Friday, March 18, 2016
Colleagues in California afresh aggregate with me advice on California’s acceptance of approved acceptance of “Transfer on Afterlife Deeds” or TODs beneath AB 139. The law was active by the Governor on September 21, 2015 and became able on January 1, 2016. The law includes “simple” forms, both for establishing the “revocable” alteration of title, and for any “revocation” of such a deed. Proponents of the legislation adduce artlessness and low amount as advantages of application such deeds. The aldermanic history for the law explains:
The bill would provide, amid added things, that the deed, during the owner’s life, does not affect his or her buying rights and, specifically, is allotment of the owner’s acreage for the purpose of Medi-Cal accommodation and reimbursement. The bill would abandoned a capricious TOD accomplishment if, at the time of the owner’s death, the acreage is blue-blooded in collective control or as association acreage with adapted of survivorship. The bill would authorize priorities for creditor claims adjoin the buyer and the almsman of the accomplishment in affiliation with the acreage transferred and banned on the accountability of the beneficiary. The bill would authorize a action for battling the alteration of absolute acreage by a capricious TOD deed. The bill would accomplish added befitting and abstruse changes. The bill would crave the California Law Revision Commission to abstraction and accomplish recommendations apropos the capricious TOD accomplishment to the Legislature by January 1, 2020.
Critics of the law, including California Advocates for Nursing Home Reform (CANHR), acquaint that admitting the “simple” label, the adapted use of such transfers in acreage planning is annihilation but simple, and such accomplishments affectation addition befalling for disproportionate access and abetment of elders.
The bounce affair of CANHR’s Advocate newsletter (available via subscription, afterward a “donation” to the organization) added comments:
It is important to agenda that bags of California citizens who are 55 years of age or earlier and who accept afresh active up for bloom affliction beneath California’s Medic-Cal amplification affairs will now accept their estates accountable to Medi-Cal accretion back they die. If their homes were transferred afore their deaths, transferred to an certain assurance or if they transferred the acreage and retained an certain activity acreage (another cheap, but able way to alteration property) there will be no acreage affirmation on the home. But, because the [new law’s] TOD is capricious and the alteration and the alteration of the acreage beneath a TOD does not action until the afterlife of the owner, these TODs are accountable to acreage recovery, which agency that those aforementioned low-income elders, who are acceptable to assassinate TODs will additionally be added acceptable to be on Medi-Cal and appropriately [inadvertently] accountable their estates to recovery.
CANHR is “embarking on a attack to brainwash consumers about the impact” of the new California law.
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