Social Security and Medicare are the most commonly known government programs for the elderly. However, they’re not the only ones and it is a good idea to be aware of all of of the resources that are out there to assist people who have reached an advanced age. With this in mind, we would like to take a look at Supplemental Security Income or SSI.

To be able to qualify for Social Security you have to have paid a certain amount into it throughout your life. Many people are surprised to hear that even if you did not earn enough to qualify for Social Security benefits you can still receive a monthly payment from the Social Security Administration via SSI. This benefit is available to people who have reached the age of 65 and above, and it is also offered to those who are disabled as well as blind individuals.

At the present time the maximum monthly Supplemental Security Income payment is $674 for a single individual, and $1010 for a couple who are both eligible. There is a resource limit of $2000, and this means that anyone who has more than $2000 in assets does not qualify for SSI. But, certain property does not count against this number, including your home and your vehicle.

In addition to this federal SSI benefit, a number of states also provide supplemental income above and beyond federal SSI.

Though the payouts are minimal, this program is designed to be a bare-bones safety net for people who need the assistance. Plus, one of the reasons why many people apply for SSI is because SSI recipients automatically qualify for Medicaid. Unlike Medicare, Medicaid pays for assisted-living facility and nursing home costs, and these costs can be extraordinary.

To learn more about SSI, Medicaid, and other programs intended for the well-being of senior citizens, arrange for a consultation with an experienced elder law attorney.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

It is important to understand the fact that a comprehensive plan for the future involves more that just planning for the distribution of your assets to your loved ones after you pass away. Most people are aware of the fact that retirement planning is important, but many do not think about the period of time that will follow their active retirement years. The reality is that there are some elder law considerations that should be taken into account as well, and one of these is the cost of long-term care.

You may not realize how likely it is that you will need long-term care at some point and just how expensive it is. The United States Department of Health and Human Services states that seven out of every ten senior citizens will eventually need some form of long-term care. People who are at least 85 years of age are the fastest growing age group, and at any given time 25% of these people are residing in a nursing home with the average stay being about two and a half years.

Considering the fact that a year in a private room in a nursing home in the United States cost over $80,000 in 2010 you may be faced with an expense that exceeds $200,000 and this is using today’s figures. The reality is that these costs rose by around 5% last year and they are expected to continue to trend upward.

Another elder law concern is that of dementia. Upwards of 50% of the oldest old are dementia sufferers, and of course dementia can render its victims unable to make sound decisions. To make sure that decision makers of your own choosing are in place to act in your behalf should you become incapacitated you have to make advance legal preparations. Incapacity planning is an essential component to any comprehensive plan for aging, and it is something that you would do well to discuss with your elder law attorney.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

As we all know estate planning specifically revolves around the transfer of assets to your heirs after you pass away. This in itself can be done a number of different ways, and the ideal way to proceed is going to be unique to each situation. There are numerous financial vehicles that can be utlilized either alone or in tandem, but unless you are especially well informed with regard to such things it is unlikely that you are aware of all of the possibilities that are available to you. This is one of the many reasons why it is advisable to engage the services of an estate planning attorney when you are making preparations for the future.

In addition, estate planning is one aspect of the larger legal discipline of elder law. So planning for your retirement and the twilight years that will follow is something that is inextricably intertwined with legacy planning. Unless your wealth is extraordinary, if you have specific goals in mind with regard to what you would like to be able to do for your loved ones after you pass away you have to be cognizant of the expenses that you may incur late in your life.

For example, the oldest old (people who are at least 85 years of age) are the age group that is growing faster than any other in the United States today. At any given time 25% of these individuals are residing in nursing homes. The average nursing home stays is approximately 2 1/2 years. The national average charge for a year-long stay in a nursing home in 2010 was over $83,000; the average was $127,000 in the state of New York. So, you could well be looking at some considerable end-of-life expenses, and it should be noted that these costs are expected to rise as the years pass.

The best way to be prepared is to map out a plan as early as possible with the assistance of an experienced elder law attorney who will evaluate your situation, take heed of your wishes, and map out a viable long-term strategy.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

There are those who discuss estate planning as though it was simply a matter of positioning unlimited assets in an optimal manner so that you are prepared to address all of the eventualities of aging. If you do have this type of financial freedom that is fantastic, but the reality is that very few people have access to that mythical “blank check” that they can pull out as many times as may be necessary. So for the vast majority of people, careful planning is necessary because the expenses that you are likely to face after your working years are over are considerable to say the least.

Are you aware of just how costly long term care is these days? In 2010 it cost an average of $83,500 to spend a year in a nursing home in the United States. And contrary to what many people believe, Medicare does not cover long-term care expenses.

