Shields and Boris Blog on Elder Care, Health Care, and Caring in General

"Do I Qualify For Financial Assistance For Nursing Home Care?"

In many situations, there are ways to reduce or even eliminate your nursing home bills - sometimes without even spending down to qualify for financial assistance. Get a FREE, no obligation consultation today to find out!

Free Asset Protection Seminar For Anyone Considering Long Term Care Planning

If you have a loved one who is considering, or already in a nursing home, it's important you attend our free seminar on the legal and financial matters concerning long term care. Procrastination in the number one mistake people make when it comes to long term planning. Don't let it happen to you! Attendance to this informative seminar is free, but seating is limited. You can reserve your spot by calling 1-800-459-1843. Take the first step toward peace of mind in knowing your affairs are in order. You'll want to attend our FREE seminar because you need to know the answers to matters such as: How do I avoid having my life savings wiped out by a nursing home spend-down? How do the new laws restrict protection of assets? What needs to be in place in my Power of Attorney documents to protect my life savings? How does Medicaid work... and what steps do I need to take now to protect myself and my family under the new rules? How Veterans can qualify for hidden benefits that most people know nothing about. Presented by: Elder Law Attorney – Jim P. Shields, Esquire Elder Law Office of Shields and Boris 109 VIP Dr. Suite 102 Wexford, Pa 15090 www.shieldsandboris.com

Medicaid and Caregiving: Who Are the Ones Taking the Lead?

Both Mr. Shields and Mr. Boris are well known in Western Pennsylvania and the greater Pittsburgh area for their dynamic seminars on elder law and estate planning topics. Their seminars have helped thousands of Pennsylvania seniors and their families protect their legacy.

Medicaid Compromise in Health Care Bill On the Chopping Block

Both Mr. Shields and Mr. Boris are well known in Western Pennsylvania and the greater Pittsburgh area for their dynamic seminars on elder law and estate planning topics. Their seminars have helped thousands of Pennsylvania seniors and their families protect their legacy.

Avoid Pitfalls of Medicaid

You’ve worked hard and saved all your life; you’re expecting your wealth – your legacy, to pass on to your family without much trouble, right? Think again, estate planning is no longer just protecting your legacy from probate expenses. Today you have to protect your assets from income taxes, estate taxes, market loss, probate fees, Pennsylvania inheritance taxes not to mention long term medical and nursing home expenses.

How To Describe Pain in a Social Security Disability Case

We have two offices one located in Wexford, a short distance from Pittsburgh, Pa, and the other in Washington Pa. We provide important information related to estate planning, living trusts, wills, long term heath care, and eldercare.

How much does long-term care really cost?

MetLife recently released their market survey on long-term care and nursing home costs for 2009.  Here’s what the results tell us about the current costs for nursing home, assisted living and home care.

 

Nursing home costs

 

Nursing home care is the most expensive type of care available for seniors, with a private room costing a national average of $219 a day or $779,935 a year.  This is up about 3.3 percent from 2008, when the daily cost was $212 and the annual cost was $77,380.

 

Semi-private rooms are a little less expensive, costing on average across the U.S. $198 per day or $72,270 a year (up 3.7 percent from $191 a day or $69,715 a year) in 2008.

 

Assisted-living facility costs

 

Assisted living facilities are a more affordable options for residents who do not require the same level of care provided in a nursing home.  The survey looked at monthly rates for private-pay facilities that typically provide room, board, about two meals a day, housekeeping and assistance with personal care.

 

On average, the national monthly cost for assisted living is currently $3,131 ($37,572 a year), up 3.3 percent from $3,031 a month ($36,372 a year) in 2008.

 

In-home healthcare costs

 

Another option for seniors is to hire in-home care.  This year the average hourly rate for home health aides is $21, up 5.0 percent from $20 last year.  Homemaker / companions are slightly less expensive at $19 per hour (up from $18 last year).

 

Understanding the real costs of long-term care is important to planning and saving for the future.

Paying for long-term care

The topic of paying long-term care is an important one for individuals and married couples to consider, preferably before the care is needed.  The risks of failing to plan for the future are huge: long-term care is becoming increasingly expensive, with more and more people exhausting their savings and finding themselves depending on Medicaid.

 

To prepare for the inevitable, please take the time to discuss your long-term care planning options with an experienced estate planning attorney.  You may be able to protect your assets in order to qualify for Medicaid without depleting your savings, and you may be eligible for veterans benefits that you did not know existed.

