It's essential to consult a specialist elder law attorney in Los Angeles to protect your parents’ rights and ensure their estate planning takes the new living situation into account.

According to Bette Davis' quote, "Getting old ain't for sissies," rings true for many elderly people in California. Physical challenges can severely impact their independence. Factor in memory loss and the onset of cognitive decline and it becomes essential to consider assisted living options.

What is an Assisted Living?

Assisted living facilities provide different types of housing, depending on the senior citizen's care needs, enabling them to maintain independence.

For example, an elderly person who just needs assistance with medication management can stay in a self-sustaining apartment while someone who needs help with bathing and toileting might stay in an individual room.

Services

Each assisted living residence provides a different range of services.

For example:

• 83.6% have a pharmacy
• 71.4% provide physical, occupational, and speech therapy
• 67.7% provide hospice care
• 55% have mental health services

Some facilities provide more comprehensive care for seniors with Alzheimer's disease or physical degenerative conditions like Parkinson's disease.

7 Signs Your Parent Needs Assisted Living

Getting a Los Angeles elder law attorney involved as soon as possible is a good idea. If you haven't consulted a lawyer specializing in elder law and estate planning, now is the time.

One of the benefits that an elder care lawyer provides is to recommend good assisted living facilities with social activities and senior care. 

They also provide a comprehensive range of legal services, including Medicare claims, appointing a healthcare power of attorney, and acting as your parent's professional legal advocate. Attorneys ensure the assisted living community adheres to the regulations set out in elder law, and that your parent's assets are not just protected but leveraged for long-term assisted living costs.

Signs

It's not always easy to tell if your parent needs to move to an assisted living facility. Subtle signs are quite easy for parents to cover. However, if your mom or dad shows any of the signs below, it's probably time to talk about senior living communities.

1. Changes in Physical Health

Our bones get more brittle as we age and we easily lose balance. The two are a recipe for disaster if your parent falls and breaks their hip, leg, or arm. Arthritis or other joint conditions make it increasingly difficult to carry out activities of daily living (ADL); for example, buttoning shirts and taking medication.

Moving to an assisted living facility helps your parent with the physical challenges while enabling them to maintain independence.

2. Cognitive Decline and Memory Loss

As we age, we become susceptible to mild cognitive impairment (MCI), which affects memory and mental function. However, it isn't serious enough to necessitate skilled nursing care homes.

MCI symptoms include:

• Increased forgetfulness: "It slipped my mind."
• Losing things easily
• Missing appointments
• Loss of focus: Easily distracted or struggling to follow a movie's plot.
• Difficulty making decisions.
• Getting lost in familiar places.

If senior citizens develop three or more symptoms, it's time to meet your Los Angeles elder care attorney to discuss assisted living.

3. Difficulty Managing Daily Activities

In addition to joint problems, loss of balance, and thin bones the elderly lose strength. Activities that they could easily do, for example, carrying a tray laden with food, they can't do anymore. Showering might become difficult and getting dressed could pose a serious problem.

If you don't have other health issues, an assisted living facility with apartments for independence and caregivers who help with physical challenges could be perfect for you.

4. Social Isolation and Loneliness

One of the side effects of aging is an inability to leave the home and interact with people while out and about. Some pensioners would even rather stay at home than visit a friend because they're too embarrassed or frustrated with their limited physical ability. 

Assisted living homes provide many opportunities for social interactions with other residents who also have physical and memory limitations. The homes also have a shuttle service to take residents out shopping or to restaurants or parks to ensure they still enjoy time away from home.

5. Increased Caregiver Stress and Burnout

Children often move their elderly parents into their homes so they can take care of them. At first, it seems like a good decision because, aside from a few challenges, mom or dad still manages their own life.

However, the health and mobility issues increase and sometimes the child has to give up their job to care for their parent. Stress mounts as they balance family obligations with parental care. They could become angry, frustrated, resentful and burned out.

Moving your parent into an assisted living facility instead could be better for your parent and save your relationship with mom or dad.

If you're worried about the cost of assisted living, consult a Los Angeles elder care attorney about financial and estate planning. 

6. Safety Concerns and Accidents

One of the primary concerns adult children have for their parents is safety. This can include things like forgetting to lock the door and set the alarm, or forgetting the stove is on and causing an accidental house fire.

It also includes physical safety issues, like falling off a ladder while checking the gutters. Ideally, your parent takes their phone everywhere so they can phone for help if necessary. But they might fall on the phone and break it or break their arm so they can't use the phone.

An assisted living care home ensures that public areas are monitored and there is always someone near at hand to provide immediate help.

7. Emotional Well-being and Quality of Life

Seniors tend to withdraw from activities outside their homes, isolating themselves, and becoming depressed. As their isolation increases, their quality of life decreases and they become caught in a depression trap.

An assisted living home has a holistic approach to caring for its residents, and this includes activities that promote and support emotional well-being and naturally improve quality of life.

Trust McKenzie Legal & Financial to Assist You with Your Elder Law and Asset Protection Needs!

It's not easy making the decision to move a parent into an assisted living facility. There are so many considerations, including legal matters, that overthinking clouds your mind. A certified elder law attorney in Los Angeles, CA can help you by shouldering the law-related factors, including long-term estate planning.

McKenzie Legal and Financial has a team of dedicated California elder law attorneys. Our range of elder law services includes financial and retirement planning, and recommending licensed assisted living housing and care facilities in the state.

Choose elder law specialists, choose McKenzie Legal & Financial! Call 562-594-4200 or complete the contact form on our website to arrange a free 30-minute consultation.

