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.

Mar
18
2013
0

Getting Your Ducks In A Row Before a Crisis Occurs

You should get your ducks in a row long before a crisis occurs, especially where your health and finances are concerned. Many of our clients come to see us when a crisis is occurring. For instance, their spouse or loved one is in the hospital or has just entered a skilled nursing facility. At this stage the planning is usually more difficult, and we may be facing memory issues of the ill person. It may also be more difficult to preserve the home as a legacy for the clients’ beneficiaries. The home is many times our clients’ largest asset.

As part of long term care planning, we plan how various stages of care will be paid for and determine what assets and resources are available. We proceed to get our ducks in a row to protect assets. We also line our ducks up for obtaining Medi-Cal to pay for the skilled nursing facility and the VA Aid & Attendance Pension Benefit to pay for in home care or an assisted living facility. Gifting and spending issues for Medi-Cal and VA are considered. The longer we have to do long term care planning, the easier it is for all concerned. In addition, your peace of mind can be assured earlier on. 

FAMILY DYNAMICS: When we are able to do pre-planning for our clients, we can better take into account issues concerning family dynamics. We need to know which family members are helping the ill person, and who can be relied upon when help is needed. We can offer suggestions for the well spouse for her care for the ill spouse when he comes home. We will be better able to find out if there is serious infighting and resentments among family members. When a crisis occurs, these dynamics become intensified.

LEGAL DOCUMENTS: Are the legal documents up to date? If they are, you are in a tiny minority. If you have not gone to an elder law attorney in the last several years, your documents are probably not up to date. There is specialized language that can be utilized for asset protection and for government benefits planning in the various documents. For instance, if we want to preserve the home and protect it from a Medi-Cal lien, and the ill person has severe memory issues, we may not be able to proceed to transfer the home to the well spouse or a child without going to court. Most revocable living trusts and financial durable powers of attorney do not contain this specialized asset protection language.

Pre-planning will also allow us to discuss any changes that may be needed in the trust, will, financial durable power of attorney and other estate planning documents. Family dynamics are always changing with the occurrence of deaths, divorces, children who are themselves in need of care, second marriages, etc.

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
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

Jun
05
2012
0

Probate – Joint Tenancy Transfer Without Probate

Real property held in joint tenancy can be transferred upon the death of one of the owners of the property without a probate. However, this is not always a good idea.

For instance, lets assume that John Doe is the owner of 123 Wilkins St., and John Doe wants his friend Jim Smith to obtain title to the property upon John Doe’s death. This can be accomplished by John Doe granting the property with the use of a Grant Deed to himslef, John Doe and to Jim Smith, as joint tenants. Upon the death of one of the parties, an affidavit death of joint tenant with a death certificate attached is recorded with the county recorder. The survivor of the two individuals will now have sole title to the property. No probate is necessary. A probate will be necessary on the second death if nothing else is done.

This method of estate planning can avoid probate, but can create other issues. We have seen situations where parents have transferred their home to their children for government benefits planning and asset protection purposes. For Medi-Cal, the home can be established as an exempt asset and then transferred. But what happens if the child who has come onto title is having financial difficulties? If there is an abstract of judgment in the amount of $100,000 recorded with the county recorder against the child who is now on title, the lien created by the abstract of judgment in the amount of $100,000 has now attached to the parents’ home. This is not a good result.

A better method may be for the parents to create a revocable living trust in their names, and then transfer the property on the record to the trustees of the trust. Upon the passing of both spouses, the property should pass to the children without a probate and court involvement.

For government benefits planning and asset protection purposes, an elder law attorney such as Michael J. Young, probate and elder law attorney in Walnut Creek, CA, Contra Costa County, can draft the trust and related financial durable powers of attorney in such a way as to allow for intervivos, or lifetime transfers of real proprty between spouses and children, if necessary in the event of incapacity.

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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