Elder Law Attorneys Woodland Hills
21550 Oxnard St #300
Woodland Hills CA 91367
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Mina Sirkin, Woodland Hills Elder Law Attorney
Board Certified Specialist in Estate Planning, Trusts and Probate Law
Trust Litigation Los Angeles
Litigation Los Angeles
Conservatorship Los Angeles
Living Trust Attorney Los Angeles
ELDER LAW AND TRUSTS WOODLAND HILLS
our Woodland Hills clients ask us about elder law transactions and
trusts. Our most frequently asked question is: How will I pay for
a nursing home?
There are several ways people pay for nursing home care:
A. They have a cash reserve, or assets which can be turned to cash quickly.
B. They have a home on which equity, they can borrow.
C. They have a home which they can sell.
D. They tap into their IRA, Life
Insurance Cash Value, or 401k, and use taxable dollars to pay for care.
E. Medi-Cal can be obtained by
converting non-exempt assets to exempt assets to pay for nursing home.
WHAT ELDER LAW STRATEGIES TO CONSIDER IN WOODLAND HILLS WHEN CONSIDERING TRANSITIONING TO A NURSING HOME?
A. Consider that at the time you actually need nursing home case,
your legal documents have to already by in place, because many times,
your spouse or your children have to be involved in helping you make
B. The legal documents necessary to allow your spouse or
children to help you are: Trusts, Durable Powers of
Attorney for Health Care, and Durable Power of Attorney for Asset
Management. Most importantly, you and your Woodland
Hills elder law attorney must check title to the home to make sure that
there are no legal barriers to borrowing, or selling, if necessary, to
pay for nursing home care.
C. Your attorney must coordinate talking to your accounant
to detemine the potential for capital gains taxes, if you intend to
sell your home during your aging years.
D. Challenges in nursing home and elder law planning
sometimes involves making quick decisions regarding title to the
home. Some people have put the title of their home in
one or more children. This creates complications, which can be
difficult to fix, in nursing home planning, as often there are in-laws
to deal with in elder law planning. This challenge involves
clearing title documents to make sure the entire plan works for the
N. Sirkin and Evan R. Sirkin are partners at the Law Offices of
Sirkin and Sirkin, and elder law and estate law firm in Woodland
Hills. We have helped thousands of people with advance elder law
planning in Los Angeles County to reach their goals. To reach our elder
law and trust attorneys by telephone, please call 818.340.4479 or email
us at Info@SirkinLaw.com.
21550 Oxnard Street, Third Floor
Woodland Hills, CA 91367
Phone: 818. 340. 4479
Fax: 818. 340. 7952
West Los Angeles
11400 Olympic Blvd., Suite 200
Los Angeles, CA 90064
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Irvine, CA 92715
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Los Angeles, CA 90045
Downtown Los Angeles
445 N. Figueroa St., Suite 2600
Los Angeles, CA 90071
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Glendale, CA 91203
225 South Lake Ave., Suite 300
Pasadena, CA 91101
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