Jan
22
2015
0

My Dad Has Already Done Some Gifting! Can He Still Qualify For Medi-Cal?

California does have gifting penalty rules. If the rules are not followed, you could create periods of ineligibility for Medi-Cal. If you follow the rules, Medi-Cal can pay for your stay in a skilled nursing facility, minus a share of the cost that you would pay. We have seen monthly bills of $10,000 and more from skilled nursing facilities.

You can gift any amounts of money or assets to your spouse without penalty, and she can keep up to $119,220, plus her IRAs and “exempt assets, and you can still be qualified for Medi-Cal.

If you gift your money and other non-exempt assets to someone other than your spouse, penalties may apply. The Medi-Cal application asks if you have made any gifts of non-exempt assets to someone besides your spouse, within the last 30 months. If you have, that amount is divided by $7,628. This is the amount that Medi-Cal pays monthly to nursing homes, minus the share of cost paid by the Medi-Cal recipient. It is called the Approximate Private Pay Rate, also known as the APPR.

So for instance, if you gave $40,000 to a grandchild for college tuition during January of 2014, you would not be eligible for for Medi-Cal for the next 5 months. You would not be eligible for the months January through May. You would be eligible however in June, 2014. To figure this out, divide the gifted amount of $40,000 by $7,628 and you will get 5.24, which rounded down is 5 months of ineligibility. You can also give the same amount of a gift on the same day to two children, and still only get 5 months of ineligibility. There are also other rules which can be employed which allow us to transfer monies over time, and thereby significantly reduce the number of months of ineligibility. The nice thing about these rules, as they presently exist, is that the penalty begins to run during the month that you made the gift.

When the Deficit Reduction Act (DRA) is adopted in California, which could be any time, there will be a five year look back instead of a 30 month look back penalty period for gifting. If we take the above example under the DRA rules, of the $40,000 gift to a grandchild, you would be ineligible for 5.24 months after you have entered the nursing home. If you gifted that amount to two people, you would have two periods of ineligibility of 5.24 months each. Also, under the DRA, the more liberal rules for gifting over time will be severely restricted.

As a result, you should proceed now with your long term care planning with your elder law attorney.

For additional information, you can contact your elder law attorney Michael J. Young. 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, 1931 San Miguel Dr., Ste. 220, Walnut Creek, CA http://www.WalnutCreekElderLaw.com, 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 “Sustainable Estate Planning” TM, long term care planning, asset protection plans, special needs trusts, comprehensive estate planning, wills, trusts and powers of attorney. We also help Baby Boomers and families get their “Ducks in a Row” in order to help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension Benefit.

Jan
28
2014
0

Financial Durable Powers of Attorney for Baby Boomers and Seniors Can Now Provide for Long Term Care Planning and Asset Protection

Financial Durable Powers of Attorney (Fin. DPA’s) for Baby Boomers and Seniors can provide for asset protection and government benefits planning. The language we use in Fin. DPA’s for long term care planning for baby boomers and seniors is very different from the language we see in the plain vanilla Fin. DPA’s which most people have.

Baby Boomers and seniors usually want to get our ducks in a row for possible qualification for Medi-Cal, which can help pay for our skilled nursing home stay if we run out of Medicare days. In addition, for wartime veterans, we want to get our ducks in a row for possible qualification for the VA Aid & Attendance Pension Benefit which can help pay for in home care and the cost of assisted living facilities. If we lose mental capacity, these extraordinary powers will allow your attorney in fact in your Fin. DPA, such as your spouse or child, to follow through with asset protection and government benefits planning according to your wishes.

The Uniform Statutory Form Power of Attorney that many people already have, does not contain the required language for asset protection. And, the majority of attorney created Fin. DPAs do not have this requisite language. As a result, if you become incapacitated and you do not have the requisite language in your Fin. DPA, your agent may be powerless to follow your wishes for asset protection.

