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AN UPDATE ON MEDI-CAL PLANNING | From the December '09 Elder Law Today Newsletter

In previous ELT’s, we have written about the existing Medi-Cal rules, vs. the more onerous rules under the Federal Deficit Reduction Act. Although the Governor has signed the act into law in California, it is not yet effective. The act’s provisions will not be implemented until non-emergency regulations are filed with the Secretary of State, and this process could take several more months.

As a result, we are still working under the old rules which in part provide for a 30 month look-back period for gifting, with the months of ineligibility disappearing, starting the month the gift was made. Under the new rules, when they are implemented, there will be a five year look-back for gifts. And, the months of ineligibility begin to disappear after the ill person has spent or gifted their assets. This will make asset preservation and Medi-Cal planning more difficult. As a result, planning should be accomplished now, under the old rules.

UPDATE YOUR LOVED ONES ESTATE PLANNING DOCUMENTS
At the least, your loved ones’ estate planning documents should be updated to include elder law, government benefits planning language. That way, if your loved one loses mental capacity, his or her assets can be preserved by the successor trustee or attorney in fact, utilizing the special elder law language. As I explain in my seminars, 99% of all revocable living trusts and financial durable powers of attorney are defective if the maker of the documents loses capacity, and we want to preserve assets.

If your loved one has signs of Parkinson’s disease, Alzheimer’s disease, has taken a fall, has cancer or congestive heart failure, you should start your planning now for asset protection, and planning for government benefits such as Medi-Cal and the VA Aid and Attendance Pension Benefit. Remember that we are still able to protect the home for the family under both programs.

UPCOMING SEMINARS: Friday, Dec. 04 @ 2:00 p – 3:30 pm
Place: 1931 San Miguel Dr., Walnut Creek, CA 94596, in the Channell Room. Please call for reservations at 925-256-0298.

Happy Holidays to All!

Sincerely,
Michael J. Young

Michael J. Young | Elder Law & Estate Planning Attorney | Medi-Cal, Probate, Wills, Trusts

Elder Law Attorney Michael J. Young has been licensed as an attorney in California since 1977. He has over 20 years of experience in estate planning, probate and trust administration. He is the author of the Alzheimer’s Legal Survival Kit as well as his monthly newsletter entitled Elder Law Today. Mr. Young conducts seminars regarding estate planning and Elder Law issues and on the legal issues faced by families who have a loved one with Alzheimer's disease. He is a member of the National Academy of Elder Law Attorneys.