Pre-Plan and Take Advantage of

Today's Medi-Cal Laws Allowing

You to Preserve Your Estate

If you think a nursing home stay is possible within the next few years, it may be worth looking into Medi-Cal pre-planning.  If you are currently over the asset limitations, it could save you a fortune.

Under current California law and if properly done, it is possible to gift or transfer assets to your children or to a special trust and still qualify for Medi-Cal Long-Term Care. There are rules, however, that have been passed by California which eliminate the option to gift or transfer money, but these new rules, called the Deficit Reduction Act, have not yet been enacted.  In California we are still operating under the old 30 month rule which does allow for gifting and transfers, if done properly.

When will California enact the new DRA rules?  No one knows for sure.  California passed DRA in 2006 and they still have not enacted the rule.  This gives seniors a planning opportunity.  Structuring your finances so you can take advantage of today’s rules can make a lot of sense for the right situation because we have received assurances from the State that any proper transfers made while California operates under the 30 month rule will be “grand-fathered”.  That means if we transfer assets properly under the 30 month rule and then down the road apply for benefits–even if DRA has been implemented–we will be allowed to apply under the old 30 month rule and still receive approval, in spite of our gifting.

Medi-Cal pre-planning makes sense under the right circumstances.  If you have questions, give us a call.  We would be glad to evaluate your situation and determine what options you have available to you.

R. Chris Packard and Daniel J. Packard are Investment Advisor Representatives with advisory services offered through Wealth Watch Advisors, LLC, a SEC registered investment adviser. All other services are offered through Packard Senior Services and Packard Advisory Services.  Both Chris and Daniel are insurance licensed with the state of California: #0822251 and #0G73047.  Wealth Watch Advisors, LLC and Packard Senior Services/Packard Advisory Services are not affiliated.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any advisory or other investment services. Investing involves risk and is not guaranteed. No advice may be rendered unless a client service agreement is in place. Be sure to consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein.  Any questions call 866-450-0510.

Serving Families throughout California


Packard Senior Services

All Rights Reserved @ 2017