Avoid Medi-Cal Recovery By Avoiding Probate
When and Under What Circumstances Should You Update Your Estate Planning Documents?
You can give $15,000 to each of your children per year under IRS rules, but there may be penalties if you apply for Medi-Cal within 30 months of the date of the gift. Under IRS rules for the year 2018, you can give away $15,000 or less to any number of individuals, without having to […]
Our clients often ask us when the appropriate time would be for them to file for Medi-Cal, to help pay for a stay in skilled nursing facility (SNF). If you are actually in a SNF, you can file a Medi-Cal application. Medi-Cal requires proof that you have been admitted to a SNF, and a will […]
The following are some steps for our senior and (almost senior) clients to consider for healthy living. Prevent falls: My father’s advice to me just before he died was for me to advise all of my clients to not fall. Falls can be the beginning of the end for people. Walk more deliberately, use your […]
When a person is in a nursing home and applies for Medi-Cal, the Medi-Cal application will ask whether the applicant has transferred away any non-exempt assets during the 30 months prior to the application date. Remember that exempt assets such as IRA’s are reported to Medi-Cal, but are not countable assets for Medi-Cal qualification. The […]
Some people are of the belief that if they give away an amount equal to the current $15,000 annual gift tax exclusion amount, that this gift will be exempted from Medi-Cal’s 30 month look back penalty period. This notion is incorrect.
Of course, pre-planning at the earliest opportunity is the best way to assure that Medi-Cal will grant your application, should you need to file at a later time.
If the decedent is single, all assets in the decedent’s name alone can be distributed through a probate proceeding.
The ill spouse, or applicant spouse, cannot have more than $2,000 in his/her name, of non qualified assets. The well spouse can have up to $123,600 in non-qualified assets.