The average daily cost of a private room in a nursing home in Northern Virginia is $91,615 a year, or $251 a day, according to the 2006 MetLife Market Survey of Nursing Home and Home Care Costs. The average daily cost of a private room in a nursing … [Continue reading]
Medicare Preventive Services: What is Covered?
As the saying goes "an ounce of prevention is worth a pound of cure," and as you get older, taking preventative measures can keep you healthy. And if you are a Medicare beneficiary, there are a number of preventive services available to you. Anyone … [Continue reading]
Pet Trusts — Important Planning for Pampered Pets
Q: What is a Pet Trust? A: A pet trust is legal instrument that you can create to insure your pet receives proper care after you die or in the event of your disability. In Virginia, pet trusts are authorized by Virginia Code Section … [Continue reading]
When Should You Take Your Social Security Benefits?
As you approach retirement, you must decide when to begin taking your Social Security benefits. You have three options: You may begin taking benefits between age 62 and your full retirement age, you can wait until your full retirement age, or you can … [Continue reading]
How Will the New Congress Affect Key Elder Law Issues?
The Democratic Party's takeover of both houses of Congress is likely to have financial implications for the elderly and their families, although how profound these changes will be remains to be seen. Of greatest interest to elder law attorneys and … [Continue reading]
Medicare Open Enrollment Period Means More Decisions
If you are a Medicare beneficiary, it is time to review your Medicare prescription drug plan options. The Medicare Part D open enrollment period begins November 15, 2006, and ends December 31, 2006. During this period you can sign up for a … [Continue reading]
Charitable Donations From an IRA Offer New Opportunity
For those wishing to make charitable donations from their IRA accounts, dealing with the resulting tax issues just got a lot easier. In August, Congress passed, and President Bush signed, the Pension Protection Act of 2006. Touted as the most … [Continue reading]
Ten Reasons to Create an Estate Plan Now
Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don’t have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, … [Continue reading]
Aging Drivers and the Law
We rely heavily on cars in our society; in many places, they are the only convenient link to the outside world. Unfortunately, as people age, driving can become more difficult and more dangerous. The elderly drive less, but have more accidents per … [Continue reading]
Does Your Estate Plan Include Your Pets?
Have you considered your pet or pets when planning your estate? If not, you should, according to The Humane Society of the United States, the nation's largest animal protection organization. "Since pets have shorter life spans, people don't think to … [Continue reading]
Joint Account Fails To Do Its Job
A court decision in Virginia highlights the potential dangers of relying on joint accounts for estate planning. Caine v. NationsBank, N.A. (Va. Sup. Ct., No. 002615, Sept. 14, 2001). In May 1989, Dr. Andrew A. Freier opened a joint checking account … [Continue reading]
Congress Passes Bill Containing Punitive New Medicaid Transfer Rules
By a vote of 216-214, the U.S. House of Representatives has passed budget legislation that will impose punitive new restrictions on the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care. The … [Continue reading]
The Message of the Pending Asset Transfer Changes: Don’t Delay Medicaid Planning
As you may know, Congress is on the brink of enacting a law that would impose punitive new restrictions on the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care. (For the legislative details, click … [Continue reading]
A Do-It-Yourselfer Costs Beneficiaries Money and Heartache
Here’s another story about a person who tried to create an estate plan without an attorney’s help, and ended up causing huge problems for his beneficiaries. A California man wrote his own will, in which he divvied up his real estate among two … [Continue reading]
Estate Plans Should Be Reviewed Due to New Medical Privacy Rules
A new federal law on medical privacy is having a big effect on estate planning, and many people should consider reviewing their documents as a result. The law is the Health Insurance Portability and Accountability Act, or HIPAA, which went into … [Continue reading]