Many seniors find they rattle around at home when their children have grown up and moved away. They want to downscale, but what are their options? An elder law attorney in Los Angeles can help you choose assisted living housing for seniors that fits your lifestyle and your requirements perfectly. 

Senior Living Options Include:

• Independent living in retirement homes or villages. Typically without medical support services.
• Assisted living communities combine independent housing, support services, and healthcare. You can go from independent living to assisted living and nursing home facilities.
• Nursing homes provide round-the-clock care issues and assistance with daily living. California's Department of Public Health licenses nursing homes as Skilled Nursing Facilities.

Does California Have Senior Housing?

Yes, California has many senior living options.

Independent Living

There are over 1400 facilities in California. They usually include features, like pools, Jacuzzis, and gyms. Often, all three meals are included, although apartments and cottages have kitchens.

Assisted Living

There are over 4500 assisted living communities in California. There's no independent living because residents, by definition, need degrees of care all day, every day, including those with cognitive impairments and limited mobility.

Meals, laundry, and housekeeping are included. Social interaction is encouraged through entertainment activities such as bingo, art classes, movie nights, etc.

Nursing Homes

There are different types of nursing homes to cater to different needs.

Adult Care

There are about 200 adult care facilities in California. They suit families who are primary caregivers but also have other significant responsibilities. Some people feel guilty for dropping off their parents at adult care.

However, it can be the best thing for elderly parents. They get professional assistance with tricky tasks like bathing, and social activities including dancing and art like beading, stained glass, painting, and embroidery, etc.

Hospice Care

There are about 500 hospice care facilities in California. They provide end-of-life care to make the final stages of life as comfortable and pain-free as possible. In addition to medical care, many hospices have counselors to provide emotional support and chaplain services for spiritual support.

To qualify for hospice care, patients must have a doctor's note that clearly states the patient isn't expected to live longer than six months.

Respite Care

There are over 1700 respite care facilities in California. They give exhausted caregivers time off to emotionally recharge and enjoy downtime. 

There are two types of respite care. In-home care is when caregivers come to the home regularly, for example, three hours a day, three days a week. Onsite care is when seniors stay at a facility for a few days.

How to Determine the Best Housing Option?

You must spend time researching and visiting senior living facilities to see if they meet your daily care requirements. 

Consider the following factors:

Level of Care

If you're 55 years old, in perfect health, with plans to actively enjoy your retirement independent living is for you. However, bear in mind that you will need greater levels of care as you age.

It's a good idea to consult a Californian elder law attorney about future disability and elder care options.

Checklist of Wants and Needs

Some examples include:

• Do you want completely independent living but need assisted care?
• Do you want a gym and pool or are you happy with walks and sensory gardens?
• Do you need help remembering your medication? Senior living programs that provide medications to residents are for you.
• Do you want to drive your car, but need to take the community bus?
• Are you likely to need high care in the future?

Proximity

• Proximity to family might be important to you. 
• Perhaps you value proximity to shops and restaurants.
• How do you feel about the proximity of your neighbors?
• Is proximity to your GP or physical therapist a priority?
• What about recreational activities? Do you want to be close to your tennis club?

Budget

Budget is your most important consideration. You can have all the wants in the world, but unless you have the finances or private insurance, you're going to have to make compromises. 

Who Qualifies for Senior Housing In California?

Assisted living facilities have eligibility criteria. 

• 55 and older
• 62 and older

There are exceptions for 55 and older senior living care facilities. One person in the relationship must be 55 and older and the secondary resident must be a Qualified Permanent Resident. That is, they must be at least 42 years old unless they are a spouse or cohabitant, the primary financial and physical support provider, or a disabled child residing with the qualifying senior.

Facilities that are for 62 years and older generally don't allow anyone younger to move in. The exceptions are a live-in caregiver and employees younger than 62.

Engage an elder care attorney in Los Angeles to find out if any exceptions apply to you.

How Much is Senior Housing in California?

Independent living facilities cost $550 - $5000 per month. Some communities provide the option to purchase.

Assisted living costs also vary according to the support you need and the location. Costs are around $1000 - $9000 per month.

Nursing Home Care Services Costs Vary By Type

Adult daycare centers cost $7400 - $37,300 per year.

Hospice costs are usually paid by Medicare. Medi-Cal covers costs for low-income families. Private insurance covers costs for middle to high-income families. Note, private insurance providers might not provide hospice coverage, so you should check before you make an expensive assumption.

Respite care facilities cost $5900 - $34,000 per month.

How to Find Affordable Housing or Assisted Living for Seniors

There are several sources that help you find senior living options. A Los Angeles elder care attorney can help you determine which program suits your requirements.

The U.S. Department of Housing and Urban Development (HUD) s a good place to start. It provides information on government programs to help seniors in California find suitable housing. For example:

• Housing choice voucher program (Section 8): The government pays the allowed amount to cover part (or all) of your chosen assisted living facility's costs.
• Privately owned subsidized housing: The department financially supports landlords so they can rent to low-income tenants.
• Public housing options consist of apartment buildings or complexes managed by a city or county public housing agency with accommodation for low-income seniors.
• Low-income housing tax credit enables seniors to live in accommodation that doesn't exceed the set amount.
• Section 202 supportive housing for the elderly provides accommodation to largely independent seniors who need a part-time caregiver to help with things like shopping and cleaning.

Start Your Estate Plan with a Los Angeles Elder Law Attorney

Estate planning is more than writing your last will and testament. It also deals with your finances for retirement. A Los Angeles elder law attorney helps ensure your senior years are financially comfortable.

