Walnut Creek Elder Law Blog

Michael J. Young, elder law attorney, represents many older clients in Brentwood, CA. Mr. Young practices in the areas of  estate planning, long term care planing, government benefits planning and asset protection. Author of The Alzheimer’s Legal Survival Kit and The Nuts and Bolts Guide to Veteran’s Benefits, Mr. Young helps his clients plan for the VA Aid & Attandance Pension Benefit for wartime veterans, and for Medi-Cal.  Both of these publications are available through Mr. Young’s website at www.WalnutCreekElderLaw.com The Aid & Attendance Pension Benefit, (A&A) can help pay the costs for in home care, assisted living facilities and board and care. Medi-Cal pays for skilled nursing costs. Both programs are income and needs based, and they have different rules for qualification, gifting and asset protection. As a result, for the veteran, both must be planned for at the same time. Mr. Young’s long term care planning and estate planning emphasizes not only on ‘what happens when you die’, but ‘what happens if you don’t die.’

For additional information, please feel free to contact Mr. Young’s office at 925-256-0298 and his website at www.WalnutCreekElderLaw.com

This information is not to be taken as legal advice, and you are encouraged to see an elder law attorney for your particular situation. 

Written Michael J. Young, lawyoung1@gmail.com, elder law attorney in Walnut Creek, CA. www.WalnutCreekElderLaw.com mike@WalnutCreekElderLaw.com. 1931 San Miguel Dr., Suite 220, Walnut Creek, CA 94596. 925-256-0298. Mr. Young serves Contra Costa and Alameda Counties, including the cities of Walnut Creek, Alamo, Danville, Concord, Brentwood, Pleasant Hill, Antioch, Clayton, etc.

     Certain assets are generally exempt, or not counted, for Medi-Cal eligibility. The following is a partial list of exempt assets. There are, of course, rules affecting each of these items. As a result, please consult your elder law attorney.

• One automobile is exempt for qualification. Many people think that if they have two cars, they have to sell one to become eligible. This is not true. The second car is counted as an asset, and the value is determined by the Medi-Cal eligibility worker.
• Whole life insurance policies are exempt, provided that they do not have more than $1500 cash in value.  If they do, you must transfer the asset, cash it in, or take other steps to lower the value. Be sure your durable power of attorney has the appropriate elder law/asset protection language in it to accomplish this, in the event you lose the ability to accomplish this yourself.
• You can have term life insurance in any amount.  
• You can transfer monetary assets into an irrevocable final expense trust. This is a good planning technique to lower cash assets for Medi-Cal qualification. When the recipient passes away, the funds can be used at any funeral home in any state. Funds not used are subject to Medi-Cal recovery. Another advantage is that part of the family’s concern about burial plans is taken care of ahead of time.  
•  IRAs, pension funds and work related annuities are exempt. Medi-Cal does have  distribution rules for principal and accrued interest however.  
• $2,000 in cash.  
• Your home is exempt for qualification.  

             By Michael J. Young, elder law and estate planning attorney in Walnut Creek, Contra Costa County, California. Mr. Young’s office is located at 1931 San Miguel Dr., Ste. 220, Walnut Creek, CA 94596. His office number is 925-256-0298 and his e-mail address is LawYoung1@gmail.com. You can go to his web site at www.WalnutCreekElderLaw.com  Mr. Young serves senior clients and their families in Contra Costa and Alameda Counties. He also has many senior clients in Danville, Brentwood, Pleasant Hill, Antioch, Concord, Alameda and surrounding communities. His long term care plans for older clients help families prepare to pay for nursing home costs and to preserve assets. He also helps his clients apply for Medi-Cal and the VA Improved Pension, Aid and Attendance benefit. You may see Mr. Young’s “Nuts and Bolts” Guide to Veteran’s Benefits at the following link. www.walnutcreekelderlaw.com/GuideToVeteransBenefits.html Please check his web site for upcoming seminars.