As Halloween approaches this year, I can’t help but draw an analogy between the nights I spent meandering my neighborhood as a kid looking for handouts, and our current economic times. I recall my grade-school friends and I operating our minds at their collective capacities, as we planned the best streets to target and the best […]
Health Reform: Changes in Store for the Elderly
After a year of legislative wrangling and premature forecasts of death, historic legislation overhauling the nation’s health insurance system passed the Congress and has been signed into law by President Obama. Among some of the highlights, this legislation contains: The nation’s first publicly funded national long-term care insurance program, the Community Living Assistance Services and […]
How to Make the Best Nursing Home Placement for Your Loved One
Most nursing home admissions happen under extremely stressful circumstances. If you are faced with the overwhelming task of finding the best nursing home placement for a loved one, where do you begin? Although this is a job that no one wants, it can be done with forethought and confidence that the best decision was made for everyone involved.
Upcoming Seminars for Lawyers and Clients
I’m conducting two seminars this week on the topic of Income Only Trusts. The first one is a teleseminar for attorneys around the country who are members of the professional group ElderLawAnswers. Entitled Using Income Only Trusts for Medicaid (and General) Asset Protection, this teleseminar is Thursday, Feb. 11, at 2pm Eastern. If you’re a member of ElderLawAnswers, you […]
Using a Reverse Mortgage to Pay for Home Care
Many of my clients ask me how I feel about reverse mortgages, and even more so this past week because of a favorable story that appeared in last week’s Washington Post entitled “Reverse Mortgages are Not the Next Subprime.” This excellent article was written by the “Mortgage Professor,” a Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania (incdientally, my Alma Mater), and clears up much of the confusion and myths and fears surrounding the reverse mortgage. I encourage all of you to read it.
Major Change in Estate Tax and Capital Gains Tax for 2010
Because of a Congressional failure to act before the end of 2009, there’s good news and bad news to report on the Estate Planning and Elder Law front. The good news is there’s no Estate Tax if you die this year. The bad news is you may owe significant capital gains taxes if a loved […]
Important Elder Law and Estate Planning Numbers for 2010
Under current law, there will be no cost-of-living adjustment (COLA) in Social Security in 2010 — the first time that has happened since automatic cost-of-living adjustments began in 1975. Several bills before Congress would grant a special increase in Social Security payments for 2010. In addition, when no Social Security COLA is provided, Medicare Part […]
What Does the Bible Teach us About Estate Planning?
Sorry for the last minute notice, but I just found out that my church, Fairfax United Methodist Church (10300 Stratford Avenue, Fairfax, VA 22030), has space left for a course I’m teaching tomorrow evening entitled What Does the Bible Teach us About Estate Planning?This is a brand-new two part course seminar that I’ve just put together as part of my […]
Evan Farr Teaches Course for Elder Law Attorneys Natonwide
~You Can Sign Up for a Similar Course for Consumers~ Last Thursday, Evan Farr conducted a national, attorney-only teleconference sponsored by the National Business Institute (NBI) on the topic of the Income Only Trust — an asset protection trust which, though very similar to a revocable living trust, when done properly protects assets transferred to […]
Keeping Mom and Dad Safe at Home
Elderly parents generally prefer to remain living in their own homes as long as possible. However, remaining in their homes becomes a concern when children see their parents slowing down or starting to have trouble with handling stairs and doing general daily activities. This is the time to evaluate the home to make it safe […]
Putting Home Care in Perspective
The Evolution of Home Care In the first century of our country’s history there was no such thing as nursing homes or assisted living. Society was mostly rural and people lived in their own homes. Families cared for their loved ones at home till death took them. In the latter part of the 1800’s because […]
Update on Virginia Life Estate Law
In June of last year, I wrote that “in the near future, life estates will no longer be considered exempt assets when applying for Medicaid.” This was due to the fact that the Virginia General Assembly had recently passed legislation instructing DMAS (the Department of Medical Assistance Services, the agency that oversees the Virginia Medicaid […]
Planning for Long-Term Care (Part 3)
In Part 1 of this series I outlined the necessity to create a good Long Term Care Plan and in Part 2 I discussed the three most essential documents found in that plan. The first essential document is a General Power of Attorney (POA) containing Asset Protection Powers. This document authorizes your “Agent” to act […]
Medicaid Asset Protection
What is Medicaid Asset Protection? Medicaid Asset Protection is the process of protecting assets from having to be completely spent to pay for the devastating expenses of long-term care, while helping to ensure that you (or your loved one) get the best possible long-term care and maintain the highest possible quality of life, whether at […]
Life Estate Law Changing Soon
See update on this article here. In Virginia, a life estate in real estate has always been treated as an exempt asset for the purposes of Medicaid eligibility. Unfortunately, the Virginia General Assembly recently passed legislation that instructs DMAS (the Department of Medical Assistance Services, the agency that oversees the Virginia Medicaid program) to amend […]
The Living Trust Plus® Asset Protection Trust
A typical revocable living trust protects your assets from the expenses of probate, but does not otherwise protect your assets. Evan Farr’s Living Trust PlusTM Asset Protection Trust is a living trust that not only protects your assets from the expenses and difficulties of probate, but also protects your assets during your lifetime from a multitude […]
Reverse Mortgage Home Equity Loans
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a conventional home-equity loan. But a conventional loan really doesn’t free up the equity because the money has to be paid back with interest. A reverse mortgage is a risk-free way of tapping […]
New LTC Insurance Premium Deductibility Limits
The Internal Revenue Service has announced the 2007 limitations on the deductibility of long-term care insurance premiums from taxes. Premiums for “qualified” (see explanation below) long-term care policies are treated as an unreimbursed medical expense. These premiums – what the policyholder pays the insurance company to keep the policy in force – are deductible to […]
Average Nursing Home Room Tops $90,000 a Year
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 home in the United States is $75,190 a […]
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 delay benefits and take them anytime up until you reach age 70. […]