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 »
Posts Categorized: Special Needs Planning
Special Planning for an Incapacitated Spouse
Q. My wife suffers from dementia and has been in a nursing home for some time. About a year ago, we put everything in my name so she could qualify for a Medi-Cal subsidy to help pay for her care. We currently have only simple wills which leave everything to the survivor of us, and… 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 »
Planning an Inheritance for A Child or Grandchild on Public Benefits: The Special Needs Trust?
Q. One of my grandchildren has a disability and receives SSI and Medi-Cal. I would like to leave him a bequest from my estate when I pass. But won’t doing so cause him to lose his public benefits? A. Not if you plan correctly. As you probably know, your grandson cannot have more than $2,000… Read More »
Decanting: A New Way To Reform A Trust After the Death of the Trustor
Q. My brother created a trust a few years back, naming our sister as one of his beneficiaries and me as the Trustee. He recently died and we now have a problem: our sister receives public benefits (Medi-Cal and SSI) and the receipt of an inheritance would cause her to lose those benefits. Is there… Read More »
8 Questions to Ask Before Agreeing to Be Trustee
Q. A close friend asked me to be the Trustee of his trust in the event of his incapacity or death. While it is an honor to be asked, I wonder what questions I should ask before accepting? A. It is indeed an honor, as it means that your friend trusts your judgment and is… Read More »
Trusts Will Still Be Useful Even If Estate Tax Is Repealed
Q. I hear that the federal estate tax may be repealed during this administration. If that happens, will trusts still be a useful estate planning device? A. In a word, yes. But remember, the federal estate tax now only kicks in if your estate is valued at more than $5.49 Million at death (2017). At… Read More »
Special Needs Trust May Preserve Public Benefits In Divorce
Q. Our 35 year old daughter is going through a divorce. She is on disability and gets SSI and Medi-Cal. We worry that she may lose her benefits once she is awarded support and receives her share of community property. You recently wrote about a Special Needs Trust to protect benefits for a senior in… Read More »
Planning for an Incapacitated Spouse Using a Special Needs Trust
Q. My wife suffers from Parkinson’s and has been in a nursing home for some time. About a year ago, we put everything in my name so she could qualify for a Medi-Cal subsidy to help pay for her care. We currently have only simple wills which leave everything to the survivor of us, and… Read More »
New Law Empowers the Disabled Under Age 65 to Create Their Own Special Needs Trust
Q. I hear that President Obama just signed a new law that makes it easier for disabled persons to create their own Special Needs Trust. Do you know anything about this? A. Yes. With strong bipartisan support, just last week President Obama signed a comprehensive piece of legislation called the 21st Century Cures Act, primarily… Read More »