Elder Law

One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year.

Another fear is having to spend all of one’s assets before becoming eligible for government assistance-Medi-Cal for Long Term Care.  This simply is not true.  Through careful planning, your family assets can be protected without having to spend any of the family resources.  The most important asset, the family home can also be protected from a Medi-Cal estate claim.

The 36 month look back period applicable to the transfer or gifting of assets is not part of California law.  However, it is expected that the California legislature will soon enact the Deficit Reduction Act of 2006 which will severely limit one’s ability to transfer assets to plan for long term care.  If you or a loved one are facing convalescent care, there is a window of opportunity for planning.  

For further questions please e-mail info@barbarabergstein.com.