Estate Planning Blog Articles

Estate & Business Planning Law Firm Serving the Providence & Cranston, RI Areas

How to Protect Your Spouse when Diagnosis Is Dementia

Few illnesses are as terrifying as dementia, for which there is no cure. If estate planning is in place, it may need to be adjusted to address new, more imminent issues. Reviewing the family situation from a legal and financial aspect is critical, and there is no time for delay, explains a recent article from Morningstar, “’I don’t want my wife to lose everything’: I’ve been diagnosed with dementia –I suddenly could not spell or write legibly.”

There are a number of steps to be taken to smooth the path ahead. First is to update your will and create a financial power of attorney. Don’t try to do this without the help of an experienced estate planning attorney.

This may also be the time to reassess your investment portfolio based on your new financial plan and risk tolerance.

An Advanced Healthcare Directive will inform doctors what actions you want them to take when you cannot make those decisions for yourself. You may want to list your wife as your healthcare proxy to carry out these decisions, but be mindful of the pressures put on a marriage when serious healthcare issues occur. Your spouse will need emotional support as well, and you’ll want to have a successor to your spouse for both the healthcare and POA documents.

Share your situation with trusted family and friends to create a team–a community of people who can provide support, part of which will be updating beneficiaries. Now would also be the time to record instructions for access to devices, documents, and even daily habits.

Long-term care insurance will help with expenses and should serve as an example for anyone reading this article. Policies should be purchased early in life when they are relatively affordable to help alleviate the financial burden of nursing home costs.

An estate planning attorney and financial advisor will help you take an accounting for assets, expenses, and projected long-term care costs. You’ll want a team approach to provide as much guidance as possible.

When to put your long-term care policies into payout status is a difficult decision. You’ll need to time this with a Medicaid plan, which your elder law estate planning attorney will be able to help with.

Now may also be the time to create a trust and divest assets to make it through the five-year Medicaid look-back, using your long-term care policy in the next five years.

There are exceptions to the five-year look-back rule for Medicaid eligibility. They include paying off debts, buying medical devices, or making home improvements to improve accessibility. However, eligibility depends upon income and other assets.

Some states, including Florida and New York, have rules exempting homes from assets calculated by Medicaid under certain circumstances. California eliminated an asset limit this year, making a person’s home automatically safe from Medicaid while they are living, but this does not mean it’s exempt from the Medicaid Estate Recovery Program.

Working with a team of professionals, including an estate planning attorney, and having the support of family and trusted friends will be important as time goes by and the disease progresses.

Reference: Morningstar (Feb. 25, 2024) “’I don’t want my wife to lose everything’: I’ve been diagnosed with dementia –I suddenly could not spell or write legibly”

How Can Older Adults Not Get Scammed?

Everyone becomes more vulnerable to scams and financial abuse as we age into our later years, reports a recent article from Kiplinger, “Seven Ways to Protect Older Adults from Financial Abuse.” Older people are swindled out of more than $3 billion every year, and more than 3.5 million people are victims of financial exploitation every year. Protecting financial well-being requires prevention, which also applies to younger adults.

Maintain a heightened awareness level. Talk with family members about the potential risks from thieves, online and in real life. Know that exploitation by family members is just as likely, sometimes more so, than by strangers.

Maintain open communication. Just like meeting with an estate planning attorney regularly to ensure legal affairs are in order, check in with trusted loved ones about their financial status regularly. Talking about money among families can be challenging, depending on the family’s history and dynamics. Nevertheless, an open and ongoing dialogue will help with early detection and prevention of financial abuse.

Arrange for a Durable Power of Attorney. The person selected as a Power of Attorney (POA) should be trustworthy and capable of managing finances in case of incapacity. Talk with your estate planning attorney about whether you need to apply certain limitations for your POA or if it should be a broad document. If you are a “solo ager,” you may want to ask your estate planning attorney to act as your POA.

Make sure your estate planning is in order. Estate planning is an essential area of protection for people of any age, especially older adults. If your will, trust, or estate planning documents have not been updated in more than four years, it’s time to make an appointment with your attorney. There are many legal options for safeguarding assets and ensuring that your wishes are followed.