McKenzie Legal & Financial has certified elder law attorneys in Los Angeles, CA who are waiting to help you with the legal issues you're likely to encounter as a senior living in California. 

For a free consultation, contact us at 562-594-4200 at McKenzie Legal & Financial today!

Did you know that elderly abuse costs the US $36.5 billion annually, according to the National Council on Aging? An elder law attorney in Los Angeles can protect them from maltreatment.

Moreover, according to estimates, one in 10 Americans aged 60+ years will be victimized financially, physically, emotionally, sexually, or through willful deprivation. It means that at least five million elders are abused each year in the US.

How Your Estate Plan Can Help Prevent Elder Exploitation

Through thorough estate planning, law attorneys help prevent all forms of financial abuse. This is important because financial abuse is among the fastest-growing types of elderly abuse. It relies largely on fraudsters earning their trust and then fleecing them for everything they've got. 

Another type of fraud or abuse also includes long-term neglect, This usually occurs when a fraudster or scammer insinuates themselves into the elderly person's life, perhaps even marrying them, and then living on their pension or social security while intentionally depriving the person of food and sanitation, etc. 

5 Ways to Prevent Elder Financial Exploitation

1. Appoint Someone to be a Durable Financial Power of Attorney

The difference between a financial power of attorney and a durable power of attorney is the power they have after incapacitation. 

A non-durable financial power of attorney is only able to act on behalf of the older person until they become incapacitated. A durable financial attorney continues to make financial decisions and act on behalf of the person beyond incapacitation. 

An elder care attorney in Los Angeles ensures that the finances and financial transactions are managed no matter how the older person became incapacitated. In this way, durable financial powers of attorney can still protect the elderly from estate planning fraud and grandparent scams.

2. Use a Tracking Service for Bank Accounts, Investments, and Credit Cards

There are tracking tools that monitor the accounts and identify suspicious movements, for example, an increase in the number and value of withdrawals.

EverSafe is one of the monitoring service providers. It provides a comprehensive service that includes analyzing historical behavior to red-flag suspicious activity. 

Once it detects anomalies, it sends alerts to trusted advocates like friends or family, who can then decide on a course of action; for example, reporting the activity to the financial institution and freezing the account.

Monitoring tools pick up common warning signs and any other activities of a wrongful nature.

3. Open a Daily-Use Bank Account

A California elder law attorney will help you open a new account. It's a good way to protect older people with cognitive impairment, reckless spending habits, or other conditions that increase their vulnerability to fraudsters. The main account contains most of the income to cover monthly transactions, but a portion is deposited in the second bank account for personal use.

It's essentially an allowance that can, with discretion, be topped up throughout the month. It prevents prime targets from common tactics that include investment fraud and foreign lottery scams.

Look at it as a matter of saving someone from themselves, so if they're targeted by scam artists and convinced to hand over their life's savings, the savings accessible are severely limited.

The bulk of their money is safe in the primary account, so their lifestyle and the well-being of their financial future don't take a hit.

4. Stay in Touch

One of the reasons vulnerable adults fall prey to scammers is the lack of immediate care and support. This isn't necessarily intentional. Children move, perhaps they move regularly, which makes it difficult to be physically near their parents. 

Parents themselves might insist on maintaining their independence and insist children keep living their own lives. In these instances, regular phone calls, text messaging, face-to-face calls, or Skype, are great to stay in touch and for family members to be included in the lives of their siblings and parents. 

Face-to-face calls are also a good way to keep an eye on the parents' health. For example, they can raise the alarm if several calls are missed and have a trusted friend pop in to see if everything is well.

It helps from a legal standpoint if this friend has been appointed a person of trust by a Los Angeles elder law attorney, so they can make temporary arrangements for care and assistance services.

5. Check their Credit Report Often

A credit report isn't going to show anomalies right away, but it will show variations that may need to be traced. The first credit report is free, thereafter, a $14.50 fee can be charged. Given the devastation that financial abuse can wreak, the said amount isn't that much for adult children to pay.

There are three agencies that provide credit reports and each has slightly different criteria and calculations. A Los Angeles elder care attorney will suggest that clients get at least one report from each agency throughout the year, just to keep an eye on things.

Plan Your Estate with a Reputable Elder Law Attorney in Los Angeles, CA

One of the most important ways in which elders are protected from financial fraud is to have a certified elder law attorney in Los Angeles, CA guide them through estate planning.

McKenzie Legal & Financial works closely with clients to create personalized estate plans that specifically protect elderly people from the dangers of financial abuse or fraud. 

One of the areas in which our team excel is the time we dedicate to your case. We ensure that you get all the time you need to work through estate planning. We're there to provide care and support as you go through an emotional process.

Don't leave estate planning until you experience a crisis. Start now and prevent the pain and dismay that are inherent in financial abuse. For a free consultation, call us at 562-594-4200 at McKenzie Legal & Financial today!

Estate planning is often a neglected form of financial planning that can protect your family from uncertainty and confusion after you pass away—and for business owners, it's even more essential. Hiring a Los Angeles estate planning attorney can help you make smart, effective choices. 

Here are the basics of estate planning for business owners and why it's so important.

What is Estate Planning?

Estate planning includes any form of financial planning for the future. However, it is mostly focused on what will happen to your assets after you pass away. These include all your belongings, from bank accounts to real estate.

Without an estate plan, all of your assets will be divided in probate court, which means that a judge will make all those important decisions. However well-meaning the court may be, its decisions probably won't fully align with your wishes.

Legal documents like wills and trusts allow you to set clear guidelines on what to do with your possessions. Estate lawyers specialize in helping their clients make plans that will hold up in court and allow their loved ones to get access to their inheritances as soon as possible.

