Elder Law Advocate

Today, the world is quickly changing, and medical care can be both impersonal and expensive. But one area that has not changed with the times is estate planning. Traditional plans are designed to focus on just a couple of things and, when creating them, most people tend to take the easy route. Often times, people are in good health and think, “There’s nothing wrong with us now; we want our estate plan to be very simple.” In those cases, their estate plans only really focus on who will get what when they die. The truth is, most of us are …

Do you expect Medicare to pay for your rehabilitation in a nursing home after a stay in the hospital? Then you better know about this rule! A problem often occurs when someone goes into the hospital for surgery and then goes immediately to a skilled nursing facility (SNF) for rehabilitation (rehab). Most people assume that the rehab stay in the SNF will be covered by Medicare. Unfortunately, that is not necessarily the case. Medicare mandates that a patient must spend at least three consecutive days, meaning three midnight stays, in a hospital as an inpatient on admitted status in order …

How will Obamacare impact the estate planning you already have? How will Obamacare affect seniors, boomers, and their Medicare? What are the steps you should take right now to protect you and your family so you do not go broke, lose your home and leave your family without a dime? The biggest fear that many people have today is of having their life savings wiped out by a debilitating illness or an extended stay in a nursing home. Add to that the uncertainty brought on by the advent of Obamacare, and many people are tempted to engage in incorrect or …

Warning: You can owe capital gains taxes even if your estate doesn’t owe estate taxes. How does this unwelcome surprise happen? Let’s look at an example: Dad died last year. Mom died 10 years ago, before Dad. They had “A/B trusts,” which were recommended to them by their lawyer. The “A Trust,” called the Survivor’s Trust, belonged to Dad, and the “B Trust,” called the Decedent’s Trust, belonged to Mom, because she died first. Mom owned the house and stocks at her death 10 years, which have steadily increased in value, even after Dad’s death. Problem: Even though Mom had …

Boomers and Seniors: How did things go so wrong? Recent studies indicate that only 48 percent of those 65 and older have even basic documents such as financial powers of attorney. Worse yet, less than 60 percent have health care powers of attorney in place. Boomers and Seniors: Estate Planning is not just for the rich! Furthermore, estate planning is not just about death and dying, but rather about living in the second half of your life. This involves consideration of the following: * How to cover living expenses during the elder years and retirement years * How to access …

In today’s society and as we age, we must understand that the greatest threat to middle-class, senior-citizen taxpayers is the devastating cost of long-term care. The way to begin preparing is to recognize that we go through three phases in life and those phases are the: 1) maturing years, 2) senior years, and 3) post- death years. Don’t make the mistake of assuming because you had your local attorney prepare a will, trust and power of attorney that you have prepared for your long-term care. In most cases, these documents do little to help. Take these steps: 1) Recognize that …

Nobody would buy a home without being represented by a real estate attorney. So why is it that most seniors are signing nursing home and other long-term-care contracts that require them to pay $6,000 to $10,000 a month for the rest of their lives and never give them to an elder law attorney to review? Nursing homes in our metropolitan area can cost anywhere from $6,000 to $10,000 a month. That means that the nursing home contract can cost you between $72,000 and $120,000 a year! How can you enter into a contract of this magnitude without adequate legal advise? …

Website columnist Anthony Ferraro has good news and bad for his readers this month. The good news? Starting next year, every state is required to establish an Insurance Exchange that offers individuals and businesses apples-to-apples comparisons of fees, features, companies, terms and conditions for minimum essential coverage in four standard plans: bronze, silver, gold and platinum. The bad news? “There’s still no fix in sight for the devastating cost of nursing home care!” Anthony writes. For the rest of the story, visit www.franoi.com, click on ADVICE at the bottom of the home page, then on ELDER LAW ADVOCATE. Get ready, …

If Alzheimer’s is a journey, you need to be on the lookout for those first few steps. Have you ever had a “senior moment” or know someone who has? These are common and usually not a cause for worry. But do they happen a lot? Do you have trouble remembering facts about your own life — either from years past or from the past five minutes? Do you struggle or have you noticed a loved one struggling to answer what should be simple questions? Questions like: “What did you do for a living before you retired?” “What are your grandchildren’s …

Alzheimer’s puts a strain on everyone, from sufferers to loved ones, but it doesn’t have to put your hard-earned savings at risk, too. Suffice it to say that it’s a hard disease. It changes your life and your relations with your loved ones. Your loved ones lose their memory and you lose your peace of mind. And if you’re unprepared, you can end up spending most of your assets before qualifying for Medicaid. Fortunately, there are ways help keep some of your life’s earnings from being spent on long-term care. The best thing would be to have long-term care insurance. …