Monitor accounts regularly. Reviewing monthly statements from investments, banks and other accounts is essential for protecting assets. A few simple steps can avert fraud, including freezing credit, setting stricter controls on social media and setting phones to send unknown callers to voicemail.

Signing up for financial account and credit monitoring helps detect irregularities or unauthorized transactions. Allowing a trusted loved one to monitor accounts may make sense, depending on support needs and comfort level.

Safeguard personal information. If you’re using your birthday or your pet’s name as a password, it’s time for new passwords. The digital world has increased risks, and endless scammers with highly technical skills exist. Consider using two-factor authentication where possible—you can’t get into your account until you confirm with a code sent to your phone, text, or email. It is an added step and effective in protecting accounts.

Stay Up to Date on Scams. Financial scams come and go in waves, like fashion. Some people still receive emails about having been chosen by an overseas family who needs to bring huge wealth to America. Others have been targeted by romantic scammers on dating websites. There are Medicare scams, charity scams, IRS impersonation scams, sweepstakes scams and grandparent scams. In other words, thieves try to access accounts and funds in many ways. Be vigilant!

Reference: Kiplinger (Jan. 8, 2024) “Seven Ways to Protect Older Adults from Financial Abuse”

Estate Planning Essentials for the Sandwich Generation

The sandwich generation, a term for individuals juggling the care of their children and aging parents, faces unique challenges. This demographic, typically in their 30s and 40s, is experiencing a rise due to later childbirth and an aging population, compounded by the recent pandemic’s impact on long-term care facilities. Effective estate planning for the sandwich generation is critical in managing these dual responsibilities.

Understanding the Demographics and Trends

Significant societal trends influence the increasing numbers of the sandwich generation. Understanding these trends is essential for tailored estate planning strategies.

The Importance of Estate Planning for the Sandwich Generation

Estate planning is crucial for the sandwich generation. It provides a structured approach to managing the complexities of caring for children and elderly parents. This planning can offer peace of mind and a clear path forward in challenging circumstances.

Key Strategies for Effective Estate Planning

  • Prioritizing and Reprioritizing Responsibilities
    • Estate planning for the sandwich generation starts with effectively managing daily tasks. Identifying urgent versus non-urgent tasks can help balance the care of children and elderly parents.
  • Self-Care as a Crucial Aspect of Estate Planning
    • Self-care is vital to avoid caregiver burnout. Individuals in the sandwich generation need to maintain their well-being to provide the best care for their loved ones.
  • Understanding Legal Rights and Workplace Benefits
    • Knowing workplace rights, such as those provided by the Family Medical Leave Act (FMLA), is an integral part of estate planning for the sandwich generation. This knowledge can help caregivers maintain job security, while caring for their families.
  • Communication and Support Networks
    • Open communication within the family and access to support networks and forums are key to managing the expectations and responsibilities of being part of the sandwich generation.
  • Financial Planning and Resource Management
    • A crucial aspect of estate planning for the sandwich generation is evaluating financial resources. This includes understanding the financial capabilities of aging parents and exploring public assistance or family contributions when needed.
  • Discussions with Aging Parents and Family Members
    • Conversations about care preferences and financial abilities with aging parents and family members are essential. These discussions should be part of the estate planning process.

Legal Documents and Decision-Making Powers

Estate planning for the sandwich generation should include preparing legal documents that empower decision-making for aging parents and minor children. Powers of attorney and healthcare directives are examples of such documents.

Preparing for the Future

Long-term considerations, like home renovations for elderly care, professional services and retirement savings, are essential in estate planning for the sandwich generation. Insurance policies and emergency funds are critical to protecting the family’s future.

Regular Review and Update of Estate Plans

The dynamic nature of the sandwich generation’s responsibilities necessitates regular reviews and updates of their estate plans. This ensures that the plans stay relevant and effective in meeting the family’s changing needs.

Conclusion

Effective estate planning for the sandwich generation is essential in managing their complex role. With the right planning and resources, individuals in this generation can provide for their families, while caring for their elderly parents.

