Elder Law Today Podcast Show #18 Continuing Care Retirement Communities
Release Date: 06/03/2009
The Holidays - A Time to Consider Elderly Loved Ones
Elder Law Today Podcast
Once again the holiday season is upon us, a time of joy but also stress. We often visit family members we haven’t seen in some time and that’s when changes in older loved ones become more noticeable. Some of the changes that may indicate your loved one needs some extra help: ...
info_outline
A Pension Crisis Brewing?
Elder Law Today Podcast
Much has been written in recent years about the health of Social Security. As the population ages two things are happening. Fewer people are paying into the system, while at the same time more people are receiving benefits, raising concern that the program will run out of money. But there is another, perhaps, more serious crisis developing within state employee pension programs that hasn’t, until now, received as much attention. We are seeing it here in New Jersey, as are other states across the country. And it may hit some folks harder than the...
info_outline
Another VA Benefit You Never Heard Of
Elder Law Today Podcast
Understanding the maze of laws and benefits that form our long term care system is a full time job. That’s why I devoted my practice exclusively to elder and disability planning. A few weeks ago I was reminded of that fact when I was asked what I know about a particular VA program that provides adult day care services for a small co-pay. This clearly didn’t sound like the Aid and Attendance program that in the past two years we have incorporated into our planning arsenal.(see my 2/25/08 post). So I decided to investigate and here’s what I learned. ...
info_outline
How Do You Know if You are Getting Accurate Medicaid Information?
Elder Law Today Podcast
How many times have you contacted a government office to inquire about some benefit or program and told you are not eligible? Have you then left the office or hung up the phone accepting that what you have been told is true? What if that is just flat out wrong? As an elder law attorney I see that happen all the time, especially when it comes to the Medicaid program. A recent court case last week corrected at least one of those untruths. ...
info_outline
Mary's Worst Home Care Nightmare
Elder Law Today Podcast
For many families, keeping their elderly loved one at home will require in home assistance. There are many quality home health care companies in the area so finding one isn’t a problem. But I find so often that clients don’t go through a licensed agency because of the cost. While I have written in the past about the Medicaid problem of hiring aides directly and paying cash (7/20/09 post), there is another very real risk, safety. The following story is one, unfortunately, I have heard more than once. ...
info_outline
How Can the Government Tell Me I Can’t Help My Family? (Part 2)
Elder Law Today Podcast
Let’s pick up where we left off with Mary. Her son, Jim is unemployed and Mary has been giving him funds totaling $50,000 over the last 6 months to help him pay his bills. And she intends to continue doing so until he finds a job. While Mary is 70, healthy and not thinking she’ll ever need long term care, I explained to her that if her health takes a turn, the transfers to Jim will make her ineligible for government benefits should she run out of money. That is a very real possibility, with the cost of care currently averaging over $100,000 per year in her...
info_outline
How Can the Government Tell Me I Can't Help My Family?
Elder Law Today Podcast
Mary had been reading my blog posts for some time now about the need to plan ahead for long term care. Something struck a chord with her and she called. She has a home and about $200,000 in investments. While still healthy, she is 70 and thinking about the future. I then asked her if she had made any gifts to her kids or grandkids. She replied, “No gifts but I am helping out my son Jim a little bit because he has been out of work for 6 months”. ...
info_outline
I Don't Have an Estate Tax Problem --- Do I?
Elder Law Today Podcast
A few months back I wrote about how estates up to $3,500,000 are not subject to federal estate tax and that the tax will be eliminated in 2010. For this reason, when people call our office to discuss estate planning they will often begin by saying that they are not concerned about estate tax. I have to correct them, however, because most states have their own estate tax that may kick in on smaller estates where the federal tax isn’t a concern. So, how big might such an estate tax bill be? ...
info_outline
New York's New Power of Attorney - What Does it Mean for You?
Elder Law Today Podcast
On September 1, 2009 New York’s new power of attorney law became effective. There has been much written about it. The intent of lawmakers was to correct the financial abuses that seem to increase in frequency, probably due to the aging of our populace. As with any new law, however, what lawmakers envision and what actually occurs often differ greatly. But, what does the new law mean for you? ...
info_outline
Should I Take Social Security Early or Not?
Elder Law Today Podcast
One of the more common questions asked of me is “should I take Social Security early?”. The questioner is referring to the ability to take Social Security as early as age 62, rather than waiting till the full time retirement age of 65. (By the way that age gradually increases for those born after 1937 until it reaches age 67 for those born 1960 or later.) Taking early Social Security reduces your monthly payment by ½ of 1 percent for the number of months before age 65 you start those checks coming. If you enroll at age 62 you will get roughly 75% of what you would...
info_outlineIn
Show 18 of his monthly elder law podcast, Yale Hauptman, a practicing
elder law attorney, provides an overview of CCRCs, the pros and cons.
So often, he sees people enter into these financial arrangements without
closely examining the 40+ page contract that typically the resident
must sign. The contracts often require a large upfront financial
commitment. What will the CCRC agreement cover? What won’t
it cover? What happens if you run out of money? What if
the facility runs out of money?
If
you are considering a CCRC for yourself or a loved one you’ll definitely
want to tune in first.
To subscribe to our podcasts click here
Please send us your feedback