Shopping for long term care insurance; Elder Law, Boston, Raynham and Andover Massachusetts

The cost of nursing home care is expensive. Long term care insurance is purchased to cover your nursing home residence, and can also pay for home care and assisted living. But there can be some problems with this coverage... Probably one of the biggest concerns for long term care insurance is the cost.

Questions to ask when comparing long term care insurance policies; Cohen & Oalican, LLP

There will be lots of questions that you will have when comparing long term care policies, but here are – without a doubt – some of the most important questions to ask:

• This one will be listed first because it is probably the most important; is the long term care insurance company reputable? Are they known to pay claims?
• Look for restrictions in the policy
• How long is the elimination (waiting) period?
• Should you purchase an inflation rider?
• What is the qualification policy?

When should you start looking at policies for long term care insurance?

Deciding when to start looking into purchasing a long term care policy is not an easy decision. It is sort-of a catch-22 situation. If you purchase one when you’re 80 for example, your premium – if they even accept you – will probably way more than you can afford to pay. But, with the way things are changing daily you probably don’t want to look into purchasing a policy when you’re only 50 because you probably won’t need to use it for at least 20 years and who knows what’s going to happen in 20 years…

Attorneys Cohen & Oalican specialize in Elder Law; where protecting your assets and your dignity is their core mission.

Medicaid Planning 101

Eligibility for Medicaid is always changing. Careful Medicaid planning can help you and your family tremendously. More often than you would think, people are rushing around trying to figure out what their next step will be when an unexpected need for nursing care financing pops up. Planning ahead can help you protect your family’s estate.

Long Term Care eligibility

In the U.S. the only plan that will cover long term care is Medicaid. Most people end up paying for nursing home care out of their pocket until they exhaust all their funds and then, and only then, will Medicaid kick in. Medicaid is considered a form of welfare which you can only qualify for if you’re “impoverished”.

Protecting your assets; Elder Law

There is a way to distribute/transfer your assets in advance to protect yourself and your family. Every persons case will be different though, so the need to talk to an attorney that specializes in Elder Law before it gets too late is imperative. Attorneys Cohen & Oalican specialize in Elder Law; where protecting your assets and your dignity is their core mission.

Contesting a will; Can it be done?

A family member dies and you quickly find out the beneficiary was not who you thought it would be. So, what do you do? There are steps you can take to contest a will if proper estate planning was not done.

Do you have any legal ground to contest the will?

Here are some things you want to ask yourself if you want to contest a will's validity:

• Was the deceased person pressured into changing the will before they died
• Were they tricked – maybe told that it was a different document – into signing the will
• Was the deceased person mentally capable at the time of signing
• Was the will executed properly

Would contesting the will be ‘worth’ the money it would cost for legal representation

Maybe you don’t care about the dollar value. You just want to prove this person’s wrongdoing. Before you make that decision think about how much it would cost to go that route. Sometimes court costs could get high and if the inheritance is not substantial enough to cover that it might not be ‘worth’ the headache of going through probate court.

If abuse is suspected you might want to think about criminal charges being brought up. If you find yourself in this position call Elder Law Attorneys Cohen & Oalican, LLP; Offices Boston, Raynham and Andover Massachusetts

Estate planning with Cohen and Oalican LLP

Estate planning is not any easy thing to do. It requires a lot of homework, and a lot of talking with family members and attorneys. You will have plenty of questions that have to be answered in order to make the right decisions. Attorneys Cohen & Oalican specialize in Elder Law and will answer any questions you and your family may have.

Things to think about when estate planning:

• Drafting a will or trust
• Appointing a health care and financial power of attorney
• Finding out how to save on your estate tax

Drafting a will or trust with Elder Law Attorneys Cohen and Oalican

Trusts are generally more complex than wills. A lot of people have a trust as well as a will. Certain possessions can be covered with a trust to shield them from federal taxes. Also, when a trust is drafted it saves your trustee several trips to the court house.

Appointing a power of attorney for estate planning

You will need a power of attorney for your health care and finance. In some circumstances the same person is appointed to do both, but make sure the person you appoint as your power of attorney can manage both; if not, you will need to think about getting one person for each task.

Saving money on your estate tax; estate planning

There are several things that one can do to save money on estate taxes. Several insurance-based trusts are not subject to taxing. There are also programs where you can appoint money from your IRA that will be excluded. Gifts can be given up to a certain amount that will lower the value of your estate to reduce taxes also.

Call Elder Law Attorneys Cohen & Oalican for help with your estate planning; Boston, Raynham, Andover Massachusetts.

The revocable living trust

The revocable living trust is a legal agreement that designates somebody full responsibility for your property - but can be changed at any time or any reason if you are alive and mentally competent. It becomes irrevocable after you die and is quickly becoming the best tool for estate planning.

The power of a revocable living trust

If done correctly a revocable living trust can save a lot of headaches and will also save a lot of time at the court house. Immediately after your death, your assets will be transferred directly to your beneficiaries or will start to be passed out over a period of time (if that is how you set it up).