Estate planning can also include plans for your medical care if you get seriously ill or incapacitated. Some people choose to make financial plans that will cover a stay in a nursing home or other care facility. If you aren't able to make decisions on your own, medical professionals will refer to your advance directives to decide what approach to take to your medical care. 

This can include whether or not to use:

• CPR 
• Ventilators
• Tube feeding
• Resuscitation

Power of Attorney 

Another option is to add a power of attorney (POA) document. This grants an individual the right to handle your finances or medical care on your behalf. It goes into effect when you are incapacitated and unable to make decisions on your own.

Careful estate planning will ensure you get the desired outcome for all your assets. In addition, a good lawyer can also help you reduce estate taxes. 

Why is Estate Planning Important for Business Owners?

Estate planning offers business owners the chance to decide who will inherit the business and all their other major assets. A complete estate plan will include plans for your loved ones, your company, and even yourself as you age. 

When you have a solid plan for your finances, you can put your mind at ease and focus on what you do best, which is running your business.

Business Succession

As a business owner, you've likely thought about who will take over once you retire or pass away. Whether it's a family business or you have an employee in mind to take your place, it's important to make a legal record of your succession plan.

Some companies with multiple owners choose to create a buy-sell agreement. This means that if one owner dies, the other owners will automatically buy the rights to the business from them. The agreement is designed to prevent children and other family members from accidentally inheriting ownership.

When passing on your share of a business to beneficiaries, it's important to consider the tax implications. An estate attorney can help you minimize taxes and create a smooth transition for your business.

Medical Fees and Elder Care

The costs of medical care are constantly increasing, making it worth the time and effort to plan for what might happen if you need extended medical care. Those services can cost thousands of dollars a month, potentially draining your retirement account or savings.

Placing some of your assets in a trust fund can protect them from being used to pay your legal fees. Asset protection trusts are complex and need to be executed carefully. When done correctly, they allow you to keep the property and other significant assets within the family.

An elder law attorney in Los Angeles can provide insight into the best tactics you can use to plan for elder care. Together, you can make a financial plan to cover the cost if you ever need to be put into a nursing home or require at-home assistance. 

How Can Business Owners Prepare an Estate Plan?

A will is a great place to start for anyone who wants to make an estate plan. Sure there are many templates available for free, but anyone with complex finances should consult a legal professional who can account for unique circumstances.

Small business owners can benefit immensely from personalized advice, especially if they have concerns about the estate tax. Every financial situation is different, and that's especially true for anyone who owns a business. 

You can also leave important business-related assets to your business partners. If equipment or work vehicles are under your name, for example, it's important to add those to your will or trust so the company can continue operating as normal.

Tools like wills, trusts, and life insurance policies allow you to decide what happens to your money and belongings after you die. While you'll probably leave many of your assets to your spouse or other family members, writing out one gives you total control. 

Most company owners are used to handling things on their own, from insurance to business strategy. However, estate planning is complex and requires help from a professional. Investing in legal services can benefit your family, business partners, and the company itself.

Finding the Right Attorney

As a business owner, you understand the importance of handling your finances carefully. Therefore, it is essential to find a Los Angeles estate planning attorney who has the skill and experience to help you protect your investments and ensure that you can pass them on to your family.

Business owners have unique financial and business-related needs that only a legal professional can handle. We are a premium law firm founded by a registered financial consultant and lawyer with decades of experience in estate law. 

We will help you make smart financial decisions for all your assets. To schedule a free consultation to learn what we can do for you, contact us at 562-526-6941 at McKenzie Legal & Financial today!

As you age, you may deal with expenses related to healthcare and assisted living. If you're concerned about the possibility of nursing home costs draining your savings and depleting your assets, a Los Angeles estate planning attorney can help you plan ahead and keep them safe. 

Did you know that asset protection is an essential part of any financial plan, especially for seniors? Read on to learn more.

How Much Do Nursing Homes Cost?

Nursing homes and assisted living can add up fast, but just how much does it cost? The answer will vary depending on where you are in the country, the type of care you need, and, of course, individual facilities. 

On average, nursing home care costs anywhere between $7,000 and $9,000 a month—depending on whether you choose a private or shared room. For in-home care, you can expect to spend around $5,000 a month. Assisted living, on the other hand, ranges from $1,700 for part-time care to $4,500 for full-time residents. 

Long-term care is very expensive, and a sudden injury or illness could start to drain your finances. Many seniors need at least a temporary stay in some kind of care facility. 

As you age, these considerations should be an important part of your financial planning. When you plan things out carefully, you can be sure that your home and other important assets are safe even if you need expensive assistance. 

What is Asset Protection?

Your assets include your house, vehicles, bank accounts, investment portfolios, and more.  It includes all the things you might want to pass down to family members.

Shielding your assets can keep them safe from exorbitant taxes, creditors, lawsuits, and medical expenses.

When you face significant expenses, asset protection will keep you from bankruptcy. For seniors, medical expenses are one of the biggest threats to family wealth. By working with a lawyer, you can create a legal strategy that will keep important assets in your possession—that might be your house, a plot of land, or other valuables.

Planning ahead will also protect your children's finances. If they pay for your care, they could end up sinking tens of thousands of dollars into just a few months in a nursing home.

How Can You Protect Your Assets?

Asset protection is useful for anyone who thinks they may face sudden large, unexpected fees. Business owners, for example, use it to protect themselves against the potential for lawsuits. As a senior concerned about nursing home costs, you can use some of the same techniques.

