Offering Guidance For Long-Term Care And Medi-Cal Planning
As the greatest generation and the baby boomers enter the twilight of their lives, more and more people move into skilled nursing facilities (also known as nursing homes). This can leave many aging people and their adult children wondering how they can afford this necessary care.
Law Office of Matthew D. Scott has helped many families in Roseville and the surrounding area to plan for long-term care needs while also preserving their financial health. Our team can help you explore your options for protected vehicles to preserve your estate and navigate the process of applying for long-term care benefits. There is a better way, and we are dedicated to helping my clients find it.
Preparing For The Future With Personalized Plans
Those applying for Medi-Cal, California’s version of federal Medicaid, face strict asset limits. This can lead many to believe that they will not qualify for this necessary assistance, but this is not necessarily the case. Many don’t realize that they can prepare financially for long-term care without spending down their estate or incurring a significant bill from the state.
Combining complex estate planning tools with a thorough understanding of all applicable regulations, our firm designs a tailored plan for your family. Through specialized trusts, asset allocation techniques and gifting strategies, aging people and their families can preserve assets while ensuring they get the care they need and maintain a comfortable standard of living.
We help clients explore the strategies that can protect their hard-earned wealth while fully complying with applicable laws. These strategies may include intentionally defective grantor trusts, special needs trusts, gifting, and real property transfers consistent with the law and good practice.
What Should I Know About Medi-Cal?
Arranging your finances for your long-term care can feel very confusing, even overwhelming. We have the knowledge you need when it comes to figuring things out. Here, we have answered some of our prospective clients’ most commonly asked questions about Medi-Cal planning.
What is the asset limit to qualify for Medi-Cal?
To be eligible to receive Medi-Cal benefits, you cannot have assets of more than $2,000. Fortunately, certain assets do not count, including your house, jewelry and most personal items.
What is the date restriction for transferring assets?
The state wants to make sure that Medi-Cal recipients do not deplete their assets deliberately to qualify for benefits. As a result, you might not qualify for Medi-Cal if you have transferred certain assets within 30 months of applying for Medi-Cal.
How can I protect my assets but still receive Medi-Cal?
There are many tools available that you can use to preserve your assets. If you plan strategically, you can protect your assets but still qualify for Medi-Cal benefits. For example, creating an asset protection trust can go a long way toward keeping your money in your pocket while ensuring you receive benefits.
How do I apply for Medi-Cal?
You can apply one of several ways: online, through the mail, over the phone or in person. The process involves several complex steps. You will need extensive documentation, including your medical and financial records. Be aware that you must complete every detail correctly; if you make an error, your application will be delayed and you might have to start again.
Do I really need to hire a Medi-Cal attorney?
Many people try to figure out Medi-Cal and manage their assets on their own only to realize that they could have saved a lot more money by hiring an attorney. With a lawyer who understands how the laws work, you have someone to advise you on the wisest ways to preserve your assets and still qualify for Medi-Cal. Not to mention, the application process is immensely complicated – an attorney can help with all the steps.
Create A Plan That Provides You With Peace Of Mind
Your personal, family or business situation will affect the estate planning solutions that best support your needs. To explore your options with a competent attorney in a free consultation, contact my firm online or call 916-894-8632.