For instance, we may want to transfer (transmute) the title of our home from the ill spouse to the well spouse, or to a child, during our lives, for asset protection purposes. For many of our clients, the home is their largest asset. Most of our clients want their home to ultimately transfer to their children without government liens attaching. They also want their children or heirs to receive the home with a full step up in basis when they die, so that there will be no capital gains to pay if the home is sold upon the death of the maker of the Fin. DPA.

Most Fin. DPAs do NOT have this specialized language which is required to accomplish these goals . In addition, for long term care planning, the language in the Fin. DPA is coordinated with the language in the revocable living trust, to provide additional options for asset protection. You should contact your elder law attorney for advice for long term care planning and to review your existing estate plan.

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.

Nov
04
2013
0

Peace of Mind Now For Baby Boomers and Seniors Facing Retirement

A big issue now facing Baby Boomers and seniors is, surviving in retirement. We should have our “Ducks In A Row” now regarding health and financial issues, and there are many things we can do.

 Most of our clients do not have long term care insurance to pay for a stay in a nursing home. If they do, the policy would probably not pay the full cost. Fortunately however, California has Medi-Cal, which will pay for a stay in a nursing home provided that you qualify. You can now set up a long term care plan through your elder law attorney, as part of your estate plan, to provide for asset protection and qualification for Medi-Cal. For veterans, the plan will also help for qualification for the VA Aid & Attendance Pension Benefit to help pay for in home care and assisted living facilities. Your plan will also confirm your overall desires regarding how your assets will be spent for your care at home and otherwise. If you lose capacity, your loved ones will have the authority to follow through with your plan.

 The home is often our clients’ largest asset. You can take steps now through your estate planning documents to assure that your home will pass to your loved ones as a legacy, without a Medi-Cal lien, so that the state will not be able to recoup the nursing home payments it has made for you.

 Many Baby Boomers’ do not have sufficient savings to live on through retirement. The stock market has hurt many portfolios in the past. Fortunately however, Social Security is still in existence. Some analysts say that the program can pay for benefits for the next 25 years for the general populace. There also seems to be a consensus of opinion, that any changes in the law should not affect Baby Boomers, and that the fund will be available for them. Although you can begin taking benefits at age 62, this could be a 25% reduction of what you would receive if you waited until you are 66. If you wait until age 70, this could raise your benefit by 8%, so wait longer if possible.

 For additional peace of mind, you can change your life style just a little bit, and try to keep more of what your earn. I recommend reading The Millionaire Next Door by Thomas J. Stanley in this regard. Stanley gives examples of how changing your lifestyle somewhat, and giving up certain luxuries, will allow you to put more money into your retirement accounts on an ongoing basis.

 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 and 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 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.

Aug
19
2013
0

Finding Support For Alzheimer’s Patients:

If you are taking care of a loved one who has been diagnosed with Alzheimer’s disease, you are probably overwhelmed. You of course will need help. At the Law Offices of Michael J. Young in Walnut Creek, CA, www.WalnutCreekelderLaw.com, we suggest that our families begin by taking small steps.

One of the first steps I would take is to start to become educated about the disease by checking out the Alzheimer’s Association website www.alz.org.  By reading the material on this website, you will become informed about what Alzheimer’s is, how the brain works, and what to expect regarding symptoms and preferred treatments.

The site will also show you where the local Alzheimer’s Association offices are. Through these offices, you can sign up for support groups and learning centers. One thing that you will become aware of is that you are not alone! Through the Alzheimer’s Association website, you can check out early-stage support groups, and become involved in them. You will gain peace of mind through this wonderful organization.

You of course can also obtain individual support through the clergy, home health agencies and private counseling.

The next step you should take is to make sure you have your “Ducks in a Row” from a legal perspective. Did you know that you can incorporate asset protection and government benefits planning into your estate planning documents, that will be effective even if there is a diagnosis of dementia? Your loved one may have to go to a nursing home at some point, which is extremely expensive if you have used up your Medicare days and have to pay privately. Fortunately, California still has the Medi-Cal system to pay for nursing home costs. However, the program is asset and income based, and you will need to get your ducks in a row ahead of time for qualification to obtain this benefit. Couples and individuals are many times surprised to learn that their loved one can qualify for this wonderful benefit, even though they would appear to have too much in the way of assets. If your loved one has lost mental capacity at the time we start to work on qualification for Medi-Cal, the qualification process can become more difficult.  

