A common concern for many clients who are Medi-Cal recipients is that if they use Medi-Cal to pay for long-term care, they will lose everything they have. There is a misconception that Medi-Cal will take their homes or leave their healthy spouses penniless. Another concern is that once a Medi-Cal recipient passes away, Medi-Cal will [ ] The post Will My Parent’s Estate Be Subject to Medi-Cal Estate Recovery? appeared first on Northern California Center for Estate Planning and Elder Law.
When you look into the subject of estate planning, you will hear a lot of things about probate. This is the process of estate administration. If you use a Will to state your final wishes with regard to your personally held property, the Will would be admitted to probate after you pass away, except for very modest estates. The probate court would supervise the administration of the estate. In the Will, you name an executor, and this individual would handle the business of the estate under the supervision of the court. Passage Through Probate You may come across some probate horror stories, However, done correctly, it is simply a legal process that serves a purpose. For example, when someone passes away, he or she may have debts. If someone who owed you $100,000 passed away, wouldn t you want to have some type of recourse with regard to repayment? Final debts must be paid during probate, so the executor must notify creditors. We should point out the fact that the final debts would inc
There is a legal process called probate that comes into play under many circumstances when assets are being transferred after someone dies. One way to describe probate property would be property that was in your sole, direct possession at the time of your death. Every asset transfer would not be subject to the probate process, because property that is being transferred may not fit the above description. Let s look at some types of asset transfers that would not be subject to the probate process. Living Trusts You could convey property that would otherwise be probate property into a revocable living trust. While you are living, you would still have control of this property, and you could dissolve the trust and take back direct possession of the property at any time. In the trust declaration, you name a trustee to administer the trust after you are gone, and you include instructions with regard to the way that you want the assets distributed. After your passing, the trustee would follow