Too frequently we meet clients in dire straights to pay for long-term care, and they need to qualify for Medi-Cal to do so. Unfortunately, if they haven't done any preparation for this day to come, their options are limited and there's a good chance they'll have to "spend down" everything they have in order to qualify for Medi-Cal assistance.
The real key to being able to qualify for Medi-Cal while protecting your assets is the drum we seem to always be beating: PLAN NOW! The longer you wait, the fewer options you have and the less you'll be able to protect.
Medi-Cal qualification requires you to relinquish either income and assets or control over the income and assets. But many Calabasas and Beverly Hills residents are in their sixties and seventies, in good health, with plenty of assets. These folks aren't ready to part with their income and assets or control over them as many still have healthy, active years ahead of them. For many assets to count as "relinquished", there's a 30-month wait to have them not apply. That's why planning is key.
Depending on your age and health status, the need for you to plan now could come sooner rather than later. An experienced estate planning & elder law attorney (and team) can help you understand the timeline and what needs to happen and when for this to work out to your benefit (and for the benefit of your loved ones). Don't be one of the cases who comes to us too late. We really don't like crisis planning -- we offer this service because it's needed, but we'd much rather help sooner and give our clients a number of options.
Our comprehensive Life Care Planning Service will maximize your assets, give you time to get everything in order and allow you the most freedom to choose what makes sense for your family and your priorities. A Life Care Plan not only offers legal care but provides care coordination and patient advocacy with our Elder Care Coordinator.
Ready to get started? Get in touch today, we'd love to help you make the decisions you need to make now to protect yourself and your loved ones in the future.