Seniors in California need sophisticated asset protection to prepare for long-term care costs and ensure they can qualify for Medicaid if they need it. You shouldn’t have to lose assets that took a lifetime to build or place an undue burden on other family members to provide in-home or nursing facility care. We can review and protect your assets to ensure your quality of life, support the needs of your caretakers, and preserve your family’s inheritance.
Aging people and their caretakers face a number of challenges in providing for long-term care services. Planning early is the only way to increase your options for better care without sacrificing your savings. If you procrastinate, family members not only pay a financial price but have to make difficult decisions in an emergency without any resources at hand.
For the financial aspects, we create a trust to protect and distribute assets as necessary to potentially qualify for Medicaid. Having a financial power of attorney also lets you appoint a person to make decisions related to financial matters if you become incapacitated.
Then adding a healthcare power of attorney lets you select an individual to make health care decisions if you are unable. This trusted person will have a copy of your living will and advanced healthcare directive to specify medical treatments you would or would not have if incapacitated or in need of end-of-life care. This takes a difficult situation and makes it manageable.
Without the assistance of Medi-Cal coverage in California, your family will be held financially responsible for your monthly care costs directly or have their inheritance spent down to cover the high costs of care over time. Qualifying for benefits is complex, so we begin strategizing at least five years in advance to restructure your finances. Transferring assets into an irrevocable Medicaid Asset Protection Trust preserves your estate from long-term care costs, creditors, and legal claims. Assets owned by the trust are not considered countable assets of your estate.
Veterans may qualify for a VA Pension or VA Compensation, so applying for benefits should be an essential part of your estate plan. We can help you understand the application and eligibility process and determine the best choice of benefits for yourself, your caretakers, and your surviving family members. To help you qualify for Veterans’ Aid and Attendance as a wartime veteran or surviving spouse, an irrevocable Veterans Asset Protection Trust is an option allowing a complete gift or relinquishment of property, usually a home or other significant asset, to maintain eligibility for VA benefits.
Elder law looks at every concern seniors have about asset protection and long-term care needs so they can enjoy their retirement and stop worrying about whether they may burden their loved ones. Reach out to learn more about trusts for asset protection, Medicaid planning, and Veteran’s benefits.
Patrick Anderson has over 15 years of experience in estate planning, elder law, real estate transactions, asset protection trusts for Medicaid and Veterans planning, and business law transactions. He achieved an MNC Counseling degree and a Bachelor of Divinity at Shalom Bible College & Seminary before getting his JD at Oak Brook College of Law. He is a member of the State Bar of California, and a licensed attorney practicing in the San Francisco Bay Area.