Q. In past articles you have written about the option of seeking a Medi-Cal subsidy to help pay for the cost of nursing home care if that need arises. I have a Living Trust. Are there provisions that I should include, or some that I should avoid, in order to facilitate Medi-Cal qualification? A. Great… Read More »
Blog Posts Page 12
Take Advantage of the Medicare Open Enrollment Period; Reassess Your Options
Don’t let this period slip by without shopping around to see whether your current choices are the best ones for you. During this period you may enroll in a Medicare Part D (prescription drug) plan or, if you currently have a plan, you may change plans. In addition, during the seven-week period you can return… Read More »
Settling a Small Estate Without Probate
Q.. My father recently died, leaving his home in a Living Trust. He also left several bank accounts, which together total about $100,000. Our problem: the accounts were never actually transferred into his trust. Is there a way to deal with them without going through probate? A. Yes, there is. And, by the way, your… Read More »
How Can We Save Mom’s Home While She’s In A Nursing Home On Medi-Cal?
Q. Our mother just moved into a nursing home for care and has qualified for a Medi-Cal subsidy to help with the cost. However, Medi-Cal wants all of mom’s income to go to the nursing home as her “co-pay”. That leaves nothing to cover her home expenses, including her mortgage, property taxes, insurance and upkeep…. Read More »
Should I Name All of My Children As Co-Trustees of My Trust?
Q. I am setting up a “Living Trust” and considering name all three of my children, together, as successor co-trustees. Do you have any thoughts as to whether that makes sense? A. Yes, I do. Your desire to treat all of your children equally, or at least not to appear to favor one over the… Read More »
Discrimination By Nursing Homes. Getting In Is Half the Battle
Q. If I seek entry into a nursing home for my mother, will it be tougher to find a bed if she goes in as a Medi-Cal beneficiary? A. Unfortunately, that is a distinct possibility. See the following article published by California Advocates for Nursing Home Reform (“CANHR”), and re-printed here with permission: “Over the… Read More »
Giving Your Home to Your Children Can Have Tax Consequences
Q. I am thinking about giving my home to my son now, so that probate can be avoided and my affairs simplified when my time comes. Any comment as to whether this plan makes sense? A. Caution: Transferring your home to your son by gift during your lifetime can have adverse tax consequences. Example: assume… Read More »
When Your Most Valued Assets Are Not Covered by Your Will
Q. My wife and I hold title to her home as joint tenants, and most of our cash assets are in the form of two large IRA accounts and one big annuity. We have basic wills which leave everything to the other and then on to our children. Our son suggested that our wills may… Read More »
INHERITANCE WHILE ON MEDI-CAL?
Q. My 86-year-old mother is in a nursing home and receives a Medi-Cal subsidy. We just learned that her brother died and left her $200,000 in his trust. Will the receipt of this inheritance bounce mom off of Medi-Cal? Is there anything we can do? A. The answer to your first question is easy: yes,… Read More »
Medicare Launches A New “App” To Help Seniors Figure Out What’s Covered
Q. I hear that Medicare has developed an “App” to help beneficiaries determine what benefits may be covered. Do you have any information on this? A. Yes. Recently, as part of its initiative focused on modernizing Medicare and empowering beneficiaries, the Center for Medicare and Medicaid Services (“CMS”) has developed and launched a new “App”… Read More »