May
31
2013

Baby Boomer Alert!

You should get your “Ducks In A Row” now. Many of us Baby Boomers, born between 1946 and 1964, have helped to take care of our elderly parents. Both of my parents are gone now, but my siblings and I helped our parents through their “Elder Care Journey,” which I talk about in my workshops. We helped our parents, the best that we could, with issues concerning their illnesses, memory issues, trips to and from the hospital and trips to and from nursing homes. We helped to get in-home-care for them, and helped to get them into assisted living facilities and a board and care home. Finally, both parents passed away while on hospice.

 I remember my brother Charles saying to me early on regarding helping our parents, that “This isn’t getting any easier.” And I remember thinking to myself that it won’t be that much longer, in the scheme of things, before my wife and I, who are both Baby Boomers, could need care. We want to make things as easy as possible for our children to help care for us.

 The first thing Baby Boomers should do is check their estate planning documents, including their revocable living trust and financial durable powers of attorney, to be sure that the proper asset protection and government benefits language is in the documents. The boiler plate language in the majority of estate planning documents will not help in these areas if you lose mental capacity. If the language is not there, and you lose mental capacity, your family may have to resort to going to court to reform your documents, which can be costly.

 With proper long term care planning, which starts with your estate planning documents, Medi-Cal could be accessed to pay for nursing home stays if you use up your Medi-Care days. And, there techniques you can use to protect the home from a Medi-Cal lien, which can be specified in your estate planning documents. In addition, the VA Aid and Attendance Pension Benefit is there to help older war time veterans, and this benefit can be used to help pay for in home care and assisted living facility costs. Proper language in your estate planning documents will make it much easier for your children to follow through with your care and to access these benefits, especially if you lose your mental capacity. 

At the Law Offices of Michael J. Young, at 1931 San Miguel Dr., Ste. 220, Walnut Creek, CA www.WalnutCreekElderLaw, 925-256-0298, lawyoung1@gmail.com we practice Elder Law and we help families through the Elder Care Journey. We help families with long-term care planning, asset-protection plans, comprehensive estate planning, wills, trusts and powers of attorney. We also help families get their “Ducks in a Row” in order help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

 This information is not to be taken as legal advice, and you are encouraged to see your elder law attorney regarding any planning.

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