The Collins Law Firm is very proud to serve people throughout the greater Los Angeles area. As residents of our area know, L.A. is a vast metropolis. There are many different cities within the city as it were, and each of them have their own unique characteristics. This is one of the reasons why our city is so diverse and vibrant.
Inglewood, CA is one of these cities within a city. Our office is located in Inglewood, and we have been helping people in our area for many years. If you want to discuss your estate planning objectives with someone who understands the needs of people in our area, the Collins Law Firm can certainly help.
Inglewood, CA Estate Planning Attorneys
You may come across websites on the Internet that sell generic, do-it-yourself legal document downloads and worksheets. This can lead you to the belief that you can plan your estate without the benefit of legal guidance.
These sales pitches can be convincing, but you have to consider the stakes that are involved. When you plan your estate, you are evaluating everything that you have earned throughout your life. You consider the needs of the people that you love, and you arrange for the distribution of your cherished belongings to your closest family members.
This is a profound endeavor on an emotional level, and there are also significant financial implications. Estate planning is a responsibility that you really shouldn’t tackle on your own without any assistance from an estate planning attorney.
There are many different ways to get assets into the hands of your loved ones after you are gone. Many people think that a will is the best choice, but for a lot of people, a living trust would be a better solution.
If you consult with our firm, we will get to know you, we will gain an understanding of your financial situation and your family dynamic, and we will answer all of your questions. Once we understand your objectives, we can make sound recommendations.
Ultimately, we can help you create a custom crafted estate plan that is ideal for you and your family.
Inglewood, CA Nursing Home Asset Protection
Many people who have reached an advanced age ultimately reside in nursing homes. The figure is about 25 percent for people who are 85 years of age and older.
It can be hard to imagine a time when you will be in your eighties or perhaps older, but the life expectancy for somebody who is 65 is at least 83 years. According to the Census Bureau, the oldest segment of the population is growing faster than any other group.
A lot of people find out the facts about nursing home costs when it is too late to do anything about it. They went through life with the assumption that Medicare will pay for long-term care if they ever need it, so they were never concerned.
The Medicare program will pay for up to 100 days of convalescent care after an injury or illness. However, it does not pay for custodial care, which is the form of care that nursing homes and assisted living communities provide.
A year in an Inglewood nursing home could cost you $100,000 or more, and you could potentially require care for multiple years. One in 10 nursing home residents will require care for at least five years, and the average length of stay is over two years.
If you have to pay for nursing home care out-of-pocket, a nursing home could get everything that you wanted to leave behind to the people that you love. To prevent this outcome, you could take steps that lead to Medi-Cal eligibility. The Medi-Cal program will pay for nursing home care, but you are probably aware of the fact that you can’t qualify for coverage if you have assets to speak of in your own name.
It is possible to convey assets into a certain type of trust so that you can qualify for Medi-Cal if you ever need long-term care. You could also give direct gifts to your loved ones if this is your choice. To do this at the right time and in the right way, careful informed planning is required. We help our neighbors here in Inglewood who would like to protect the inheritances they want to leave to their families.
Contact an Experienced California Estate Planning Attorney Today
We can help if you would like to discuss all of these matters with a local Inglewood, CA attorney who really cares. Give us a call at (310) 677-9787 or send us a message through our contact page to set up a consultation.