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.
Category Archives: Uncategorized
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.
Wait three days before you sign anything that requires spending your money. During that time, ask other professionals, family members and friends what they think about the deal or contract.
If your older loved one is still driving, find an excuse to ride with them, and observe their behind-the-wheel skills. Check to see if there are any obvious dents o right hand turns if at all possible.
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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. […]
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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 […]
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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 […]
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Asset Protection, Medi-Cal and Financial Durable Powers of Attorney
Asset Protection, Medi-Cal and Financial Durable Powers of Attorney Specialized Language is required in Financial Durable Powers of Attorney for Asset Protection and Medi-Cal planning. Most Financial Durable Powers of Attorney do not have the required language to make gifts and transfers of assets, like the home, for asset protection and Medi-Cal Planning. Click Here […]
Most of our clients are Baby Boomer age and older. During the initial interview with my clients, I always ask how they plan to pay for their long term care, and whether they have long term care insurance. It seems that most people do not have long term care insurance. Many of my clients have […]
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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 […]