Archive for the ‘Elder Law Planning’ Category
The Aid and Attendance Benefit Explained
Friday, January 14th, 2011Be Careful of “VA Claims Experts”
Monday, January 24th, 2011What you need to know when seeking professional help for your VA Benefits claim…
Having Problems With VA Benefits Application?
Sunday, January 23rd, 2011The reality is that bureaucracy and an overworked system can be a real impediment to the VA benefits application process. This short video shows why having a knowledgeable VA guide can help…
Quick Long-Term Care Planning Calculator
Thursday, December 23rd, 2010The following link, from the U. S. Department of Health and Human Services, is a very useful tool for assessing your financial capacity to cover the cost of long-term care.
U.S. Dept of Health & Human Services Calculator
It calculates the projected cost of long-term care (using your selected state’s average costs) and compares this to your projected savings. This gives you a ballpark number of the critical gap between the cost of long term care and what you are able to fund yourself.
This is of course, a preliminary first step in planning for your long term care needs. If you have a “sizeable” financial gap, you need to explore other options available to you, BEFORE you enter into what is called a “crisis planning” mode. You need to talk to an Elder Law Attorney who specializes in Long-term Care Planning, and who also has expertise in utilizing public programs such as Medi-Cal (Medicaid) benefits, and the Veteran’s administration Aid and Attendance Program.
Here at the California Elder Law Center, we specialize in helping seniors finding money to pay for their long-term care needs. So if you live in the Palm Springs area (Coachella Valley) or in the greater Los Angeles area, don’t hesitate to call us and make an appointment to discuss you own situation. Our toll free number is (888) 500-6700.
VA Benefits: Aid & Attendance Pension
Friday, September 10th, 2010Most people assume that veterans benefits are only for service men and women who were wounded on disabled while in the armed forces. What most people don’t realize is that there are substantial benefits that may be available to wartime veterans who are now senior citizens and are facing the burden of financing long term care due to a host of diseases such as Alzheimer’s. Parkinsons, MS, Lou Gehrig’s disease, and many other afflictions of an aging population. The Veterans administration estimates that millions of wartime vets and their spouses may be eligible for Special Monthly Pension benefits, and not even be aware of it.
Veterans, or their surviving spouses, become eligible for the Special Monthly Pension benefit when they are over 65 years of age, and are permanently disabled and unable to work, are homebound, or need the regular aid and attendance of a caretaker, whether at home, in assisted/supportive living, or in a nursing home. Because the program is based on actual financial need for assistance, there are existing income and asset limitations.
There is a lot of misunderstanding regarding how to qualify for this important benefit. In a future post, we will cover some of the myths surrounding veterans benefits. The most important take-away is the following:
The maximum benefit available can provide significant help in paying for long term care costs, either for the homebound and/or nursing home veteran/surviving spouse. For eligible and qualified seniors, the VA pension can be an important source of funds.
Here’s another crucial piece of information that seniors should also know.
There are only three types of persons who are authorized to provide a veteran with assistance in filing a claim for veterans benefits:
1. An attorney licensed to practice law in your state.
2. A veterans service organization such as VFW, American Legion, Amvets, etc.
3. A state or county official of the Department of Foreign Affairs in your state.
There are very few attorneys who have detailed knowledge of this practice area. The main reason is that it is illegal to charge a veteran a legal fee for providing assistance in filing a claim for benefits. Veterans Service Organizations (VSO’s) often do not have sufficient resources to assist multiple generations of veterans. Hence it is often difficult for a veteran or his/her surviving spouse to get help in filing a claim.
In fact, according to a 2005 newspaper report, “a veteran who turns to the VA for information about veterans benefits might want to get a second opinion.”
It gets worse. “According to the VA’s own data, people who call the agency’s regional offices for help and advice are more likely to receive completely wrong answers than completely right ones.”
In the next post I will cover another “expert” source of VA benefits advice that is problematic because of a potential conflict of interest.
Fight for Your Right to Choose Life-Sustaining Treatments!
Tuesday, August 24th, 2010
Long-term health care planning is a dodgy process in that you must stand firm about how you expect to be cared for in the event of your incapacitation or inability to make critical medical decisions. This process helps people think about the kind of care they wish to receive should you need a spouse, loved one or friend to make these life and death decisions for you. In California, a Power of Attorney for Health Care, also referred to as PACH, is the legal document that allows patients to choose who will speak for them should they become unable to speak for themselves.
