Tag Archives: medicare

Will the Government Cover My Long Term Care?

For more information about government long-term elder care and medicaid contact the Law Offices of Adam Tobin, Today!Millions of elderly adults enter retirement assuming that their Medicare coverage will pay for their long-term care. Unfortunately, only a handful of the Medicare Advantage Plans pay for this kind of care, and these plans only help with medical expenses. An elder attorney can help adult children and family members find other solutions for affordable custodial care.

Start by determining if your parents’ current Medicare plan supports medical long-term care. An estate planning lawyer can help you go through the paperwork to determine if this is the case. If their plan doesn’t cover it, you will need to find a solution that helps with both custodial and medical services. Custodial care includes home cleaning, meal preparation and basic companionship.

If they would like to dedicate a portion of their existing savings to cover their care, have a Massachusetts elder attorney create a legal outline to specify this. Starting the estate management process early with the help of a trustworthy elder law practitioner is the best way to maintain control over their living arrangements for the rest of their life.

Hire an nursing home attorney to investigate the reputation of any long-care term facility before moving family members there as well. Establishments with lawsuits pending against them should be avoided entirely. Check that any complaints were addressed if there was an issue in the past.

Why choosing an elder law specialist is best for you and your parents

Elder law attorneys can provide the best solutions to financial and legal plans for your loved ones.

Elder law attorneys can provide the best financial and estate planning solutions for your loved ones.

If you are responsible for elderly parents or relatives, you already know you have many issues to consider. Hiring an elder law attorney – a person that specializes in the laws concerning seniors – is a smart move. If your relative has considerable assets or complicated financial issues, you need the services of an elder attorney; a person that knows about estate planning, living trusts, nursing home issues, and probate. All of these issues can be handled by an elder law specialist.

An estate planning attorney or estate planning lawyer helps seniors plan their wills. Often this means selecting a power of attorney who acts in your place for financial purposes. An attorney can help you with problems that arise from appointing a power of attorney with financial institutions. A planned will details who will acquire what property and money when you die. The will can include bank accounts, IRAs, property, jewelery and expensive collections. A complicated binding document like this demands the expertise of an estate planning attorney.

A living trust attorney can help seniors with different types of trusts used to manage their assets. For example, there are revocable trusts, irrevocable trusts, and supplemental needs trusts. Each one has a different purpose and reason for being formed. A MA elder attorney will know all the ins and outs to select the best trust for you or your relative.

A Massachusetts elder lawyer is qualified to help you with any number of important issues. Some of these include disability planning, long term health care decisions, nursing home issues, Medicaid, Medicare, and even at-home care. A Massachusetts estate planning attorney is always ready to help the elderly find the best way to plan their estates. Estate planning is a complex legal issue that only a good Massachusetts estate planning lawyer can handle.

Do you have an elderly relative that has to go into a nursing home? A massachusetts nursing home attorney is qualified to help you assess your financial situation and interpret the many laws that apply. It is a complicated and confusing issue to tackle alone. A good attorney can help your family keep some of their money while still giving your relative good quality care. A lawyer can help you with Medicare, insurance plans, and Medicaid – all ways of paying for long term health care.

An experienced nursing home attorney can help you decide where your elderly relatives will live. An assisted living community may be a better option than a nursing home, or perhaps your elderly relatives just need some help to live in their own home. A qualified Massachusetts nursing home attorney can help you find the best long term care solution for your family members or friends.

Do you want to tackle the probate issue that come up when an someone dies? A probate attorney can help you plan for this process. You can make a will ahead of time, so it is available when probate occurs. Often in probate a will is examined and property is appraised. Some property can avoid probate – this is why a good probate attorney should advise you of the issues at hand.

When seeking sound financial planning for an elderly relative or friend in Massachusetts, contact an elder law attorney to help you with the complex laws and issues that can make this process difficult. You’ll be happy you did, and your relatives will be glad you took the time to find them the best solutions for their financial and legal plans.

The Five Phases of Retirement Planning

Retirement in America has changed radically over the last few decades; years ago you expected to work most of your life for a single, large  employer, then you would count on a pension from that employer. “Retirement planning” was figuring out how to use your new-found free time. Today, however,  it’s more likely that you will be living in retirement on money that you saved yourself while calculating rates of return and deciphering tax rules.

the-five-phases-of-retirement-planning

This self-funded retirement constitutes a shift of responsibility. To help those who are beginning to plan for retirement, or those who just want to learn ahead of time, here are the five phases of retirement planning, including key aspects that should to be carried out during each phase.

Phase 1: Accumulation

This period begins when you enter the workforce and begin to set aside funds for later in life, and ends when you actually retire. If your employer offers 401(k), 403(b), or 457(b) plans, sign up and contribute the maximum amount allowed. The “new normal” requires retirement savings rates for most Americans to exceed 10 per cent. If you’re self-employed, look over your plan to see if you’re shortchanging yourself on Social Security to reap tax reductions, and if you are, consider re-working your plan.

Phase 2: Pre-Retirement

This occurs during the final years of Phase 1: Accumulation and should begin either when you reach 50 years of age or when you are 15 years away from retirement, whichever happens first. Now is the time to get your plan in place; make sure your finances are lined up correctly for the day your retire so nothing is left to chance. If the company you work for has a benefits specialist, schedule an appointment to become informed about the different ways you can convert your employer retirement savings into a stream of income or an IRA (Individual Retirement Account). Consider using “scenario planning” and start learning about Social Security and your options for receiving retirement benefits. Familiarize yourself with the basics of Medicare, including Medicaid.

Phase 3: Early-Retirement

This phase lasts from the day you retire until you turn 70. (For those who do not plan to retire until well into their 70s, some tasks in this phase may occur later.) An important purpose of this phase is to create a clear communication channel with your family: information can be shared, questions can be discussed, and decisions can be made in a calm and supportive way. It’s also the time to evaluate how well your finances are working now that you have started to use your retirement savings. Fine-tune your income and expense projections, remembering to take into consideration how you will meet minimum distribution requirements from  your tax-deferred accounts.

Phase 4: Mid-Retirement

This begins at age 70 and lasts as long as your high-functioning and able-bodied. Despite your good health, begin looking at what steps you would want your family to take if your condition declines significantly. In most cases, your ability to make all your own decisions, care for yourself, engage with the world, and manage your affairs does not disappear in a split second. It takes courage to dive into a  conversation about giving up and transferring control.

Phase 5: Late-Retirement

This phase begins when your health has taken a turn for the worse and it is not likely for it being fully restored and you require significant help to function from day to day. The hope for this phase, is that by this point all the planning you have done in prior years will make this transition as manageable and life-affirming as possible.

For assistance in retirement planning, it would be helpful to hire a qualified elder law attorney. Contact Adam Tobin to meet with a knowledgeable Massachusetts elder attorney, and receive advice and tips to make your retirement planning a smooth process.

Health Concerns for the Elderly, including Medicare, Medicaid, and Nursing Homes.

Information on nursing home elder care.Elder law deals with the legal, financial, and health needs of senior citizens.  The country’s average age is advancing all the time, and now even baby-boomers are dealing with health issues and legal concerns they had not anticipated. In addition to estate planning, elder law attorneys also help with preparing for long-term healthcare needs, applying for government programs, addressing financial fraud, combating physical abuse, and establishing guardianships and conservatorships.

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)