They addressed audiences of more than 100 elder law attorneys from around the country. Each three-hour Immersion Session demonstrated their leadership in the field of elder law. The subject of their presentations was “Advanced Elder Law, Tax and Estate Planning from Start to Finish.”
The session was designed to train and educate participants to more effectively advise their client communities. It taught them to develop sophisticated estate plans to coordinate tax and long-term care objectives along with retirement and financial planning. In addition, building on the Gilfix attorneys’ skills in identifying personality types, attendees learned how to utilize a variety of tools such as spreadsheets, flowcharts, software and written proposals to effectively communicate the plan to the client.
Michael Gilfix and Mark Gilfix engaged summit participants through the use of peer instruction in their sessions. In contrast to traditional lectures, peer instruction is an interactive, student-centric approach to teaching that focuses on the application of learning.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
They addressed audiences of more than 100 elder law attorneys from around the country. Each three-hour Immersion Session demonstrated their leadership in the field of elder law. The subject of their presentations was “Advanced Elder Law, Tax and Estate Planning from Start to Finish.”
The session was designed to train and educate participants to more effectively advise their client communities. It taught them to develop sophisticated estate plans to coordinate tax and long-term care objectives along with retirement and financial planning. In addition, building on the Gilfix attorneys’ skills in identifying personality types, attendees learned how to utilize a variety of tools such as spreadsheets, flowcharts, software and written proposals to effectively communicate the plan to the client.
Michael Gilfix and Mark Gilfix engaged summit participants through the use of peer instruction in their sessions. In contrast to traditional lectures, peer instruction is an interactive, student-centric approach to teaching that focuses on the application of learning.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
They addressed audiences of more than 100 elder law attorneys from around the country. Each three-hour Immersion Session demonstrated their leadership in the field of elder law. The subject of their presentations was “Advanced Elder Law, Tax and Estate Planning from Start to Finish.”
The session was designed to train and educate participants to more effectively advise their client communities. It taught them to develop sophisticated estate plans to coordinate tax and long-term care objectives along with retirement and financial planning. In addition, building on the Gilfix attorneys’ skills in identifying personality types, attendees learned how to utilize a variety of tools such as spreadsheets, flowcharts, software and written proposals to effectively communicate the plan to the client.
Michael Gilfix and Mark Gilfix engaged summit participants through the use of peer instruction in their sessions. In contrast to traditional lectures, peer instruction is an interactive, student-centric approach to teaching that focuses on the application of learning.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
About 11% of today’s 40 million Californians are 65 or older. By 2020, that population will be 15%. By 2030, it will be almost 20% and a staggering 22.3% by 2050. What are the implications of this?
A recent column by Dan Walters in the Sacramento Bee warns about the aging of health care providers in California. The column astutely warns that we have an aging population that will present unprecedented demands for services and support from our medical and caregiving infrastructures. Even today there is a shortage of trained, capable caregivers through home care agencies, at assisted living facilities, and in skilled nursing facilities. It will only get worse in the future. It is a looming crisis for all who need long-term care facilities and services.
“To rise to this challenge,” suggests estate planning and elder law attorney Michael Gilfix of Palo Alto, California, “we need a new, coordinated, multigenerational approach.” His focus is on the need for more coordination of services and more tailored, focused use of limited family resources. Careful planning to preserve assets and qualify for Medi-Cal, the only program that can pay all or most of the cost of skilled nursing care, must be part of the planning. Medi-Cal, California’s Medicaid program, is needs-based. To qualify, assets must be limited and/or carefully organized.
This approach is necessary, Gilfix suggests, because there must always be a financial safety net. If all family assets are exhausted before Medi-Cal coverage is obtained, there are no funds available to pay for services that are not covered by the Medi-Cal program.
Children and grandchildren must be viewed as part of the planning and part of the solution. They must participate, coordinate resources, add counsel, and devote time and attention to the needs of their elders. It is self-evident that this is typically a win-win for everyone, but it is rarely done.
Such planning is more typically pursued by wealthier families through the use of “family offices,” but the need is no less critical for the middle class. Middle class families have the power to preserve their homes, their savings, and their legacies. But they must take steps to plan ahead of time.
Attorneys Michael Gilfix and Mark Gerson Gilfix recently co-authored an article entitled, “A New Paradigm: Truly Multigenerational Planning,” published in the September issue of Trusts & Estates magazine, that expands this concept in very practical ways. Gilfix & La Poll Associates, one of the nation’s leading estate planning firms, follows this approach with its clients. For multigenerational planning to be effective, it is critical that steps are taken before the crisis stage.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post California’s Aging Population: Implications for Elders and Caregivers first appeared on SEONewsWire.net.]]>About 11% of today’s 40 million Californians are 65 or older. By 2020, that population will be 15%. By 2030, it will be almost 20% and a staggering 22.3% by 2050. What are the implications of this?
