Currently, the estate tax in the U.S. is in a unique position. The code was written so that every year until 2009 the tax would lessen, until 2010, where it would disappear completely. However, next year, 2011, the estate tax will come back with a vengeance to a much higher level.

For a more in-depth breakdown, in 2011, the exclusion will only be $1 million and the tax rate will rise from 45% to 55%. Under the Estate Tax Law for 2009 which excluded the first $3.5 million and with a tax rate of 45% on anything above that, only about 3% of all estates paid any Estate Tax at all. And in 2010, there is no longer a “stepped up basis” on inherited assets: there is now a “carry over” basis. If you inherit anything at all before or after 2010, you receive a stepped up basis on the value of the asset so you don’t pay any Capital Gains Taxes. Read more here.
So, if someone has an elderly parent with a large estate and they die, usually the estate is taxed up to 50%. If this happens in 2010, that tax is zero. This of course creates some theoretical chaos, as those aware of this tax have an unpalatable inheritance incentive.

What does this loophole mean to you and what you could inherit over the next few years? Make an appointment Adam J. Tobin to better understand this tax code and figure out your next step. For a free consultation email Adam at atobin@adamtobinlaw.com or call 978-725-9083.

•    Caring for yourself by authorizing people to handle your affairs if you no longer can because of illness or disability
•    Specifying who gets what after you pass away
•    Providing for children who are minors or who have special needs.
Trusts play critical roles in estate planning, and can be used to hold money for minors, forestall spendthrift family members, protect assets from former spouses or creditors, or even make provisions to care for pets that survive you.
(Source: www.estateplanningsmarts.com)
See an elder lawyer like Adam J. Tobin, or one nearest you to get your estate plan in motion!

(Read the full article here: http://eldercareabcblog.com/protection-from-financial-elder-abuse/ )

As aging children and their parents find themselves in the inevitable role-reversal of care, it’s important to be aware of steps that can be taken to assure your parent, relative, or loved one never has to encounter this situation. It’s also important, yet disappointing, to note that most elder abuse is employed by a family member. Many of these instances go unreported as the elderly individual may feel ashamed that they cannot handle the abuse themselves, afraid of the abuser’s retaliation, or is concerned with being labeled as senile.

Keep an eye out for some of the warning signs:

• Sudden changes to a senior’s will
• Checks bounce when there should be adequate resources
• Unusual activities in bank accounts

(There is also a more thorough compilation of warning signs here: http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/elder_abuse.htm)

And here are some preventative steps your loved ones can take to ensure elder financial abuse does not take place:

• Establish a relationship with the personnel at your bank
• Put all financial instructions in writing and be specific
• Keep accurate and complete financial records of all transactions
• Cultivate friends of all ages so you maintain a strong support network
• Never give out credit card numbers over the phone unless you placed the call

Stay involved in your loved one’s life, and if you still find that they have become a victim of elder abuse, be sure to seek out an elder lawyer such as Adam J. Tobin or one nearest you.

Many elderly persons rely entirely on their children, family members or other trusted individuals to help them. This dependence upon caregivers or family members makes an older person more vulnerable to abuse and financial exploitation. Legal arrangements and protective actions by family may be necessary to shield loved ones from making bad decisions or from being taken advantage of.

Adam Tobin, an Elder Law Attorney located in North Andover, Massachusetts specializes in may of your family’s needs. His firm offers estate planning services for estates of all sizes, planning to minimize Gift and Estate Taxes, the drafting and use of many different types of Trusts to maintain control and protect assets, business succession planning for small business owners, and retirement planning for individuals of all income levels. For further information please visit his site www.adamtobinlaw.com.

Another aspect in planning for the elderly are the complexities of laws and legal issues that may arise.

Elder law attorneys specialize in legal issues affecting the elderly. They are knowledgeable about Medicare and Medicaid programs. They work with the elderly in assisting them and their families with all aspects of estate planning and implementing necessary legal documents for the final years of life. In addition, they help individuals to apply for and possibly accelerate coverage from Medicaid. An elder law attorney can also help with disputes with Medicaid. Below is a partial list of what an elder law attorney might do:

• Preservation or transfer of assets seeking to avoid spousal impoverishment when a spouse enters a nursing home
• Medicaid qualification and application and Medicaid planning strategies
• Medicare claims and appeals
• Veterans Benefits claims
• Social security and disability claims and appeals
• Disability planning, including use of durable powers of attorney, living trusts and living wills
• Help with financial management and health care decisions; and other means of delegating management and decision-making to another in case of incompetence or incapacity
  Probate
• Administration and management of trusts and estates
• Long term care placements in nursing homes and assisted living
• Nursing home issues with patients’ rights and nursing home quality
• Elder abuse and fraud recovery cases

Adam Tobin also offers a large array of legal services which are listed on www.adamtobinlaw.com. In the ever changing landscape of Elder Law, as an elder law attorney Tobin will guide you through the complexities of Medicaid (MassHealth) laws; explain the options available to pay for home health care, assisted living and nursing home costs; assist you in qualifying for MassHealth benefits, and implement a plan to protect your assets from nursing home costs.

