Oct
24
2017
0

Preventing Financial Elder Abuse-Personal Relationships

One red flag that we have seen showing possible elder abuse is exhibited by family members who are overly zealous about preserving the money that is being spent for the older person’s care. We have seen family members who are “caring” for an older person, refuse to spend sufficient funds for the older person’ care. This attitude may actually endanger the older person’s health and welfare. These family members may be more concerned about preserving their possible “inheritance” than they are in caring for the older relative, and they may be guilty of financial elder abuse. These are the same family members who will say that this is the older person’s money, that the older person has earned it over their lifetime, and that the family members don’t really care if they “get” anything. Another red flag for elder abuse that we have seen is the sudden advent of relatives or old friends, who have not been seen for years, who are now expressing great concern and interest in “helping” the older person. Another “red flag” for possible elder financial abuse are caretakers who show an unusual interest in the older person’s finances. In these cases, it may be appropriate for the older person to engage the services of a geriatric care manager or professional fiduciary, who can manage the older person’s finances. The older person’s attorney-in-fact under their financial durable power of attorney may be called upon to engage these services if the older person has lost capacity. An elder law attorney and Medi-Cal attorney can help you with the appropriate language and design in the creation of your financial durable power of attorney and other estate planning documents, which may be needed for your care and for Medi-Cal qualification. As always, you should have your estate planning documents prepared sooner than later, and while you still can.

Michael J. Young

Elder Law and Asset Protection Attorney

Medi-Cal Attorney Walnut Creek

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

Oct
17
2017
0

Prevent Financial Abuse: Financial & Estate Planning

Financial and Estate Planning:

One of the best ways to prevent financial elder abuse, is to make sure that you know what your financial assets are at all times. You should be in contact with your financial advisor on a regular basis to determine whether there have been any changes to your accounts. Do not be afraid of calling him or her to ask questions. Find out if your required minimum distributions from your qualified accounts, like IRA’s, are being made properly. Ask if you have any outstanding life insurance or long term care insurance. Have a discussion regarding your financial needs and income, and whether your accounts and investments should be reviewed or reallocated.

Check your bank balances on a regular basis. You should know what your monthly bills are, and how much money you have in your accounts at all times. You can arrange with your bank to view your accounts on line. If you need help paying your bills or managing your accounts, you can ask a trusted friend or family member. There are also professional fiduciaries who can assist you in paying your bills.

Never have your estate planning documents, such as your revocable living trust and financial durable power of attorney, updated by non-attorneys or document preparers. There is much involved in estate planning, and you may be creating more problems for yourself and your family by not having an attorney help you.

Michael J. Young

Elder Law and Asset Protection Attorney

Medi-Cal Attorney Walnut Creek

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

Oct
10
2017
0

How To Prevent Financial Elder Abuse – The Telephone

The telephone is widely used for financial elder abuse. Remember that you do not have to immediately answer the telephone. You should let the caller leave a voice mail. That way you can find out who the caller is and only call back if you choose to do so.

If you do happen to answer the phone, you should hang up immediately if the caller is trying to sell you something. Just tell the caller no regarding any prizes, requests for money from people you don’t know and requests for money from religious and charitable organizations. Also keep in mind that you have NOT WON anything, regardless of what the caller tries to tell you.

Do not under any circumstances give out any of your personal information, any credit card numbers or your social security card number over the phone.

Before you commit to anything over the phone, discuss the issue with a trusted family member, your Elder Law Attorney or financial advisor.

Michael J. Young

Elder Law and Asset Protection Attorney

Medi-Cal Attorney Walnut Creek

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

Mar
31
2017
0

VA Benefit May Help Cover The Costs of In Home Care or an Assisted Living Facility

The Veteran’s Administration has a pension benefit known as Aid and Attendance, for the benefit of older, disabled war time veterans who have served at least one day in the service during an official wartime period. This benefit can help pay the costs of in home care, board and care and assisted living facilities. The benefit is also available to the surviving spouse of a wartime veteran.

These veterans are disabled due to “non-service connected reasons, which are usually age related. Their disabilities can result from diseases such Alzheimer’s, Parkinson’s, multiple sclerosis, and from other physical disabilities. Another possible criteria for eligibility is that the veteran needs the attendance of another person in order to avoid the daily hazards of his environment. It must also be shown that the veteran is in need of assistance with various activities of daily living, such as bathing, dressing, eating, etc.

Eligibility for this benefit is also determined by income, and the amount of assets the veteran has. A large portion of the cost of care being paid for in home care or the assisted living facility, can usually be applied against the veteran’s income in the VA application, to make eligibility easier.

