A long term care Plan is geared towards the needs of individuals who are dealing with chronic health conditions that will likely result in the need for extra care either in-home or in a facility and who want to make sure they are getting the right care at the right time. Quality of life is the primary focus of a life care plan. Asset preservation is another goal.
A well designed long-term care plan helps smooth the transitions that accompany the changing needs of the individual while also protecting assets. Our Geriatric Care Coordinator assists the family in negotiating the challenges presented by increased care needs while our attorneys address the legal issues of incapacity, asset protection, and legacy planning Our life care planning clients maintain an ongoing relationship with our office so that our assistance is immediately available when issues arise.
Call us. We are ready for you. A Geriatric Care Coordinator will advise you and help you determine what the best next step should be.
Long-term care can be very expensive. Many clients opt to access Veterans Benefits or Medi-Cal to pay for long-term care. They also want to prevent estate recovery after they are gone. We help them qualify for these benefits and protect their house and other assets.
WRONG. Medicare does not pay for custodial long-term care in a nursing home. Medicare will pay for rehabilitation in a nursing home following a hospital stay, but only the first 20 days will be paid for 100%. Days 21 through 100 will require a co-pay. However, once the facility determines that you are not improving (rehabilitating), then Medicare will not pay any longer regardless of the number of days you have been in the nursing home.
No. Many people think that they must â€œspend-downâ€ to the point where they are practically broke before they can access Medi-Cal to pay for nursing home care. However, this is not true. For married couples, the well-spouse is permitted to keep $115,920 (in 2013) as a community spouse resource allowance. We can help our clients keep even more if necessary to provide income to the well spouse.
Everything. Your estate is made up of all of your assets. Your house. Other real property. Stocks & bonds, Bank accounts, and personal property such as jewelry or cars.
Your estate plan is a set of legal documents that provide direction for how your assets should be managed during your lifetime and distributed after you are gone. Most of our clients use a revocable trust as the foundation of their estate plans although a few use wills. At a minimum, you should nominate a guardian for your minor children even if you do no other estate planning.
Your estate plan should include Durable Powers of Attorney for Asset Management and Health Care which authorize someone else called your agent (or attorney-in-fact) to act on your behalf should you become incapacitated. These documents can grant broad powers or be tailored to achieve more specific goals according to your wishes. At Moynihan Lyons, our estate plans include these documents plus ancillary documents to provide comprehensive protection for you and your loved ones.
Generally estate administration refers to the process of gathering assets, settling debts, distributing property and wrapping up any loose ends after a person dies. Often, this includes changing the title to property to reflect new ownership. With married spouses who have a joint trust, most of the administrative actions may be delayed until the second spouse passes away.
Not necessarily. When a person dies without a will, whatever assets that person owns (with the exception of accounts that have beneficiary designations) will be distributed according to the rules of intestate succession. Intestate means “without a wil”l. For example if a husband dies intestate and leaves behind a wife and two children, his wife would inherit his share of the community property but she would only inherit 50% of his separate property while his children will share the other 50% equally.
For most people, trusts provide better lifetime protection as well as probate avoidance upon death. If you are in an accident or become very sick or unable to manage your affairs, your successor trustee can step in and make the necessary decisions. Used in conjunction with your Durable Power of Attorney for Asset Management, you retain control over your life and your wealth.
Do you have concerns about children inheriting too much too soon? Do you have a blended family? Do you have a beneficiary receiving public benefits whose share of your estate should be held in a special needs trust? A trust is a perfect vehicle for maintaining some control even after you are gone.
You can also avoid probate with a properly designed and funded trust. Probate can be more expensive since fees are calculated based on the value of your estate. Probate also takes longer to complete.
Finally, for estates that may be exposed to estate taxes, proper trust based estate planning can avoid tremendous loss of wealth.
The first step in a Probate Administration is to lodge the Will with the court. This should happen within 30 days of decedent’s death. We will do this for you. A Petition must be filed asking the court to appoint an Executor (if there was a Will) or Probate Administrator (if there was no will). Once the Executor/Administrator is appointed,
he or she will be responsible for managing the probate administration. Duties include: complying with the legal timelines for notifying beneficiaries, marshalling assets, paying debts, providing accountings, making final distribution, and reporting to the Court until officially discharged from his or her duties.
Trusts are typically administered without court involvement and proceed more quickly that probates. The trustee of the trust has the power to manage and distribute trust assets according to the trust document. However, the trustee must still comply with legal requirements regarding notice to beneficiaries. If issues arise, the trustee may seek the court’s assistance to resolve them.
Not necessarily. If your parent is still competent, she can choose to execute a Durable Power of Attorney for Finance giving you the authority to handle her financial matters, i.e. paying her bills, collecting rent, buying or selling property. If she also executes a Durable Power of Attorney for Health Care and sets up a trust (if necessary), she most likely can avoid the need for a conservatorship
Not unless you indicate an expiration date. Typically, our clients execute Durable Powers of Attorney that continue even if the client becomes incapacitated. Indeed, it is the power to handle a person’s affairs during their incapacity that makes this power so valuable (and potentially dangerous.) Thus, you must be confident that you trust your agent to always act in your best interest.
You can always change your mind and revoke the power.
It’s never a good idea to rely on a power of attorney that is too old. Institutions and service providers have more confidence in respecting a Power of Attorney that is a relatively recent versus one that was created decades ago. Additionally, any time you change your mind about any authority granted under your Power of Attorney, you should revoke the old one and create a new one.
No. Although most of our clients choose the same person to handle both their financial and healthcare decisions, this is not a legal requirement. For example, a parent may want a child who works in the medical profession to make medical decisions but prefer that another child manage the parent’s finances.