Mar
18
2019
0

Probate: What Are The Intestate Rights Of A Surviving Spouse?

What Are The Intestate Rights Of Inheritance Upon The Death Of A Married Person

PROBATE: Click on this podcast to find out what you will inherit from your spouse when he or she dies. You may be surprised at some of the answers.

This information is not to be taken as legal advice.

For probate questions, you may call probate attorney Michael J. Young at 925-256-0298, or e-mail to him at lawyoung1@gmail.com. His website is www.WalnutCreekElderLaw.com.

Thank you, Michael J. Young, probate attorney.

Mar
14
2019
0

Welcome To Our Workshop

Find out what we will talk about at our next asset protection workshop regarding how to pay for our long term care and getting our ducks in a row for Medi-Cal qualificationWelcome to our estate planning and asset protection workshop

Oct
30
2018
0

Can I Give Each Of My Children $15,000 a Year and Still Qualify For Medi-Cal?

You can give $15,000 to each of your children per year under IRS rules, but there may be penalties if you apply for Medi-Cal within 30 months of the date of the gift. Under IRS rules for the year 2018, you can give away $15,000 or less to any number of individuals, without having to report the gift to the IRS. If you give away more than $15,000 in a single year to any one individual, other than your spouse, you will be required to file a gift tax return. However, you will only have to pay a gift tax if your reportable gifts exceed $11.18 million dollars during your lifetime. I do not believe that any of my clients estates’ will be liable for a gift tax.

But beware of the Medi-Cal gifting rules and the 30 month look back penalty period. Some people are of the belief that if they give away an amount equal to the current $15,000 annual gift tax exclusion amount, that this gift will be exempted from Medi-Cal’s 30 month look back penalty period. This notion is incorrect.

The gift tax exclusion is an IRS rule, and this IRS rule has nothing to do with Medi-Cal’s asset gifting rules. While the $15,000 that you gave to your grandchild this year may be exempt from any gift tax, Medi-Cal will still count it as a transfer that could make you ineligible for nursing home benefits for a certain amount of time, should you apply for Medi-Cal within 30 months of the date of the gift.

When a person is in a nursing home and applies for Medi-Cal, the Medi-Cal application will ask whether the applicant has transferred away any non-exempt assets during the 30 months prior to the application date. Transfers or gifts between spouses are not counted. However, if a gift was made to a third party within the 30 months prior to the application date, an eligibility penalty may apply. If the gift was made more than 30 months prior to the date of the application, no penalty will apply. If the gift was made within the 30 month period, divide the sum gifted by $8,841, the penalty divisor, and that is the number of months of ineligibility for the applicant, starting at the month the gift was made. So for instance, if $15,000 was gifted in June, 2018, we divide that number by $8,841. $15,000 / $8,841 = 1.69, which would be rounded down to one month of ineligibility.  As a result, the applicant would be ineligible for June, 2018, but would be eligible for July, 2018. The devisor penalty number is revised annually.

You should also review the language in your revocable living trust and financial durable powers of attorney, to be sure that there is not a $15,000 limitation on gifting, which we commonly see. If you lose capacity, and we are limited to the $15,000 annual amount for gifting, we may not be able to utilize all of the Medi-Cal eligibility regulations, and your ineligibility period for qualification for Med-Cal could be unnecessarily extended.

This information is not to be taken as legal advice, is general in nature, and you are encouraged to see your Walnut Creek Elder Law Attorney.

Michael J. Young

Walnut Creek, CA

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

www.WalnutCreekElderLaw.com

Aug
06
2018
0

When To Apply For Medi-Cal

Our clients often ask us when the appropriate time would be for them to file for Medi-Cal, to help pay for a stay in skilled nursing facility (SNF). If you are actually in a SNF, you can file a Medi-Cal application. Medi-Cal requires proof that you have been admitted to a SNF, and a will not accept a Medi-Cal application before that time. Once an application is filed, it is retroactive to the first of the month that it is filed. So if you file at the end of a month, and the application is granted, it is retroactive to the first of the month the application is filed. We have been filing applications on behalf of our clients for a number of years now, and to date, all of our applications have been granted. The reason that they have all been granted is that we do not file an application unless it appears to us that our clients have met all of the requirements, and legally qualify. Of course, pre-planning at the earliest opportunity is the best way to assure that Medi-Cal will grant your application, should you need to file at a later time. Pre-planning begins with an analysis of your assets, and with updating your estate planning documents to include the appropriate asset protection, government benefits and Medi-Cal planning provisions under state and federal law. Several of these documents refer to each other, and work hand in hand for qualification and asset protection . If you have lost capacity, pre-planning is of course made more difficult, so the earlier you plan, the better. Estate planning documents typically include your revocable living trust, financial and health care durable powers of attorney, intent to return home, HIPAA statements, wills, community property agreement for couples, etc. At the time you update your estate planning documents, and we review your assets with you, we will show you what would be required for qualification, in the event you are admitted to a SNF and you need to apply for Medi-Cal. We encourage our clients to keep in contact with us over time, so that adjustments can be made to their plans for pre-qualification for Medi-Cal when necessary.

