LIFE CARE PLANNING AND VETERANS BENEFITS Oast & Hook, P.C. Attorneys and Counselors at Law Serving Virginia and North Carolina Tel: 757-399-7506 | Tel: 252-722-2890 Fax: 757-397-1267 www.oasthook.com

Oast & Hook, P.C.

Attorneys and Counselors at Law Serving Virginia and North Carolina

Tel: 757-399-7506 | Tel: 252-722-2890

Fax: 757-397-1267 www.oasthook.com

What are your Concerns? Avoiding running out of money Protecting your spouse and family Obtaining and paying for long-term care Avoiding the loss of independence and autonomy due to incapacity Leaving a legacy to your children Inflation

Avoiding running out of money

Protecting your spouse and family

Obtaining and paying for long-term care

Avoiding the loss of independence and autonomy due to incapacity

Leaving a legacy to your children

Inflation

What are the chances of needing long-term care? “ For a couple turning age 65, there is a 70% chance that one of them will need long-term care.” “ 60% of people over age 75 need long-term care, many stay in facilities for about 3 years.” For an individual age 80, there is a 50% chance that the individual will require care in a long-term care facility.

“ For a couple turning age 65, there is a 70% chance that one of them will need long-term care.”

“ 60% of people over age 75 need long-term care, many stay in facilities for about 3 years.”

For an individual age 80, there is a 50% chance that the individual will require care in a long-term care facility.

Cost of Long-term Care Continuing Care Retirement Communities (CCRC) CCRC’s are life care communities providing various levels of care including independent living, assisted living, and nursing or skilled care if required. Assisted Living Facility: $35,000 - $50,000+ per year Nursing Home Facility: $75,000+ per year In Home Care: $19 - $32 per hour Adult Day Care: $35 - $50 per day

Continuing Care Retirement Communities (CCRC)

CCRC’s are life care communities providing various levels of care including independent living, assisted living, and nursing or skilled care if required.

Assisted Living Facility: $35,000 - $50,000+ per year

Nursing Home Facility: $75,000+ per year

In Home Care: $19 - $32 per hour

Adult Day Care: $35 - $50 per day

Life Care Planning Considerations Medicaid Tax Planning VA Benefits Equity Lines Annuities Asset Protection Medicare Life Insurance Reverse Mortgage Long-term Care Insurance Family (Negative Inheritance) Private Payment

Importance of Comprehensive Life Care Planning Comprehensive planning integrates all of the available resources into a plan customized to meet the client’s individual circumstances. Veteran’s Benefits are an important component of a life care plan. Coordination of planning strategies is critical because program rules have significant differences (for example, transfer rules) Failure to plan is planning to fail. No single component makes a plan.

Comprehensive planning integrates all of the available resources into a plan customized to meet the client’s individual circumstances.

Veteran’s Benefits are an important component of a life care plan.

Coordination of planning strategies is critical because program rules have significant differences (for example, transfer rules)

Failure to plan is planning to fail. No single component makes a plan.

“ America’s veterans deserve the best health care and compensation system we can provide.” (Anthony Principi, Secretary of Veterans Affairs, News Release, February 3, 2003). 33% of all Seniors age 65 and older could qualify for a VA pension and healthcare benefits. Honoring American Veterans

“ America’s veterans deserve the best health care and compensation system we can provide.” (Anthony Principi, Secretary of Veterans Affairs, News Release, February 3, 2003).

33% of all Seniors age 65 and older could qualify for a VA pension and healthcare benefits.

Administers monetary benefits programs for eligible veterans. Programs include: Compensation for Service-Connected Disabilities Vocational rehabilitation and employment Education and training Home loan guaranties Disability and Indemnity Compensation for Surviving Spouses and dependents Special Monthly Pension: Housebound and A&A Specially adapted housing Life insurance benefits Burial benefits Veterans Benefit Administration

Administers monetary benefits programs for eligible veterans. Programs include:

Compensation for Service-Connected Disabilities

Vocational rehabilitation and employment

Education and training

Home loan guaranties

Disability and Indemnity Compensation for Surviving Spouses and dependents

Special Monthly Pension: Housebound and A&A

Specially adapted housing

Life insurance benefits

Burial benefits

Purpose: To provide health care for prior service members. Programs include: VA Hospitals VA Nursing Homes Prescription benefits Outpatient dental services Blind/Vision impaired services Prosthetic services Alcohol/Drug Treatment. Veterans Health Administration

Purpose: To provide health care for prior service members. Programs include:

VA Hospitals

VA Nursing Homes

Prescription benefits

Outpatient dental services

Blind/Vision impaired services

Prosthetic services

Alcohol/Drug Treatment.

