Category Archives: Estate Planning for Baby Boomers

Why Baby Boomers Need a Different Estate Planning Approach

Baby Boomers' Estate Planning Needs

Open communication with your loved ones about your estate plan is vital for all generations. However, for boomers, it holds even greater importance. Discussing your wishes for long-term care, asset distribution, and healthcare decisions can help alleviate stress and ensure a smooth transition for your family when the time comes.

Medi-Cal Community Spouse Resource Allowance (CSRA) As of January 1, 2018

When one spouse applies for Medi-Cal, the state will look at the assets of both spouses for qualification of the ill spouse. As of January 1, 2018, the community spouse, also known as the “at-home” spouse, or the “well spouse”, may retain up to $123,600 in liquid assets. The ill spouse cannot have more than […]

Preventing Financial Elder Abuse – Wait Three Days Before Signing Anything

How to Prevent Financial Elder Abuse – Wait Three Days Before Signing Anything: When I was a child and I earned some money, a hole would immediately start burning in my pocket. I would be excited and tell my mother what I wanted to buy with the money. She would tell me to think about […]

California Still Has A 30 Month Look Back for Gifting

California still has the 30 Month Look Back Penalty Period for Gifting. There is a federal law known as the Deficit Reduction Act (DRA), which has a 60 month look back penalty period. However, California has not to date implemented that law. Medi-Cal eligibility workers are required to use the 30 month look back period. […]

How Much Can I Have In IRA’s and Still Qualify for Medi-Cal?

We are often asked the question as to how much you or your spouse can have in IRA’s and 401k’s and still qualify for Medi-Cal. The Medi-Cal applicant, or the ill spouse, can have any amount of IRA’s, 401k’s etc. These are so-called “qualified funds.” The only requirement is that the Medi-Cal applicant must be […]

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 […]

Medi-Cal Recovery Will Be Limited to Probate Estates after January 1, 2017

We have recently blogged about the new legislation Governor Brown signed, effective January 1, 2017, which changes the rules regarding recovery by the state for payments it has made to nursing homes for Medi-Cal recipients. Under the old law, the only way we could avoid recovery was to ensure that there was nothing in the […]

John Hancock Has Dropped Traditional Long Term Care Insurance – But All Is Not Lost!

Forbes Magazine has recently reported that John Hancock is the latest insurance company to drop out of the traditional long term care insurance market. John Hancock has been one of the largest providers over the years, having sold some 1.2 million traditional long term care insurance policies. It is estimated that there are now less […]

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 […]

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 […]