You can also arrange a time for a free 15 minute telephone consultation to discuss these issues with elder law attorney, Michael J. Young, by going to https://www.timetrade.com/book/PTXVP

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 and 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 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.

Jul
30
2013
0

Alzheimer’s Is A Family Illness!

Our office represents many families who have a loved one who has been diagnosed with Alzheimer’s disease or another form of dementia. We typically will receive a call from the spouse or child of the person suffering from dementia. The person calling may tell us that their spouse or parent has become forgetful, is not paying the bills or that he is very depressed. On other occasions, we are told that their loved one is “acting out” and is doing unusual things, such as putting their socks on their hands instead of their feet, or are wandering off and getting lost.

Alzheimer’s disease and dementia definitely creates an extremely stressful time for the entire family. The fortunate victims of this disease have spouses and family members who can help them through their ordeal. Keep in mind also, that you do not have to handle this alone, and that help is available to you. The first thing that should be done is to have a physician give your loved one a complete physical examination. The examination should include neurological testing, medical history, lab tests, function tests and brain imaging. The examination results can determine whether the symptoms are temporary, and could show that the behavior of your loved one is caused by depression, poor nutrition, drug interaction or alcohol abuse. If the symptoms are permanent, they could be caused by dementia or Alzheimer’s disease. If the diagnosis is Alzheimer’s disease, you can also consult with a geriatric psychiatrist who can help with behavioral issues. If you need help finding a doctor, you can check with a physician’s referral service. Also, if you participate in caregiver support meetings, you can ask the other participants at the meetings.

Your elder law attorney can also be helpful to you to plan the elder care journey for the loved one who is suffering from dementia and their family. We meet with families, and help get the family’s “ducks in a row” from a legal and estate planning perspective. We can give advice on asset protection and qualification for Medi-Cal and the VA Aid & Attendance Pension Benefit. The families we meet with derive a great deal of peace of mind from these meetings.

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 and older clients and 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 Baby Boomers, older clients and families get their “Ducks in a Row” in order to help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

Written by mike in: Aid & Attendance Antioch,Aid & Attendance Brentwood,Alzheimer's Care,Alzheimer's Medi-Cal,Antioch Elder Law Attorney,Antioch Nursing Homes,Baby Boomer Estate Planning,Baby Boomer Estate Planning,Brentwood Attorney Senior,Brentwood CA Asset Protection Attorney,Brentwood Elder Law Attorney,Brentwood Nursing Home Attorney,Brentwood Senior Law Attorney,CA Attorney Asset Protection,Concord Elder Law Attorney,Concord Medi-Cal Attorney,Concord Nursing Home Attorney,Concord Senior Law Attorney,Concord VA Attorney,Contra Costa Elder Law,Contra Costa Nursing Home Attorney,Elder Law Attorney Contra Costa,Elder Law Attorney Walnut Creek,Elder Law Estate Planning,Estate Planning Attorney Concord CA,Estate Planning for Baby Boomers,Hospice Care,Medi-Cal Attorney,Medi-Cal Attorney Brentwood,Medi-Cal Attorney Concord,Medi-Cal Attorney Pleasant Hill CA,Medi-Cal Attorney Walnut Creek CA,Medi-Cal Planning & Qualification,Medi-Cal attorney,Medi-Cal eligibility Concord CA,Nursing Home Attorney Walnut Creek,Pay Nursing Home Cost Concord,Pleasant Hill Elder Law Attorney,Pleasant Hill Senior Law Attorney,Probates with Real Estate,Qualification for VA Aid & Attendance,VA Attorney Walnut creek,Walnut Creek Elder Law,Walnut Creek Medi-Cal Qualification,aid and attendance,elder law,elder law attorney Pleasant Hill,parkinson's disease,senior law walnut creek | Tags: , , , , , , , , , , , ,
Jul
19
2013
0

Baby Boomers Predict The Future!

