Is It Too Late To Save Resources If A Loved One Is Already In A Nursing Home?
It is not too late to save resources if a loved one is already in a nursing home. We have some strategies available and a lot of it depends on two things: the marital status of the person in the nursing home and the mental capacity of that person. As long as they have mental capacity, we can save most of the assets. If they’re married, we can probably save all of the assets and all of the income.
Who Is Responsible For Overseeing The Revocable Trust Once It Is Set Up?
The trustee of the irrevocable trust is responsible for overseeing and managing trust assets. The trustee is, in most cases, one of the children of the grantor. That’s ideal. It gets to be very difficult if there are no children or when there are children but none responsible enough to manage the assets. We have to get creative in some cases.
Who Are Irrevocable Trusts Ideal For In Medi-Cal Planning?
When talking about Medi-Cal Planning, irrevocable trusts are ideal for single or married people who are getting older or who have some sort of medical diagnosis where there is a foreseeable chance that they, their spouse, or both spouses will end up living in a nursing home for a period of time. To be a good candidate for an irrevocable trust, you need to be right in the middle of income levels. If you’re low-income, you don’t need the trust because you’ll qualify for the benefits. If you’re very wealthy, you don’t need the trust because you can just self-insure and hire your own doctors. The vast majority of the people in the middle should seriously consider establishing an irrevocable trust to protect them from the expensive costs of long term care in a skilled nursing facility.
What Sets Your Firm Apart In Helping Clients Set Up An Irrevocable Trust For Medi-Cal Planning?
At MacFarlane Legal, when we’re assisting clients in setting up an irrevocable trust with concern for Medi-Cal planning, we are heavily involved in educating the client and educating the trustee on the effects and benefits of the trust. We also get involved with the daily management of the trust. We help them fund the trust, which is a difficult part. I assign a team member to actually go with you to the bank or title company and help you transfer the assets to the trust. We’re there for support long after the trust is established and we don’t ever charge additional fees for that.
We’ve helped hundreds of California families with Medi-Cal planning. Before I became an attorney, I worked in the long term care industry. I’ve spent a lot of time in nursing homes and I’ve seen the effects of people going broke to pay for care. We’re on a mission to help people preserve their estate, pass their estate to their family, leave a legacy, and still get the care that they need and deserve.
For more information on Saving Resources After Nursing Home Admission, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (916) 674-2066 today.
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