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  1. #1
    Join Date
    Apr 2009
    Posts
    5

    Default Liquid Asset and Home Protection / Medi-Cal

    My question involves estate proceedings in the state of: CA

    "Alice", an 85yr old living in California, w/alzheimers (Stage 5-6, not verified via test) owns 50% of $300,000 home along with "Joan", lifelong friend, (other 50%) of 50 years. "Alice's" 50% stake in home was paid off at time of purchse while "Joan" currently pays her share of the mortgage because she did not want to pay off her half upon purchase due to 401k/IRA penalties. "Alice" has liquid assets of $150,000.00 and roughly $700/month income from 401k/SSI, etc. "Alice" has one child, age 55, living in same county. "Joan's" will leaves all her assets to "Alice's" child as well in the event of "Joans" passing.

    Need advice (which specialty, if there is one) on how to avoid draining the $150,000.00 on home care/nursing-home care before letting Medi-Cal take over PLUS not having Medi-call go after the house after "Alice" passes on.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Liquid Asset and Home Protection / Medi-Cal

    You want to speak to an estate planning lawyer who specializes in Medicaid planning. You may have waited too long to get the most benefit.

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