Q. My husband was just diagnosed with Alzheimer’s, but still seems to be generally okay. Are there legal steps we should take by way of planning for the future? Yes. Once you or loved one has been diagnosed with Alzheimer’s, it is important to take action to get your affairs in order. Here is my… Read More »
Posts Categorized: Medi-Cal Planning
Consider Tax Savvy Year End Gifts To Family
Q. Last year around this time, you wrote an article on year-end gift planning, but I cannot find the copy I saved. My wife and I are considering making large gifts to our two children to help them remodel their homes, and we would like to do so in a way that is “tax wise”…. Read More »
Filial Responsibility: Are Children Responsible For Their Parents’ Care?
Q. My wife and I are concerned that our adult children might be held financially responsible for our care in the event we run out of our own resources. Our children are good kids, but they have their own financial responsibilities, including putting their own kids through college. Can you shed any light on this?… Read More »
Senior Alert: Medi-Cal Eligibility Rules Are Changing For Those Over 65!
Q. I heard that the Medi-Cal rules to qualify for a long-term care subsidy are about to change. This would be very important to us, as my husband, now aged 85, will soon need care in a nursing home, and we are very concerned about the cost. Do you know anything about this? A. Yes,… Read More »
Planning an Inheritance for a Child on Public Benefits
Q. One of our adult children has a disability and receives SSI and Medi-Cal. We are concerned that an inheritance may terminate his benefits. We have heard something about a Special Needs Trust. Can you tell us more about that? A. Sure. As you apparently know, under present rules your son cannot have more than… Read More »
Should We Sell Mom’s Home To Pay For Her Care?
Q. Our mother is in assisted living and may need to go into a nursing home soon. To raise money for her ongoing care, we are thinking of selling her home which is now vacant. Any thoughts as to whether that makes sense? A. Well, here’s the thing: selling mom’s home may undermine her ability… Read More »
Consider Tax Savvy Year End Gifts To Family
Q. My wife and I are considering making large gifts to our two children and three grandchildren, and we would like to do so in a way that is “tax wise”. Do you have any advice for us? A. Yes. Many people mistakenly believe that one cannot gift more than $15,000 per year/person without incurring a… Read More »
Spouse on Medi-Cal? May Be Time To Change Your Will
Q. My husband is in a nursing home and has qualified for a Medi-Cal subsidy to help with care expenses. To qualify, I was obliged to take his name off of most of our bank accounts, so that almost everything is in my name now. However, I have my own health problems and I wonder… Read More »
How the $1.9 Trillion ‘American Rescue Plan Act’ Will Help Seniors
Q, I know that Congress and President Biden recently approved a new law that adds significant money into improving vaccinations and other COVID-19 outreach, but I wonder what other provisions are in the new law that might help seniors. A. Good question. The AMERICAN RESCUE PLAN ACT of 2021 (“ARPA”), R. 1319, was narrowly passed… Read More »
When a ‘Last Will’ Is Not Enough
Q. My wife and I were wondering whether we would need more than a Last Will for each of us to cover what happens upon death. Is a Will usually enough? A. Good question. The simple answer is “No”. Usually more planning documents are necessary, or at least strongly advisable. While a Will is an… Read More »