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.
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.