There are many asset protection strategies targeted at seniors and elderly people. Here are some options.

Work With a Legal Professional 

Finding an elder law attorney in Los Angeles is the best way to get started. An experienced professional can give advice that is tailored to your specific finances and goals.

Scheduling a consultation and a few meetings can help you adjust your finances and learn about the best approach to asset protection. 

Planning ahead means that if you find yourself with a serious or chronic medical condition, you can get the assistance you need without going bankrupt. These arrangements will ease the financial burden on yourself, your spouse, and your children. 

Create an Asset Protection Trust

Asset protection trusts are designed to keep your assets safe from creditors. A similar approach is also often used to help seniors qualify for Medicare. This type of trust transfers ownership of your property to a legal entity. 

Once you add assets to this type of trust, they are legally owned by the trust, and the trustee, such as a lawyer or bank, will manage them. Removing your assets from your ownership is beneficial because it means creditors cannot take possession of them. 

A living trust, by contrast, is designed to allow the trust creator access to the assets, as well as the power to add, remove, or manage assets.  Asset protection trusts are irrevocable, meaning that the trust creator cannot make changes after it is created. This inflexibility means that it's important to design your trust carefully.

A trust isn't the best option in all circumstances, but an attorney can help you make a decision based on your own needs, keeping you informed of any risks or downsides to your chosen approach. 

Buy Long-Term Care Insurance

Long-term care insurance specifically covers nursing homes or assisted living costs. This type of insurance will make life much easier if you become disabled or injured. You can put your mind at ease knowing that your nursing home expenses will be covered. 

However, this insurance is another extra cost that may not pay off if you don't end up needing to spend time in a facility. There's always a risk when paying for this kind of insurance. 

You will also have to consider the likely length of your nursing home stay and other factors as you choose coverage. Long-term care insurance is available through the state, employers, and insurance agents.

How Can an Estate Planning Attorney Help?

An estate planning attorney can assess your finances and suggest options that suit your financial circumstances. As a senior, maintaining control over your life and finances is probably important to you and collaborating with a legal expert makes it easy to plan a comfortable life for yourself as you age. 

Whether you want to qualify for Medicare or invest in an insurance policy, your attorney will help you set realistic goals and make them a reality. Estate planning is one of the greatest gifts you can give your family because it simplifies things for them and ensures that your expenses are taken care of.

We are unique because our law firm offers expertise in both legal and financial matters. Our founding attorney has spent years in elder and estate planning law, and he is also a financial consultant. 

If you need expert advice on how to plan ahead for nursing home stays and other age-related expenses, reach out to our team. Schedule a free consultation, you may fill out our online form or contact us at 562-594-4200 at McKenzie Legal & Financial today!

For families who have members with special needs, a solid legal plan to care for their disabled loved ones is essential. Our estate planning attorney can help you with long-term care plans for a family member with disability.

Caring for family members with special needs or disabilities is how you show your love. However, it's vital to make plans to ensure that they will get the care they need even after their main caretaker passes away. A Los Angeles estate planning attorney can help you manage your money and set assets aside for a disabled loved one. 

When you have a family member who needs special care, estate planning documents like wills and trusts are vital.

An Overview of Estate Planning

Estate planning is the process of making plans for all the assets that make up your estate. It documents what happens to your assets after your death, such as who receives them, and how. It's one of the most important forms of financial planning—especially if you have a dependent with special needs.

Planning for the future also goes beyond financial planning and includes tasks such as choosing your power of attorney, business succession planning, and more.

Understanding Estate Planning

Estate planning allows you to decide what happens to your cash, personal property, real estate, and bank accounts. It involves a lot of financial planning, and involving a skilled lawyer allows you to maximize your assets and can even boost your retirement fund. 

In addition to finances, it also includes your plans for end-of-life care, funeral plans, and more. Every basic estate plan should include a will, health care directives, and a trust. You may also want to assign a trusted power of attorney (POA) who can step in to handle your affairs if you are unable to. This will simplify things for your loved ones when you pass away, and it guarantees that your wishes will be respected.

An estate planning lawyer will tailor your estate plan to your unique goals. You can discuss your family and financial situation in order to find the best plan of action. 

How to Get Started Preparing for a Disabled Loved One’s Long-Term Care

In order to meet all of your loved one's needs, it's important to create a detailed plan that accounts for every aspect of their care and financial needs. In addition to creating savings accounts, you may also want to designate a guardian and someone to handle their money. 

When it comes to your disabled loved one, you can create a detailed life plan. This may include education, living assistance, and even career planning. Once you establish your plan, you can rest assured in the knowledge that your family members will have all the resources they need.

By working with a skilled attorney, you can create a plan that provides your loved one with all the financial support they need. You'll also be able to avoid as many taxes and fees as possible.

Special Planning for Special Needs

Special needs trust funds are designed to keep money safe for people who are on government benefits. Most government programs, including disability, limit the amount of savings their recipients can have. 

A special needs trust will hold assets and guarantee that your loved one has access to money for healthcare and other needs. Even if they cannot handle their own finances, this type of trust will guarantee they can enjoy a certain standard of living and comfort.

This type of trust also restricts use, which means that no one can use the money for their own purposes instead of for its designated purpose, which is caring for your loved one.

In addition to trust funds and other estate planning documents, you can also use specialty savings accounts to hold funds for your family members. 529A ABLE savings accounts are specifically meant to hold funds for disabled young people as they become adults. 

In California, it is crucial to find the right Los Angeles or Orange County estate planning attorney. You and your lawyer can work together to find the right combination of savings accounts, trusts, and other paperwork.

