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.