the cost of a private room in a nursing home averaged over $90,000 last year. This average figure is higher in the state of California. Statistics … [Read more...] about Elders, Nursing Homes & Medi-Cal
Understanding Life Estates
When you hear about the fact that most people have not executed any type of estate plan, it is disturbing to say the least. There are so many different sets of circumstances that could present themselves, and there is an appropriate reaction to each of them. Those who take the right steps are ideally prepared. The many who do nothing oftentimes suffer the consequences, and their families may also pay a significant price. There are many different legal devices that can be utilized to serve … [Read more...] about Understanding Life Estates
Estate Planning: Three Things to Think About
Estate planning should best be viewed as a holistic endeavor. Yes, planning your estate involves preparing your financial assets for eventual distribution to your heirs, but there are other matters to take into consideration. Here are three things to think about. How to Transfer Assets Understanding the general fact that you have to arrange for the transfer of your assets to your heirs is one thing. But how should you go about it? The answer to this question varies person by person. Some … [Read more...] about Estate Planning: Three Things to Think About
This Military Benefit Can Defray Assisted Living Costs
The high cost of assisted living is presenting a challenge as people live longer and the population ages. The Medicare program doesn't pay for assisted living on a long-term basis, so you are on your own unless you can qualify for Medi-Cal. If you plan ahead in an effort to secure Medi-Cal eligibility with the assistance of a licensed elder law attorney, you can be sure that you and your family are retaining a maximum store of assets. Those who have served in the military may well have access … [Read more...] about This Military Benefit Can Defray Assisted Living Costs
Medi-Cal Planning for Single People – An Elder Law Today Blog
Nancy Watson feels worn out. Four years ago her father died and for the past three years she has been caring for her aging mother. At first, it was little things...grocery shopping, trips to the doctor, help with her mother’s medication, and things like that. But as her mom’s health deteriorated, Nancy’s burden has increased. The last six months have been very difficult. That’s because Nancy had to move her mom to a nursing home. Mom couldn’t live at home any more. Nancy thought her job would … [Read more...] about Medi-Cal Planning for Single People – An Elder Law Today Blog
Medi-Cal Limits Increased for New Year
Medi-Cal is a government program that will pay for long-term care if you can obtain eligibility. In California, this program is referred to as "Medi-Cal". This program was originally designed to help people with virtually no financial resources obtain medical care. However, it is utilized by seniors who need living assistance who have never considered themselves to be poor. The upper asset limit is $2,000, but there is some property that doesn't count toward this figure. This would include … [Read more...] about Medi-Cal Limits Increased for New Year
Be Prepared to Help Your Parents
As you go through life as an adult, the thought of being responsible for your parents to one degree or another may not enter your mind for quite a long time. However, it is important to understand the fact that there may come a time when your parents need your assistance. Most of our nation's elders will need some form of living assistance eventually, and statistically speaking this usually comes from their children, other relatives, and/or friends. In fact, 70% of the care that is provided to … [Read more...] about Be Prepared to Help Your Parents
