Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, when people think of “estate planning” they think it’s a task only for what happens after death. While an estate plan certainly deals with the distribution of assets at death, it also is about preparing for the complexities of life. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
How Are You Planning for Long-Term Care (LTC) Expenses?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The odds are nearly even that you’ll need long-term care (LTC) after age 65, at least for a while. But, many people haven’t planned for that possibility in their retirement plan. LTC care costs about $86,000 per year nationally, according to a Genworth study. But, the costs vary dramatically from the least expensive state (Texas, about $55,000) to the most expensive … [Read more...] about How Are You Planning for Long-Term Care (LTC) Expenses?
Limits to Medi-Cal Recovery (An Elder Law Today Blog)
By: Matthew M. Shafae, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law The future of Medi-Cal eligibility has been the subject of speculation for a little over a decade now. Will the California implementation of the federal Medicaid system, known as Medi-Cal, finally implement federal laws enacted back in 2005? And now, with a Republican president-elect and a Congress with a Republican majority in both houses, it appears Medicaid funding may be an additional topic for … [Read more...] about Limits to Medi-Cal Recovery (An Elder Law Today Blog)
Should I Purchase Long-Term Care Insurance?
When you think about retirement planning, you naturally focus on the positive times that you can have as a senior when you put your working years behind you. This is fantastic, and everyone should make the most of their golden years. However, there are the twilight years that will follow, and you should be aware of the potential long-term care costs that you could face as a senior. The majority of Americans will qualify for Medicare at the age of 65 under currently existing laws. This would … [Read more...] about Should I Purchase Long-Term Care Insurance?
Isn’t Medi-Cal Only for the Poor?
As a person who is going to be qualified for Medicare later in your life, you may wonder why Medi-Cal would be relevant to you. Medi-Cal is a health insurance program for people with virtually no financial resources, right? If you expect to retire with savings and income, you may assume that you would never need to concern yourself with Medi-Cal. In fact, Medi-Cal is quite relevant to a very significant percentage of senior citizens. While it is true that you qualify for Medicare at the age of … [Read more...] about Isn’t Medi-Cal Only for the Poor?
What Questions Should I Ask an Elder Care Attorney?
If you have decided that you would like to discuss the future with an elder care attorney, you would do well to make some preparations in advance. In this post we will look at a few of the questions that you may want to ask your elder care attorney. 1.) How do I prepare for long-term care expenses? According to statistics that have been compiled by the United States Department of Health and Human Services, a majority of senior citizens are going to need assistance with their day-to-day needs … [Read more...] about What Questions Should I Ask an Elder Care Attorney?
Medi-Cal Planning in California: When Is it Too Late?
Medicare is a government health insurance program that is available to seniors who have paid into the program sufficiently during their working years. Because of the fact that you are going to be eligible to enroll in the Medicare program, you might wonder why Medi-Cal may be relevant to you when you are a senior citizen. The reason why a significant percentage of elders who were previously enrolled in the Medicare program ultimately qualify for Medi-Cal is because they need assistance with … [Read more...] about Medi-Cal Planning in California: When Is it Too Late?
Can You Give Away Assets to Qualify for Medicaid in California?
Medicare is a program that you pay into when you are working throughout your life. Payroll or self-employment taxes are used to fund the program. You qualify for Medicare coverage once you reach the age of 65 , and you go forward with health insurance during the latter portion of your life. Medicaid is a government program that provides health care for people that don't have health insurance and don't have enough money to pay for health care. There's no particular age at which you become … [Read more...] about Can You Give Away Assets to Qualify for Medicaid in California?
Long Term Care for the Elderly: Needs and Affordability, by Guest Blogger, Dr. Tim Dupic of SarahCare of Campbell
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Nursing Homes: What Is the Average Length of Stay?
We have frequently touched upon the high cost of nursing home care in the United States on this blog. It is important for people in the elder law community to raise awareness because so many people don't understand the facts. Medicare will pay for up to 100 days of convalescent care under certain circumstances, but it won't pay for long-term care. Nursing home expenses can devastate your savings, and of course that is going to impact the estate that you have left to leave to your loved … [Read more...] about Nursing Homes: What Is the Average Length of Stay?