Baby Boomers Predict The Future!

Wouldn’t it be nice to be able to predict the future for us Baby Boomers, and start planning for it! But we do know certain things about our future …

  •  On average, 10,000 people are turning age 65 every day.
  • It is predicted that at least 70% of people over age 65 will need long-term care services.
  • Currently, the median cost of long-term care for one year in the United States is $83,950.00.
  • In 30 years, when the last of the Boomers reach age 65, the price of long-term care is expected to be at an all time high of $190,000 per year.
  • Currently, the average amount of time a person needs long term care is 2.7 years.

 As my grandson would say, “OMG!”

As a senior estate planning attorney, and a Baby Boomer, we need to ask ourselves what we can do to plan for our long term care. GE Long Term Care Insurance conducted a study and found that nursing home costs are rising at a rate of 5% every year, outpacing inflation. With the rapidly growing elderly population this is the simple law of supply and demand.

 So, what can we do to prepare for the second half of life? If you or your spouse are age 65 and one of you goes into a nursing home, do you have a spare $513,000 lying around to pay for your or your spouse’s care.

 We still have Medi-Cal in California, which pays for the cost of a skilled nursing facility. The VA Aid & Attendance Pension benefit is still available to help pay for in home care and assisted living facility costs.

But you need to “get your ducks in a row” ahead of time to plan for qualification for these benefits. For starters, Baby Boomers are now taking advantage of modern asset protection and government benefits planning qualification techniques, which are incorporated into their estate planning documents. Also, one of our main goals is to preserve our homes for our children, without a lien for payback to Medi-Cal. With the modern language in your estate planning documents, if you become incapacitated, your spouse or loved one can follow through with qualification and asset protection techniques under the Medi-Cal and VA regulations.  

This information is not to be taken as legal advice, and you are encouraged to see your senior estate planning attorney before attempting any of these techniques. 

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 and 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 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.

Apr
01
2013
0

Now Is The Time To Plan For Incapacity

My mother, who was a WWII veteran and the mother of five wild boys and a composed girl, used to tell me that the only thing that she really feared in life was losing her mental capacity. When I was a younger attorney, and my parents were younger, I prepared their estate plan, which was the typical plan designed for what happens when you die. When my parents got older and began to suffer the maladies of older people, I prepared a new estate plan for them, with a focus on not so much what would happen when they died, but on what would happen if they did not die, became ill and needed help with their care. My parents were adamant about having a plan that left something, especially their home, to their six children.

Estate planning and planning for mental capacity issues is very different for the older client. As a baby boomer, and after having helped take care of my aging parents, and after counseling many older clients and their families, my perspective as an estate planning attorney has changed over the years, and is now geared toward setting up a plan for the care of my clients, and protection of their assets, as well as planning for when they die.

Incapacity involves the inability of someone to make decisions regarding their personal and financial affairs. For many of our clients, diseases such as Parkinson’s and  Alzheimer’s have lead to mental incapacity. For other clients, there has been an event causing a brain injury leading to mental capacity. Many of our clients have dementia with no disease related diagnosis. Our recommendation is that anyone who is a baby boomer or older, should have an updated estate plan with an emphasis on asset protection and government benefits planning. You should also plan on how you or your fiduciary can get your ducks in a row to be able to protect your assets, such as your home, and obtain Medi-Cal to pay for your nursing home care, and the VA Aid and Attendance Pension Benefit to help pay the cost of in home care and assisted living facilities if needed.

You will need to decide who will be able to manage your financial affairs if you cannot. These individuals are usually trusted family members, but can also be friends. They can also be professional fiduciaries, who are licensed by California’s professional fiduciary bureau. You will also need to decide on who will make decisions for your regarding your health care, if you cannot do so. One issue to decide is whether you want to be on life support machines if you are in an irreversible condition and are only being kept alive by machines.