If you’re part of the sandwich generation, consider consulting with an estate planning attorney to develop a plan tailored to your unique situation. This step can be pivotal in securing your family’s future and navigating the challenges you face.

Protecting Your Assets from Nursing Home Costs

Elder law attorneys see firsthand the financial strain that nursing home expenses can place on families. With the rising costs of long-term care and the complexities of becoming eligible for Medicaid benefits, it’s crucial to understand how to protect your nest egg. This article sheds light on the financial strain many Americans face regarding elder care costs. Using planning methods to preserve your hard-earned assets while ensuring quality care for yourself or your loved ones by working with an experienced elder law attorney is crucial. Start the discussion early with your spouse or family about ways to protect your assets to cover nursing home or in-home care, if and when needed.

The Financial Challenges of Long-Term Care in America

The growing number of seniors requiring long-term care presents a significant challenge in the United States. This demographic shift, primarily due to the aging Baby Boom generation, has profound implications for families and the healthcare system. From 1960 to 2021, the number of Americans aged 85 and older increased more than six times the rate of the general population, cites a recent article from the New York Times, “Facing Financial Ruin as Costs Soar for Elder Care,” that highlights the significant long-term care issues, especially for middle-class Americans. A Health and Retirement Study found that individuals with greater long-term care needs were much more likely to exhaust their savings than those who did not have long-term care costs.

Why Do American Seniors Face Such High Costs of Care?

The United States allocates a smaller portion of its GDP to long-term care than other wealthy nations. This underinvestment is evident in the insufficient financial support for elder care, leading to significant out-of-pocket expenses for families. The healthcare system also faces staffing shortages, both for in-home care and long-term care facilities, further complicating access to necessary services.

Federal Programs are Not Equipped to Help Protect the Elderly in Long Term Care

Despite the demographic changes in the United States, including longer life spans that increase the number of seniors who need care, federal long-term care policies have remained largely unchanged since the inception of Medicare and Medicaid in 1965. This stagnation in policy reform fails to address the evolving needs of an aging population, leaving many families to shoulder the burden of care. Recent studies have shown that very few people learn how to protect assets by developing a plan for paying for elder care when needed.

How Do Many People Pay for Nursing Home Costs?

Because Medicare does not pay for long-term care costs, Medicaid is reserved for low-income people. The program has difficult eligibility requirements; private pay when a loved one needs nursing home care is often the only choice for many people. Individuals will deplete their savings or personal assets to pay for nursing home care until they qualify for Medicaid benefits.

A Personal Story of Financial Ruin to Pay for Elder Care

The story of Gay Glenn and her mother, Betty Mae Glenn, poignantly illustrates the harsh financial realities many American families face when dealing with long-term care for elderly relatives. The cost of Betty Mae’s care in a nursing home in Kansas was staggering, exceeding $10,000 per month. To afford this, Betty Mae had to deplete her savings entirely. This process of spending down personal assets to qualify for Medicaid is a common yet financially devastating reality and a mistake that many Americans make to afford long-term care.

At age 61, Betty Mae’s daughter, Gay Glenn, relocated from Chicago to Topeka and moved into one of her mother’s rental properties to oversee her mother’s care and finances. Under the complex and often perplexing rules of the state Medicaid program, Gay had to pay rent to her mother. This rent then contributed to the funds used for Betty Mae’s nursing home care. The financial intricacies didn’t end there. After Betty Mae’s passing, Gay faced the additional burden of selling the family home. From the sale, approximately $20,000 had to be paid back to Medicaid, as per her lawyer’s advice. This repayment reflects the Medicaid estate recovery process, where states recoup costs for care provided.

Why Planning Now for Asset Protection Is Crucial

Over the last two decades, the median annual cost of all types of long-term care has risen at a rate surpassing inflation. This increase places a substantial financial strain on individuals and families, making long-term care unaffordable for many. Asset protection is not just about preserving wealth; it’s about ensuring that you or your loved ones receive the necessary care without depleting all your resources.

How Does Estate Planning Protect Assets from Elder Care Costs?

Although many people think they are not wealthy enough for estate planning, the truth is that everyone needs to have an estate plan. Seniors often do not plan because they anticipate that they can stay home and that their spouse and children will manage their care. Yet the financial strain of providing in-home care can be just as burdensome as when the senior goes into a nursing home.

