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: Giving your home to your son during your lifetime can have adverse income tax consequences. Example: assume that… Read More »
Posts Categorized: Elder Law
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 »
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 »
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 »
“I Owe It All To My Grandmother “
Q. Do you mind if I ask how you got started working with seniors and doing the kind of long-term care estate planning that you do? A. Not at all. In a word, I owe it all to my grandmother. After my grandfather died in the 1960s, my grandmother, Lena Ponsky, became the head of… Read More »
Will Medi-Cal Count Dad’s Assets Even Though They Cannot Be Accessed Due To His Dementia?
Q. Our father is 90 years old and is being cared for in a nursing home, which costs about $10,500 per month. We need to apply for a Medi-Cal subsidy to help with the cost, but Dad has an old insurance policy with accumulated cash value which puts him over the $2,000 Medi-Cal resource ceiling… Read More »
Setting The Incapacity ‘Trigger’ in Your POA & Trust: Two Doctors or One?
Q. I am in my late 80’s and am updating my estate plan. I find I have an important decision to make: in my Power of Attorney (“POA”) and my Trust, if I ever lose mental capacity should I require the opinion of two doctors, or just one, to certify my incapacity before duties transfer… Read More »
New Law Designed To Facilitate CA Organ Donations
Q. My wife and I are about to prepare Advance Health Care Directives, with an option to donate our organs. I hear there is a new law that touches on this. Do you know anything about this? A. Yes. The new law is AB 3211, effective January 1, 2019, and designed to make it easier… Read More »
Do I Need to Cash in My Annuities If I Go Into a Nursing Home?
Q. I have three annuities. If my wife or I need to go into a nursing home, do we need to cash them in to be eligible for a Medi-Cal subsidy? A. Well, like many things in life, it all depends. If your annuities are held inside an IRA owned by you or your wife,… Read More »
Selling or Refinancing Your Home When Your Spouse Can’t Sign
Q. My husband has dementia and I wonder about my ability to refinance or even sell the home, as he cannot sign. The home is held in a Living Trust. Can you advise? A. The short answer is that, under these circumstances, it may be easier for you to sell the home than it would… Read More »