Aug 21, 2017 | Elder Law |
Have you been considering a move to a senior living community? As they reach retirement age, many people begin looking at their living situations and talking about transitioning to an easier lifestyle. They may be tired of maintaining a large house and lawn, find they don’t have as much free time as expected (due to the house and lawn!), are not located where it is easy to socialize, or have concerns about living alone. So, how do you decide when it’s time to consider a senior living community? Watch the first video in the Decision Time series and hear from others on the topic. Attorneys David Inabinett and Ryan McNeill also provide...
Jul 7, 2017 | Elder Law |
As our lives change over time, our desires for a certain type of living situation may also change. When you are young, an apartment close to the “action” can seem like the ideal situation. Once you marry and have children, a big single-family home may work best. Once the kids have moved out and you are retired or approaching retirement, that big house may require much more of your time than you are willing to give! Types of Senior Living Communities There are several types of senior living communities, depending on your needs. The most common include: Independent living, often referred to as “55+” or “active adult” communities, may range from traditional homes to villas or apartments. Assisted living communities are aimed at people who need help with the activities of daily living, like bathing, dressing, and taking medications. Long-term care facilities (nursing homes) provide care for individuals who cannot live alone or care for themselves any longer. Memory care units may be standalone facilities or part of other communities. These units take care of individuals with dementia, Alzheimer’s or similar memory issues. There are also hybrid facilities that might include independent living and assisted living, but not nursing care, or continuing care communities, which offer the option of starting in independent living and receiving care in the community through your lifetime. As you investigate communities, it is important to understand what each offers and read the fine print in their agreements. Are You Ready to Move to a Senior Living Community? There is no right answer that applies to everyone. For some, moving to a community where they...
May 17, 2017 | Elder Law |
Two of our elder law attorneys, David Inabinett and Ryan McNeill, were recently interviewed for a video on considerations when choosing the right senior living community. Check out the video...
May 1, 2017 | Elder Law |
By Ryan McNeill, Attorney at Law Many financial planning experts recommend purchasing long-term care insurance. Long-term care policies may cover part of the cost of at home health care, assisted living, nursing home care, or some combination of the above, depending on the plan. At the point in time you need to use the coverage – either for a single incident or a permanent change in your health – you must file a claim to receive your benefits. According to the American Association for Long Term Care Insurance (AALTCI), in 2015 insurance carriers paid $8.16 billion in long-term care claims to more than a quarter of a million plan holders. In many cases, these claims are filed by family members on behalf of the person needing care. It is good practice to have completed a durable power of attorney and have that on file so the insurance company can legally speak with your representatives. You may also wish to send them a copy of your health care power of attorney, just to be certain you cover all contingencies. Following these steps may improve the chances of your claim being paid when initially filed: Carefully review the terms of your insurance coverage to determine exactly what services are covered and in what environments. Older policies may restrict coverage to care received in a nursing home and exclude care at an assisted living facility or at-home care. If you have misplaced your copy of the policy, you may request one from the insurance company. Understand how your insurance policy determines your eligibility for benefits. This is called the “benefit trigger.” Your...
May 31, 2016 | Elder Law |
By David Inabinett, Attorney at Law Most families, whether parents assisting children or adult children assisting aging parents, are doing so for “all the right reasons.” As a result, most are not considering and, therefore tracking, day to day whether it’s Mom’s money being used to pay for each and every item Mom may need if adult child is at the grocery picking up food or medications for the parent, or if receipts are brought back when Mom insists on repaying adult child for using their money to purchase the necessary items. Going a step further, once aging parent becomes incapable of managing day to day finances and bill paying, family members who are invariably busy and stretched to the limits already are concerned more with efficiency and ease of handling not only their own family’s financial decisions but how to best manage the overlay of Mom or Dad’s income/resources without duplication. These “best practices” in the world of efficiency may include putting adult child’s name on aging parent(s) accounts, setting up automatic drafts and deposits, online banking for adult child to manage parent(s) resources from their desk, to even transferring monies from parent over to adult child in order to simply manage them from one single account that adult child is already utilizing for their own bills. Fast forward to the day when aging parent requires institutionalization and their resources are not sufficient to privately pay, so adult child, acting as attorney-in-fact, submits a Medicaid application and is asked by a Department of Social Services caseworker for five (5) years worth of aging parent(s)’ bank statements and proof...
May 18, 2016 | Elder Law |
Medicaid planning is a topic that can generate considerable confusion. While Medicaid is a federal program, each state has its own set of rules for eligibility. Under the current Medicaid rules in North Carolina, an individual is not eligible for Medicaid until his or her total assets have been “spent down” to $2,000 or less. What are the exceptions under this calculation? The most notable exclusion to the $2,000 limit is equity in the primary residence. An amount equal to $552,000* in equity may be excluded from the asset calculation. If the spouse or another dependent relative continues to reside in the home, it can be excluded from the asset calculation regardless of equity. One car may also be excluded, provided that vehicle is used to transport the individual to/from medical appointments. Household furnishings and personal property are generally not counted, and term life insurance is excluded (a portion of whole life policies may be excluded, but the remainder is countable). Retirement investments, including annuities and IRAs, are generally countable with some exceptions, depending on the date they were started, how they are titled, the individual’s life expectancy, who funded the account, and other factors. Reducing overall assets to such a low amount can put a serious burden on a spouse or family member. While the value of equity in the home may sound like a lot of money, unless the house is sold or a loan taken against it, the money is not available to pay monthly living expenses, medical bills, etc. Planning ahead to protect a portion of assets may give you peace of mind knowing that...