Various types of trusts and a well-crafted estate plan can include provisions for long-term care and play a pivotal role in asset protection and/or Medicaid eligibility. Estate planning protects seniors’ savings rather than spending all their wealth until they are practically impoverished.

How Do You Qualify for Medicaid without Losing Everything?

Applying for Medicaid without making common mistakes like gifting property to spend down countable assets is complex. However, an experienced elder law or estate planning attorney can use strategies like an asset protection trust to shield your hard-earned wealth from nursing home care costs, while enabling you to qualify for Medicaid.

How Can an Elder Law Attorney Help

Elder law attorneys specialize in Medicaid planning and asset protection. They have experience guiding seniors to apply for Medicaid while shielding assets. Since every family’s situation is unique, working with a knowledgeable professional who can provide strategies tailored to different family dynamics and financial situations is essential. The key is to talk with family members early about how long-term care costs will be managed in the future so that if a loved one enters a nursing home, the family does not face financial burdens. However, even if a senior family member is already receiving long-term care, working with a professional is essential now to protect the individual’s remaining life savings.

Conclusion: Protecting Your Assets is Possible

Early planning is critical as it’s pivotal to be aware of:

  • the rising costs of nursing home care and the importance of asset protection.
  • the role of trusts and estate planning in protecting the family’s wealth.
  • working with an elder law attorney to apply for Medicaid and avoid common mistakes.
  • the importance of early planning and using available tools and resources.

Protecting your assets from nursing home costs is not only possible but essential. With the proper planning and legal strategies, you can ensure that your or your loved one’s care needs are met without sacrificing your financial security.

Protecting Elders from Guardianship Abuse

Issues Inherent in the Guardianship System

Elder law attorneys see firsthand the complexities and potential pitfalls of guardianship arrangements. The recent investigation into guardianship practices in Florida, as reported by the Washington Post, underscores the urgent need for vigilance and reform in this area. While guardianships are designed to protect the vulnerable, they can sometimes lead to significant abuses, including forced isolation and financial exploitation. This article aims to shed light on the complexities of the guardianship system, expose issues related to guardian-inflicted elder abuse and provide practical advice for avoiding guardianship by planning before becoming incapacitated.

What Is Guardianship?

Guardianship is a legal process where a court appoints an individual (the guardian) to make decisions for someone deemed unable to make decisions for themselves (the ward). This arrangement is often necessary for seniors who can no longer manage their affairs due to health issues like dementia or stroke. It’s estimated that more than one million Americans are in a guardianship, a number that will only grow as the U.S. population ages and elderly people no longer have family living nearby to provide the care and protections they need.

A Cautionary Guardianship Case

Douglas Hulse, a former pilot from Florida, was hospitalized due to a stroke. After his recovery period ended and his condition did not improve, Orlando Health South Seminole Hospital could not discharge him without having an assigned caretaker. Therefore, the hospital petitioned the court to assign him a guardian due to the inability to locate his family. His loss of control over his assets and personal decisions to a court-appointed guardian is a stark reminder of guardianship risks. His guardian, responsible for 19 other wards, made questionable decisions like selling his home without seeking to locate his family.

What Role Do Hospitals have in Guardianship Appointments?

Hospitals often play a significant role in initiating guardianship proceedings. Cases like Hulse’s in which the hospital petitions for a court-appointed guardian are becoming more common nationwide, especially when elderly patients have no known family or friends to care for them. While this process is meant to ensure the patient’s well-being, it can inadvertently lead to the appointment of guardians who may not act in the best interest of the ward or, worse, will exploit the senior ward through financial abuse or other ways.

Why Is the Adult Guardianship System Allowing Abuse and Exploitation of Wards?

The discrepancies in the guardianship appointment and training process further complicate this issue. There is often a lack of standardized procedures for appointing and monitoring guardians, leading to inconsistent practices and an increased risk of abuse. This situation calls for a more rigorous and standardized approach to guardianship appointments at the state level, ensuring that only qualified and ethical individuals are entrusted with such significant responsibilities.

