By now, you may have heard about several recommendations made by the Federal Commission on Long Term Care for older Americans. These recommendations came in late 2013 and unfortunately, they did nothing for actually fixing the problems. Many thought the group would endorse one of the many programs being offered for long term care solutions, but for whatever reasons, it opted not to even do that much. James Firman, president of the National Council on Aging said at the time, “We’re … [Read more...] about Ongoing Long Term Care Problems
Medicaid’s Long Term Coverage
In the 2000, there were close to 10 million people in need of some form of long-term care in the United States. Slightly less than 40 percent were under the age of 65. Around 6 million were over the age of 65. Not only that, but 70% of people turning age 65 will need long-term care at some point in their lives. The compliance issues for Medicaid qualification are extensive and your estate planning lawyer can help you work through all of the dynamics to ensure financial protection without … [Read more...] about Medicaid’s Long Term Coverage
Partisan Politics Jeopardize Medicare…Again
Many have cautiously waited for the proverbial “other shoe” to drop in the Medicare debate. Recently, it appears to have dropped with President Obama’s announcement of Medicare payment rate cuts for its managed care plans. These cuts will affect around one-quarter of all Medicare recipients. Needless to say, the politicians began their classic back and forth acts. But what does it really mean for the average American Medicare recipient? Perhaps what was most surprising is that these new … [Read more...] about Partisan Politics Jeopardize Medicare…Again
Placing A Child’s Name on Titles to Assets
Very often estate planners will come across parents placing their child’s name on all of their accounts and on the deed to their home in an effort to save their child the hassles involved in the probate process and to provide the child with access to their accounts in the event of an emergency. Parents may consider their child to be completely trustworthy and responsible, and that may be the case, however, rarely do parents consider the unexpected events that happen in daily life. … [Read more...] about Placing A Child’s Name on Titles to Assets
Medical Power of Attorney and Durable Power of Attorney
Two important documents that should be a part of any estate plan are the medical power of attorney, sometimes referred to as the health care proxy and the durable power of attorney. Each play distinctive roles in ensuring your wishes are adhered to should be suffer an injury or otherwise become incapacitated. Medical Power of Attorney A health care proxy or medical power of attorney is a document that allows you to name an individual, and ideally at least one alternate, who will step up to … [Read more...] about Medical Power of Attorney and Durable Power of Attorney
HIPAA and Estate Planning
Although it’s been in effect for more than six months, there’s still a lot about the Health Insurance Portability and Accountability Act, or HIPAA, that many are unaware of. Not knowing, though, can mean big problems for anyone trying to reach you if you’ve been admitted into a hospital – and that’s just the tip of the iceberg. September was also an important month as more of the laws protections kicked in. Blame it on the advances of technology and privacy concerns that continue to grow in … [Read more...] about HIPAA and Estate Planning
Why Probate Matters
Maybe it’s the confusion because of so many differences between states or it could be confusion surrounding the debate of whether an attorney is necessary to avoid probate. At any rate, this week, we explore the entire probate quagmire and why getting the facts can make all the difference for the loved ones left to cover the bases after death. Some say probate is burdensome – and it is. It’s also expensive and time consuming. The laws – both state and federal – certainly don’t ease the … [Read more...] about Why Probate Matters
Tax Planning and Other Benefits of Post-Mortem Planning in Massachusetts
Often, clients go the extra mile when it comes to effective and thorough estate planning. Always, in the back of their mind, they’re thinking a step ahead so that their family isn’t overwhelmed with legalities after they pass away. Through no fault of their own, however, their best intentions can sometimes fall short. This is where post-mortem planning can fill the gap. Planning after death provides a window for some changes to be made that would minimize an estate’s tax burden without … [Read more...] about Tax Planning and Other Benefits of Post-Mortem Planning in Massachusetts
Probate in Massachusetts: Drawbacks and Benefits
Understanding probate in Massachusetts – along with the benefits and drawbacks – can help shed light on the entire estate planning process. While it’s used in several contexts, the most common reference is simply presenting your will to the court when the time comes. There's a bit more to it though; in fact, it’s more accurately defined as the method that the estate as a whole is legally administered after your death. Like most legal proceedings, it’s a process that focuses on documentation, … [Read more...] about Probate in Massachusetts: Drawbacks and Benefits
A New Problem for Seniors: Data Breaches and ID Theft
Did you know that more than 600 million personal information records have been compromised due to data breaches, in more than 3,000 breaches, in less than ten years? It’s true and it’s a growing problem in the U.S. It stands to reason that a large portion of those 600 million records belong to senior citizens. It’s proving to be problematic and in ways you may not think. Elder law attorneys see the long term repercussions first hand. By now, most of us have heard of the many denial of service … [Read more...] about A New Problem for Seniors: Data Breaches and ID Theft