Define Elder Law Planning

Elder law focuses on the needs of elderly adults, particularly healthcare and living assistance. It may also include plans to pay for healthcare or qualify for Medicaid.

Elder law planning allows you to make important decisions about your healthcare and long-term care as you age. In many cases, this includes handling special needs, such as injuries or disabilities. Healthcare directives leave clear instructions for hospitals and healthcare workers if you are not able to communicate with them.

Many families in California don't have the skills or room to care for the elderly in their homes. As such, they may choose to place older people in a care home or hire a caretaker to help. An elder law attorney in Los Angeles or Orange County can help you discuss options and funding for your own elderly care or that of a loved one.

What Your Estate Planning Attorney Can Do

Your estate planning attorney can help you figure out the best solutions to your loved one's unique needs. Estate planning is all about distributing your money and finding experts to facilitate the process. 

Estate planning attorneys help you create plans for finances, guardianships, and other practical and legal matters. If you are concerned about a disabled loved one, your attorney can help you address those concerns. 

Creating a solid legal plan is the best way to care for a disabled family member. Even after you pass away, you can rest assured that they will be safe and have the support they need.

Let Our Team Help Your Plan for Your Disabled Loved One’s Future

McKenzie Legal & Financial provides both legal and financial services. Trust funds are our specialty, and our legal team can draft a trust that will serve an important practical purpose.

Our estate planning attorney also has decades of experience as a financial consultant, and he knows how to make the most of your money. We will create a solid, reliable plan for your disabled loved one so they can enjoy a long, happy life. 

Set up a consultation and learn more about what we can do for you and your family. You may fill out our online form or contact us at 562-594-4200 at McKenzie Legal & Financial today!

When creating an estate plan that safeguards your grandchildren, there are a lot of possibilities and scenarios to take into account. We can help you! Contact our estate planning attorney to learn more about the best strategies on making investments, setting up trust and creating an estate plan to include your grandchildren.

Being a grandparent is one of the greatest milestones one can reach in life. As you create an estate plan and make decisions about how to handle your money, you may want to consider ways to financially support your grandchildren. An Orange County estate planning attorney can help you make worthwhile investments that will secure a bright future for your grandchildren.

Investing while they're still children will help you make the most of your money. You can be at ease with the knowledge that they are set up for financial success in adulthood.

Your Grandchildren and Your Estate Planning in California

It's more expensive than ever to raise children, and rising costs of living and education mean that money doesn't go as far as it once did. Many grandparents are in a position of financial stability that allows them to plan ahead for their grandchildren.

Estate planning lawyers can help you plan for the future, including everything from long-term care to succession planning. Working with estate planning attorneys allows you to tie up loose ends ahead of time, making things a little easier for your family when your time eventually comes.

Having an estate plan in place is essential for seniors, and it's one of the best things you can do for your family, including your grandchildren. Instead of scrambling to settle your affairs after your death, your loved ones can simply refer to the documents you created and carry out your final wishes.

An elder law attorney in Los Angeles and Orange County California can help you with the estate planning process as well as practical concerns like trust administration. 

Why Make an Investment for Your Grandchildren? 

While you probably aren't the primary caretaker for your grandchildren, you can still give them some financial support. Investing for your grandchildren will give them numerous financial advantages when they grow up. There are many ways to keep money safe and out of reach until the beneficiaries reach a certain age. 

Making investments while your grandchildren are still young gives those accounts time to grow and accumulate so they can use them for any expenses they face as adults. If your grandchild has special needs, they will likely need the money for healthcare and other forms of support. 

When your grandchildren reach adulthood, they will have a little extra support in the form of your investments. Whether they plan to attend college or open a business—they will enjoy better finances as a result. 

Working with an experienced law firm makes it easy to find the best investment strategy for your family. 

Ways to Plan for Your Grandchildren’s Financial Future

As a grandparent, you can plan for your grandchildren's future by using trusts, bank accounts, and other tools. It's possible to share your wealth with your loved ones this way and build the foundation for a good life for them. 

If you start setting aside money or property for them when they are kids, you can consult with trust attorneys and other experts to get the best outcome. Some investment options have benefits, such as reducing the taxes your loved one will have to pay. 

Set Up Custodial Accounts

Custodial accounts allow you to put money and assets away in a trust or other account while your grandchild is still a minor. Each grandparent can contribute up to $16,000 per year without facing a gift tax. 

Regular deposits can add up over time, creating a decent sum for your grandchild to inherit once they reach legal adulthood. When the grandchild reaches this age, they can use those funds for whatever they want. 

Create a Grandparent Asset Protection Trust

Asset protection trusts are useful for keeping wealth within your family. You can add property and assets to a trust for safekeeping, and they will remain out of reach of your grandchildren until they reach a certain age or complete certain requirements. 

It's a good idea to work with a lawyer who specializes in trust funds so you can create one that suits your needs and serves its purpose. A Los Angeles estate planning lawyer can answer your questions about how a trust will benefit your family and how to handle the accounting details. 

Fund a Roth IRA

It's never too early to start saving for retirement. By creating a Roth Individual Retirement Account (IRA) for your grandchild, you can help them access all the benefits of such an account from an early age.

If your grandchild has a job, they can put money into this account and you can match their contributions. For example, they can contribute $100 a month, and you can contribute the same amount. Getting started early allows time for their investments to grow!

Set Up a 529 Plan

College is one of the biggest expenses young adults face. A 529 plan is a savings plan that allows you to save on educational costs for a child, including both K-12 schooling and college. There are two kinds of 529 plans: college savings and prepaid tuition plans. 

