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protecting assets
Vicki,
Based on the monthly income of $1735 and his assets, he must be receiving SSDI. SSI has the same asset rules as Medi-Cal (2k limit on non exempt assets). After two years on SSDI he is eligible for Medicare (9/05 in your facts) and could purchase a Medicare supplement policy. The MediCal would be useful for paying for medications, but Medicare would be primary.
There are some opportunities for transfer of assets and purchase of exempt assets that could help him get under the resource restrictions of MediCal. You may call me or contact me off list to discuss what might be done for him.
Pat
Patrick T. Green
Fitzgerald & Green
1010 E. Union St. Suite 206
Pasadena , CA 91106
Ph: 626-449-8433
Fx: 626-449-0565
pg23@earthlink.net
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Friday, May 14, 2004 2:34 PM
Subject: [cdcbaa] protecting assets
A 53 yr old man has been disabled since Sept. 2003. His only income is SSI @ $1,735/mo.
His house is free and clear and in an irrevocable trust since mid 1990's.
He has about $100,000 - $105,000 in an IRA and $40,000 in stocks and bonds in a jt acct with his girlfriend and another $20,000 in his name only, plus $9,000 in savings.
He has $65,000 in hospital bills already sent for collection and another $12,000 for dialysis. Medi-Cal said he has too many assets to qualify.
Any suggestions?
Thanks,
Vicki
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Vicki,
Based on the monthly income of $1735 and his assets, he must be receiving
SSDI. SSI has the same asset rules as Medi-Cal (2k limit on non exempt
assets). After two years on SSDI he is eligible for Medicare (9/05 in yourfacts) and could purchase a Medicare supplement policy. The MediCal would
be useful for paying for medications, but Medicare would be primary.
There are some opportunities for transfer of assets and purchase of exempt
assets that could help him get under the resource restrictions of MediCal.
You may call me or contact me off list to discuss what might be done for
him.
Pat
Patrick T. Green Fitzgerald & Green1010 E. Union St. Suite 206Pasadena , CA 91106Ph:
626-449-8433Fx: 626-449-0565
The post was migrated from Yahoo.
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Based on the figures you provided and values of stocks, bonds and savings
accounts, a liquidation analysis in a Chapter 13 (if he even qualifies)
would still require at least a 50% payback to creditors.
I would try to explore the possibility of taking some of this available cash
to settle directly with the collection agencies for cents on the dollar.
Since he is on SSI and is disabled, creditors may be open to a settlement
for less than full amounts ( unless they already know he has all these
assets.!)
Anyway, other than seeing if he qualifies to do a % Plan in Chapter 13, it
looks like he doesn't have too many options.
Ray Bulaon
Sent: Friday, May 14, 2004 2:35 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] protecting assets
A 53 yr old man has been disabled since Sept. 2003. His only income is SSI
@ $1,735/mo.
His house is free and clear and in an irrevocable trust since mid 1990's.
He has about $100,000 - $105,000 in an IRA and $40,000 in stocks and bonds
in a jt acct with his girlfriend and another $20,000 in his name only, plus
$9,000 in savings.
He has $65,000 in hospital bills already sent for collection and another
$12,000 for dialysis. Medi-Cal said he has too many assets to qualify.
Any suggestions?
Thanks,
Vicki
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The post was migrated from Yahoo.
A 53 yr old man has been disabled since Sept. 2003. His only income is SSI @ $1,735/mo.
His house is free and clear and in an irrevocable trust since mid 1990's.
He has about $100,000 - $105,000 in an IRA and $40,000 in stocks and bonds in a jt acct with his girlfriend and another $20,000 in his name only, plus $9,000 in savings.
He has $65,000 in hospital bills already sent for collection and another $12,000 for dialysis. Medi-Cal said he has too many assets to qualify.
Any suggestions?
Thanks,
Vicki
A 53 yr old man has been disabled since Sept. 2003. His only income is SSI @ $1,735/mo.
His house is free and clear and in an irrevocable trust since mid 1990's.
He has about $100,000 - $105,000 in an IRA and $40,000 in stocks and bonds in a jt acct with his girlfriend and another $20,000 in his name only, plus $9,000 in savings.
He has $65,000 in hospital bills already sent for collection and another $12,000 for dialysis. Medi-Cal said he has too many assets to qualify.
Any suggestions?
Thanks,
Vicki
The post was migrated from Yahoo.