Michael J. Young, your elder law attorney in Walnut Creek, CA can help you design a plan to meet your needs as you get older. The plan will involve getting your ducks in a row for asset protection and government benefits planning. There are many options that your senior law attorney can help you with. Keep in mind that if you lose your mental capacity and what to protect assets by way of transferring your assets to your spouse or children, as is allowed under the regulations, you will not be able to do so if you have a traditional estate plan. In that case, we may have to go to court to amend your estate planning documents to provide for asset protection.

The information contained herein is not to be taken as legal advise, and you are advised to see your elder law attorney before attempting any planning or transfers of assets on your own. This article is written by elder law attorney Michael J. Young. Mr. Young, whose office is in Walnut Creek, CA is an elder law attorney, senior law attorney, Medi-Cal attorney and probate attorney whose office is in Walnut Creek, CA. Mr. Young is certified by the VA and is a member of the National Academy of Elder Law Attorneys (NAELA). For additional information, please visit our website at  www.WalnutCreekElderLaw.com LawYoung1@Gmail.com Our address is at 1931 San Miguel Dr., Suite 220, Walnut Creek, CA 94596. 925-256-0298. Mr. Young serves Contra Costa and Alameda Counties, including the cities of Alamo, Walnut Creek, Concord, Danville, Pleasant Hill, Brentwood, Antioch, Clayton, etc. Mr. Young advises clients regarding Medi-Cal, Probates, Probates with Real Estate, Medi-Cal, nursing home costs, asset protection, the VA Aid and attendance pension benefit, and long term care planning. Mr. Young is an Elder Law Attorney and Probate Attorney with offices in Walnut Creek, CA. Walnut Creek Elder Law Attorney, Walnut Creek Probate Attorney. Senior Law Attorney. Walnut Creek Medi-Cal attorney.

Mar
11
2013
0

Can Mom Go On Hospice at Home?

Most of our clients make it well known in their long term care plans, that if they become ill, they wish to be taken care of at home for as long as possible. My parents made a pact with each other that if either of them had to go to “rehab”  as my mother called it, which is a skilled nursing facility, that they wanted to return home and be taken care of at home. My mother died at home under hospice care. Your elder law attorney can make these desires known in your elder care estate planning documents. In fact, at the Law Offices of Michael J. Young in Walnut Creek CA, we have our clients sign a separate “Intent To Return Home Document,” which states that if they have to go to a nursing home, it is always their intent to return to their home.

Most of our clients also make it known in their long term care planning documents that if they have a terminal illness, and they would only survivie by being hooked up to machines, that they would rather instead, be allowed to die with dignity, and not be hooked up to machines.

Many people do not know that hospice care can take place at home, and that hospice care professionals can come to your home. Hospice is also often paid for by Medicare or private insurance. To qualify for hospice, a physician must confirm that in their opinion, their patient is likely to die within a six month period. This is generally all that is required. I remember how relieved my siblings and I were when my mother was on hospice at home, and various nurses, social workers, doctors, priests and other aides came into my parents home to attend to my mother. All of us benefitted from this process. 

The hospice process allowed my mother, my dad, myself and my siblings to  to appreciate our last days together with my mother, outside of the traditional, more hectic hospital atmosphere.  

For more information about hospice, long term care planning, asset protection, Medi-Cal qualification and the VA Aid & Attendance Pension Benefit, please feel free to contact Michael J. Young at The Law Offices of Michael J. Young in Walnut Creek, CA. www.youngelderlaw.com www.walnutcreekelderlaw.com

Written Michael J. Young, elder law attorney, Medi-Cal attorney, senior law attorney and probate attorney in Walnut Creek, CA and former in-house counsel for title insurance companies. Mr. Young is a Medi-Cal attorney and is VA Certified.  www.WalnutCreekElderLaw.com LawYoung1@Gmail.com 1931 San Miguel Dr., Suite 220, Walnut Creek, CA 94596. 925-256-0298. Mr. Young serves Contra Costa and Alameda Counties, including the cities of Walnut Creek, Alamo, Danville, Concord, Brentwood, Pleasant Hill, Antioch, Clayton, etc. Mr. Young advises clients regarding Probates, Probates with Real Estate, Medi-Cal, nursing homes, asset protection, the VA Aid and attendance pension benefit, and long term care planning. Mr. Young is an Elder Law Attorney and Probate Attorney with offices in Walnut Creek, CA. Walnut Creek Elder Law Attorney, Walnut Creek Probate Attorney. Senior Law Attorney

