Reverse mortgage loans are designed for homeowners who are 62 years of age or older, and who have a substantial amount of equity in their homes. The amount of equity is usually the difference between the fair market appraised value of your property, and the amount due on existing mortgages. As the borrower under a […]
Category Archives: Special Needs Trusts
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Durable Powers Of Attorney For Young Adults
We usually don’t think estate planning documents are necessary for younger adults. But consider the potential need for financial and health care powers of attorney for them. We received a recent call from a client whose 23 year old daughter, Jenny, was in a severe automobile accident. Jenny suffered traumatic brain injury in the accident. […]
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Your Home and The “Heggstad” Petition
Your home should be transferred to your revocable living trust for various reasons. One reason is to avoid probate of your home upon your death. Another reason is that as of January 1, 2017, if you die after having been on Medi-Cal, the state will not be able to pursue recovery against your home if […]
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Medi-Cal Qualification and Joint Accounts
If you are applying for Medi-Cal, you will be required to disclose all of your assets in your application package. Medi-Cal wants to see evidence of all of your accounts, even joint accounts that you may have with someone else. Joint accounts will be considered by Medi-Cal, at least initially, to belong to you alone. […]
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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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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 […]
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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 […]
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Does Your Trust Have a Mandatory Bypass Provision?
Most modern Revocable Living Trusts do not have a Mandatory Bypass Provision, which is usually good planning. This provision is normally NOT necessary, and if you have one, it can cause unnecessary headaches after the first spouse dies. A mandatory bypass provision will require splitting and re-titling of the trust assets between a Revocable Survivor’s […]
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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 […]
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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 […]