This college savings plan has a high contribution limit, meaning you are free to add larger amounts of money to it. You can add up to $16,000 per year without incurring a gift tax or other fees. Funding a 529 account when your grandchildren are still young can remove some of the financial strain of paying for college. 

The prepaid tuition plan locks in the current cost of tuition and allows you to pay for it ahead of time. Since costs are consistently going up, this is a solid option for many families. If your grandchild attends a college out of state or one that doesn't accept this payment plan, you can get a refund of the money. 

Secure Your Grandchildren’s Future through Your Estate Planning

As a grandparent, investing in your grandchildren is one of the most loving acts you can do. If you have the money to create a trust or savings account, you can help cover future expenses and ease any financial strain. 

When you choose McKenzie Legal & Financial, you'll be working with an estate planning attorney in California with over two decades of experience. Our lead attorney is also a registered financial consultant who specializes in handling money and can help you make wise investments. 

Together, we can ensure you and your family have a bright financial future. For a free consultation, contact us at 562-594-4200 at McKenzie Legal & Financial today!

Medicaid Eligibility: How To Qualify

Health insurance is at the forefront of everyone’s mind nowadays thanks to the pandemic. The current state of affairs means that elderly people and those who are immunocompromised will have to take extra precautions to ensure they stay safe, with demand for elder law attorneys in Los Angeles particularly strong.

Some health experts are hopeful that a vaccine will be found later this year, representatives from forecasting firm Good Judgment, Inc. suggest that a vaccine might still come out mid-2021.

Healthcare should be a human right, but the unfortunate truth is that there’s still a lot of smoke and mirrors when it comes to getting Medicaid coverage. To help address this issue, below is a quick overview of how to qualify for Medicaid. For those taking care of their elderly parents, this article will also tackle how to choose the right elderly care attorney in Los Angeles. 

Understanding Medicaid

Medicaid’s aim is to provide healthcare access to those with limited coverage; furthermore, it takes Medicare a step further by offering coverage for additional things like nursing home care and other long-term care solutions. Medicaid is funded by both the federal and state government, which is why some coverages may differ per state. 

California residents are eligible for the state’s Medi-Cal program. According to Medi-Cal’s website, this program is meant to help the following low-income individuals: 

• Families with children
• Senior citizens
• Persons with disabilities
• Those in foster care
• Pregnant women
• Those with specific diseases such as HIV, tuberculosis, and breast cancer

Such coverage makes applying for Medicaid an appealing option for many during these tough times, especially with work being hard to come by and the local economy still trying to get back on its feet. Furthermore, the focus on long-term care is a huge help to low-income individuals who might also be part of vulnerable groups. 

If you already have MediCARE, policy consultant and news writer Anne Tumlinson emphasizes that you’ll be able to keep the benefits of both programs. This means that while we still have a long way to go in making sure our healthcare policies are truly inclusive and accessible, taking advantage of programs like Medicaid is still better than having no insurance plan at all. 

Applying for Medicaid 

Of course, it goes without saying that Medicaid’s application processes need to be equally accessible in order to make sure those in need are able to access the right care. Individuals can apply via mail, on the phone, in person, or online. 

When it comes to applying online, individuals would do best to find the office within their county. Those who live within Los Angeles County can find the District office nearest to them in case the county office is too far. 

The Medi-Cal website states that the entire process from submitting your application to receiving your benefits card should take a total of 45 days. 

Concrete steps to make sure you qualify for Medicaid

It’s time to tackle the most important question: how do you make sure you can apply for Medicaid? Since the aim of the program is to provide assistance to the low-income bracket, your income is the biggest deciding factor when it comes to applying for Medicaid. 

The initial requirement to qualifying for Medicaid is that your annual income (before taxes) must be below 138 percent of the federal poverty level. According to PolicyGenius, this means that your income should be around $16,000 (individual applicants) to $72,000 (families of 12). 

Your assets are also taken into consideration, as you cannot have more than $2,000 in order to qualify for Medicaid. Since taking assets into consideration might be tricky, families of elderly individuals often seek out the help of elder law attorneys to help navigate this process. 

Case in point: recent census reports find that Orange County’s aging population is on the rise, which can pose serious problems should the COVID-19 pandemic continue. 

Partnering with reputable trust attorneys in Orange County can help elderly individuals and their family members figure out how to take care of their assets. In general, those with assets more than $2,000 have three options: 

1. Spend these assets until they’re gone or their value reaches below $2,000. This isn’t the best alternative as it may take a bit of time, and Medicaid is something you should be investing in sooner rather than later.
2. Gifting your assets. Gifting assets results in a penalty period. This period will be determined by dividing your assets’ value by your state’s penalty divisor. These divisors are updated annually as it depends on the average cost of nursing home care.
3. Convert these assets to non-countable assets. Commercial annuities are your best bet for this, where you’ll enter an agreement with another party (such as a family member or insurance company) that pays you a regular income stream in exchange for a lump sum.

The viability of annuities depends on the current age and life expectancy of the applicant as well as the assets to be converted. Living trust attorneys in Orange County can help you navigate this. For instance, if the applicant dies before their life expectancy, payments will continue to be made to cover their Medicaid bill and will then be transferred to family members should there be anything left.

In practice, a half-and-half solution of gifts and annuities are the most common arrangement. Taking Orange County as a prime example, for a look into California’s aging population highlights the need for Orange County trust attorneys to help clients find the solution that best suits their family. 

In conclusion

This article tackles the tip of the iceberg when it comes to applying and qualifying for Medicaid. For elderly patients and those taking care of them, arranging for a Medicaid application alongside managing finances and taking care of other assets might be a challenge.

