Disabled California residents may now open savings accounts without jeopardizing means-based benefits, such as Supplemental Security Income (SSI). SSI is a federal income supplement program that is funded by general tax revenues. Under that program, the aged, blind, and disabled with little or no income qualify for cash benefits to pay for housing, food, and clothing. However, to qualify…
In our recent post, VA Pension Planning – An Overview Part 1, we discussed the service and medical eligibility requirements. Here we will focus on the Means Test of financial eligibility for VA Pension. The Means Test is comprised of Income for VA Purposes, or IVAP, and Net Worth. We will discuss the requirements for both, and some possible options…
The California Department of Health Care Services recently announced new Medi-Cal resource numbers for 2019. In All County Welfare Directors Letter (ACWDL) 18-28 the Community Spouse Resource Allowance (CSRA) was increased to $126,420 and the Minimum Monthly Maintenance Needs Allowance (MMMNA) was increased to $3,161 for 2019. The CSRA is the amount of non-exempt assets that the spouse of a…
We all know that when we turn 65 we are covered by Medicare. But many people don’t know that coverage is not automatic. We actually have to sign up for it. And we have to sign up during a specific time period or risk a penalty. Below is a quick lesson on when and how to do it. WHEN: Some…
This is another installment in our series on Medi-Cal planning. In this blog post we discuss common eligibility problems and a few of the tools we can use to solve them. Once we have analyzed our client’s situation and see why they are ineligible, either because they have too much income, too much assets, or both, we can create a…
IRAs, 401(k)s and other tax-deferred retirement accounts allow your savings to grow tax-free until you retire. The year after you become age 70 ½, you must begin taking required minimum distributions from your retirement accounts, and you will pay ordinary income taxes on all distributions. The rest of the money that stays in your account continues to grow tax-free until…
There are several kinds of disability income benefits available to a worker who becomes unable to work due to an injury or illness. This article focuses on private disability insurance policies or plans provided by employers that are governed by a federal law known as the Employee Retirement Income Security Act of 1974 (“ERISA”). Applying for long-term disability benefits under…