How Do Guardianships Put Seniors at Risk of Abuse?

The Hulse case highlights several risks associated with guardianship:

  1. Loss of Personal Freedom and Fundamental Rights: Once under guardianship, individuals may lose basic rights, such as voting, consenting to medical treatment, managing their finances, or deciding where to live.
  2. Financial Exploitation: Guardians have significant control over the ward’s assets, allowing them to access financial accounts directly and conduct financial transactions without oversight. This access can lead to mismanagement or outright theft.
  3. Lack of Oversight: Guardianships often lack sufficient legal or administrative oversight, allowing unscrupulous guardians to take advantage of their wards. Because a judge appoints guardians, they often do not face punishment or legal recourse for abusive behavior.

How to Protect Yourself From Court-Ordered Guardianship

  1. Advance Planning: The best defense against guardianship abuse is advance planning. This includes setting up durable powers of attorney for health care and finances, which allow you to designate someone you trust to make decisions on your behalf if you become incapacitated.
  2. Regular Monitoring: If guardianship is unavoidable, family members should stay involved and monitor the guardian’s actions. Regularly reviewing financial statements and staying in close contact with the ward can help detect any irregularities.
  3. Choosing the Right Guardian: If a guardian is necessary, choose someone trustworthy and capable. This could be a family member or a professional with a good reputation and credentials.
  4. Legal Oversight: Courts should have robust systems to monitor guardianships. This includes regular reporting by guardians and audits of their financial management.
  5. Awareness and Education: Seniors and their families should be educated about the risks of guardianship and the importance of advance planning. Community programs and legal clinics can provide valuable information and resources.
  6. Advocacy and Reform: Advocacy for better laws and policies around guardianship is crucial. This includes pushing for reforms that increase transparency, accountability and oversight in the guardianship process.

Key Takeaways:

  • Guardianship can lead to significant abuses, including loss of autonomy and financial exploitation.
  • Hospitals often initiate guardianship proceedings for incapacitated patients without family, which can lead to inappropriate guardian appointments.
  • Advance planning, such as establishing durable powers of attorney, helps prevent guardianship abuses.
  • There is a need for increased legal oversight and reform in the guardianship system to protect the rights and well-being of the elderly.

Work with an experienced elder law or estate planning attorney to ensure that someone you love does not fall prey to abuse but has a legally documented estate plan to protect them and their financial well-being.

Protecting Elderly Parents

As our parents age, the responsibility often falls on us to ensure their well-being and safety. This article delves deep into the various ways you can protect your elderly parents, especially in the realms of finance, health and overall security. With the rise of scams targeting the elderly and the challenges of dementia, it’s crucial to be proactive. Read on to discover actionable steps and essential knowledge to safeguard your loved ones.

How to Start the Conversation with Your Elderly Parent?

Starting the conversation about their safety and well-being can be challenging. It’s essential to approach the topic with sensitivity and understanding. Listen to your parents’ concerns and feelings. Remember, it’s not about taking control but about ensuring their safety and well-being. Ask your parents about their wishes and how they envision their future.

What are the Warning Signs of Financial Exploitation?

Elder financial abuse is a growing concern. Be vigilant for warning signs such as sudden changes in financial situation, unexplained withdrawals, or new relationships with “financial advisors.” Regularly reviewing credit reports can also help in spotting unauthorized activities. Elderly people are often targeted, so it’s essential to be proactive in protecting elderly parents’ assets.

Why Is an Estate Plan Important?

An estate plan ensures that your elderly parent’s assets are distributed according to their wishes. It includes legal documents like wills, living trusts and power of attorney (POA). Establishing a living trust can be particularly beneficial since it provides clarity on asset distribution and can avoid probate. Estate planning also helps in protecting elderly parents’ assets.

How to Protect Your Elderly Parent from Scams?

Scams targeting the elderly are rampant. Educate your parents about common scams, and emphasize the importance of not sharing personal information. Regularly check their financial accounts for suspicious activities and sign your parents up for free credit report monitoring. Elder financial abuse is real, and taking steps to protect your elderly parents’ assets is crucial.

Dementia: How to Recognize and Manage?