This information is not to be taken as legal advice, is general in nature, and you are encouraged to see your Walnut Creek Elder Law Attorney.

Michael J. Young

Walnut Creek, CA

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

www.WalnutCreekElderLaw.com

Jul
10
2018
0

Steps to Help Maintain Your Health and Safety

The following are some steps for our senior and (almost senior) clients to consider for healthy living.

  • Prevent falls: My father’s advice to me just before he died was for me to advise all of my clients to not fall. Falls can be the beginning of the end for people. Walk more deliberately, use your cane, and hold on to handrails.
  • Safety at home: Avoid climbing ladders, and if you must, make sure that someone is with you. Remove slippery area rugs. Do not jump up and down inside of the trash barrel to create more space for trash.
  • Exercise: Keep your strength up. Walk every day if you can, and add more steps all the time. If your legs are strong and your balance is good, you are less likely to fall.
  • Have discussions with your family: Talk to your loved ones and your support group about your health care decisions and your Directive to Physicians. Talk about your financial decisions and your financial Power of Attorney. Make sure all of your estate planning documents are up to date, and that they have the latest asset protection and Medi-Cal qualification provisions.

This information is not to be taken as legal advice, is general in nature, and you are encouraged to see your Walnut Creek Elder Law Attorney.

Michael J. Young

Walnut Creek, CA

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

www.WalnutCreekElderLaw.com

Jun
25
2018
0

No Penalties For Transfers Between Spouses Under Medi-Cal Regulations

When a person is in a nursing home and applies for Medi-Cal, the Medi-Cal application will ask whether the applicant has transferred away any non-exempt assets during the 30 months prior to the application date. Remember that exempt assets such as IRA’s are reported to Medi-Cal, but are not countable assets for Medi-Cal qualification.  The ill spouse, or applicant spouse, cannot have more than $2,000 in his/her name, of non qualified assets. The well spouse can have up to $123,600 in non-qualified assets. So if the ill spouse transfers assets to the well spouse to get down himself\herself down to the $2,000 limit, Medi-Cal does not apply a penalty. However, if a gift was made to a third party within the 30 months prior to the application date, an eligibility penalty may apply. If the gift was made more than 30 months prior to the date of the application, no penalty will apply. If the gift was made within the 30 month period, divide the sum gifted by $8,841, the penalty divisor, and that is the number of months of ineligibility for the applicant, starting at the month the gift was made. So for instance, if $15,000 was gifted in June, 2018, we divide that number by $8,841. $15,000 / $8,841 = 1.69, which would be rounded down to one month of ineligibility.  As a result, the applicant would be ineligible for June, 2018, but would be eligible for July, 2018.

This information is not to be taken as legal advice, is general in nature, and you are encouraged to see your Walnut Creek Elder Law Attorney.

Michael J. Young

Walnut Creek, CA

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

www.WalnutCreekElderLaw.com

Apr
09
2018
0

New Medicare Cards Are Being Issued Without Social Security Numbers

With the purpose of helping to prevent fraud and to protect identities, the Centers for Medicare and Medicaid Services (CMS), has redesigned Medicare cards. The new cards will no longer show the owner’s Social Security Number. The cards will still be red, white and blue, but will also not show the gender, signature and other personal information, all of which could compromise the Medicare beneficiary’s identity. The new cards will have an 11 character, randomly assigned number, that will not be connected or related in any way to the beneficiary’s other personal data.

All current beneficiaries are scheduled to receive their new cards no later than December, 2019. In California, the new cards should arrive between April and June, 2018. Beneficiaries are encouraged to ensure that the Social Security Administration has their correct address. Address changes can be made by contacting the Social Security Administration at ssa.gov/myaccount or by calling 800-772-1213, or by visiting your social security office. The Walnut Creek office is located at 1111 Civic Dr., #180, Walnut Creek, CA 94596.

Beware of scammers who are already trying to take advantage of unsuspecting beneficiaries by contacting them directly about their replacement cards. Please understand that CMS employees never call and ask for personal or private information about Medicare recipients. The CMS also will not charge a fee for the new card. Any such inquiries would be clear signs that you are dealing with a scammer.

This information is not to be taken as legal advice, is general in nature, and you are encouraged to see your Walnut Creek Elder Law Attorney.

Michael J. Young

Walnut Creek, CA Probate Attorney

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

www.WalnutCreekElderLaw.com

Powered by WordPress | Theme: Aeros 2.0 by TheBuckmaker.com