It is very hard for the general public and even more difficult for family starting to deal with the failing health of loved ones to understand how important Medi-CAL Asset Protection Planning can be. We feel strongly that if you may face the need for Long Term Care and Skilled Nursing Care in the NEXT FIVE YEARS… you should call us to discuss Asset Protection for Medi-Cal Benefits TODAY!! Currently we can help you legally go under the five year look back.
Many people think
that they have too many assets and will never qualify or will never go to a
nursing home… Both are not true statements and everyone should consider getting
a better understanding of how an Irrevocable Trust may protect you assets as it
applies to Medi-Cal Long Term Care Benefits.
This is on of our Elder Law Case Summaries that we
helped protect all of their assets:
- Husband 83 and Wife 76 (second marriage)
- Husband owns residence and rental property (inherited from Mother)
- Wife owns another home that her son lives in
- Wife still working as professional
- Combined they have $200,000 in savings, and both have IRAs & SS income along with wife’s work income.
- Wife has a major stroke in 2017 and is in subacute – after 100 days costs are $23,000/mo. She has mental capacity but is paralyzed with Ventilator and Feeding Tube.
- They called LA LAW Center 5 days after stroke from Hospital for help.
- In 120 days, LA LAW Center helped move all assets (3 homes and $150,000) to their children and Irrevocable Trust (husband’s son is trustee).
- Wife then was qualified for Medi-CAL that pays for her care.
- Family only had to pay one month’s private pay ($23,000) before we got wife on Medi-CAL which now pays all nursing home costs. Husband keeps wife’s income to help pay his bills at Home.
- If Husband needs Medi-Cal he will qualify in future.
- SO FAR… WE SAVED THIS FAMILY $414,000 & THEY DID NOT HAVE TO SELL RENTALS!
- WIFE IS STILL BEING CARED FOR EACH MONTH IN A SUB-ACUTE NURSING HOME AND SAVING $23,000 A MONTH.
Soon we will not be able to save all assets, but today we can. When the Federal Medicaid rules take effect in California… this couple would have had to sell their real estate to pay for care and we would only be able to protect the RESIDENCE and 50% of other assets. If you wish to understand your options, call us for a free consultation regarding protecting your assets. Call 818.241.4238