Alzheimer’s and Dementia Part 3

 

4.      Financial Status

Use this week to ask tough questions about your parents financial status. Be sure that their finances are appropriately managed after their diagnosis of Alzheimer’s or Dementia. Find the location of safety deposit boxes, bank accounts, investment or brokerage accounts, outstanding debts or other assets unknown to the family. If you don't have these hard discussions, funds that could be used to cover the costs of long term care could be lost and forgotten when memory loss ultimately occurs.

5. Contacts and information

Ask now, while memories are still sharp. Begin to work with your elder parents to compile a list of important contacts and other information that will be useful to the family if memory loss occurs. Get information on doctors, professional advisors (ie. accountant, attorney, financial advisor) and important passwords for online accounts.

“These conversations are NEVER easy. Having these talks though can ease every member of the family's transition into living with Alzheimer’s or Dementia.” says Steve Cohen. “Plan Ahead, if at all possible, don't leave these things till it is too late and you have to react instead of plan. Your parents will appreciate your care and concern that their wishes be followed and honored ”.

 

For further information contact our elder law attorneys at Cohen & Oalican, LLP.

Alzheimer’s and Dementia Part 2

 

According to the law firm of Cohen and Oalican, elder law attorneys in Boston, MA, there are 5 specific conversations adult children should have with their parents as soon as the opportunity presents itself. They comprise the following:

1. Long-term care preferences

Would your parents prefer nursing home, long term care, or in-home care if there had to be a choice?  If they prefer a long term care or nursing home facility, what amenities and activities are important to them? Asking these questions early can smooth the moving to an assisted living facility or a home-health care program far simpler should the need ever present..

2. Legal Documentation

What good is a living will if no-one knows where to find it?  It is critical that you know what legal documentation your parents have before incapacity occurs. This includes making sure their parents have a power of attorney, health care directive and HIPAA forms so someone can easily step in to make financial or medical decisions on their behalf.  In absence of this documentation, the family can be forced into petitioning a court for control over their parents.  This can be expensive, time consuming, and may not result in what your aging parent wanted with their lives.

3. Medical Preferences and Wishes

Please discover what type of, and how much care your aging parents want as soon as possible after their initial diagnosis of Alzheimer’s or Dementia. Understand their desires about life support and  other end-of life medical treatments. Who do they want to make these decisions for them if and when they can’t?  This will help your parents' security in knowing that their desires in this area will be carried out, despite the family trauma that enfolds itself around Alzheimer’s and Dementia.

to be continued….

Alzheimer's and Dementia

 

While most of the country is involved in Valentines activity this week, those who care for elders with special needs are more than aware that this is also Alzheimer’s and Dementia awareness week (February 14th –21st).  This week is the perfect time to show your love for those you care for by having the “tough love” hard conversations with elderly aging parents about their wishes and plans should the disease ever strike.

“Does Dad want to be in an assisted care facility, or a nursing home?”

“Does Grandma look at life with Alzheimer’s or Dementia to be quality of life?”

“Do you have, and where do you keep legal documentation ensuring someone can act financially on mom or dad’s behalf  if they are no longer able to act on their own behalf?”

These are many questions that experts in all fields urge adult children to ask of their parents during this year’s Alzheimer’s and Dementia Awareness Week (February 14th- 21st).  These answers help family’s build a plan, and know how to execute their parents’ wishes in the tragic event that mental illness strikes.  Don’t leave the decisions to when it becomes a battle between siblings, or until there isn’t enough time to financially prepare.  Have these heartfelt conversations now.

“We see so many families that waited on important conversations, that come to us in crisis mode, instead of planning mode regarding Alzheimer’s or Dementia  - Crisis mode is expensive, and results too often in knee jerk, and expensive decisions.” says Boston elder lawyer, Stephen Cohen. “Legally, if an adult child doesn’t know  their parents’ wishes, or can’t put their hands on instruments like a durable power of attorney, they can be left with a legal, financial and tax quagmire, while simultaneously dealing with the physical and emotional needs of this debilitating disease”, adds elder law partner Eric Oalican.

 

to be continued…

How to Protect Your Home if You Are Admitted to a Nursing Home - Part 2

Part 2

Transfer of your home

The legal transfer on ownership of your home to your children or any other family member may incur a Medicaid penalty, which would affect your eligibility for Medicaid for a certain period of time. It is best to talk to an attorney to find out all the legalities regarding your wish to transfer your property ownership to someone else, before you do it.

There is no penalty involved if you transfer ownership of your home, to the following:

1. To your spouse.

2. Any child of yours who is under 21 years of age, or visually or physically challenged.

3. Into a trust that is formulated for the sole benefit of a disabled person under 65 years of age. This could be for the Medicaid applicant as well, under certain circumstances.

4. A brother or sister of the owner, who has lived in the same home for one year prior to the admission of the applicant in the nursing home and also has an equity share in the property.

5. A child who has been a caregiver and is the offspring of the applicant, who has lived in the same house for a minimum period of 2 years. He/she must have taken care of the applicant during that period to avoid admission to a nursing home.

You may consider selling off your home at the current market value, but you may find yourself ineligible for any Medicaid benefits. You may end up utilizing the money from the sale of your home, for your medical treatment.


For advice with your Medicaid Planning, contact Cohen & Oalican,LLP Boston Elder Law and Estate Planning Attorneys, Also serving Andover and Raynham Massachusetts

How to Protect Your home if You Are Admitted to a Nursing Home - Part 1

How to Protect Your Home if You Are Admitted to a Nursing Home


When you need to obtain Medicaid coverage for your future medical treatment and care, it is not necessary to sell your home. However, if the house is in your sole name, the state may claim your house legally after your demise. When you claim Medicaid to pay for medical treatment in a nursing home, it is possible that the state may try to recover the cost of the benefits provided, by placing a lien against your home. This is termed ‘estate recovery’ and the house you own may be the only item of considerable value left after your demise, given the terms and conditions of eligibility for Medicaid.

So there is a distinct possibility of the state filing a legal claim on your property and home after your demise. It is in your interest therefore, to consult an attorney to get complete information and find out how to protect your home, as soon as you need to be admitted to a nursing home for your medical treatment. Some states have implemented the Deficit Reduction Act of 2005, whereby the home is not looked upon as an asset for the terms of eligibility for Medicaid, if the equity value is less than $500,000. In some states, the equity value limit is $750,000. You can retain your home and property with no limit on the equity value, if your spouse or
any other dependent family members live there.


Cohen & Oalican,LLP Boston. Elder Law and Estate Planning Attorneys, Also serving Andover and Raynham Massachusetts