A single veteran can receive up to $1,749 per month, which is $20, 988 per year. A married veteran can receive up to $2,127 per month, which is $25,524 per year. In addition, the surviving spouse can receive up to $1,153 per month, which is $13,836 per year.

If you are a veteran, or if you have a family member or friend who is a veteran receiving care, you should seek the guidance of an experienced elder law attorney who is familiar with this benefit. The attorney can help you determine whether eligibility is possible, and what steps can be taken to obtain eligibility.

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

Feb
24
2017
0

Springing vs. Immediate Financial Powers of Attorney

You should have a Financial Durable Power of Attorney (DPA) as part of your asset protection estate plan. This DPA allows your attorney in fact, such as your spouse or a child, to handle various financial matters and transactions for you. Categories of these powers include real estate, banking, financial institutions, retirement plans, trust activities, etc. The DPA should also include powers for your care if you become ill. In addition, the DPA can include powers for asset protection and Medi-Cal planning.

The Financial DPA is good during your lifetime only. It is not effective after you die. The term “Durable” means that the powers survive your incapacity. If you become incapacitated, the powers in the DPA continue to be effective.

Springing vs. Immediate Powers:

“SPRINGING”: The powers in the Financial DPA can become effective only upon your incapacity. This means that if you become incapacitated and cannot handle your own financial affairs, a “doctor’s note” will be required to activate the powers in the DPA. The powers will then “spring” into effect.

“IMMEDIATE”: The powers in the Financial DPA can become effective immediately upon your execution of the document. In this case, you will eliminate the requirement of a doctor’s note, confirming that you are incapacitated. The immediate DPA is useful between spouses, who want the convenience of being able to immediately help each other with their financial affairs. It is also very helpful between elderly parents and children who are actively involved with their parents’ care.

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

Feb
13
2017
0

Using An Annuity For Medi-Cal Eligibility For Spouses

In previous blogs, we have discussed various techniques, within the regulations, for obtaining Medi-Cal qualification for an ill spouse, when the couple has excess assets. These techniques include “spending down,” gifting and filing a court petition to obtain an order that allows the couple to keep all of their assets. In certain circumstances, especially between spouses, an annuity can be a useful tool to consider for Medi-Cal qualification.

As discussed in previous blogs, the ill spouse (Medi-Cal applicant) and the well spouse, can keep all of their qualified funds, like IRAs and 401(k)s, in any amounts, and still qualify for Medi-Cal. Then, the ill spouse cannot have more than $2,000 in non-qualified funds, like a savings or brokerage account in his name. The well spouse can have up to $120,900 in non-qualified funds in her name. So for instance, if the couple has $300,000 in non-qualified funds, they would have $177,100 too much for the ill spouse to qualify for Medi-Cal.

To use an annuity for qualification, the ill spouse would transfer his non-qualified assets to the well spouse. There is no Medi-Cal penalty for inter-spousal transfers. Then the well spouse would purchase an annuity with that money in her name, and name someone other than her ill spouse as the pay on death beneficiary of the annuity. Distributions would be made periodically from the annuity to the well spouse in payments scheduled to be exhausted during her life expectancy, pursuant to social security life expectancy tables. The well spouse can keep all of her income from the annuity, without penalty. In addition, as of January 1, 2017, there can be no recoupment by Medi-Cal against the annuity after the ill spouse passes away, because a pay on death beneficiary has been named in the annuity. This technique is not appropriate in all situations, and may be discussed with your elder law attorney along with other options.

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

Feb
02
2017
0

2017 MEDI-CAL DESK REFERENCE

2017 MEDI-CAL DESK REFERENCE

Divestment Penalty Divisor $8,189.00
Individual Resource Allowance $2,000.00
Monthly Personal Needs Allowance $35.00
Community Spouse Resource
Allowance $120,900.00
Monthly Maintenance Needs
Allowance $3,023.00
Resource Allowance for a Couple
(Husband and Wife both in facility) $2,000.00/each

MICHAEL J. YOUNG, ATTORNEY AT LAW

Elder Law Planning, Estate Planning, Trusts, Probate, Real Estate,

Preservation of Assets, Long Term Care Planning

Member: National Academy of Elder Law Attorneys, Inc.

1931 San Miguel Drive, Suite 220

Walnut Creek, CA 94596

E-mail: LawYoung1@Gmail.com Phone: (925) 256-0298

www.WalnutCreekElderLaw.com Fax:     (925) 938-6727

Jan
30
2017
0

Do not Listen To Your Neighbors Regarding Medi-Cal Eligibility

Do not listen to your neighbors regarding Medi-Cal eligibility! Over the last number of days, we have been told by several individuals who are interested in our services, that their understanding is that they would never qualify for Medi-Cal based upon “advice” they received from their neighbors. In each case, the advice was wrong.