Dementia can be a significant concern for aging parents. Early signs of dementia include forgetfulness, confusion and difficulty in performing familiar tasks. If you notice these signs, consult a medical professional. Establishing a durable power of attorney can also help in managing their finances and health decisions. Cognitive decline is a common issue, and understanding the early signs of dementia can be beneficial.

The Role of Legal Documents in Protecting Elderly Parents

Legal documents like POAs, living trusts and wills are essential tools in protecting your elderly parents’ assets and ensuring that their wishes are honored. Consult an elder law attorney to understand the best options for your family. Legal documents play a pivotal role in protecting elderly parents’ assets.

How to Help Your Parents Manage Their Money?

If your parents have trouble managing their money, offer to help them set a budget, pay bills and review their financial accounts. Setting up automatic payments for regular bills can also ensure that they don’t miss any payments. Money management is crucial, and helping them manage their finances can provide peace of mind.

What Is Elder Law, and Why is it Important?

Elder law focuses on the legal needs of the elderly. An elder law attorney can guide you through legal processes, ensuring that your parents’ rights are protected and their wishes are respected. Elder law is a specialized field that can assist in protecting elderly parents’ finances.

How to Ensure Your Parents’ Financial Security?

Protecting elderly parents’ assets is crucial. Work with a financial planner to review their financial situation, set aside money for emergencies and invest wisely. Ensure that their retirement accounts are secure, and regularly review their financial accounts for any discrepancies. Financial security is paramount for the well-being of your aging parent.

How to Financially Protect Your Elderly Parents?

To financially protect your parents, ensure that they have a solid estate plan, regularly review their financial accounts and educate them about potential scams. Establishing a living trust and having a power of attorney can also provide added security. Financial decisions made today can have long-term implications, so it’s essential to be informed and proactive.

Key Takeaways:

  • Start the conversation with your parents early and with sensitivity.
  • Be vigilant for signs of financial exploitation and scams.
  • Legal documents like POAs, living trusts and wills are essential in protecting assets.
  • Consult professionals, like elder law attorneys and financial planners, for expert advice.
  • Regularly review and manage your parents’ financial accounts to ensure their security.
  • Understand the challenges of dementia and be proactive in its management.
  • Financial security is paramount for the well-being of your aging parent.

Paying for Nursing Home Costs: A Guide to Medicare, Medicaid and More

Navigating the myriad of ways to pay for nursing home care can be overwhelming. However, with a clear understanding of nursing home costs and the options available, it becomes manageable.

Understanding Nursing Home Costs

Nursing home costs nationwide can be daunting. In 2021, a semi-private room in a nursing home averaged $7,908 per month, with private rooms at $9,034. Even assisted living facilities, which offer a lesser level of care than nursing homes, can run upwards of $4,500 a month. Most people who enter nursing homes start by paying for their care out-of-pocket by using their savings or accessing equity from large assets like real estate. It’s clear that understanding these costs is crucial for anyone considering nursing home care.

What are the Nursing Home Care Private Pay Options?

Private pay remains a choice for those who either don’t qualify for Medicaid or prefer not to use it. This method involves tapping into personal assets or savings to pay for nursing home care. It provides more flexibility in terms of choosing the facility or level of care. However, it can quickly deplete one’s assets.

Does Medicare Pay for Nursing Home Costs?

Medicare is a federal program and primarily focuses on medical care, not long-term care. Medicare will not pay for long-term care in a nursing home facility. It will pay for a limited amount of time for skilled nursing care following a hospital stay but not for extended nursing home stays. Seniors also still need Medicare coverage for hospital care, doctor services and medical supplies while living in the nursing home. Understanding the specifics of what Medicare covers can help families plan better.

  • What kind of nursing home care does Medicare cover? Medicare primarily covers skilled care, which is care that can only be delivered by trained professionals. It doesn’t typically cover custodial care, which is personal care, like bathing or dressing.
  • How much does Medicare pay for skilled nursing home care? Medicare will cover the first 20 days of skilled nursing care at 100%. Beyond that, up to 100 days, a co-payment is required. After 100 days, Medicare will no longer pay for skilled nursing care.