The good news is that Medicaid will cover it, and if your spouse has to go into a nursing home you can retain half of the assets that you own as a couple with a high-end limit as of this writing of $109,560. The laws differ somewhat state-by-state, but the minimum amount the healthy spouse can keep without impacting the Medicaid eligibility of his or her spouse is $21,912. So if your total assets were, for example, $30,000, the healthy spouse would be allowed to retain at least $21,912 rather than half of $30,000. (It should be mentioned that some states actually have a higher minimum.)

It is important to recognize the fact that the above parameters are only applicable to the “countable” assets. Things like your home (up to $500,000 in equity), one vehicle, and your personal property are not counted against you when you file for Medicaid.

The healthy or community spouse may also retain all of his or her personal income without having to contribute to the long-term care expenses of the institutionalized spouse.

If you are interested in learning more about how best to position yourself with Medicaid eligibility in mind, simply arrange for a consultation with an experienced elder law attorney.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

One of the elder law issues of our day that is something to stay vigilant about is the growing problem of elder financial abuse. People are living longer than ever and those who reach an advanced age often suffer from diminished faculties. This can make them prime targets for those who would want to take advantage of them financially, and unfortunately many times the perpetrator is a family member or someone who is otherwise known to and trusted by the victim. For this reason it is estimated that only one out of every 25 instances of elder financial abuse is reported to the authorities.

Because of the fact that so many instances of elder financial abuse go unreported it is difficult to compile completely accurate statistics. But according to a 2009 MetLife Mature Market Institute study somewhere in the vicinity of $2.6 billion is lost each year to to elder financial abuse.

Though family members and so-called “trusted advisers” are the most common perpetrators, elders are often targeted by scam artists and con men of every ilk. They fall prey to bogus home-improvement scams, Ponzi schemes, telemarketing scams, phony investment groups, mortgage fraud, etc. In addition, as we all know identity theft is a big problem in the United States today as a whole. Our nation’s elders are prime targets for identity thieves because they often own their own homes outright and have very good credit ratings.

Knowledge is power, so simply getting this information out into the light of day is probably the most important step toward prevention. Communicating openly with trusted family members and friends is also important. Plus, there are things that can be done from a legal perspective that can provide you with protection from elder financial abuse, and this is certainly something that you should discuss with your elder law attorney the next time you come in for a consultation.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

One of the most important things about estate planning and other elder law matters to keep in mind is that you must be apprised of all of your options. There are many different ways to transfer assets to your loved ones, and the best one is going to vary depending on the exact nature of your assets and the specifics of your wishes. In many cases the implementation of a combination of asset transferal vehicles will be the optimal course of action.

When it comes to paying for long-term care you must be aware of what the potential expenses are going to be first of all, and the news on that front is rather startling to many people. One in four individuals who reach the age of 85 are in a nursing home at any given time, and the average length of stay is between two and three years. When you consider the fact that the average cost for a single room in a nursing home was into the low six figures last year you can see that we are talking about a considerable possible expense.

One of the benefits that you may be able to tap into to defray these costs is the Veterans Aid and Attendance Pension. Many people who are eligible for this benefit are not aware of it, often times due to the fact that the length of service requirement is so modest you might assume that you couldn’t possibly be entitled to such a generous special pension. If you have served at least 90 days in the military with a minimum of one of them taking place during wartime you meet the requirement.

If you need living assistance and meet the above requirements and are within the asset limits you can receive over $1,600 per month if you are single, and couples may be eligible to receive up to $1,949 a month. To find out all of the details and obtain the necessary application forms, simply visit the United States Veterans Benefits Administration website or give them a call at 1-800-827-1000.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

If you are paying attention to the issues that elders are facing these days one of the things that stands out is the already high and continually rising costs associated with long-term care. The United States Department of Health and Human Services tells us that around 70% of people who reach the age of 65 will someday need some type of long-term care, be it in the home, in a nursing home or at an assisted living facility.

Each year the MetLife Mature Market Institute puts out a survey that analyzes the costs of long-term care. According to their survey, in 2010 the national average for a year-long residence in an assisted-living facility was almost $40,000; this was a 5.2% increase over 2009. A year in a private room in a nursing home in the United States averaged over $83,500 in 2010, and this was an increase of 4.6% over 2009.

Anyone who is planning for the latter stages of life would do well to pay close attention to these costs, which are expected to continue to rise according to industry analysts. Below we would like to share some of the ways that people address long-term care costs.

Out-Of-Pocket

Some people have the means to simply pay for their long-term care expenses out-of-pocket, but for many it takes careful and intelligent planning to be prepared. It is important to understand the costs involved and project increases over time.

