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, … [Read more...] about How Does Medi-Cal Treat My Home?
How Does an Individual Retirement Account Work?
We specialize in estate planning and elder care, but your estate plan should be contained within a broader, long-term financial plan. If you want to be able to enjoy your golden years to the fullest, you should have a solid retirement plan in place. For many people, an individual retirement account will be part of the plan. There are two different types of individual retirement accounts that are typically utilized. Let's look at the details. Traditional Individual Retirement Accounts With a … [Read more...] about How Does an Individual Retirement Account Work?
Medi-Cal Planning: How to Care for a Child with Special Needs (An Elder Law Today Blog)
Jim and Marie Anderson live in San Jose, California. They are now in their mid-70s and they recently celebrated their 50th anniversary. The Andersons have been blessed with three wonderful children. One is a nurse, one is a school teacher, and their youngest child, Joe, is not able to work. Joe is now in his late 40's and lives in a group home. He receives Social Security (SSI) of about $500 a month and his parents have always supplemented his income. Mr. and Mrs. Anderson have lead a modest … [Read more...] about Medi-Cal Planning: How to Care for a Child with Special Needs (An Elder Law Today Blog)
Alert from Our Geriatric Care Managers Re: Long Term Care Bed Availability
Obtaining beds in a skilled nursing long-term care facility is becoming almost impossible in Santa Clara County unless one is admitted to the hospital, stays over 3 midnights, and requires skilled care. We recommend our clients call us at (408) 356-9200 as soon as possible after a loved one is admitted to the hospital so we can help with placement if long-term care is needed. You may also contact us through our website via this link: Contact Us. … [Read more...] about Alert from Our Geriatric Care Managers Re: Long Term Care Bed Availability
What Is Estate Tax Exclusion Portability?
High net worth individuals must be very aware of the potential impact of the federal estate tax. This tax carries a maximum rate of 40 percent, so it can take a heavy toll on the financial legacy that you are leaving behind to your loved ones. There is a federal estate tax credit or exclusion, and it divides those who must pay the tax from those who are exempt. During the 2014 calendar year, the estate tax exclusion is $5.34 million. Next year you may see a somewhat higher figure if an … [Read more...] about What Is Estate Tax Exclusion Portability?
When Is a Federal Estate Tax Return Due?
The estate tax is a factor if the value of your estate exceeds the amount of the federal estate tax credit or exclusion. For the rest of 2014, the federal estate tax exclusion is $5.34 million. If your assets do not exceed this amount, you have no exposure. On the other hand, if you intend to transfer more than $5.34 million, you should explore estate tax efficiency strategies. There are things that you can do to mitigate your estate tax exposure. The optimal course of action will vary … [Read more...] about When Is a Federal Estate Tax Return Due?
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?
How Much Does a Special Needs Trust Cost?
There are various different ways to facilitate asset transfers to your heirs. When you are making decisions, you should evaluate the life situation of each person on your inheritance list. You can provide for each person optimally if you act in an informed manner. Special Needs Trusts Special needs trusts are primarily used to preserve government benefits. Many people with disabilities are enrolled in government benefit programs that are only available to individuals who can demonstrate … [Read more...] about How Much Does a Special Needs Trust Cost?
Will Medi-Cal Pay for In-Home Care?
When you are budgeting for the future, you should certainly set aside funds for your active retirement years. At the same time, there are additional expenses that you may encounter when you reach the twilight years. A significant percentage of senior citizens will need assistance with their activities of daily living. According to the United States Department of Health and Human Services, 70 percent of people who are attaining senior citizen status will need help with their day-to-day needs … [Read more...] about Will Medi-Cal Pay for In-Home Care?
What Happens to a Living Trust When One Spouse Dies?
Before we explain the intricacies of living trusts as they apply to married couples, we should examine the value of these trusts in general. You may assume that a last will is the best option when you are planning your estate. Many people are under the impression that trusts are only useful for those who are very wealthy. This is not entirely true. There are trusts that are used to satisfy the objectives of the wealthy, but there are other types of trusts that are useful for people of … [Read more...] about What Happens to a Living Trust When One Spouse Dies?
