Many years ago, there were certain restrictions for home care. It used to be that, in a home care setting, if somebody wanted to hire help outside of an agency to care for mom and dad, that hired person could…
If a patient has been determined to lack capacity, then an agent under a Health Care Proxy can complete a Medical Orders for Life-Sustaining Treatment (MOLST) on their behalf.
Russo Law Group, P.C. is pleased to share this article on behalf of guest author Don Poole. It is becoming more competitive to get access to the best long-term care providers, as 10,000 Baby Boomers turn age 65 every day…
Unlike a general practice attorney who may execute wills and trusts, elder law attorneys are versed in the complex issues the elderly face. Elder law attorneys also use a holistic approach to aid their clients. What does this mean? Actions…
As in years past, the government continues to look for ways to restrict Medicaid eligibility and benefits. This year has been no different. There were proposals to further restrict Medicaid eligibility and coverage. As part of the governor’s annual budget, the New York State Senate and Assembly were presented with a plan to:
Fortunately, both houses rejected these proposals. But this may not be the end of the story.
For most seniors, obtaining Medicaid to pay for nursing home care is a must. Very few people can afford to pay privately for extended long-term care, which is not covered by Medicare.
The nursing home may provide you with a list of attorneys to assist with the filing of a Medicaid application. It is suggested that you obtain three attorney references in writing.
A key question for the family to ask is: Do any of the attorneys on the list currently represent the nursing home?
Estate Planning and an Ironman event…what does one have to do with the other you ask? EVERYTHING!
As a proud wife of a first-time Ironman and an elder law attorney, I can explain.
Step 1: Hire a Coach
*This article has been re-posted from AccountingToday.com with permission from the author, Henry Montag. Click here to see the source article.
As your clients’ most trusted adviser, how can you protect them from the financial threat and high costs of long-term care?
You basically have two initial choices. Let’s assume your client is under age 75, relatively healthy and understands that an unexpected, unreimbursed long-term care expense is a real threat that can unravel their and their spouse’s retirement plans and lifestyle. You can talk about “what if” scenarios, including the purchase of a long-term care insurance policy. Or you can avoid the fact that costs for care at home or in an assisted living community are in the $60,000 to $75,000 range, and that costs in a skilled nursing facility are in the $125,000 to $175,000 range and are both increasing by 4 percent annually.
Should you have this unpleasant, difficult conversation with your clients? Since the odds of this problem affecting a client over age 80 is approximately 70 percent, it could make a great deal of sense to get your clients thinking about a solution to a problem they may one day likely face. Where will the necessary funds come from to pay for these costs? Is there a readily accessible source of sufficient funds that will not trigger a large unnecessary taxable event when liquidated? Should the client self-insure against this threat or would it make more economic sense to purchase a long-term care insurance contract from one of the major insurers?
Long-Term Care Insurance (LTCI) is an important part of retirement planning that should not be overlooked. Although it can be a vital component of a well-rounded and realistic retirement plan for most, it is not necessarily for everyone. For example,…
I recently received the following question from a long term care insurance agent: I have a client that was told by his attorney that the assets in his IRA and 403(b) accounts, about $500k, are protected and not accessible to…