May
04
2015
0

Medi-Cal Gifting Rules for a Single Person

Click the link below to find out about the Medi-Cal gifting rules for a single person.  Medi-Cal presently has a 30 month look-back period for gifting. The period of ineligibility starts when the gift is made. When the Deficit Reduction Act (DRA) rules are adopted in California, there will be a five year look back period with the penalty period beginning when you are in a nursing home and otherwise eligible for Medi-Cal.

CLICK HERE: Walnut Creek, CA Elder Law Attorney Michael J. Young talks about Medi-Cal gifting regulations for a single person

Your elder law attorney will help you to increase the quality of your life, and not just figure out who-gets-what after you pass away. 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 advised 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.

Dec
31
2014
0

Mom Is Showing Some Dementia – Can we still create a long term care plan for her?

In my workshops, we talk about the Elder Care Journey. Along this journey, which I show on a chart, is an area called “Declining Senior With Memory or Mobility Issues.”  I reference this step along the Elder Care Journey as a DANGER ZONE. We know that mobility issues and falling oftentimes is the beginning of a downward slope for our older loved ones. A person with mobility issues but who still has good mental capacity can of course enter into a long term care estate plan. She can agree in the plan that if she loses capacity, her loved ones can proceed with asset preservation, possible gifting, transfer of her home for asset protection, and getting her ducks in a row for qualification for Medi-Cal, etc.

If she has lost mental capacity by the time she sees her elder law attorney, she will not be able to enter into such a plan. If there is a formal diagnosis for instance of advanced dementia, we of course will not be able to proceed. In that case, if she has the plain vanilla type of estate plan, which is more suitable for a younger person, the plan will most likely not have the powers to allow her fiduciary to complete gift transfers or to transfer the home to her spouse or her children for asset protection. In that event, we may need to go to court to obtain an order to reform her existing estate planning documents.

If Mom has some dementia, such as short term memory loss, she may still have sufficient mental capacity to enter into a long term care plan. We can usually tell through our interview and conversation with her if she understands what the plan is about. If we are not certain, we can ask her medical doctor whether he would be willing to confirm in a letter that she has sufficient mental capacity to create the estate plan.

The sooner the older client sees the elder law attorney, the better. It is never too late to do long term care planning, but it is much more expensive if we need to go to court to complete the planning.

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, 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.

Oct
06
2014
0

Little Known Law May Help Seniors Pay for Long Term Care

On August 17, 2006, the President signed into law The Pension Protection Act of 2006. This law, which came into effect in 2010, can be very helpful to Baby Boomers and older clients who are looking for ways to private pay for long term care without coming up with additional funds.

Many of our clients own annuity contracts, and this law allows them to add long term care riders for an additional premium. The Pension Protection Act allows the cash value of annuity contracts to be used to pay the premiums for these long term care riders. The payment of premiums in this manner also has a tax benefit in that it will reduce the cost basis of the annuity contract.

The act also allows for the purchase of an annuity contract with a long term care rider by using cash in another annuity. By utilizing a Section 1035 tax-free transfer, you can purchase the new contract with a long term care rider without paying capital gains on the cash transfer.

Another option under the act for some clients, is to use the accumulated cash value in an annuity to purchase long-term care insurance through a § 1035 exchange. Other premium sources for long-term insurance can be by way of a § 1035 exchange. You can also utilize after tax money, such as savings or money market accounts or CD’s to purchase long term care insurance or life insurance with long term care riders.

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 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.

Aug
04
2014
0

One Unique Way You Can Use Your Own Funds To Help Pay For Your Long Term Care Is To Convert Your Life Insurance Policy Into a Life Care Funding Trust

As we have discussed in the past, there are 3 ways to pay for long term care. 1) You can use your own money; 2) You can use your long term care insurance if you have it; 3) You can utilize the VA Aid & Attendance program to help pay for in home care and the cost of assisted living facilities, and you can use Medi-Cal to help pay for a stay in a skilled nursing facility . 

Most of our clients are not Veterans or the surviving spouses of veterans, and cannot tap into the VA Aid & Attendance program to help pay for in home care and assisted living facilities. Others may never need to go into a nursing home and  utilize Medi-Cal. In addition, as it turns out, most of our clients do not have long term care insurance, and they find long term care insurance to be either impossible or too cost prohibitive to obtain. 

Government benefits are available, but may become more difficult to obtain in the future. California will soon adopt the Deficit Reduction Act, which will make Medi-Cal eligibility more difficult. Medi-Cal can pay for your stay in a skilled nursing facility. VA will probably institute a look-back penalty period for gifting, and make that benefit more difficult to obtain.

Also, many Assisted Living Facilities now offer several  levels of care including independent living, custodial care and care in memory wings. If you could utilize your own funds for the cost of the assisted living facility, you would probably like to stay there for as long as possible.

One way you can use you our own funds to pay for your long term care, is to possibly convert your life insurance policy into a Life Care Funding Trust. Some of our clients have asked whether they should let their life insurance premiums lapse, as part of budgeting for the cost of their long term care. Premiums on life insurance policies have typically been made for many years, and it would be a shame to let the policy lapse without a benefit to you.  

 We can explore whether your life insurance policy has a value that can be converted to a long term care benefit. As part of the process, we will present a copy of the policy to the Life Care Funding Company along with a simple application which includes some medical information about you. The Life Care Funding company underwriters will determine whether they will make a cash offer to you for the purchase of the policy, and for how much. If they make such an offer and you accept it, the cash is then placed into a Life Care Funding Trust for your benefit, and payments are made to your care provider on a monthly basis. You will then stop making premium payments, and you will benefit from the policy. Please let us know if you would like us to help you explore this possibility.

In the future, we will be discussing other unique ways we can utilize our own funds to help pay for our long term care.

