One issue that I have noticed recently has to deal with the transfer of real property by an elderly person. The basic scenario is as follows:
One issue that is fundamental to estate planning is the capacity of the prospective client. Because we are an Elder Law firm, this issue comes up much more frequently. Many of the initial inquiries from the spouse or adult children of prospective clients discuss that their loved one has either declining capacity or an actual diagnosis of dementia or Alzheimer's.
Picture this: you’re sitting down to plan for the future and you understand the role of wills and trusts when it comes to passing on your assets to your heirs, but what about the subject of appointing a family member or trusted friend as your power of attorney? Do you really want to — or need to — give someone else power over your financial decisions and control of your assets?
Esther Wang and her staff ... were instrumental in helping us receive VA benefits for my elderly father. Although the VA was disorganized and unresponsive at times to our claim, their law firm knew exactly how to proceed and were persistent in receiving my father's benefits.
What Are the Va’s Rules on Asset Limitations & MAPR COnsiderations for The Aid & Attendance Benefit?
Are there asset limitations? Yes, but this is another misconception. Many believe they have simply own too much to qualify. Like Medi-Cal planning, there are ways to protect all of a veteran’s assets and still qualifies him for the pension benefit. We will discuss the asset details next, using a basic example.
If you or a loved one is disabled and receiving public benefits through Medi-Cal or Supplemental Security Income (SSI), you are subject to income limitations to remain on those programs, yet they cover only food, shelter, and medical care. How do you pay for the other necessities and comforts of life?
Plan early. This is the single, most important advice I can offer to a wartime veteran and his/her spouse, or a widow or widower of a wartime veteran who wish to obtain VA benefits to pay for assisted living care or a home caregiver. If you would like to obtain Aid and Attendance benefit and you already know that you will need either a home caregiver or placement in an assisted living community, you need to plan early.
The law states that if a child moves back home and cares for a parent, and if that child’s care has kept the parent out of a nursing home for at least the last two years, then the home may be given to the child without Medi-Cal penalties. In last Tuesday’s Elder Law Topic Tuesday, we met Sarah, a wonderful daughter who had moved back home and was taking care of her Mom for the last three years.
At first it may seem shameful or detrimental to ask for your parents to pay you for the care you provide. However, take the following scenario as an example where this could be immensely helpful. However, please note that this must be done with a professional or there could be adverse consequences.
The Veterans Administration (VA) operates the largest health care system in the United States and also offers pensions and other services for qualified veterans — and even their spouses — who face disability or assisted living issues. It has been estimated that nearly 20% of all seniors in America over the age of 65 could qualify for a Veterans Pension or Survivors (Death) Pension under the right circumstances, though only 5 percent — or roughly 480,000 — currently do.