Elder law attorneys have been watching closely as the costs associated with long-term care continue to rise, and it is certainly a source of growing concern. If you are not aware of how high the cost of long-term care has become you'll probably sit up and take notice when you hear the facts. According to a study that was released by the MetLife Mature Market Institute, in 2010 the average charge for a yearlong stay in a private room in a nursing home in the United States was over $83,500. This … [Read more...] about Medicaid: Spending Down And Looking Back
There are people who assume that they will be able to retire as soon as they become eligible to receive Social Security benefits. At the present time the full retirement age for individuals born between the years 1943 and 1954 is 66 years of age. After this the full retirement age rises by two months each year, so if for example you were born in 1955 your full retirement age would be 66 years and two months. It goes up in this manner year-by-year until 1960. Americans who were born in 1960 and … [Read more...] about Don't Be Lulled Into A False Sense Of (Social) Security
A minor who is less than 18 years of age will need to have a guardian should they no longer have the protection of a parent or responsible adult. Therefore, a guardian will need to be appointed by the court. In the cases where the minor has inherited and therefore owns property or needs a representative for legal activity, a conservator may also be required. Rulings relating to guardianship and conservatorship are governed by the state and the petition is filed at the county court in which the … [Read more...] about Guardianship and Conservatorship For Minors
There are some matters that are difficult to examine because there is an inherit paucity of information available to work with, and elder financial abuse is one of these. Though the numbers are hard to nail down with any certainty, one thing is known: elder financial abuse is a big problem in the United States, and it appears to be on the rise. The MetLife Mature Market Institute does a good job of putting elder law issues under a microscope, and they tackled the issue of elder financial abuse … [Read more...] about Elder Financial Abuse Study Released
We all know in the back of our minds that giving gifts is perhaps more rewarding for the giver than the recipient, but when you actually have that experience once again it really hits home. It is interesting to take this into consideration when you are engaged in the process of estate planning, because after all, your legacy is in essence a final gift to the ones that you love the most. Unfortunately, it is the type of gift giving that you don't get to actively participate in. If you want to … [Read more...] about Inheritance Planning & Gifting
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 … [Read more...] about SSI & Medicaid
Estate planning can seem like a complicated maze when you're on the outside looking in. This perception of complexity leads a lot of people to procrastination when it comes to creating an estate plan because they are expecting it to be a daunting task and don't know where to begin. Of course this is a very good reason to take the efficient route and develop a good working relationship with an experienced estate planning attorney early on in your life. Most estate planning attorneys also engage … [Read more...] about The Fundamentals Of Estate Planning
There has been a lot of polarization on Capitol Hill regarding the national debt, and much of it came to a head during the recent efforts to raise the debt ceiling. But in spite of the widely differing perspectives that exist, both parties did agree that spending must be reduced. Where there is disagreement is the matter of increasing revenue as part of a two-pronged approach toward reducing the federal deficit. "Increasing revenue" is another way of saying raising taxes, and of course it is … [Read more...] about Did Debt Deal Impact Estate Planning?
When it comes to certain challenges that you may or may not face during the latter portion of your life, you may adopt the attitude that you will just hope for the best. You're certainly free to do this, but if you stick your head in the sand you may find yourself totally unprepared for certain eventualities. Nobody wants to be placed in a difficult situation, but if you are prepared in advance at least you mitigate the potential negative consequences. Something to think about along these lines … [Read more...] about Why Execute Durable Powers Of Attorney?
There are certain priorities that you are invariably going to have when you are planning your estate. Clearly, making provisions for the well being of your family is probably going to be at the top of the list. But in addition to this, it is only natural to consider your broader legacy as well and ask yourself what you may be able to do for the community as a whole. To this end, many people make charitable giving a part of their legacy plans. Of course the most high profile charitable giving … [Read more...] about Charitable Giving Can Add Meaning To Your Legacy