A recent column by Dan Walters in the Sacramento Bee warns about the aging of health care providers in California. The column astutely warns that we have an aging population that will present unprecedented demands for services and support from our medical and caregiving infrastructures. Even today there is a shortage of trained, capable caregivers through home care agencies, at assisted living facilities, and in skilled nursing facilities. It will only get worse in the future. It is a looming crisis for all who need long-term care facilities and services.
“To rise to this challenge,” suggests estate planning and elder law attorney Michael Gilfix of Palo Alto, California, “we need a new, coordinated, multigenerational approach.” His focus is on the need for more coordination of services and more tailored, focused use of limited family resources. Careful planning to preserve assets and qualify for Medi-Cal, the only program that can pay all or most of the cost of skilled nursing care, must be part of the planning. Medi-Cal, California’s Medicaid program, is needs-based. To qualify, assets must be limited and/or carefully organized.
This approach is necessary, Gilfix suggests, because there must always be a financial safety net. If all family assets are exhausted before Medi-Cal coverage is obtained, there are no funds available to pay for services that are not covered by the Medi-Cal program.
Children and grandchildren must be viewed as part of the planning and part of the solution. They must participate, coordinate resources, add counsel, and devote time and attention to the needs of their elders. It is self-evident that this is typically a win-win for everyone, but it is rarely done.
Such planning is more typically pursued by wealthier families through the use of “family offices,” but the need is no less critical for the middle class. Middle class families have the power to preserve their homes, their savings, and their legacies. But they must take steps to plan ahead of time.
Attorneys Michael Gilfix and Mark Gerson Gilfix recently co-authored an article entitled, “A New Paradigm: Truly Multigenerational Planning,” published in the September issue of Trusts & Estates magazine, that expands this concept in very practical ways. Gilfix & La Poll Associates, one of the nation’s leading estate planning firms, follows this approach with its clients. For multigenerational planning to be effective, it is critical that steps are taken before the crisis stage.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post California’s Aging Population: Implications for Elders and Caregivers first appeared on SEONewsWire.net.]]>
On September 10, 2015, attorneys Michael Gilfix and Mark Gilfix of Gilfix & La Poll Associates presented a seminar on living trusts and asset protection in the face of long-term care.
The workshop was held in partnership with the Avenidas Senior Center in Palo Alto, California. Titled “Your Estate Planning and Long-Term Care Checkup – Do You Have a Plan?,” it provided up-to-date information about estate planning.
Attendees were encouraged to bring in questions about their living trusts. Estate planning attorneys Michael Gilfix and Mark Gilfix shared their expertise on how to protect inherited assets for divorce, litigation and estate taxes, as well as how to protect your home and other assets while qualifying for Medi-Cal. They also discussed the pros and cons of reverse mortgages.
The seminar covered a wide range of estate planning topics such as the basic estate planning documents that you need, the cost of skilled nursing care and the importance of multigenerational planning.
Michael Gilfix and Mark Gilfix are the co-authors of an article titled “A New Paradigm: Truly Multigenerational Planning” in the September 2015 issue of Trusts & Estates magazine. They have also co-authored “Facing the Reality of Long-Term Care,” a book explaining the nature and cost of long-term care.
For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
On September 10, 2015, attorneys Michael Gilfix and Mark Gilfix of Gilfix & La Poll Associates presented a seminar on living trusts and asset protection in the face of long-term care.
The workshop was held in partnership with the Avenidas Senior Center in Palo Alto, California. Titled “Your Estate Planning and Long-Term Care Checkup – Do You Have a Plan?,” it provided up-to-date information about estate planning.
Attendees were encouraged to bring in questions about their living trusts. Estate planning attorneys Michael Gilfix and Mark Gilfix shared their expertise on how to protect inherited assets for divorce, litigation and estate taxes, as well as how to protect your home and other assets while qualifying for Medi-Cal. They also discussed the pros and cons of reverse mortgages.
The seminar covered a wide range of estate planning topics such as the basic estate planning documents that you need, the cost of skilled nursing care and the importance of multigenerational planning.
Michael Gilfix and Mark Gilfix are the co-authors of an article titled “A New Paradigm: Truly Multigenerational Planning” in the September 2015 issue of Trusts & Estates magazine. They have also co-authored “Facing the Reality of Long-Term Care,” a book explaining the nature and cost of long-term care.
For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Despite being business-savvy, wealthy Americans have demonstrated a reluctance toward thinking about estate planning. The lack of estate plans can be attributed in part to the constant changes in federal estate tax law, which has resulted in what estate planning attorney Michael Gilfix calls “estate-planning fatigue.”