Don’t be hesitant to call McKenzie Legal and Financial services if you and your family are looking for trust attorneys in Orange County California; after all, choosing the right attorney is a crucial step in making sure this process goes as smoothly as possible.

Choosing an Elder Law Attorney

Finding a Los Angeles estate planning lawyer who can help with elder law is easy. The phonebook and Internet are full of advertisements for attorneys claiming expertise in all areas. Finding the right attorney, however, is a different matter.

With the ever-changing complexities in tax codes, legal issues, and real estate matters, elder law attorney in Los Angeles must have a broad understanding of factors that can impact any situation while avoiding future problems. And on top of having expertise in elder law matters, you want someone who can adapt to your specific situation and needs.

Finding the right Los Angeles elder law attorney will take some effort, but here are some areas to consider for your search.

What Do Elder Law Attorneys Do?

Elder law attorneys are essentially advocates for the elderly and their loved ones. They specialize in the needs of older adults who have different needs than younger adults.

Los Angeles elder law lawyers handle a wide range of legal matters affecting older or disabled people: health care issues, long term care planning, guardianship, retirement, Social Security, Medicare/Medicaid, and more. Not only do these attorneys handle important financial and estate planning matters, but they also help with day-to-day issues affecting the care of seniors, like assisted living and life planning.

Here are some of the primary areas Los Angeles elder law attorneys help their clients:

• Discuss the importance of estate planning and wills.
• Create the necessary durable power of attorney documents.
• Provide help with health care planning, long-term care options, and health care power of attorney.
• Financial representation, including financial planning, housing, income, estate issues, tax matters, and durable financial power of attorney.
• Help in the selection and appointment of a legal guardian.
• Assistance with locating long-term care facilities and managing assisted living costs.
• Explain nursing home resident rights and work with nursing home claims.
• Draft a living will or other advance directives.

Read More: Planning For Assisted Living, Nursing Home Or Long-Term Care

Check Referrals

Getting a recommendation from a friend or family member is a great place to start in a search for an attorney. If they have a lawyer that they are happy with, it could be worth investigating. You can also check community groups, online forums, or social clubs. A good tip is to get a referral from someone who has similar legal needs to your own.

In fact, even if your friends and family only know great non-elder law attorneys, it is still worth making the call. Good lawyers typically know other good lawyers with other specialties. With luck, they can refer you to a colleague they respect.

You can also check with financial advisors, accountants, and fiduciaries as they are professionals who often work with elder law attorneys in Los Angeles, CA. If you already work with and trust one of these professionals, ask them for a referral.

A final place worth checking is the National Academy of Elder Law Attorneys (NAELA). This professional organization has an online tool to help find attorneys in your area.

While you are checking for referrals, make sure to look at reviews. Whether you talk to past or current clients or you read comments on a review site, make sure to see what people are saying. Keep in mind that people tend to post more negative comments than they do positive ones. It is worth looking for any patterns or repeated themes to ensure you are finding a good fit for your personality and needs.

Meet for your initial consultation

Once you get referrals and read reviews, you can start deciding as to who to actually hire. While it may be tempting to just go with the first person on your list, don’t make the official decision without first having a meeting, discussing your needs, and asking the right questions.

An in-person meeting helps you get a feel for your potential lawyer’s approach and style. Many law offices offer a free initial consultation. To make the most of your time, prepare a summary of your needs beforehand. Present the same situation to each lawyer that you meet so you can compare their responses. This will help you gauge how they differ in practice or confirm legitimacy in their answers.

Gauge their experience and credentials

Be prepared to ask questions to get a grasp on the lawyer’s experience. It’s possible that even the most experienced Los Angeles elder care attorney won’t be an expert in every area. Learn about their network and who they rely on to assist with their cases. Throw them a couple of scenarios and ask how they’ve worked with those issues in the past.

At a minimum, attorneys must be licensed in the state where they practice and must be registered by the Bar Association. It may also be beneficial to find attorneys who are members of specialized national consortiums, like the Elder Counsel or the National Academy of Elder Law. These professional organizations work to provide members with materials, information, and continuing education in the realm of elder law. They also vet members to ensure that they follow an aspirational, ethical, and professional set of standards.

Attorneys can also pursue Board Certification, which evaluates their exceptional skills, ethics, and proficiency in specific areas of law.

Take Notes

Meeting with multiple lawyers can get confusing. Take notes during your consultations about what each lawyer said and how they answer your questions. Keep track of other remarkable details, such as their certifications or even their manner of interacting with you, as well. Anything that helps distinguish each attorney from others will be helpful when you review the information to make a final decision. Here are some points for evaluation:

• Are they polite and professional?
• Do they return your phone calls promptly?
• Do they take time to explain things so that you understand them?
• Do they follow through on what they say they’ll do?
• How will they charge you?

That final question is a critical aspect to document. Lawyers have a variety of ways that they bill clients. Some lawyers charge for certain tasks by the hour. In this case, make sure your attorney keeps a detailed log of how much time they spend on your case. Other tasks may require a flat fee. For example, preparing a will or trust might cost a flat rate as opposed to being charged hourly.

Many lawyers use a combination of billing techniques, so make sure you understand what and how you’ll be charged.

Making the Final Decision

Once you’ve met with a few possible attorneys, take some time to review your notes. You want to find a Los Angeles estate planning attorney you can fully trust as you will be sharing some of the most intimate details of your life with this person. Pay attention to anything especially crucial for you. Once you decide, make the call and greet your new elder law attorney.