$ Low Income Pension $$ Housebound Pension $$$ Aid and Attendance Pension Special Monthly Pensions

$ Low Income Pension

$$ Housebound Pension

$$$ Aid and Attendance Pension

Veteran or Widow(er) of Veteran who: --Served at least ONE DAY during War Time Period --Served 90 consecutive days on Active Duty --Received a discharge other than dishonorable --Limited Income and Assets --Permanent and Total Disability --Disability caused without willful misconduct --Submits a Signed Application --Non-service connected benefit Basic Eligibility Criteria

Veteran or Widow(er) of Veteran who:

--Served at least ONE DAY during War Time Period

--Served 90 consecutive days on Active Duty

--Received a discharge other than dishonorable

--Limited Income and Assets

--Permanent and Total Disability

--Disability caused without willful misconduct

--Submits a Signed Application

--Non-service connected benefit

The VA’s Version of SSI Monthly Income Payment --Veteran without a spouse $985/month --Veteran with a spouse $1,291/month --Widow(er) $661 Low Income Pension 2009

The VA’s Version of SSI

Monthly Income Payment

--Veteran without a spouse $985/month

--Veteran with a spouse $1,291/month

--Widow(er) $661

RATES: Veteran with no dependents $1,204/month Veteran with a dependent $1,510/month Widow(er) $808/month Housebound Pension 2009

RATES:

Veteran with no dependents $1,204/month

Veteran with a dependent $1,510/month

Widow(er) $808/month

RATES: Veteran with no dependents $1,644/month Veteran with a dependent $1,949/month Widow(er) $1,056/month Aid & Attendance Pension 2009

RATES:

Veteran with no dependents $1,644/month

Veteran with a dependent $1,949/month

Widow(er) $1,056/month

Claimant meets one of the following: --Blind --Lives in a nursing home --Unable to: -- dress/undress or keep self clean and presentable -- attend the wants of nature without assistance -- has a physical or mental incapacity that requires assistance on a regular basis to protect Claimant from daily environmental hazards Aid & Attendance Pension 2009

Claimant meets one of the following:

--Blind

--Lives in a nursing home

--Unable to:

-- dress/undress or keep self clean and presentable

-- attend the wants of nature without assistance

-- has a physical or mental incapacity that requires assistance on a regular basis to protect Claimant from daily environmental hazards

Disabled & essentially confined to the home -- Single permanent disability rated as 100% OR -- 65 years old or older – no rating required Pension 2009

Disabled & essentially confined to the home

-- Single permanent disability rated as 100%

OR

-- 65 years old or older – no rating required

Gross Income cannot exceed maximum family income limits (outlined above) Permissible Deductions from Income --Medical Expenses --Health Care and Insurance Premiums/Deductibles --Prescriptions, hearing aids, transportation, etc. --Home Health Care --Assisted Living Facilities Cost --Nursing Home Care Income Limits

Gross Income cannot exceed maximum family income limits (outlined above)

Permissible Deductions from Income

--Medical Expenses

--Health Care and Insurance Premiums/Deductibles

--Prescriptions, hearing aids, transportation, etc.

--Home Health Care

--Assisted Living Facilities Cost

--Nursing Home Care

Standard: Sufficient Means to Self-Pay Sufficient Means: Oast & Hook can assist with helping individuals fall within acceptable levels; asset requirements vary; however there are a wide range of strategies Age Analysis: Age vs. Asset test Asset Requirements

Standard: Sufficient Means to Self-Pay

Sufficient Means: Oast & Hook can assist with helping individuals fall within acceptable levels; asset requirements vary; however there are a wide range of strategies

Age Analysis: Age vs. Asset test

Additional Benefits of VA Pension Eligibility Free inpatient care Free outpatient care Eligible for Burial Benefits Maximum $960 a year for prescriptions Medicare $3,850 VA Hospital and Pharmacy in Hampton Prescriptions may be ordered by non VA physician Prescriptions can be filled by mail

Free inpatient care

Free outpatient care

Eligible for Burial Benefits

Maximum $960 a year for prescriptions

Medicare $3,850

VA Hospital and Pharmacy in Hampton

Prescriptions may be ordered by non VA physician

Prescriptions can be filled by mail

Conclusion The failure to plan, is planning to fail. Our experienced staff will help you develop, implement, and maintain a comprehensive estate, asset protection, and financial plan. Fixed fees for most engagements. Three convenient locations.

The failure to plan, is planning to fail.

Our experienced staff will help you develop, implement, and maintain a comprehensive estate, asset protection, and financial plan.

Fixed fees for most engagements.

Three convenient locations.

Oast & Hook, P.C. Attorneys and Counselors at Law Offices in Elizabeth City, Portsmouth, and Virginia Beach Tel: 757-399-7506 | Tel: 252-722-2890 | Fax: 757-397-1267 Please visit our web site at www.oasthook.com Estate Planning Asset Protection Planning Long-term Care Planning Veterans Benefits Financial Planning and Advice regarding Investments, Insurance, Annuities, Reverse Mortgages, and Equity Lines Tax Planning Guardianships and Conservatorships Estate and Trust Administration Special Needs Trusts Care Management Services Business Planning and Succession Planning

Estate Planning

Asset Protection Planning

Long-term Care Planning

Veterans Benefits

Financial Planning and Advice regarding Investments, Insurance, Annuities, Reverse Mortgages, and Equity Lines

Tax Planning

Guardianships and Conservatorships

Estate and Trust Administration

Special Needs Trusts

Care Management Services

Business Planning and Succession Planning