You or a loved one is suffering from a disabling condition, and you’re receiving benefits from Medi-Cal and or Supplemental Security Income (SSI). Both of these programs place severe limits on the number of assets you can have in your name – specifically, $2,000 for an individual.
If you have a loved one who is facing a disabling condition that will require the assistance of Medi-Cal and Supplemental Security Income (SSI) for medical, housing, and food benefits, the qualifications are strict.
The Social Security Administration (SSA) and other state and federal agencies operate programs to provide benefits for those who become disabled. The SSA’s Supplemental Security Income (SSI) program sets income and asset limitations on those who apply for its benefits.
If you are disabled in California, you can qualify for benefits under the Supplemental Security Income (SSI) program of the Social Security system and at the same time qualify for medical care under Medi-Cal, but these programs have both income and asset limitations.
A special report issued by the Alzheimer’s Association in March 2020 projected that by mid-century the number of Americans aged 65 and older who will suffer from dementia may grow to 13.8 million, up from 5.8 million today.
If you have aging parents, even if they seem to be doing well, you can never be sure what the future holds. Health issues and other unfortunate events can occur at any time, and if your parents haven’t yet made a plan for tomorrow, life can become challenging and even overwhelming for both parents and offspring.
The cycle of wealth creation—and wealth depletion—is all too typical in America. One person or family creates the wealth, and within two generations, the heirs and descendants will have depleted everything that was accumulated: from parents to children to grandchildren, and then suddenly gone.
Dementia not only robs those suffering from it of their ability to lead a normal, productive life, but it also places a caregiving obligation on loved ones. If loved ones can’t care for their parents or others suffering from Alzheimer’s or another form of dementia because of their own work and family obligations, it can force them to make many difficult decisions.
According to a 2021 Wills and Estate Planning Study by Caring.com, about 34.2% of American adults don’t have a will because they don’t know how to get one. When creating your estate planning documents, you have the option of hiring an attorney or using a do-it-yourself method by downloading online forms. If you are considering drafting your estate plan, you may be wondering whether to use online forms or retain an experienced attorney.
The pandemic and its daily statistics about hospitalizations and deaths raised awareness of the need to plan for the future, especially among young adults, according to Caring.com’s 2021 Wills and Estate Planning Study. The number of young adults with a will increased 63 percent since 2020, but despite this new awakening, the percentage of Americans with wills has not significantly changed, with only 32.9 percent of adults saying they have any estate planning document in place.
