MEDI-CAL PLANNING AND CONSERVATORSHIPS
When it comes to qualifying for Medi-Cal there are many strategies available in order to protect your assets without "spending it down". In order to qualify for Medi-Cal you must have less than $2,000 in assets to your name as a single person, and $3,000 as a married couple - this does not include your principal residence. For most people this means that they will need to transfer the asset they have above and beyond the $2,000/$3,000 amount.
When calculating the amount of assets in your estate in regard to qualifying for Medi-Cal, certain assets do not count against you such as your principal residence as stated above. The caveat here is that although your principal residence does not count against your eligibility for Medi-Cal, if the property is not held in a trust, Medi-Cal will collect against your property (and other assets) upon your death. There are planning tools that account for this and make sure that your assets are protected from Medi-Cal recovery.
Call us today to discuss your Medi-Cal planning needs so that we can get you qualified for Medi-Cal and protect your assets from recovery, all without requiring you to "spend all your assets down".
Sometimes life happens so fast that proper planning cannot be implemented in time and in the case of incapacity certain authorities need to be established in order to properly care for your loved one. In these situations the law allows for a process called "Conservatorship".
Creating a conservatorship enables a person to take legal control over a persons financials or over their physical well-being, or both. In order to obtain a conservatorship a court procedure must be initiated. The process is long and intrusive. The proposed conservator (the person that wants to care for the incapacitated person) will need to file multiple documents with the court and the proposed conservatee (the incapacitated person) will be interviewed by a court appointed investigator.
The conservatorship process can take 6 moths to a year to complete. If there is extenuating circumstances that require an immediate temporary conservatorship, additional paperwork will need to be completed and filed with the court.
If you have a loved one suffering from Dementia, Alzheimer's, or any other condition that creates cognitive impairment, please contact Pretlove Law for a consultation on your specific situation so that we may determine if a conservatorship is needed and we can discuss the steps required to obtain one.