Two-way communication is the best way your attorney can understand your needs and concerns. Does the attorney listen to what you say, appear to really care about your concerns or return your phone calls? If not find another attorney. Most Elder law Attorneys sincerely want to help make you or your parent’s elder years a well planned for, peaceful experience for all involved.

The National Care Planning Council lists elder law attorneys throughout the United States.
To find someone in your area go to http://www.longtermcarelink.net/a2cfindattorney.htm

For more information the services that Adam Tobin has to offer, please visit his site at www.adamtobinlaw.com. For a free consultation email Adam at atobin@adamtobinlaw.com or call 978-725-9083.

Adam Tobin, an Elder Law Attorney located in North Andover, MA specializes in these topics, particularly Estate Planning, Medicaid Planning, and Probate Administration. Learn more regarding elder law services.

Elder law attorneys specialize in legal issues affecting the elderly. They are knowledgeable about Medicare and Medicaid programs. They work with the elderly in assisting them and their families with all aspects of estate planning and implementing necessary legal documents for the final years of life. In addition, they help individuals to apply for and possibly accelerate coverage from Medicaid. An elder law attorney can also help with disputes with Medicaid… read the entire article by going to  http://www.planforcare.org.

Making a choice on the best care of your loved ones can be difficult on everyone. The Law Offices of Adam J. Tobin offer helpful insight on making sure they receive the best of care from estate planning, choosing the right home and making sure no one feels neglected. Receive a free,  no obligation consultation by contacting us today.

Though this little tune is just for fun, it may very well raise alarms to many caregivers of the elderly.  Caregivers know that even at a holiday party they cannot let down their diligent watch over their elderly loved one.  As far-fetched as it may sound, with all the people and noise, an elderly family member with dementia or Alzheimer’s may be enjoying the family gathering and then suddenly become confused and walk to the door and leave.

For family caregivers the added stress of the holidays with decorating, shopping, parties and keeping up with all the family traditions is an overwhelming quest.  Feelings of isolation, depression and sadness come with this added stress.  There are millions of Americans who are caring for elderly frail loved ones and most of these caregivers will go through some of these emotions, especially this time of year.

There are some things you can do as a caregiver to help you and those you care for enjoy the holiday season…read the entire article by going to  http://www.planforcare.org

If you are a caregiver for an elderly person in need of elder law services in Massachusetts including: Medicaid (MassHealth) assistance, nursing home planning, probate administration, or estate planning please contact expert MA elder lawyer Adam Tobin.

To find a skilled estate planning attorney in your area, you can use online resources such as FindLaw.com.  If you are located in Massachusetts, please contact us to arrange a free estate planning consultation with Massachusetts Estate Planning Attorney Adam J. Tobin or to learn more about estate planning.

(photo credit: http://www.bordeauxandboyes.com/images/Estate-Planning-2.jpg)

The importance of early planning is crucial.  To determine Medicaid eligibility, the government examines your finances within five years of your Medicaid application date. The sooner you begin preparing your finances for this application, the more effective you are likely to be.

I can advise you throughout the process, helping you prepare for Medicaid as part of our comprehensive estate planning services.  Whether you need to begin creating a spend-down plan, wish to transfer assets to a trust, or need more unique arrangements, I can represent and assist you.

When nursing home care is needed, Medicare is of only marginal assistance.  Medicare covers the first 20 days and a portion of the next 80 days of care in a nursing home as long as one is receiving treatment and improving.  Long-term healthcare also known as custodial care is not covered by Medicare.  The only government program that will pay for long-term care is Medicaid.  Medicaid is designed to help people with limited assets and income. Medicaid, also known as MassHealth in Massachusetts, will cover the aforementioned long-term care costs.

Unless an individual is impoverished or has adequately planned for his or her future healthcare needs, a nursing home stay or extended medical treatment can completely deplete assets accumulated over a lifetime.  To avoid this, a skillfully crafted plan can redistribute an elderly person’s assets in order to reduce the assets below the amount required to qualify for Medicaid.  This strategy may allow an elderly person to distribute his or her assets to children or other family members, outright or in trust, so that the same elderly person may not be responsible for paying healthcare expenses or nursing home costs.

As an estate planning and elder law attorney, I can work with you to plan ahead for residential care needs while minimizing the financial impact on your estate. Visit our Medicaid Planning section for more information.

(photo credit: http://www.pmhh.com/files/image/other/Nursing%20home.jpg)

A Living Will will not provide direction to disperse your property upon your death.  Nor will it accomplish the basic health care decisions provided for in a Health Care Proxy.  It is really a separate document that specifically outlines the extraordinary medical decisions regarding the extension of your life.

Even if you have a legally enforceable power of attorney for healthcare, health care proxy, or living will, your should discuss fully your preferences regarding medical care with the person or persons you have designated to make healthcare decisions on your behalf.