Category: Elder Law

If a loved one has been diagnosed with a debilitating illness or dementia, there is a good chance that they will need care in a nursing home or the support of a skilled nurse in their own home at some point in the future. Turning to Medicaid to pay for these bills is often the first response of family members in crisis, attempting to help this loved one make such a transition.

A supplemental care trust may be a more appropriate option for leaving your estate to a family member who is expected to need government benefits, such as Medicaid, or who already receives these important programs as a result of special needs. Don’t let your good intention of leaving something behind for someone who needs it to have the unintended effect of causing them to lose this critical government support.

Also referred to as a supplemental needs trust, this tool enables the government benefits recipient to continue getting those services whereas the supplemental care trust can be used to pay for services such as entertainment, internet service, therapies, care manager services, clothing and travel, in addition to goods. Make sure that you have a qualified attorney create your supplemental needs trust for you to ensure that it complies with relevant rules and laws. 

What does a future long term care plan look like? If you’re not sure how to answer this question or even figure out what the first few steps are, it’s helpful to speak with a lawyer about what to expect and how to proceed. The support of an attorney can be instrumental in laying out your plan for you.

Planning ahead for elder law is just as important as considering your estate and your retirement planning. Unfortunately, despite the fact that elder law has become more popular and widely practiced by attorneys in recent years due to the number of people nearing and reaching retirement, elder law mistakes can still be made that can compromise the integrity of your estate plan and make things more difficult for you or your children.

Some of the most common failings in elder law planning include not addressing any of the following issue, such as:

•   Transferring your assets to your beneficiaries in the manner and in the time frame you want.
•   Protecting your assets from the cost of comprehensive long-term care and the qualifications for government benefits.
•   Choosing trusted individuals who are able to manage your affairs if you are disabled.
•   Keeping your assets in your own bloodline and protecting them from the future claims of creditors, lawsuits and divorce as associated with your children.

Furthermore, you will also need to consider the benefits of doing everything you can to avoid a guardianship proceeding. This can allow a judge to appoint someone else to step in and manage your affairs, if you are unable to do so and if you have not explained your desires for who is eligible to step-in in this case.

Most people already know that their last will and testament is the cornerstone of their financial and estate plan. However, many consumers don’t have this critical document in place. A 2014 American Journal of Preventive Medicine study found that up to three-quarters of Americans don’t even have a health care proxy, an advanced directive or a living will. 

That’s in addition to only 42% of the population having a will. A well thought out will is one of the most important preparations to put in place as you age, but there are other estate planning and end of life documents that should be considered.

Your unique situation will determine which of these strategies and tools is most important for you and sitting down with an estate planning lawyer is one way to identify what will work for you as well as what you need to protect your best interests. These documents include:

•      A living will
•      Health care proxy or power of attorney for health care
•      DNR – DNI orders
•      Durable power of attorney
•      Organ donor designation
•      Diminishing capacity letters
•      Life insurance
•      Digital assets memorandum
•      Personal property memorandum
•      Relevant information collection

Make sure that when you spend all of the time to put together necessary documents to protect your assets and to articulate your end of life wishes, that you provide information for your loved ones or at least your attorney to access this. In a heat of the moment and in the midst of a crisis, it can be challenging for your loved ones to figure out where you have stored such information, but an experienced attorney can be one method for protecting your interests and your rights.  

In general, estate planning refers to all of the steps that a person takes to protect the assets they have worked so hard to build and identify a plan for distribution. Furthermore, the documentation used in the traditional estate planning process helps to articulate who you would like to make decisions on your behalf if you were to become unable to do so.

There are plenty of different reasons to conduct elder law estate planning, which is somewhat different. Elder law estate planning involves the intersection of many complicated issues, including your estate plan and your retirement plan. You can benefit organizations and people that you hold dear by articulating to whom you want your estate to go. A comprehensive elder law estate plan can assist you in accomplishing these goals.

Elder law estate planning services everybody. To save your family the court costs, the legal fees, and family disputes when it comes time to settle your affairs, engaging in elder law estate planning allows you to fully encompass all of the different assets inside your estate and what you would like to happen to them when you pass away.

Furthermore, elder law estate planning contemplates whether or not you may need Medicaid in the future and what assets or savings plans you have in place should something happen to you that prompts a long-term care event. Consulting with a dedicated estate planning attorney who also practices elder law can give you a board overview of the critical issues you need to be familiar with in this process.

Most people have not had the experience of keeping an attorney on retainer. Most of their interactions with a lawyer happened for a specific purpose, like buying a house or handling a sudden litigation issue. That’s why it can be confusing when facing elder law issues, because you need to identify an attorney with whom you can form a relationship.

Your elder law attorney should be someone you can trust, because he or she will be helping you with the planning and decision-making associated with your golden years. As people are living longer, there are more and more complex issues that need to be addressed by people facing retirement age. Having a long-term plan for your assets and your healthcare is important, and an elder law attorney should work with you personally to help identify your individual needs.

