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How To Avoid An Elder Law Train Wreck
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How To Avoid An Elder Law Train Wreck

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An overview of common estate planning considerations in an elder law context by Bob Mason, Certified Elder Law Attorney

An overview of common estate planning considerations in an elder law context by Bob Mason, Certified Elder Law Attorney

Published in: Economy & Finance

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  • 1. How To Avoid anElder Law Train Wreck * ByRobert A. Mason, JD, CELA, Mason Law, PC Asheboro, North Carolina Savannah, Georgia *Maybe 2
  • 2. SettingThe Stage Planning Crisis• Playing The Odds – – By 2025 50% more with Alzheimers (Alzheimers Association) – By 2025 100% more 65+ with Diabetes (American Diabetes Association) 3
  • 3. SettingThe Stage Planning Crisis• Playing The Odds – – 70% The Percentage of Those 65+ Who Will Need Some Level of Long Term Care Services – 30% to 40% The Percentage of Those 65+ Who Can Expect Nursing Home Level of Care 4
  • 4. SettingThe Stage Planning Crisis• Playing The Odds – – 50% to 60% Percentage of Nursing Home Costs Paid by Medicaid – Government WILL Tighten Benefit Rules 5
  • 5. SettingThe Stage The Caregiver’s Squeeze• Almost 10 MM Children 50+ Care For Parents• Percentage Has Tripled In 15 Years (25%)• Daughters Bear Impact Over Sons - The MetLife Study of Caregiving Costs to Caregivers (June 2011) 6
  • 6. SettingThe Stage The Caregiver’s Squeeze• Adult Caregivers 50+ More Likely To Have Health Problems• Caregiving Can Jeopardize Future Financial Security- The MetLife Study of Caregiving Costs to Caregivers (June 2011) 7
  • 7. TEN GREAT WAYS TO AVOID AN ELDER LAW TRAIN WRECK (maybe)1. GET A WILL ON TRACK!2. PUT SOME STEAM IN A POWER OF ATTORNEY3. DON’T SIGN OVER ALL YOUR PROPERTY TO THE KIDS 8
  • 8. TEN GREAT WAYS TO AVOIDAN ELDER LAW TRAIN WRECK (maybe)4. COUPLE UP A HEALTHCARE ADVANCE DIRECTIVE5. FUEL UP LONG TERM CARE PLANNING6. PLAN FOR DISABLED LOVED ONES 9
  • 9. TEN GREAT WAYS TO AVOID AN ELDER LAW TRAIN WRECK (maybe)7. CARRY ADEQUATE INSURANCE8. DON’T IGNORE PLANNING AFTER A “LATE” MARRIAGE (A CHANGE IN CONDUCTORS!)9. REVIEW OR UPDATE YOUR ESTATE PLAN 10
  • 10. TEN GREAT WAYS TO AVOID ANELDER LAW TRAIN WRECK (maybe)10. AVOID BAD ADVICE: DO NOT LISTEN TO: THEY & THEM 11
  • 11. 1. GET A WILL ON TRACK• Common misconception: I don’t need a will because . . . – Just my spouse and me – I don’t have a large enough estate – My family knows how I want things 12
  • 12. 2. PUT SOME STEAM IN A POWER OF ATTORNEY• Often overlooked• Absolutely critical• Conservatorship may be only option• Severe limits on conservator’s planning 13
  • 13. 3. DON’T SIGN OVER ALL YOUR PROPERTY TO THE KIDS• Common Practice• Exposes to Kids’ Liabilities• Horrible Tax Planning 14
  • 14. 3. DON’T SIGN OVER ALL YOUR PROPERTY TO THE KIDS (Continued)• Better to Use Irrevocable Trust• Bank Account Problem (“I Put My Kid’s Name on the Account”) 15
  • 15. 4. COUPLE UP A HEALTHCARE ADVANCE DIRECTIVE• Squabbling Children• May Want to Alter Statutory Priority 16
  • 16. 5. FUEL UP LONG TERM CARE PLANNING• LTC Insurance – insurability issues• 5 Year Medicaid Lookback; Crisis Planning 17
  • 17. 5. FUEL UP LONG TERM CARE PLANNING• Second Marriage Problems• Many Solutions – esp. for Couples and Disabled 18
  • 18. 6. PLAN FOR DISABLED LOVED ONESMUCH can be done• Tragic to leave to “healthy” kids to “look after” sibling• Special Needs Trusts 19
  • 19. 7. CARRY ADEQUATE INSURANCE• Long Term Care Costs• MediGap/Supplemental Policies 20
  • 20. 7. CARRY ADEQUATE INSURANCEThe GAP That MediGap Covers:Part A – Hospital » $1,156 deductible » Days 1 – 60: $0 » Days 61 – 90: $289/day » Days 91 – 150: $578/day » Actually only 90 days “per spell of illness” – 60 days “lifetime reserve” 21
  • 21. 7. CARRY ADEQUATE INSURANCEThe GAP That MediGap Covers: Part A (Cont’d) – SNF » Stringent conditions » Days 1 – 20: $0 » Days 21 – 100: $144.50 » Days 101+ NO COVERAGE 22
  • 22. 7. CARRY ADEQUATE INSURANCEThe GAP That MediGap Covers:Part B - Mds and other providers » $140 deductible » 20% coinsurance 23
  • 23. 8. DON’T NEGLECT PLANNING AFTER A “LATE” MARRIAGE (Change in conductors)• EVERYTHING Counts Under Medicaid• Battling “First Families”• No Prenups; Ignored Prenups 24
  • 24. 9. REVIEW OR UPDATE YOUR ESTATE PLANNING• Exclusion Amount Going Up• Death of One Spouse• Testamentary Asset Protection Planning 25
  • 25. 10. AVOID BAD ADVICE – DONOT LISTEN TO WHAT “THEY” SAY “Well, Mr. Mason, THEY say that . . .” 26
  • 26. Really, Really BAD Idea11. BONUS SECTION! DON’T DO A THING!! 27
  • 27. THREE Things You Can Do TodayNo. 1: facebook.com/m asonlawpc An Open Forum – Ask Questions Late Breaking News Updates Interesting Articles 28
  • 28. TWO Things You Can Do TodayNo. 2: Sign Up For Elder Law UpdateInteresting Original ArticlesNews You Can Use 29
  • 29. THREE Things You Can Do TodayNo. 3:Visit Our Website: www.masonlawpc.com Packed Full Of Info Open Comments (Ask Questions On Articles) 30
  • 30. Serving Central North CarolinaElder Law * Wills & Trusts * Advanced Asset Protection Special Needs Law 31