El Dorado Hills, CA Assisted Living Lawyers
Assisted living is an expensive healthcare option that many individuals and families grapple with. While California residents have access to Medi-Cal, which can help cover some expenses, it’s difficult to qualify for because it is a needs-based healthcare program. Luckily our El Dorado Hills assisted living lawyers can help simplify the Medi-Cal application process while protecting your family’s assets so you’re able to qualify. Call Equal Justice Law Group today to schedule a free, no-obligation consultation and learn about your next steps.
Assisted Living Isn’t Cheap
Many would be surprised to know that the median yearly cost of assisted living in California is $61,056. Unfortunately, insurance and Medicare don’t typically cover these costs, leaving Medi-Cal as one of the only viable options. Medi-Cal is California’s Medicaid health care program that pays for a variety of medical services for adults with limited income and resources, and it’s supported by federal and state taxes. However, there are strict requirements for qualification that make it difficult to become eligible.
As a result, many seniors can’t afford 61k a year in care, but they have “too much” income to qualify for Medi-Cal. That’s where assisted living planning can come in handy. Our El Dorado Hills assisted living lawyers can explain the various legal tools that can be used to help you guard your hard-earned assets so that you can hold onto them and avoid being labeled ineligible for the care you need.
If you want to ensure that the assets you wish to leave behind for your loved ones aren’t wiped out, that requires planning ahead. If you fail to do so, you will have to either use your life savings to cover the cost of care, forgo the care you need, or rely on your family members to pay the price. Our attorneys can help you prevent any of these scenarios from occurring and take care of the paperwork and other necessary documentation, including the application.
Actions For Shielding Your Assets
There are a few ways we can help you protect your assets from the high costs of nursing home care, including, but not limited to the following:
Asset exemption – When it comes to qualifying for Medi-Cal, some assets are exempt meaning they cannot be counted against you. You can also use this exemption as a method of protecting your assets by converting them from a non-exempt classification to an exempt one.
Gifting – This is another method of shielding your assets in which you gift them to a family member. However, there is a 30-month “look back” period, so any gifts within 30 months of your Medi-Cal application can count against you. That’s why it’s crucial to plan ahead for assisted care.
Trust – A trust is a legal tool that you can transfer your assets to, in which case the assets will be owned by the trust itself, rather than being under your name, so they can’t count against you and keep you from qualifying for Medi-Cal.
How Our El Dorado Hills Assisted Living Lawyers Can Help
Tomorrow is never guaranteed, so as you approach retirement age it’s essential that you start planning for the future. Assisted living planning can keep your assets and your loved ones out of jeopardy. By taking a few simple steps with the help of a seasoned El Dorado Hills assisted living lawyer, you can avoid becoming a financial burden on your family members, and ensure that the assets you’ve worked hard for over the years will be properly left behind for the people you care most about. At Equal Justice Law Group, you aren’t just another client to us. We will work diligently to get to know you and understand your financial situation and plans for the future. We will explain your options for asset exemption and help you choose which ones are best suited to your unique needs. Call Equal Justice Law Group today to schedule a free consultation and discover your next steps.
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El Dorado Hills, CA Practice Areas
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