Using Medicaid to Pay for Nursing Care

Medicaid is a popular option for many seniors needing nursing home care. It caters to those with limited income and assets. It is the primary payer for long-term care coverage nationwide.

  • Who’s eligible for Medicaid nursing home coverage? Medicaid is a joint federal and state-run program. Eligibility varies by state but generally requires meeting specific income and asset limits. Most states also have a look-back period of five years to ensure that assets weren’t sold or given away to qualify for Medicaid.
  • How does one apply for Medicaid, and what does Medicaid cover? Applying requires detailed financial documentation. Medicaid can cover a large portion of nursing home care costs. However, it might limit the choices of facilities. Working with an experienced elder law attorney to apply for Medicaid is not required. However, it can increase your chances of success by providing guidance, ensuring accurate documentation, and addressing any issues or appeals that may arise.
  • Do all nursing homes accept Medicaid? Not all nursing homes accept Medicaid. It’s essential to research and find facilities that both provide the level of care needed and accept Medicaid as a payment option.

Long-Term Care Insurance: Is It Worth It?

Long-term care insurance is designed to cover long-term care costs that Medicare and private health insurance don’t cover. This might include nursing home care, assisted living, or home care. However, the coverage depends on the policy details, and premiums can be high. In addition, the older one is, the harder it is to be considered insurable.

If long-term care insurance is an option, be sure to start planning early. Insurance companies are known to reject more applicants the older they get. Reviewing insurance plans each year to ensure that the policy still meets anticipated needs is essential. Make changes if necessary, and never stop paying the premiums so that the insurance does not lapse.

The Role of VA Nursing Homes in Elder Care

For veterans, VA nursing homes can be an option. These facilities are dedicated to providing care to veterans and may be more affordable than private facilities.

Making the Right Decision: Private Pay vs. Medicaid vs. Medicare

The decision often comes down to personal finances, care needs and eligibility. Understanding the differences between these payment methods can lead to more informed choices. As the demand for senior care services grows, it’s predicted that the cost of nursing home care will continue to rise. Planning ahead becomes even more essential.

Working with an Elder Law Attorney: The Best Way Forward

Consulting with an elder law attorney can provide invaluable insights and assistance in navigating the complexities of nursing home costs and payment options.

Planning ahead is crucial. The more you know, the better decisions you can make for yourself or your loved ones.

What Should I Know About Parkinson’s Disease?

Parkinson’s disease is a progressive disease of the brain and nervous system that impacts an individual’s ability to move. However, those with the disease can have a range of symptoms, some unrelated to movement. Not everyone with Parkinson’s will have the same symptoms or experience them to the same degree.

VeryWell Health’s recent article, “Researchers Find 2 New Early Signs of Parkinson’s,” notes that common Parkinson’s symptoms include the following:

  • Motor symptoms
  • Muscle stiffness
  • Slowness of movement
  • Tremors
  • Non-Motor Symptoms
  • Constipation
  • Low blood pressure
  • Sexual dysfunction
  • Frequent urination, incontinence, or difficulty emptying the bladder
  • Mood or Cognition Problems
  • Apathy
  • Memory problems
  • Depression, anxiety, and
  • Psychosis.

Other Symptoms include:

  • Drooling
  • Pain
  • Decreased ability to smell
  • Speech problems
  • Changes in vision
  • Sleep problems
  • Excessive daytime sleepiness; and
  • Fatigue.

The timing of when a person starts having symptoms that could be a sign that Parkinson’s can also impact when they will be diagnosed. The new study found that many common symptoms of Parkinson’s—like tremors and memory problems—may appear many years before the diagnosis.

“Tremor, which is one of the most recognizable symptoms of Parkinson’s, was seen ten years before eventual diagnosis in our study,” Cristina Simonet, MD, a neurologist and a PhD candidate at Queen Mary University of London and the lead author of the study, told Verywell. “This is too long for patients to wait.”

Primary care providers play a critical part in recognizing the symptoms of Parkinson’s sooner. If they do, they can refer a patient to a specialist to diagnose or confirm it. There’s no cure for Parkinson’s. However, an earlier diagnosis is the key for ensuring that patients can access support sooner.

