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Elder Law Services of California

 

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Medi-Cal Qualification: Can I Gift Away My Assets

 

Medi-Cal has a strict set of rules and regulations when qualifying for long-term care benefits. The program typically attracts the elderly, who may not necessarily be needy, but do not want to cripple their savings accounts and assets paying for overly expensive long-term care from a nursing home or other facility.

 

The Statistics

Medicare does not cover the expense of those facilities and the average cost of such a stay in California is $90,000 (and according to various statistics and projections, over 70 percent of the 65 and older population will require some sort of long-term care during their lifetime).

 

Medi-Cal, however, will pay for those cost of people who qualify. Yet the assistance program requires an applicant to have less than $2000 in countable assets—which do not include, a home, vehicle, jewelry and other personal property that are considered exempt for Medi-Cal planning purposes. The biggest question for people who do have more than $2000 in assets is how to qualify for Medi-Cal without suffering any penalties?

 

Can I gift away property?

 

While technically you can gift away property, Medi-Cal will look back 30 months’ into a person’s financials and any gifts or transfer of assets will result in an ineligibility period for the applicant. Penalties for any legal transfers of assets can range from one month to 30 (or more) depending on the situation. The key for creating a smooth transition into Medi-Cal is to consult with an experienced elder law attorney, and have them help you make those transfers while staying within the specific details and rules of the Medi-Cal system and by pass any penalties.

 

Call For a FREE Consultation Today!

 

When you are ready to find out more about the Medi-Cal planning process and start qualifying for long-term care benefits, give our expert attorneys a call at (800) 403-6078 for a FREE consultation today. We’ll walk you through the process and put a specific plan of action in play that meets your needs and wants for long-term care. We look forward to working with you.

Serving Our Community Since 1995

Elder Law Services of California, APLC provides the same strategic planning and legal representative of larger firms, yet in a personalized, family-like manner. Our priority is to provide the highest level of legal services and client satisfaction when representing your Medi-Cal Planning, Estate Planning, Trust Administration, or Probate cases. Above all, we understand the importance of you and your family’s financial future and legal security.

Our team of Attorneys and legal support staff have assisted thousands of different families by giving them the freedom to plan for the security of their future, while also providing peace of mind with our experienced legal advice. As our name, Elder Law Services of California, APLC serves all families in California, with convenient locations throughout Los Angeles, as well as locations in Northern California, and San Diego.

Whether you need to qualify for Medi-Cal, pay for long-term care, create an estate plan and powers of attorney, proceed a conservatorship, protect your assets, or deal with the loss of a loved one, our team is there for you every step of the way. Sadly, many families are unprepared for any significant planning for their future, so take the first step today to protect your family’s integrity.

Elder Law Services  of California, APLC.
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      21250 Hawthorne Blvd Suite #500 
      Torrance, CA. 90503 USA

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