Mar
04
2013
0

Protect Your Home From a Medi-Cal Lien With a Reserved Life Estate

Medi-Cal can pay for your stay in a skilled nursing facility if you qualify. Under the state’s regulations, your home can be confirmed as an exempt asset in the Medi-Cal application. This means that you can keep your home, if you are otherwise qualified, and still receive Medi-Cal. This is true whether you are single or married. The concept is that you should not have to lose your home in order to receive this public benefit.

 The problem is that the state will want to recoup the payments it has made to the nursing home for your benefit, when you die. If your home is in your estate when you die, the state will put a lien on your home for the amount it has paid to the nursing home on your behalf. If the state has paid out $150,000 for you, they will put a lien on your home for that amount. When you die and your estate is settled, the state will be satisfied first for their lien of $150,000, and your beneficiaries will receive what is left. The state will not pursue a lien against a surviving spouse who still owns the home, but when she dies, the state’s lien will attach to the home and the state will recoup their payments at that time. 

There is a legal technique which is permitted under the regulations, which will allow you to protect your home against a Medi-Cal lien. It is called a “reserved life estate,” and your elder law attorney or senior law attorney can advise you in this regard. If the Medi-Cal applicant owns a home, we can transfer her interest in the home to her spouse, or to her children, for instance. A life estate in the home is reserved on the deed in favor of the Medi-Cal applicant. This means that the applicant owns the home for the rest of her life, and that her spouse or children own the remainder interest. The applicant is entitled to rents, issues and profits derived from the real estate. These interests are confirmed on the county record. When the Medi-Cal applicant dies, the home is not in her estate because her life interest disappears at the time of her death by operation of law, and her spouse or her children then receive the full interest in the property. Elder law planning and asset protection planning can be further pursued for the surviving spouse with your elder law attorney, to likewise protect her interest in the home.

Although under real estate law the home is not in the Medi-Cal applicant’s estate when she dies, so that a Medi-Cal lien cannot attach to the home, another benefit in using this technique is that under the IRS regulations, the reserved life estate interest should be recognized as keeping enough interest in her home in her estate, so that there should be a “step-up in basis” for capital gains purposes at the time of her death.  

If you have lost mental capacity at the time we would like to make a transfer of your interest in your home and reserve a life estate in your favor, we will need to look at the language and powers in your revocable living trust and financial durable power of attorney. If the powers are not there, and they usually are not, you may have to pursue a court petition through an elder law attorney who is familiar with this area of the law, in order to reform your documents to allow for this transfer. Most revocable living trusts and financial durable powers of attorney do not contain this favorable language. As a result people who are “baby boomer” age or older should consider getting their “Ducks In A Row” and have their elder law attorney or senior law attorney create an elder care plan for them, which will include estate planning documents with this favorable, asset protection language. An elder law attorney who is familiar with Medi-Cal qualification can certainly help you in this regard. Michael J. Young is an elder law attorney who practices in Walnut Creek, CA.

Written Michael J. Young, elder law attorney, Medi-Cal attorney, senior law attorney and probate attorney in Walnut Creek, CA and former in-house counsel for title insurance companies. He is Medi-Cal attorney and is VA Certified.  www.WalnutCreekElderLaw.com LawYoung1@Gmail.com 1931 San Miguel Dr., Suite 220, Walnut Creek, CA 94596. 925-256-0298. Mr. Young serves Contra Costa and Alameda Counties, including the cities of Walnut Creek, Alamo, Danville, Concord, Brentwood, Pleasant Hill, Antioch, Clayton, etc. Mr. Young advises clients regarding Probates, Probates with Real Estate, Medi-Cal, nursing homes, asset protection, the VA Aid and attendance pension benefit, and long term care planning. Mr. Young is an Elder Law Attorney and Probate Attorney with offices in Walnut Creek, CA. Walnut Creek Elder Law Attorney, Walnut Creek Probate Attorney. Senior Law Attorney