Living trust or will

Trusts are generally for larger estates and are more complicated and expensive than a will. They both serve the same purpose: who gets your property, who gets your money and how and when they get it.

Protecting your assets, and your dignity through this process is the core mission of each of the attorneys at Cohen and Oalican, LLP.

Estate Planning 101

Estate planning is probably one of the most important things you can do in your lifetime. Everyone wants to make sure their spouse and kids can live comfortably after they pass. I know it is for me, anyway. Here are a few of the most common will and estate planning mistakes:

The most common estate planning mistakes

• Deciding to leave a lump sum of money in your will
• Not making a plan for your business (if you own one)
• Forgetting to update your documents as things change
• Thinking you can write up your own estate planning documents

Estate plans designed to meet you and your family’s needs

Proper estate planning is not easy, but it’s one of the most important things you will ever do. Make sure that your will and estates will go where you want them.

Conservatorship / Guardianship

There are a few different scenarios as to whether you or your loved ones would need a conservatorship. The most common reason is when a person is mentally ill and cannot or should not make their own decisions. Here are a few things to think about when considering a conservatorship:

• Has a power of attorney already been appointed
• Is there a living will or medical directive
• If a medical directive has been set up, what health matters are and aren’t covered
• Is there somebody designated to make decisions for personal life matters (where is the person going to live, who is allowed to visit/spend time with the person)

Conservatorship and Guardianship; Elder Law Attorneys Cohen and Oalican, Boston, Andover, Raynham, Massachusetts

Guardianship is basically the same thing a conservatorship. Simply put, if a person can’t make decisions for themselves, a judge will appoint someone to do just that for that person. They have all legal “say” where they are appointed to; finance or medical care. Sometimes that person will be appointed to cover both jobs; finance and medical care.

Advantages of Conservatorship and/or Guardianship

• Family members can be at ease knowing a conservator / guardian that they trust will be handling important decisions
• Conservator / Guardian will handle all legal dealings with third parties
• Conservatorship / Guardianship helps the process for a judge to approve decision

If a few decisions are made by the conservator, and the family and/or judge is not happy with the decisions the judge can appoint somebody else to the job. Most of the time, the conservatorship will last until the person dies, but the conservator can be UN-appointed if the person becomes able to make their own decisions again.

Retirement Plans

Start your retirement planning early. Ask Olga Karman; she had to start her retirement plan in a hurry, because before she knew it she was 48 years old wondering where she was going to get her retirement money from.
"I really had to cut back," said Karman, "I sacrificed like you wouldn't believe, and I was not shy about buying secondhand clothes."

Retirement planning; Elder Law Attorneys; Boston, Raynham and Andover Massachusetts

As soon as Karman realized she was so close to retirement, she hurried and started making very large contributions to different savings and investment accounts. She even bought a long-term care insurance policy. For any normal person to do this would not be easy. Sacrificing and cutting back on everything is a very hard thing to do.

Social Security fate concerns Elder Law Attorneys Cohen & Oalican

Nobody knows the fate of Social Security right now, and almost all employer-paid pensions are no longer existent. More and more people are starting to wonder if they will be fit for retirement or not. For many people, that is a very scary thing to think about.

Don’t let this happen to you. Start planning for your retirement as soon as possible.

Indiana's first nursing home for Alzheimer's patients

Indiana's first special care nursing home dedicated to Alzheimer's disease, which is called Auguste's Cottage at Harrison Terrace, is named after Auguste D. (The first person that was recognized as having this disease) had its grand opening just recently.

Dementia affects four out of eight people over 85; Elder law Attorneys Cohen and Oalican Boston, Raynham and Andover Massachusetts

Dementia affects one out of eight people that are over 65 . Dementia affects four out of eight people over 85. More than 120,000 Indiana nursing home residents have Alzheimer's disease.

Special care nursing home planning for elderly with dementia is offered at Auguste's Cottage

Auguste's Cottage is operated by American Senior Communities which operates over 50 nursing homes in Indiana. The home has 90 residents already and has room for 22 more residents. Residents will benefit from this nursing home by the special services offered. They focus on making their residents feel at home and comfortable, not as if they are in a hospital.

Finding a safe Nursing Home through Medicaid, Probate and Estate planning and Estate Preservation

The Centers for Medicare and Medicaid have made some major improvements to help us make the right choice for our loved ones nursing home placement. But is it enough?

Nursing home changes in medicare: protecting your family with Elder Law Attorneys Cohen & Oalican

• It is now easier to file complaints about nursing homes by making links on their website "stand out" that will link you directly to state survey agencies websites.
• Nursing home "resident rights" section "stands out" more. This section provides information on how consumers can take action if their rights are violated. This section also includes information on the Ombudsman program (Long-Term Care).
• All new page on their website for "Finding and Comparing Nursing Homes".

Nursing home abuse on elderly with dementia; Boston, Raynham and Andover Massachusetts; Elder Law

When we move our loved ones into nursing homes, our support and the support of other friends and family is very important. This is especially true when our loved ones have dementia and can't make adequate decisions for themselves.

It is important for families providing elder care or placing loved ones in a nursing home to ask questions.

