Litherland, Kennedy & Associates, APC, Attorneys at Law

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Across the nation, about half of all seniors who require nursing home care depend on Medi-Cal to cover the cost of that care. Medicaid, however, has both income and asset tests that must be satisfied before a senior will be approved for benefits. If the applicant’s assets exceed the limit, the applicant will be told to “spend-down” the excess assets in order to reach the asset limit (typically $2,000 for … [Read more...] about A Funeral Plan is Not Always the Best Medicaid/Medi-Cal “Spend-Down” Solution

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medi-Cal planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medi-Cal planning actually helps ensure that patients qualify for Medi-Cal. In turn, this ensures that the patient’s financial obligation to the nursing home is covered. Without Medi-Cal planning, a … [Read more...] about A Nursing Home’s Take on the Need for Medi-Cal Planning

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid/Medi-Cal benefits in order to cover the high cost of that care. Our office practices law in the State of California.  Medi-Cal is the Medicaid program that is jointly administered by the state of California along … [Read more...] about Medi-Cal Gifts to Children

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Almost half of all seniors eventually turn to Medicaid/Medi-Cal for help covering the high cost of long-term care. If you are one who may need to qualify for Medi-Cal at some point, will you be able to keep your real estate? Understandably, it’s a question that worries every senior who may need to qualify for Medi-Cal benefits in the future. The answer may surprise you! While you may already know that … [Read more...] about Is Your Real Property Safe from the Medi-Cal “Spend-Down” Requirements?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys A comprehensive estate plan should do much more than simply determine how your estate assets are to be distributed when you are gone. Another important goal of a well thought out estate plan is planning for incapacity. That includes planning for the possibility that you will need to pay for long-term care. Most people cannot afford to pay for long-term care out-of-pocket given the average nationwide cost … [Read more...] about Is Purchasing Long-Term Care Insurance a Good Idea?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The Hidden Benefits of Home Ownership Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys For most people, owning a home is part of the American dream. Purchasing your dream home could also be the single biggest purchase you make during the course of your lifetime. If all goes as planned, that investment … [Read more...] about The Hidden Benefits of Home Ownership

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys U.S. Gift and Estate Tax for Non-Citizens – What You Need to Know Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys In the United States, any federal gift and estate tax due from an estate must be paid during the probate of the estate and prior to assets being distributed to beneficiaries and/or heirs of the estate. … [Read more...] about U.S. Gift and Estate Tax for Non-Citizens – What You Need to Know

Is a Health Savings Account (HSA) Right for You?  Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys The American health care system has gone through some significant changes in recent years. One thing that did not change, however, is the potential to save both money and taxes by opening a Health Savings Account, or HSA. For those who qualify, an HSA allows you to save money tax-free that can be used for health … [Read more...] about Is a Health Savings Account (HSA) Right for You?

I was Appointed Trustee of a Trust. Now What Do I Do?  Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys During the creation of a Trust, a number of decisions must be made. One of the most important of those decisions is who the Trustor (the person who establishes the Trust) will appoint as the Trustee. Ideally, the Trustor will discuss the appointment with the prospective Trustee at the time the Trust is … [Read more...] about I was Appointed Trustee of a Trust. Now What Do I Do?

How to Lend a Hand and Save Taxes  Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys With the proliferation of 24-hour news, it seems impossible to turn on the television, chat on social media, or pick up a newspaper without hearing about yet another natural disaster that has left people hurt, hungry, homeless, or worse. Whether the cause is a tsunami in Indonesia, a deadly disease epidemic in Africa, or a … [Read more...] about How to Lend a Hand and Save Taxes