For additional information, you can contact 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, 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, 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 help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

Apr
28
2014
0

Special Needs Trust & Inheritance & Workshop 5-8-2014

Special Needs Trusts and Inheritance:

Q: Our father just passed away and left $400,000 in his revocable living trust to myself and my brother. My brother is on SSI and will lose his benefit when he receives the inheritance. What should we do?

 A. There is a remedy for this problem when someone dies, and their revocable living trust does not have a special needs trust provision for a special needs beneficiary. Under the law, the revocable living trust became irrevocable when your father died. As a result, it is too late for you to amend the trust to include a Special Needs Trust for your brother.

 However, the California Probate Code does allow the Court to amend the trust to include a special needs trust upon a petition to the Court from the special needs beneficiary. The special needs beneficiary files a petition with the court requesting that the trust be modified to include a special needs trust for himself for his part of the inheritance. Your brother, who will be the petitioner, will tell the court in the petition that had your father gone to an elder law attorney who would have advised your father about the addition to his revocable living trust of a special needs trust for your brother, that your father would have requested that addition.

The courts have been willing to grant these petitions. After the court signs its order for the modification of your father’s trust, the inheritance for your brother will flow into his new Special Needs Trust and he will not lose his public benefits. Your Walnut Creek Elder Law Attorney can advise you and help you in the preparation of a petition for the modification of a revocable living trust after the maker of the trust dies.

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, 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 help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

Mar
25
2014
0

Consider Naming a Professional Fiduciary In Your Estate Planning Documents

When we prepare our estate planning documents, such as the Revocable Living Trust and Financial Durable Powers of Attorney, we typically name our spouses and then our children as our fiduciaries if we cannot act for ourselves. It would seem that the most common reason that would cause a fiduciary to act is the loss of mental capacity of the principal. For instance, in the case of a Revocable Living Trust for a husband and wife, they will name each other as a co-trustees. If neither of them can act because of incapacity, the children who have been named as successor trustees, will step up to act as trustee. With a Financial Durable Power of attorney, the couple will typically name each other as attorney in fact, and if they cannot act for each other, the children who have been named as successor attorneys in fact, will step up to act.

Many of our clients however do not have a living spouse or children or even siblings who can be named as fiduciaries for them. In addition, statistics show that at lease a quarter of persons in the  age group of 80 years or older, have significant clinical cognitive impairment. These individuals will need a responsible fiduciary to help manage and preserve their assets for them, and to help ensure that they receive good care as they age.

So for people who really have no one to name as a fiduciary in their estate planning documents, we recommend naming a professional fiduciary. These individuals are licensed by the State of California Professional Fiduciaries Bureau.  A professional fiduciary as successor trustee of a revocable living trust for instance, will carry out the terms of the trust while you are alive, and then finish the trust administration when you die.  During your lifetime, the professional fiduciary as successor trustee under your trust, or as your attorney in fact under your financial power of attorney,  will manage your checking account, pay your bills and otherwise help to protect your assets. They will make sure that your assets are used for your care and that your assets are preserved and managed for as long as possible. Many older people are vulnerable to scammers and even family members who will try to take advantage of them, and take their money.

We can recommend several very good professional fiduciaries who you could consider naming as successor fiduciaries  in your estate planning documents.

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.

Mar
11
2014
0

No Look Back Period for VA Aid & Attendance

There will NOT be a look-back gifting penalty period for the VA Aid & Attendance Pension Benefit. On February 27, 2014, Senate Bill 1982, known as The Veterans Pension Protection Act, did not get the required votes to pass. One of the purposes of this bill, which also contained other provisions, was to help curtail some of the backlog at the VA for processing this benefit.

 Unlike Medi-Cal, VA does not have a look-back gifting penalty period for qualification for the Aid & Attendance Pension Benefit. As a result, you can theoretically gift all of your assets away today, and be eligible for this VA benefit tomorrow with no gifting penalty. California however has a 30 month look back penalty period for gifting for eligibility for Medi-Cal. Medi-Cal pays for nursing home costs, minus a share of cost contribution by the recipient.

 A problem has been that the 30 month look back penalty rules for Medi-Cal have often been ignored when large gifts have been made for qualification for Aid & Attendance. The result has been that if you make a big gift today in order to receive this VA benefit, you may have created a long period of ineligibility for Medi-Cal, by not following the Medi-Cal gifting regulations. Your elder law attorney will advise that any gifting made for qualification for the VA Aid & Attendance Pension benefit should coincide with the Medi-Cal gifting rules.

 If Senate Bill 1982 had passed, any gifts made within the last three years would be reported, and a penalty for eligibility would attach.

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.

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.

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Jul
01
2013
0

VA Aid & Attendance 2013 Pension Benefit Amounts

The 2013 Maximum Aid & Attendance Pension Benefit Rates are set forth below. This is a wonderful benefit for older wartime veterans, which can help pay for the cost of in-home care, assisted living facilities and board and care. The benefit is “non service connected”, which means that qualification is not dependent upon a wartime injury.

The veteran must typically have served ninety days of active duty, one day of which was during an offical wartime period. The veteran cannot have had a dishonorable discharge. The veteran’s physician must declare the veteran as in need of assistance from another individual and in need of a “Protective Environment”, which may include services offered by a care facility or company.

You should discuss with your elder law attorney how to make the A&A Pension Benefit part of your long term care planning.

BENEFIT AMOUNTS:

Single Veteran         $1,732.00 Per Month or $20,795.00 Per Year

Married Veteran      $2,054.00 Per Month of $24,652.00 Per Year

Surviving Spouse $1,113.00 Per Month or $32,114.00 Per Year

Veteran Married to Veteran (Both A & A) $2,676.00 Per Month or $32,114.00 Per Year.

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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