If you are a SINGLE person or a widow/widower (or a not married couple), the steps necessary to protect your assets and your asset protection options are as follows:
- Create new or update your current Estate Planning documents (i.e., Trust, Power of Attorney for Finances, Power of Attorney for Real Property or other related documents) as necessary that allow your trustee/agent to protect your assets a) If you ever require long-term care assistance in the future, or b) If you require long-term care assistance immediately.
- Be sure to fund your home and financial assets into the name of your Trust!
- You can make Gifts of money/assets to your beneficiaries as desired, however, this must be done properly so as not to interfere with your Medi-Cal benefits or create a penalty period (requiring you to wait a period of time, about 3 years or so, before you may be considered eligible for Medi-Cal benefits) as a result of the gift. This look-back rule only applies to gift/transfers made before January 1, 2024. Medi-Cal no longer count assets when someone is applying for Medi-Cal long-term care benefits. They only determine what their “share of cost” is for the nursing home care.
Note: The steps and options listed above DO NOT include all possible asset protection strategies/options and IS NOT to be considered legal advice, and therefore I recommend you either contact our office or another knowledgeable Elder Law Attorney in your area before attempting to protect the assets of your estate as discussed above.
In addition, because the laws applying to Medi-Cal and Asset Protection do change from time to time, again I recommend you either contact our office or another knowledgeable Elder Law Attorney in your area before attempting to protect the assets of your estate as discussed above.
You may contact our office directly to assist you with this matter by calling (916) 536-1773 in Fair Oaks, CA, or, if you desire to retain legal and/or financial asset protection services within your local area, please contact our office so that we may assist you in locating a knowledgeable Elder Law Attorney in your area.