A higher federal estate tax exemption of $5.43 million per person this year could be another reason high-net-worth families have placed a lesser priority on estate planning, holding the view that it is primarily a way to reduce estate taxes. There is more to estate planning, however.
When it comes to protecting and providing for loved ones when you are no longer around, estate planning is one of the most basic and critical steps a person can take. It provides control over what happens to your assets and how you will provide for your children, along with specific instructions about end-of-life wishes that will avoid unnecessary stress and fighting later on.
Inherited assets can be protected if a child endures divorce. Such assets can be protected from litigation, explains Gilfix.
Establishing a sound estate plan involves drafting documents such as wills and powers of attorney, as well as setting up living trusts and addressing property management. Without a plan, you risk leaving life’s important decisions in the hands of the courts and having the care of your children and their inheritance fall into the wrong hands.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
We wanted to share an article that Michael Gilfix published in the prestigious Trusts & Estates magazine late last year. The article discusses issues related to elder abuse and diminished capacity as individuals age. In this article, Michael presents a new paradigm for thinking about this. He presents ways that families can keep an eye on things and deal with these issues as they arise.
We encourage you to take a look by clicking here. If you have any questions about these issues, we are, of course, available to meet or discuss these with you at any time. We hope you enjoy this article.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Michael Gilfix speaks at this year’s Wealth Counsel conference.
On July 16, 2015, Michael Gilfix presented a session/program on this topic at the annual conference of Wealth Counsel, a nationally known and leading estate planning organization.
What distinguishes this talk is its emphasis on avoiding financial abuse. Virtually every other article published by attorneys about financial elder abuse focus on litigation, court involvement, and other reactions to abuse after it has taken place.
Financial abuse can afflict anyone at any time. 50% of financial abusers are family members.
We at Gilfix & La Poll have extraordinary experience in addressing this issue in a positive, preventive way. When it takes place, we have been remarkably and consistently successful in recovering assets for victims of financial abuse.
If you or any of your family members or friends have experienced these problems – or if you are worried about them – call us for a consultation.
Do not let elder financial abuse happen.
“Many people are overwhelmed by long-term care costs, which are not covered by typical health insurance plans,” said Michael Gilfix, an elder law attorney in Palo Alto. “Life settlement firms offer to help, but the industry is still relatively small and not rigorously regulated.”
By selling one’s policy to a life settlement company, it is possible to get cash flow from a policy that otherwise does not have an immediate cash value. The policyholder gives up ownership of the policy but receives money to use for long-term care expenses. In addition, the policy is no longer considered an asset that can interfere with Medicaid/Medi-Cal eligibility.
“Since you forfeit ownership of the policy and lose its value, life insurance settlement is more appropriate for people who do not have dependents or a spouse who will need the support,” said Gilfix.
The value of a policy is based on calculations such as the policyholder’s age, medical history and the value and type of the policy. Most people receive somewhere between 20 to 45 percent of the policy’s value, but the rate can be higher or lower.
The life settlement industry is still small, with companies like The Lifeline Program converting only a few hundred policies each year. The industry is also relatively unregulated, and only a few states have enacted regulations, including California.
The office of Gilfix & La Poll can refer interested individuals to professionals who can advise about life settlements.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
This unique kind of trust can provide for many of the supplemental needs of a disabled person without jeopardizing that person’s eligibility for vital government benefits, including Medi-Cal and Supplemental Security Income. However, few know that there are concrete benefits to setting up such a trust sooner rather than later.
Start growing now.
When parents or grandparents set up and put money into a special needs trust during their own lifetimes, it can start to grow immediately. From the time the trust is established, anyone can contribute to it – uncles, godparents, friends – creating an especially beneficial way for loved ones to contribute to your child or family member’s future.
Ensure that the trust has the most beneficial structure.
Some special needs trusts, especially those created for assets already belonging to the beneficiary, mandate that funds remaining in the trust after the death of the beneficiary must first go to pay back Medi-Cal for all expenses covered during the beneficiary’s lifetime. When a trust is set up within the parents’ lifetime, by contrast, it can be established before any assets pass on to the beneficiary. A correctly drafted third-party special needs trust need not have a payback provision.
Give yourself time to change the trustee(s) or remainder beneficiaries.
The administration of a special needs trust can be complicated. Many parents or guardians entrust this responsibility to a professional trustee, who can ensure proper disbursement that does not endanger benefits eligibility. Other parents select a family member. Regardless, a properly constructed third-party special needs trust can give parents the flexibility to change trustees over time as needs change.