Long-Term Care Insurance

The purchase of long-term care insurance can be a solution, but the cost of obtaining the coverage is significant and it goes up as you get older. It is a good idea to engage in comparative shopping when you are looking for long-term care insurance, pay attention to the details, and ask hard questions.

Medicaid

Many seniors rely on Medicaid to pick up their long-term care costs, and it is possible to qualify financially while retaining ownership of your home, your vehicle, and your personal valuables under some circumstances.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

If you’re thinking that you do not have to concern yourself with the rising cost of long-term care because you will be receiving Medicare when you reach the age of 65 you may want to think again. Medicare does not cover long-term care, so for many people taking on these types of expenses late in life would be difficult on a personal financial level while being potentially devastating to their legacies.

Though Medicare does not cover long-term care the social welfare program known as Medicaid does. Medicaid was originally conceived as a way for the government to provide medical care for the poor, but at this point it is commonly used by older Americans as a way to address long-term care costs.

Because Medicaid was conceived as a need-based program there are financial requirements that one must meet in order to become eligible for Medicaid. You can’t have more than $2000 in assets, but your home, your car, and your personal possessions don’t count. So a lot of people will start to give gifts to their loved ones in advance of an anticipated stay at a long-term care facility in an effort to “spend down” so that they qualify for Medicaid when the time comes.

This is a logical course of action given the playing field, but you have to plan in advance because there is a five-year Medicaid “look back” period. This means that any gifts that you give within five years of applying for Medicaid can result in a penalty that delays your eligibility.

Spending down for Medicaid purposes can be complicated but effective all the same if it is done correctly. If you are concerned about the rising cost of long-term care and considering Medicaid as an avenue of assistance, the wise course of action would be to consult with an experienced elder law attorney who will analyze your financial position and explain your options to you.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

Many people consider estate planning to be the realm of those who have reached retirement age, and of course statistically speaking older people pass away more frequently than do younger people. However, people of all ages would do well to have an estate plan in place because you never know what lies in wait around the next corner. Accidents do happen and we all see proof of this each day when we turn on the news or pick up a newspaper in the morning. Plus, devastating illnesses can strike without warning and they do not necessarily wait until you reach a particular age.

There is a component to the modern estate plan that lies outside of the financial planning milieu involving incapacity. As you reach an advanced age it becomes more likely that you will be unable to make sound medical decisions in your own behalf, and this is why incapacity planning is important for seniors. But of course as stated above we are all “day-to-day” as it were so every responsible adult really should have an incapacity plan in place.

Many estate planning attorneys will recommend both a health care proxy or durable medical power of attorney and a living will to their clients. With a durable medical power of attorney you select an attorney-in-fact who you empower to make health care decisions in your behalf should you become unable to make them for yourself due to incapacitation at some point in time.

With a living will you elucidate your wishes with regard to medical procedures. For example, if you would prefer not be kept alive by the use of artificial life support systems if you were in a terminal condition you could state this in your living will and your preference would be honored.

The reason why you may want to execute both documents would be to have a decision-maker in place in the event that a scenario was to arise that had not been specifically addressed in the living will.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

When you’re in the field of elder law part of your responsibility to your clients is to remain cognizant of all issues that are relevant to seniors and attempt to make projections regarding future circumstances. Predicting what is going to happen five, 10, or 20 years down the line is clearly an imperfect science but if you look closely enough you inevitably see a good bit of handwriting on the wall. When it comes to Medicaid it is important to keep your ear to the ground with regard to the debates surrounding budget cuts on Capitol Hill because it would appear as though social programs that benefit senior citizens are making their way onto the table.

Uttering even feint whispers suggesting cuts in popular social programs for our nation’s elders has long been considered to be political suicide in the United States. However, there are those in Washington who feel as though the time has come for programs such as Medicaid to be put under the microscope, and this is something that those who are interested in elder law issues would do well to follow closely as the debates continue.

Medicaid was originally conceived as a program that was intended to provide health care for those who could not afford it. At present it still serves this function, but many senior citizens rely on Medicaid to pay for long-term care in nursing homes and assisted-living facilities because Medicare does not cover it.

Since the cost cutters in Washington have become so passionate about spending reductions Medicaid, Medicare, and Social Security are entering the discussions, and the reality is that these programs consume over 35% of the federal budget. People age 85 and older are the fastest-growing segment of the United States population, so it is logical to assume that more and more people will be relying on Medicaid to pay for long-term care into the foreseeable future. How this reality interfaces with a significantly pared federal budget is anyone’s guess.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.