Category: Long Term Care Planning

October 6, 2017 admin

What Factors Should You Consider When Utilizing Your Retirement Funds? Today few people have defined benefit pensions anymore.  The vast majority of us now rely on 401(k) or IRA self-directed and self-funded retirement plans.  Not only does this put the risk of investing and having enough money to retire on but it also places upon…

February 13, 2017 admin

Should All States Permit the Use of Medicaid for Assisted Living? The question of using Medicaid funds for assisted living is a big one for many in the elder care field. As we have discussed before, Medicaid is a joint state and federal program. The federal law lists broad eligibility rules, The states will get roughly…

January 31, 2017 admin

The Wall Street Journal recently ran an article Collapse of Long-Term Care Insurer Reflects Deep Industry Woes. The article focuses on “[t]wo insurance units of Penn Treaty American Corp., which have combined assets of about $600 million and projected long-term-care claims liabilities topping $4 billion,[which] are on track to be liquidated early next year, according…

January 2, 2017 admin

Affordable Care Act:  Impact on Older Adults Repealing The Affordable Care Act Will Not Only Affect the Young One of President-elect’s Donald Trump’s campaign promises was to repeal the Affordable Care Act (ACA), aka Obamacare, and Republicans in Congress have vowed to make the repeal one of their first acts in the new term. While…

December 12, 2016 admin

Medicaid Block Grant Proposal Medicaid block grants  . . . again?  Regardless of your political persuasion it is quite evident that benefits for the older and disabled and likely to change when Donald Trump becomes president. Obviously things said during the campaign process do not always materialize. However, the appointments being made to high level…

December 12, 2016 admin

New Law Allows People with Disabilities to Create Special Trust Finally. The Special Needs Trust Fairness Act, federal legislation that will allow people with disabilities to create their own special needs trusts instead of having to rely on others, has passed the Congress. The measure was included in the 21st Century Cures Act, a $6.3…

October 19, 2016 admin

The phrase “asset protection planning” means a variety of things depending on who is asking for protection and the type of professional who hears the question. For example, a financial advisor whose client asks about asset protection will likely want to discuss investment strategy, diversification, “safe” investments, and rates of return, with the aim of…

March 11, 2016 admin

Preparing for long-term care costs is hard to predict and will be costly to mitigate. Few have prepared for this gathering storm. Private long-term care insurance is available, of course, to help pay for expensive services if you are mentally or physically incapacitated late in life, but it is a notoriously confusing and not always…

February 15, 2016 admin

Who Has Standing to Challenge the Actions of an Agent Under a Power of Attorney? This question is often asked to me when someone is concerned about abuse of an older adult who no longer has the ability to advocate for him or herself. The answer depends largely on whether or not the grantor of…

February 15, 2016 admin

Nursing Home Quality:  New Report from the Government Accounting Office The Government Accounting Office (GAO) did a recent study of nursing home quality that produced both interesting and mixed results.  Although complaints are up, potential improvements in nursing home quality have been reported. Quality standards for nursing homes that participate in Medicare and Medicaid programs…

January 11, 2016 admin

Medicare will Cover Conversations About End of Life Care With My Doctor? Medicare beneficiaries may now discuss options for end of life care with their health care providers. Beneficiaries were already free to talk about advance care planning with their doctors, but the practitioners could be reimbursed for such discussions only during a patient’s “Welcome…

January 8, 2016 admin

Six Myths About Living Wills As you contemplate end of life issues, misinformation can make the  topic of living wills and advance directives confusing.   Below are six common myths about living wills and advance directives, followed by the actual facts. Myth #1  You must have a living will to stop treatment near the end of…

December 15, 2015 admin

Q: Rob, should I use one of those online legal services to do my estate planning documents? A:  Today, you can learn almost anything online. There are TV channels, websites, apps, programs and old fashioned classes devoted to DIY (Do It Yourself). LegalZoom and Rocket Lawyer, among other online services, attempt to streamline the process…

November 24, 2015 admin

The Perils and Pitfalls of Doing Asset Protection Planning on Your Own Dealing with long-term care planning is a daunting process. Very complicated state and federal Medicaid laws and regulations present many pitfalls for those who try to engage in that process on their own without working with a competent elder law attorney. A recent…

October 12, 2015 admin

Q  Do I still need life insurance after my kids are out of the house? A  The need for life insurance is very different depending upon your circumstances and so are the types of life insurance to fill those needs. The issue of needing life insurance is a long and drawn out analysis, however, the following…

August 26, 2015 admin

Q: When is it better to take a pension versus a lump sum payout? A:  As always, it depends.  If you are in good health and/or married, in most cases the pension is the better deal.  With most pensions you have a joint and survivor annuity option that allows your spouse (wives usually outlive their…

August 25, 2015 admin

This is a tricky question because every power of attorney is different and therein lies the confusion.  There are two types of triggers for an agent under a power of attorney to be authorized to start acting for the principal.  The first is a Springing Power of Attorney.  In this type of instrument there is…