The Office of the Inspector General for the Department of Health and Human Services reported that elderly patients are often given anti-psychotic drugs that violate government standards, are not accepted for medicare coverage and/or are not approved by the FDA. This really shows how important it is for families and friends to watch closely and ask questions as to which medications are being prescribed to our loved ones.

Pharmaceutical Companies Improperly Promoting Drugs concerns Boston Elder law attorneys at Cohen and Oalican

The FDA puts what is known as a “black box warning” on these anti-psychotic drugs stating that there is a higher risk of death when they are taken by elderly people with dementia. And yet, 88% of the time these drugs were prescribed in ways that violate government standards, they were prescribed to elderly people with dementia.
Lawsuits and settlements suggest that several pharmaceutical companies have improperly promoted these anti-psychotic drugs to nursing homes.

Drugs prescribed violate government standards; Medicaid law

These drugs known as “atypical” anti-psychotics were found to be used by over 305,000 nursing home residents. One in five that were prescribed these drugs were found to be prescribed in a way that violated government standards. Also, more than half of the drugs that were covered by Medicare should not have been covered.

Preview of the Proposed New Tax Relief Act of 2010–Conclusion

 

 

Changes to Regulated Investment company (RIC). 
Do you have investments in an offshore owed Regulated Investment company (RIC).  Here’s what changes you might be able to expect if the current bill is extended.

 

Estate tax look-through of certain Regulated Investment Company (RIC) stock held by nonresidents. Although stock issued by a domestic corporation generally is treated as property within the United States, stock of a RIC that was owned by a nonresident non-citizen is not deemed property within the United States in the proportion that, at the end of the quarter of the RIC’s taxable year immediately before a decedent’s date of death, the assets held by the RIC are debt obligations, deposits, or other property that would be treated as situated outside the United States if held directly by the estate (the “estate tax look-through rule for RIC stock”). The proposal permits the look-through rule for RIC stock to apply to estates of decedents dying before January 1, 2012.

 

By the time you read this, much may have been changed.  What we know for sure is that there will be change and it will impact our elder and special needs clients.  Please consult with us, or with an appropriate elder law attorney as you make decisions that will impact your taxable situation for the coming years.

 

Your friends at…

 

Cohen & Oalican

Boston Elder Law Attorneys
Raynham Elder Law Attorneys
Andover Elder Law Attorneys

Preview of the Proposed New Tax Relief Act of 2010 - Part 4

 

Once again.. this is a preview of what is currently under discussion.  It is NOT law, and should not be looked at as political, legal, or financial advice.  This is only  a brief look at some of the currently debated act, as it impacts our senior clientele.

 

Tax Free Distributions to Charity from IRA Account
Continuing on the theme of philanthropy, if approved, there will continue to be opportunity to make charitable contributions from your retirement account without attracting a tax penalty.

The bill if approved in its current form extends through 2011 the provision that permits tax-free distributions to charity from an Individual Retirement Account (IRA) of up to $100,000 per taxpayer, per taxable year. The bill allows individuals to make charitable transfers during January of 2011 and treat them as if made during 2010.

 

To Be Continued…

 

Your friends at…

 

Cohen & Oalican, LLP

Boston Elder Law Attorneys
Raynham Elder Law Attorneys
Andover Elder Law Attorneys

Preview of the Proposed New Tax Relief Act of 2010 - Part 3

 

 

Once again.. this is a preview of what is currently under discussion.  It is NOT law, and should not be looked at as political, legal, or financial advice.  This is only  a brief look at some of the currently debated act, as it impacts our senior clientele.

 

Estate Tax
Top on the list for most of our elder law clients, is preserving their estate.  Below are the changes, verbatim, on what we may expect to see in tax relief in Estate Taxes.

Temporary Estate Tax Relief
Temporary estate, gift and generation skipping transfer tax relief. The EGTRRA phased-out the estate and generation-skipping transfer taxes so that they were fully repealed in 2010, and lowered the gift tax rate to 35 percent and increased the gift tax exemption to $1 million for 2010. The proposal sets the exemption at $5 million per person and $10 million per couple and a top tax rate of 35 percent for the estate, gift, and generation skipping transfer taxes for two years, through 2012. The exemption amount is indexed beginning in 2012. The proposal is effective January 1, 2010, but allows an election to choose no estate tax and modified carryover basis for estates arising on or after January 1, 2010 and before January 1, 2011. The proposal sets a $5 million generation-skipping transfer tax exemption and zero percent rate for the 2010 year. 5 of 12

Conservation Gifts & Capital Gains
For those clients considering the philanthropic disposition of property for purposes  of conservation, the following is being contemplated.

Extension of provision encouraging contributions of capital gain real property for conservation purposes. The bill extends for two years (through 2011) the increased contribution limits and carry forward period for contributions of appreciated real property (including partial interests in real property) for conservation purposes.

 

To be continued…

 

Your friends at…

Cohen & Oalican, LLP

Boston Elder Law Attorneys
Raynham Elder Law Attorneys
Andover Elder Law Attorneys

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