One person told me that she was told that her husband would not qualify for Medi-Cal because his IRAs were too high. I told her that her husband can have any amount of IRAs and still qualify for Medi-Cal. In fact, I told her that she, as the well spouse, can also have any amount of IRAs, and her husband could still qualify for Medi-Cal.  In addition, I told her that both her and her husband’s IRAs cannot be collected against by the State for Medi-Cal recoupment.

In another case, an individual told me that she was informed that she could not qualify for Medi-Cal because she owned her own home. This information is also incorrect. All she has to do is express a subjective intent in writing that she intends to return home, even if she is in a nursing home. We prepare that documentation for our clients as part of their estate plan. This intent to return home is also confirmed on the Medi-Cal application. In addition, I told her that as of January 1, 2017, her home cannot be collected against by the State for Medi-Cal recoupment, if her home is in her revocable living trust at the time of her death.

In another case, a person told me that he understood that he could not qualify for Medi-Cal because his and his wife’s income was too high. This advice is also erroneous because of the Medi-Cal rules regarding Share of Cost. The state pays qualified nursing homes $8,189 a month for a Medi-Cal recipient, minus a share of cost from the recipient. The $8,189 is usually much lower than a nursing home would be if you were to private pay. The recipient’s income goes to a share of cost to the nursing home, up to $8,189, minus a few small deductions from the recipient’s income. If the recipient is married, the well spouse can keep all of her income, without penalty. If the well spouse makes under $2,981 per month, the ill spouse’s income is allocated to the well spouse’s income to bring her up to $2,981 per month. As a result, many of our clients end up paying a very small share of cost, and sometimes nothing, to the nursing home.

The moral of the story is, do not listen to your neighbors regarding Medi-Cal eligibility.

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

Nov
02
2016
0

Elder Law Attorney Michael J. Young attends National Conference for Elder Law and Estate Planning Attorneys in New Orleans, LA

FOR IMMEDIATE RELEASE

Walnut Creek, CA – Elder Law and Asset Protection Attorney Michael J. Young traveled to New Orleans, LA, from October 28-29, 2016 to meet with forty other leading elder law attorneys from across the nation. Through discussions, strategic visioning and personal goal setting, the attorneys explored professional practice development, employee development and expanded client services. The group, comprised of attorneys from 24 different states, convened at the New Orleans Marriott at the Convention Center. In addition to an intense meeting schedule, Mike and his wife Linda were able to watch several different groups play Cajun Zideco music, as well as traditional New Orleans style jazz. According to Mr. Young, the value of meeting with like-minded elder law professionals is undeniable. “The level of commitment of this group to improved practices and professional development is, in essence, a gift not only to us, but to our  clients. We each come away with new insight, fresh ideas, and an appreciation for the opportunity we have to serve our clients in helping to prepare them for the second half of life.”

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

Sep
28
2016
0

Consider A Joint Checking Account With Your Parents

Many older people insist on handling their own financial affairs without assistance, for as long as as possible. This is admirable, but what if something bad happens to the older person, like a medical event which lands the older person in the hospital, and ready access to cash is needed? And, what if the older person begins to lose capacity and starts to make bad decisions with their money?

For access to immediate cash, a child or other loved one should be a joint owner on a checking account with the older person. If the older person is hospitalized and indisposed for a period of time, the child will be able to take care of finances, and pay bills for their parent. If the older person starts to make bad financial decisions, or is the subject of fraud, the child could shut the account down.

The bank and financial accounts, except for IRAs, should be transferred to the revocable living trust of the older person, with a child or other person named as successor trustee. These transfers to the revocable living trust are completed through the bank or financial institution, and these trust assets are reflected on the schedules of assets attached to the revocable living trust. The trust is set up so that if the older person loses capacity, a doctor’s note is obtained, and the child can act as the new trustee to control the assets for the benefit of the parent.

But what if the parent refuses to cooperate and do any of these things? You should try to maintain a dialogue of communication with the parent, and try to stay informed about what is happening with his daily life. If the parent becomes unusually defensive when asked about his finances, this should be a red flag. At this point, a geriatric social worker may be able to help you communicate with your parent. If the estate plan and finances aren’t properly set up, and the parent loses mental capacity, a court conservatorship may be required for you to be able to gain control of the accounts. The earlier the estate plan and joint checking account is set up, the easier it will be for all concerned.

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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