Reference: VeryWell Health (March 30, 2022) “Researchers Find 2 New Early Signs of Parkinson’s”

What Is Elder Law?

The U.S. population is aging, and baby boomers, the largest generation in history, have entered retirement age in recent years. Yahoo Finance’s recent article, “Elder Law Is More Important Than Ever. Why? Baby Boomers,” says that medical care has extended life and physical ability and grown more sophisticated.

“Questions surrounding mental competence, duration of care, and nature of treatments have become increasingly difficult to answer. The result has been a medical system that often implicates legal questions of individual autonomy, with some of the highest stakes that the courts recognize,” the article explains.

Estate Planning. Trusts and estates is the area of the law that governs how to manage your assets after death. You create trusts to hold, oversee and distribute assets according to your instructions. While they can be created when you’re alive, most establish trusts for handling their property after they’ve passed away.

Disability and Conservatorship. As you get older, your body or mind may fail. This is known as incapacitation. It is generally defined legally as when someone is either physically unable to express their wishes (such as being unconscious) or mentally unable to understand the nature and quality of their actions. If this occurs, you need someone to assist with activities of daily living. Declaring an individual mentally unfit or incapacitated is a complicated legal and medical issue.

Power of Attorney. Most seniors use power of attorney to plan for two main situations: (i) a medical power of attorney for family members to assume your care in the event you’re physically incapacitated for some reason, and (ii) a general power of attorney allows you plan for someone to manage your affairs, if you’re judged mentally incapacitated.

Medicare. Every American over 65 will most likely deal with Medicare, which provides no-cost or low-cost healthcare for those 65+. Almost all seniors enroll to receive at least some medical benefits under this program. Health care becomes an increasingly important part of your financial and personal life as you age. It’s important for the elderly to know their rights and responsibilities regarding healthcare.

Social Security. This is the retirement benefits program to help ensure that U.S. seniors have money on which to live. For senior citizens, understanding how these programs work is often essential. This is particularly true given the increased footprint that medical care plays in the lives of senior citizens and the complexities brought on by increasingly mobile seniors.

Reference: Yahoo Finance (Sep. 13, 2023) “Elder Law Is More Important Than Ever. Why? Baby Boomers”

What’s the Latest Problem with Veteran Benefit Claims?

“VA.gov has gaps, and veterans are falling into them,” said Rep. Matt Rosendale, R-Mont., who chairs the House Veterans Affairs subcommittee on technology, during a hearing recently. “This is a situation where the VA is badly in need of independent oversight.”

Military Times’ recent article, “Lawmakers demand accountability after VA loses track of vets’ claims,” reports that in August, VA leaders announced they’d found roughly 32,000 veterans’ disability claims delayed. Some of these cases date back years because of technical flaws in the department’s VA.gov filing systems. Two weeks later, officials acknowledged 57,000 more similarly delayed cases involving veterans trying to add dependents to their accounts.

VA officials said they would backdate veterans’ pay as soon as possible. However, the errors may have delayed potentially thousands of dollars in monthly payouts to individuals suffering from military-related illnesses or injuries.

Veterans Affairs Chief Information Officer Kurt DelBene noted that the errors are just a small portion of the more than seven million cases filed since early 2018. However, he also acknowledged that any mistake that causes financial harm to veterans is unacceptable.

“VA will resolve these issues, prevent them from happening again, and address them more quickly when needed,” he told lawmakers. “And most importantly, we’ll make sure that all impacted veterans get the benefits and services that they deserve as quickly as possible.”

However, several lawmakers said those promises aren’t enough.

“I think we have a problem with addressing the major issues in leadership and officials not being held accountable for things that they do or do not do in upholding their responsibilities to veterans,” said Rep. Morgan Luttrell, R-Texas. “My concern is that no one is holding [anyone] responsible for this.”

Earlier this month, in a letter to VA leadership, committee Chairman Mike Bost, R-Ill., commented that the problems are “just the latest in a string of electronic filing issues that continue to plague the department.”

Reference: Military Times (Sep. 26, 2023) “Lawmakers demand accountability after VA loses track of vets’ claims”