How To Prepare A Medi Cal Plan - Patrick Phancao; Esq.

www.assetprotectioncenter.com - Now that you know you or a loved one needs to undertake a Medi-Cal plan, the question is how to go about it. Outside of the obvious, hiring an attorney, there are certain steps you can undertake to assist in the process. This Video explains the entire process. If you would like more information about Medi-Cal qualification, please visit me at www.assetprotectioncenter.com, and ask for our complimentary report and CD outlining the process. If you have a pressing matter, then feel free to call me at 714-966-2646!


********************Video Transcript*************************
Now that you have taken a look at your financial situation, you've realised that you have an excess amount of assets for medical, you and your family have decided to undertake medical planning in order minimize the damages that can happen in the event of a nursing home need. In this video, we are going to learn about the process of preparing the Medi Cal plan.
Greetings, my name is Patrick Phancao with The Asset Protection Center. I am an estate planning attorney focused in the field of Asset Protection and Elder Law out in the state of California and Florida. So first and foremost even though Medi-Cal or Medicaid I'm sorry, within the context of the nation, is a federal program. It is a state regulated one per each individual state. So in California, like I mentioned, it is called Medi-Cal. So the first thing you want to do is learn the rules of each county, of the county that you reside in. So believe it or not, as if it was not complicated enough, each county had kind of its own set of rules and regulations that you want to be aware of.
Number two, you want to simply look at your assets. Either you have an excess amount of assets which will not qualify, or you qualify and there is nothing really for you to do, you just simply apply for the Medi Cal payments and you will receive them. If you have an amount that is in excess, you will get penalized, so you want to get prepared and get all financial affairs in order. Then at this point, most like likely you are going to need an attorney and you are going to look at what is called to spend down methods that are available to you. There are quite a bit quite a few techniques available within that arena, but that's kind of the general terminology that you want to be aware of. With the help of an elder law attorney, you will determine our design what I like to call a funding plan. A structure, a schedule where you and your attorney will ensure that your assets are handled in a certain manner.
And finally you will want to implement the plan. Here is the biggest mistake that happens. People have a plan and the attorney gives them a very expensive set of papers, but nothing ever happens. Well, in the event that was to happen in your particular situation, realise that you don't really have a plan that will be recognised by the court of law. You have to what's called funding of the plan.
So, that's the tip for the day, how to prepare for Medi Cal plan. If you want to find out more, visit us at assetprotectioncenter.com or call me at (714)966-2646 and we'll talk about your situation. Thank you for watching and I'll see you next time.


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