As a loving child, you want to ensure your parent receives the best possible care when facing long-term care needs. However, navigating the financial realities of nursing homes or assisted living can be daunting. California’s Medi-Cal program can help, but it’s important to understand how it might impact your family’s assets. Here at Elder Care Law California, we help families protect their financial security while ensuring their loved ones receive the care they deserve.
The Challenge of Medi-Cal and Asset Recovery
While Medi-Cal offers valuable assistance, it may place a lien on your estate to recover some of the benefits paid on your behalf after your passing. This can leave your children or other heirs with a smaller inheritance.
Planning for Peace of Mind: Asset Protection Strategies
Fortunately, there are proactive steps you can take to safeguard your assets and investments:
- Trusts: Irrevocable trusts can transfer ownership of assets to a trustee, potentially shielding them from Medi-Cal recovery. It’s crucial to consult with an attorney to understand the different types of trusts and their suitability for your situation.
- Estate Planning: A comprehensive estate plan, including a will and power of attorney, ensures your wishes are known and your assets are distributed according to your preferences.
- Gifting: Strategic gifting within legal limits can help reduce your estate’s value and potentially minimize Medi-Cal’s impact. However, it is important to consult with an attorney to ensure assets and investments are protected from Medi-Cal recovery and you are not losing step up or tax savings.
3100 Petitions: A Complex Option
An experience Medi-Cal attorney may be able to reassign income and assets to a well spouse through court petition. This option is complex and requires strong justification. Call us at Elder Care Law California to determine if a 3100 petition is right for you.
Protecting Your Family’s Future
Navigating asset protection and Medi-Cal planning can be intricate. Don’t try to go it alone. Elder Care Law California is here to help you understand your options, develop a personalized plan, and ensure your loved one receives quality care without jeopardizing your family’s financial future. Too often we speak to a new client who has been paying for assisted living or home care for years before they call us. They may have already depleted their parent’s life savings because they did not know we could have had the State pay for their parent’s care. Don’t overpay, make sure you understand what options are available to you by consulting with an attorney.
Schedule a Free Consultation Today
Contact Elder Care Law California today to discuss your specific situation and explore asset protection strategies that meet your needs. We are committed to providing compassionate and effective legal guidance throughout this challenging time.
Disclaimer: This blog post is intended for informational purposes only and does not constitute legal advice. Please consult with an attorney for personalized guidance regarding your specific situation