Written by mike in: Aid & Attendance Antioch,Alzheimer's Care,Alzheimer's Medi-Cal,Antioch Attorney,Antioch Elder Law Attorney,Brentwood Attorney Senior,Brentwood CA Asset Protection Attorney,Brentwood Senior Law Attorney,CA Attorney Asset Protection,Concord Elder Law Attorney,Concord Medi-Cal Attorney,Contra Costa Elder Law,Contra Costa Nursing Home Attorney,Elder Law Attorney Contra Costa,Elder Law Attorney Walnut Creek,Elder Law Estate Planning,Estate Planning Attorney Concord CA,Estate Planning in California,Hospice Care,Medi-Cal Attorney,Medi-Cal Attorney Brentwood,Medi-Cal Attorney Concord,Medi-Cal Attorney Pleasant Hill CA,Medi-Cal Planning & Qualification,Medi-Cal Planning Concord,Medi-Cal eligibility Concord CA,Nursing Home Attorney Antioch CA,Nursing Home Attorney Brentwood,Nursing Home Attorney Walnut Creek,Pay Nursing Home Cost Concord,Pleasant Hill Senior Law Attorney,Probate & Trust Administration,Probate Attorney Contra Costa County,Probates with Real Estate,Qualification for VA Aid & Attendance,Uncategorized,Veteran's Benefits,Walnut Creek Medi-Cal Qualification,aid & attendance benefit,aid and attendance,danville,elder law,elder law attorney Pleasant Hill,falling,nursing homes,parkinson's disease,walnut creek | Tags: , , , , , , , , , , , , , ,
May
31
2012
0

Probates with Real Estate –

PROBATE is a court proceeding that is used to distribute your assets to your beneficiaries at the time of your death. Probates are complex, and require that numerous forms and regulations be followed, before the court will sign an order distributing your assets to your beneficiaries or heirs. 

A probate with regard to your home and other real estate assets can usually be avoided with the use of revocable living trusts. To do this, title to your home would be transfered on the County Record from yourself, to yourself as trustee under your revocable living trust. For instance, the deed would be from John Doe to John Doe as Trustee of the John Doe Revocable Living Trust dated January 15, 2012. The terms of the trust will state who the home will be distributed to after you die, and this transfer can be completed on the County Record without a probate. 

However, not everybody passes away with their home in a revocable living trust. There are many occasions where individuals will pass away with their home in their name alone, and they may or may not have a will. A probate will probably be required whether they have a will or not. The terms of the will determine who the beneficiaries of the home will be. If there is no will, the home will be distributed to the “heirs at law” of the decedent.

With regard to real estate, a probate is required to clear the title so that the property can be distributed to the beneficiaries or heirs of the decedent, or so that the property can be sold and the proceeds of sale distributed to the beneficiaries or heirs. Clients will ask me why a probate would be required if the decedent has a will naming somebody as a beneficiary. To find the answer to this, we first need to first look at the County Record to see who the record owner is for the home. The last deed of record could be in the name of John Doe. John Doe is now deceased, so who can sign a deed from John Doe to his beneficiary? The answer is no one, which is why a court order would be required.

Written Michael J. Young, elder law attorney and probate attorney in Walnut Creek, CA and former in-house counsel for title insurance companies. www.WalnutCreekElderLaw.com LawYoung1@Gmail.com 1931 San Miguel Dr., Suite 220, Walnut Creek, CA 94596. 925-256-0298. Mr. Young serves Contra Costa and Alameda Counties, including the cities of Walnut Creek, Alamo, Danville, Concord, Brentwood, Pleasant Hill, Antioch, Clayton, etc. Mr. Young advises clients regarding Probates, Probates with Real Estate, Medi-Cal, nursing homes, asset protection, the VA Aid and attendance pension benefit, and long term care planning. Mr. Young is an Elder Law Attorney and Probate Attorney with offices in Walnut Creek, CA. Walnut Creek Elder Law Attorney, Walnut Creek Probate Attorney

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