That being said, if your interaction with attorneys has been sparse and focused largely on resolving one specific issue, you need to shift gears when hiring someone to help with your elder law needs. You need to first understand how an elder law attorney can help you. An elder law attorney is a lawyer who may help you with some of the specific but also the broader picture associated with your needs as you get older, including:

• Planning for long-term care
• Making sure your estate planning documents match your goals for your life as well as after you pass away
• Coordinating private and public resources to help pay for long-term care, should you need it
• Helping you identify possible locations for care

These are just some of the things that an elder law attorney can help with, but it’s essential that you find someone who focuses on holistic solutions. No two people are the same, and each elder law planning opportunity presents the need for unique considerations. Make sure you identify a New Jersey elder law attorney with experience in the field.

Elder law refers to a practice that is devoted to the needs of older clients. Elder law attorneys have specialized knowledge about long-term care planning, advance health care directives, powers of attorney, probate and trusts, guardianships, and asset protection. While many elder law clients turn to an attorney in the midst of an elder care planning crisis, you might also reach out to an attorney with experience in this field so that you can plan ahead. 

There are many reasons that you might need an elder law attorney. If you or a loved one has concerns over the cost of long-term care and how you will be able to pay for it, then it’s pertinent that you speak to an elder law attorney as soon as possible. Your attorney can walk you through the various options to pay for long-term care, including any government programs for which you or your loved one may be eligible.

An elder law attorney can be crucial for helping you learn about qualifying for these programs and walking you through your options to ensure that your wishes are carried out in the manner that you intend.

These are just a handful of the ways that an elder law attorney can help you. Whether you’re in a crisis situation or looking ahead to plan for the future, contact an elder law attorney to get the information you need to make these important decisions. Reach out to us today at info@lawesq.net.

There’s a flurry of activity in D.C. lately that might have an influence on your retirement plans. The proposed Obama budget has some important considerations inside for IRAs and Social Security. To start with, the plan suggests “harmonizing” required minimum distribution rules making mandatory RMDs for Roth IRAs after the individual passes age 70 ½. As of now, Roth IRAs still offer unique benefits since they are not in line with other rules on RMDs in retirement accounts.

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A second proposal inside the budget suggests a cap on IRAs that would limit what an individual can put into the vehicle once they have surpassed a “secure retirement” stage. This would influence wealthy individuals and could reduce opportunities for roll-over from an employer sponsored plan.

Finally, the government aims to explore ways in which to maximize Social Security benefits. Currently, some retirees are able to get the most out of Social Security with claiming strategies, but the government wants to reduce any windfalls and use those savings to help make the Social Security program more solvent.

As always, tax, retirement, and estate planning are subject to change often- and they do. These proposed changes could influence your own plans. Staying on top of the game by working with a qualified planner “in the know” can ensure that you’re getting the most out of your plans. To learn more, email info@lawesq.net or contact us via phone at 732-521-9455 to get started.

For some elderly citizens, remaining at home is no longer an option. Either physical or mental deterioration makes it impossible for them to carry out daily tasks, even with assistance from loved ones. Other seniors, however, may be able to live at home longer than they think. A recent article discusses considerations a person should make before committing to provide in-home care for a loved one.

First, consider what limitations your loved one faces. Are these limitations that a family member or in-home care worker can assist with? If your loved one requires regular doctor visits, could you arrange a doctor or nurse to make house calls? Finally, consider whether you can afford a personal-care assistant to assist with non-medical tasks such as meal-preparation, cooking and cleaning. Even hiring a person on a part-time basis will save you from the responsibility of 24/7 care.

If you plan on providing care to your loved one yourself, consider the toll the care may take on you. Often, family members undertake such tasks before realizing that they are ill equipped to deal with the unique tasks that aging individuals face. Additionally, if your loved one is unable to carry out simple tasks such as bathing, toileting, and dressing, a long term care facility may be the best and safest option.

With the changing field of health coverage and insurance thanks to the Affordable Healthcare Act, senior citizens who receive or are anticipating receiving Medicare may be understandably confused as to what the changes mean for them. A recent article discusses what seniors need to know about Medicare.

Primarily, senior citizens have faced confusion over whether the changes implemented by the Affordable Care Act will cause their Medicare or Medicaid benefits to be reduced or changed. This confusion partially stems from the fact that the open enrollment period for Medicare overlaps with that for Obamacare.

However, seniors should have no cause for concern. As Associate Vice President of the USF Health Jay Wolfson explains, “Medicare is a separate [from the healthcare exchange] qualified plan. They [seniors] do not need to worry about these Obamacare provisions for the exchanges. The exchanges are for people who don’t have Medicare, Medicaid, child health insurance coverage, veteran’s benefits, [or] Department of Defense Tri Care Benefits.”

If you are receiving Medicare, the open marketplace does not affect you. If you have a loved one who is receiving Medicare benefits, be sure they understand this as well. There is concern that once open enrollment opens, scam artists will target seniors, preying on this confusion.