If you have not looked into the subject, you may be unpleasantly surprised when you hear about the current state of long-term care costs. Medicare does not pay for long-term care, so this is a subject that you should take quite seriously when are looking ahead toward your senior years. Most people who attain senior citizen status are going to need help with their day-to-day needs eventually. The very useful government website LongTermCare.gov tells us that seven out of every 10 seniors … [Read more...] about Genworth Financial Releases 2015 Long-Term Care Cost Survey
What is Independence to Seniors? (An Elder Law Today Blog)
What is Independence to Seniors? by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law Independence is defined by Webster’s Dictionary as “not requiring or relying on something else”…and that definition is where the problem lies for many seniors who desire independence. But Webster’s also defines it as “self-governing”, not by doing everything yourself, but directing what and how things are happening. My mom prides herself on her … [Read more...] about What is Independence to Seniors? (An Elder Law Today Blog)
Doesn’t My Spouse Get Everything If I Don’t Have Will?
People who are unprepared from an estate planning perspective often have many different excuses or theories. Many individuals go forward with the idea that everything automatically falls into place, even if you do not have a will or a trust. If you were to pass away without any estate planning documents, you would die intestate. Property that was in your direct personal possession would become probate property, and it would be distributed in accordance with the intestate succession laws of the … [Read more...] about Doesn’t My Spouse Get Everything If I Don’t Have Will?
Do I Have to Spend Everything to Obtain Medi-Cal Coverage?
Most people are aware of the fact that Medi-Cal is California's version of the national Medi-Cal program. It acts as a health care insurance safety net for people who have very limited financial resources. As it turns out, the program also serves another purpose. Medi-Cal pays for most of the long-term care that is received by seniors in the United States, because Medicare does not pay for custodial care. Because of this dynamic, many Californians who were never needy ultimately seek Medi-Cal … [Read more...] about Do I Have to Spend Everything to Obtain Medi-Cal Coverage?
What Is a Self Proving Will?
You could potentially use a last will as the centerpiece of your estate plan. In order for a last will to be valid in the state of California, certain conditions must be met. The person who is creating the will is called the testator. The testator must be an adult who is of sound mind when the will is being created, and there must be no fraud or coercion involved. Two adults must witness the testator signing the will, and they also have to sign the will. Notarization is not necessary in the … [Read more...] about What Is a Self Proving Will?
What Is the Look-Back Period for Medi-Cal Eligibility?
Elder care is a very pressing issue at the present time, because long-term care is very expensive. The majority of senior citizens are someday going to need living assistance, so this is something to take seriously when you are looking ahead toward the future. You may be confident because you will qualify for Medicare when you reach the age of 65, but this program does not pay for long-term care. If you were to pay for your elder care out of your own pocket, the costs could potentially consume … [Read more...] about What Is the Look-Back Period for Medi-Cal Eligibility?
What Is Digital Estate Planning?
A well constructed estate plan will leave behind a turnkey situation for the surviving family members. If you want to be comprehensively prepared, you need to consider every detail. With this in mind, we will look at digital estate planning in this blog post. More Than Documents Creating documents is part of the process when you plan your estate. At the same time, someone has to examine the wishes that you leave behind in the documents and bring them to fruition after your passing. You have to … [Read more...] about What Is Digital Estate Planning?
Is It Effective Medi-Cal Planning to Add Someone’s Name to Your Bank Account? (An Elder Law Today Blog)
Don’t you hate to be the bearer of bad news? We all do. Unfortunately, sometimes we just can’t avoid it. Consider the following situation: Last month I had an appointment with Mrs. Jones. Her husband was diagnosed with Alzheimer’s three years ago, and the disease has progressed to the point where he needs long term nursing home care. At the time of the diagnosis, she talked to some friends of the family, and they told her to add the kids’ names to her bank accounts and mutual funds as a way to … [Read more...] about Is It Effective Medi-Cal Planning to Add Someone’s Name to Your Bank Account? (An Elder Law Today Blog)
What Is an Incentive Trust?
You may have concerns when you are planning your estate. Leaving money to a loved one can seem like a completely satisfying thing, but a windfall of money can sometimes have a negative impact. This is especially true if the person receiving the inheritance has not reached his or her full potential. It is possible to be prepared for this type of situation through the creation of a legal device called an incentive trust. Stipulations When you create and fund an incentive trust, you name a … [Read more...] about What Is an Incentive Trust?
Why Would I Need a Trust if I Have a Will?
Estate planning is not a one-time event. Your initial estate plan is going to be devised based on the way that your life was at that time. It is like a snapshot, but life goes on after that day. As your life changes, your existing estate plan could become obsolete. As a result, estate planning should be viewed as an ongoing process. If you used a will when you put an initial estate plan in place because your family was small and your life was uncomplicated, this is understandable. At the same … [Read more...] about Why Would I Need a Trust if I Have a Will?