Sadly, a health care provider who confronts an emergency situation may lack the time and opportunity to communicate with a terminally ill patient’s chosen representative. For this reason, California law permits treating physicians to confer with their patients to define acceptable types of life-sustaining treatment should a medical decision involving issues of life support arise.
The Physician Orders for Life-Sustaining Treatment, or POLST, converts the patient’s wishes regarding life support into a formal medical order. To make sure that the order has full force and effect the POLST must:
- Be completed by a health care provider based on the patient’s preferences and medical indications
- Be signed by the treating physician and either the patient or the patient’s legally recognized health care decision maker
- Be prepared on a brightly colored pink form that is easily recognized by emergency care providers and hospital staff
- Be filed on the first page of the patient’s medical file and transferred with that file to all future health care providers.
Doctors are required by law to honor the preferences of those patients who have chosen to use this legal document as a guideline that defines appropriate future care. However, the POLST may be changed or even revoked by the physician, patient, or patient’s health care decision maker at any time should the circumstances warrant it.
Do you feel prepared for this type of emergency medical decision-making? If not, contact a qualified Elder Law attorney who can walk you through the process of preparing for this type of situation and avoiding medical mistakes that may mean the difference between life and death.
The Top 10 Things to Know About Estate Planning
Tuesday, August 17th, 2010
Estate planning is the process of anticipating and arranging for the closure of an estate when someone passes away. Typically, Estate planning tries to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in situations of incapacity.
Here are 10 things you must know about estate planning before you get started.
1. An estate plan has several elements:
- A Will
- Assignment of Power of Attorney
- A living will or health-care proxy (medical power of attorney)
- A trust
When putting together your plan, you need to be mindful of both federal and state laws governing estates. That’s where your elder law attorney’s expertise really kicks in. And remember, no matter your net worth, it’s important to have a basic estate plan in place. Such a plan ensures that your family and financial goals are met after you die.
2. Take a full inventory of your assets to start.
Doing this allows you to have a full picture of everything you need to protect or want to leave to your heirs. Things to include are: your investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Who do you want to inherit your assets? Who do you want handling your financial affairs if you’re ever incapacitated? And, who do you want making medical decisions for you if you become unable to make them for yourself?
3. Create a solid will.
A will tells the world exactly where you want your assets distributed when you die. It’s also the best place to name guardians for your children. Dying without a will — also known as dying “intestate” — can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die.
4. Setup a trust; they aren’t just for the wealthy.
Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.
5. Discuss your estate plans with your heirs; this may prevent disputes or confusion later.
Inheritance can be a loaded issue. By being clear about your intentions, you help dispel potential conflicts after you’re gone.
6. The federal estate tax exemption — the amount you may leave to heirs free of federal tax — changes regularly.
The estate tax hit $3.5 million in 2009, but was phased out completely in 2010, but only for a year. Unless Congress passes new laws between now and then, the tax will be reinstated in 2011 at $1 million.
7. You may leave an unlimited amount of money to your spouse tax-free, but this isn’t always the best tactic.
By leaving all your assets to your spouse, you don’t use your estate tax exemption and instead increase your surviving spouse’s taxable estate. That means your children are likely to pay more in estate taxes if your spouse leaves them the money when he or she dies. Plus, it defers the tough decisions about the distribution of your assets until your spouse’s death.
8. There are two easy ways to give gifts tax-free and reduce your estate.
You may give up to $13,000 a year to an individual (or $26,000 if you’re married and giving the gift with your spouse). You may also pay an unlimited amount of medical and education bills for someone if you pay the expenses directly to the institutions where they were incurred.
9. There are ways to give charitable gifts that keep on giving.
If you donate to a charitable gift fund or community foundation, your investment grows tax-free and you can select the charities to which contributions are given both before and after you die.
10. Find a trust Elder Law attorney to consult with. Many of these tasks are more complicated than they appear on the surface and it will end up saving you and your heirs a lot more money down the line if these documents are prepared correctly and managed properly.
Get more great information on money management at CNNMoney.com.