 

Ways to pay for your long-term care:

 

• Rely on your family to care for you
• Pay for care from your investments and savings accounts
• Purchase long-term care insurance
• Buy limited long-term care insurance
• Sell your life insurance policy at present value (life settlement)
• Sell your life insurance to a third party if you are chronically or terminally ill (viatical settlement)
• Add an accelerated death benefit to your life insurance policy
• If you have a large amount of equity in your home, take out a reverse mortgage
• Buy into a Continuing Care Retirement Community (CCRC)
• Explore all your veterans benefits options, even if you do not have a service related disability
• Use Medicaid if you qualify, or plan ahead to protect your assets so you can qualify for Medicaid without losing everything
• If your state offers it and you qualify, participate in one of the Programs of All-inclusive Care for the Elderly (PACE)

 

Learn more by contacting the Wexford, PA offices of Shields and Boris today.

Unmarried couples and estate planning issues

With more and more U.S. couple delaying or foregoing marriage while continuing to build lives together, estate planning for unwed couples is becoming a hot issue.

 

Preparing an estate plan for an unwed couple can be more challenging than a plan for a married couple, because additional documents are typically needed to cover all necessary scenarios that would ordinarily be covered when a couple is legally married.

 

These days many couples chose to remain unmarried for a variety of religious, social or familial reasons.  It can be easier for some – especially those on their second or subsequent marriage – to avoid a formal walk down the proverbial aisle.

 

Some people are choosing to remain unwed for financial reasons.  For example, a woman collecting Social Security benefits based on her deceased husband’s earnings may not want to get remarried and risk her income.  Or, if a couple is relying in Medicaid, they may chose to remain unmarried so that the assets of one spouse don’t affect the Medicaid eligibility of another spouse.

 

Unfortunately for unmarried couples, federal and state laws definitely favor married couples.  For this reason, it is especially important that unwed couples carefully prepare for the future and work with an experienced estate planning attorney.

 

Why a durable financial power of attorney makes sense

When you think about estate planning, do you think about powers of attorney?  Have you considered what would happen to your financial affairs if you became incapacitated?

 

Many people plan for what will happen when they die, but not everyone considers what would happen if they were unable to make decisions for themselves.  Anybody can become incapacitated at any time, for example from a serious accident or a sudden disease.

 

It is in your best interest to plan for this possibility ahead of time.  Think about who you trust to handle your financial affairs if you aren’t able to make decisions for yourself.  You could even divide your financial responsibilities among a few different people if you didn’t want one person to do everything, or you could limit your agent to just a few financial tasks.

 

Here is a list of a few things that might need to be taken care of if you became incapacitated.  Which ones would you want your agent to handle on your behalf?  You can include these specifics in a durable financial power of attorney:

• Use your bank accounts or other assets to pay your expenses or your family’s expenses
• Collect your Social Security, Medicare, or other government benefits
• Collect your retirement payments or manage your retirement accounts
• Make investment decisions for you (i.e. buy or sell stocks or bonds)
• Buy or sell real estate or other property
• Buy or sell insurance policies
• File and pay your taxes or collect your tax refund
• Claim property that you inherit

 

Read more about durable financial powers of attorney in our law library article “The importance of a durable financial power of attorney” and “Protect Yourself with a Durable Power of Attorney”.

Will proposed changes to medical estate recovery laws swallow what is left of your estate?

The Pennsylvania Department of Public Welfare (DPW) has a repayment requirement for anybody who receives Medicaid after the age of 55 called Medical Assistance Estate Recovery (MAER).

 

Under MAER, the DPW can seek repayment for the amount of medical assistance (Medicaid) paid out for long term care related services provided on behalf of certain recipients.  Since repayment does not happen until after a person has died, some people refer to MAER as the Medicaid death tax.

 

Current law states that the state can make a claim against a deceased person’s probate estate.  Only items in probate could be used for repayment.  However, a bill has been introduced that would expand Medicaid Estate Recovery to non-probate assets.

 

Non-probate assets that could be targeted under the new bill – if it passes – include real and personal property held in joint names, life estates, and other traditionally exempt forms of ownership.  In addition, the bill would give Pennsylvania expanded lien powers and control over disputes.

 

This could spell bad news for many elderly citizens, especially surviving spouses.  Imagine if your spouse was to die, and because of this new law you lost your home and much of the remaining estate to the government.  It is a frightening scenario to consider.

 

If you are concerned about losing your non-probate estate to the government, talk to your state senators and representatives about this bill (HB 1351, section 1214).  If you have questions about asset protection and planning for future health-care costs, talk to a knowledgeable elder law and estate planning attorney like those at Shields and Boris.