Jan
29
2016
0

Consider a Line of Credit On Your Home

The home is usually our clients’ most valuable asset. For Medi-Cal planning purposes, we have discussed in previous blogs how you can set up your Long Term Care Plan to ensure that you can transfer your home to your spouse or to you children without Medi-Cal penalty, and at the same time protect your home from a Medi-Cal lien.

But in the meantime, what if you need cash and you want to tap into the equity in your home? How will a line of credit affect your eligibility for Medi-Cal? Generally speaking, if you take a lump sum from the line of credit on your home, that lump sum may be treated as an asset which could negatively affect your eligibility for Medi-Cal. However, if you draw down on your line of credit as needed, for specific purposes, your eligibility for Medi-Cal should not be affected. So for instance, if you draw money down from your line of credit to pay for a roof repair, or to make payments for in-home-care, your line of credit would not be counted for Medi-Cal eligibility purposes should you need to go into a nursing home. As a result, it may be a good idea to check into getting a line of credit on your home. And by doing so, we should still be able to protect your home under Medi-Cal regulations.

This information is not to be taken as legal advice, and you are encouraged to see your elder law attorney. 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 Baby Boomers, Seniors and families through their 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 Baby Boomers and families get their “Ducks in a Row” in order help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

Jan
25
2016
0

Plan For Incapacity Now

Planning for incapacity should take place now, while you still have good mental capacity. If you lose mental capacity, you will not be able to make good decisions regarding your financial and personal affairs. For seniors, incapacity can occur for instance, as the result of a head trauma, dementia or as a consequence of Alzheimer’s and Parkinson’s diseases.

If you have not planned properly for incapacity, your loved ones or friends may not be able to help pay your bills and make financial and health care decisions for you. In addition, your loved ones and friends may not be able to protect your assets and help you qualify for Medi-Cal or the VA Aid & Attendance Pension Benefit.

You should also decide now who you would trust to make financial decisions for you, and who you would trust to make health care decisions for you. These can be different people.

Your elder law and asset protection attorney will help you set up a Long Term Care Plan to handle these issues in the event you lose capacity. Your Long Term Care Plan will direct how your assets will be distributed when you die. And if you don’t die, and become ill, your Long Term Care Plan will provide directions for your long term care, will help preserve your assets and “get your ducks in a row” for asset protection and your qualification for Medi-Cal and the VA Aid & Attendance Pension Benefit.

This information is not to be taken as legal advice, and you are encouraged to see your elder law attorney. 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 Baby Boomers, Seniors and families through their 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 Baby Boomers and families get their “Ducks in a Row” in order help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

Jan
13
2016
0

What To Do About Social Security Benefits After Someone Dies

We are often asked what should be done about Social Security benefits after someone dies. When a social security recipient dies, the Social Security Administration must be notified as soon as possible. The funeral home will usually make the notification to Social Security.  If the funeral home does not provide this service, then another family member or the surviving spouse must make the notification to Social Security.

You can visit the Social Security office in Walnut Creek at 1111 Civic Dr. #180 to let them know. You can also call Social Security at (800) 772-1213 to inform them.

Any benefits received for the month of death or for any months after the date of death of the recipient, must be returned to Social Security.  If Social Security benefits are paid by direct deposit into the bank, you will need to contact the bank and request that any funds received for the month of death or for any months after the month of the death, be returned to Social Security.  If a Social Security check or checks are received, do not deposit them, but instead return them to Social Security as soon as possible.

This information is not to be taken as legal advice, and you are encouraged to see your elder law attorney. 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 Baby Boomers, Seniors and families through their 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 Baby Boomers and families get their “Ducks in a Row” in order help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

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