For more than 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer, visit http://www.gilfix.com/ or call (800) 244-9424.
For a copy of Michael Gilfix’s guide, Special Needs Trust Creation and Management, visit the same website or call the number above.
The post Setting up a special needs trust: three reasons to start sooner first appeared on SEONewsWire.net.]]>The California State Assembly recently passed a new bill designed to limit Medi-Cal’s ability to recover assets from the estates of deceased Medi-Cal beneficiaries. As the law stands currently, Medi-Cal can seize a substantial portion of an estate — including a residence — to recover the benefits used to cover medical care through Medi-Cal.
But Governor Jerry Brown’s advisors are encouraging a veto of the bill in order to avoid revenue losses that would hurt the state’s budget, as reported by the Mercury News.
Even if Governor Brown does sign the bill, the new law would limit but not entirely prohibit Medi-Cal asset recovery.
The Mercury News turned to Michael Gilfix for comment on the growing concerns surrounding Medi-Cal asset seizure.
Gilfix pointed out that whether or not the bill is vetoed, Californians can take steps to protect their estates from Medi-Cal recovery. In the article, he commented that assets, and residences in particular, can be protected through proactive estate planning.
According to the Mercury News, many older Californians who already benefit from Medi-Cal are surprised to learn that their estates, which they hoped to pass down to their heirs, are at risk.
Gilfix & La Poll helps clients plan for Medi-Cal eligibility in a way that legally protects assets to the greatest extent possible and minimizes the impact of taxes on the estate.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
In the August 24, 2014 issue of the San Francisco Chronicle, reporter Kathleen Pender wrote about Medi-Cal reimbursement or “estate claims” that are imposed on a person’s estate if they receive Medi-Cal and after they pass. The article makes the point that the state could seek “an unlimited amount” from an individual’s estate when “Medi-Cal pays all the person’s health care costs.” This claim applies to all benefits received from age 55.
A major concern is that such claims blindside tens of thousands of older Californians who are receiving “expanded Medi-Cal” under President Obama’s Affordable Care Act. They are shocked to learn that their estate, most typically consisting of their residence, will be essentially attacked upon their passing.
Michael Gilfix points out in the article that assets could be protected from such Medi-Cal recovery claims. “There are certain ways to transfer a home out of an estate, although this can raise tax issues,” Michael Gilfix is quoted in the article.
Clients of Gilfix & La Poll understand that the residence can be protected and that many potential tax traps can be avoided with careful planning.
Learn more by contacting Gilfix & La Poll Associates LLP at http://www.gilfix.com/contact-us/.
The post Gilfix discusses Medi-Cal planning in the San Francisco Chronicle first appeared on SEONewsWire.net.]]>The article examined issues that we all must be aware of as we age: some retirees, even when dementia is not an issue, have trouble identifying riskier investments or warning signs, and financial scammers often take advantage of this.
The Wall Street Journal piece told the story of a client we helped with just this type of situation.
The article is an important reminder that older investors and their families need to be on guard. Even highly intelligent and sophisticated investors can fall prey to scams and bad investments.
As Michael Gilfix states in the article, it is also important for adult children of retirees to monitor their parents’ financial health just as they would their physical and mental condition.
No one should have to tackle these complex issues without assistance. At Gilfix & La Poll, we have decades of experience in the field of elder law, and we take pride in providing our clients with the highest level of service and advice.
As the feature in the Wall Street Journal illustrates, Gilfix & La Poll is a nationally recognized authority in the field of elder law and estate planning. We know you have worked hard to earn what you have, and you want to secure a comfortable retirement. We know how important it is to ensure that your assets are preserved for your loved ones and that your wishes are honored after your passing. To accomplish those goals, you should have the experience and knowledge of Gilfix & La Poll at your disposal.
To see other national publications that have featured Gilfix & La Poll, please see our In The News section.
The post Wall Street Journal Features Gilfix & La Poll first appeared on SEONewsWire.net.]]>
In 2012, Michael Gilfix (age 66) qualified for the 2013 National Senior Games by winning both the 5K and 10K races in his 65-to-69 age bracket at the California Senior Games.
Mike participated in the 5K race on July 23, 2013 in the National Games in Cleveland. In a challenging national field, Mike placed 8th with a time of 22 minutes and 42 seconds on a hilly course through the grounds of the Cleveland Zoo. Mike averaged 7 minutes and 17 seconds per mile.
“It was inspiring to compete with top runners from across the nation. Some were as young as 50. Some were in their nineties,” observes Mr. Gilfix. “In my age group, the winner ran 6 minute and 26 second miles. Very impressive!”
Congratulations to Mike!
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning attorney visit http://www.gilfix.com/ or call 800.244.9424.