Elder Law

Monday, April 16, 2012

Long Term Care Insurance Woes

10 of the top 20 long term care insurance companies have left the market.  This includes companies like Prudential, Unum, and MetLife. See: http://www.elderlawanswers.com/resources/article.asp?id=9783&section=4. 

Others companies have taken a diffrent route in meeting higher than expected claims being made under the policies: raise rates.  Of course, they have to ask the insurance commission in the various states for permission to raise rates, but they are getting big increases approved.  The Sun-Times reported on a 65 and 69 year old couple getting a 90% rate increase. many have seen increase from 20 - 50%.  For more on this topic, see: http://www.elderlawanswers.com/resources/article.asp?id=9783&section=4.

If you cannot afford long trem care insurance (a product we think most should consider), see us here at the Elder Law Resource Center.  We have answers to the question, "How do I pay for long term care without going broke?"

Monday, August 22, 2011

When the Help Become the Abusers

Wednesday, June 15, 2011

Elder Abuse Statistics are Shocking

Important Study on Elder Abuse Released
American Academy of Estate Planning Attorneys Blog
June 15, 2011

Following is an important study on elder abuse that you should take the time to read and pass on to your centers-of-influence who work with seniors:

NCPEA, in partnership with the MetLife Mature Market Institute and the Center for Gerontology at Virginia Tech, has released a study that examines the depths of financial exploitation against the elderly in the United States. Titled "Crimes of Occasion, Desperation, and Predation Against America's Elders," the study is a expanded follow-up to a groundbreaking study in 2009 named "Broken Trust: Elders, Family, and Finances."  This new study widens the scope of the previous study to match the growing problem of financial abuse against the elderly.

To read the full report, click here:
www.metlife.com/mmi/research/elder-financial-abuse

Key Findings:

• The annual financial loss by victims of elder financial abuse is estimated to be at least $2.9 billion dollars, a 12% increase from the $2.6 billion estimated in 2008. 
• Instances of fraud perpetrated by strangers comprised 51% of the articles. Reports of elder financial abuse by family, friends, and neighbors came in second, with 34% of the news articles followed by reports of exploitation within the business sector (12%) and Medicare and Medicaid fraud (4%). 
• Medicare and Medicaid fraud resulted in the highest average loss to victims ($38,263,136) followed by fraud by business and industry ($6,219,496), family, friends, and neighbors ($145,768), and fraud by strangers ($95,156).
• Women were nearly twice as likely to be victims of elder financial abuse as men. Most victims were between the ages of 80 and 89, lived alone, and required some level of help with either health care or home maintenance. In almost all of the cases, there existed a combination of tenuous, valued independence and observable vulnerability that merged in the lives of victims to optimize opportunities for abuse by every type of perpetrator -- from the closest family members to professional criminals. 
• Nearly 60% of perpetrators were males. Most male perpetrators were between the ages of 30 and 59, while most of the female perpetrators were between the ages of 30 and 49. Perpetrators who were strangers often targeted victims with visible vulnerabilities (e.g., limited mobility, displays of confusion, or living alone). 
• The number of news articles increased and the character of elder financial abuse changed during the holidays. From November 2010 through January 2011, of the 1,128 articles on elder abuse identified through the newsfeeds, 354 (31%) concerned elder financial abuse. At least one-quarter (27%) of the cases reported were random, predominantly single-event crimes accounting for relatively small monetary rewards and characterized by a high level of brutality and disregard for human life. Reports of elder financial abuse perpetrated by strangers and by friends and families were very similar (47% vs. 45%, respectively).

Thursday, November 18, 2010

Veteran's Pensions

Our veteran's who are fully disabled or age 65 or over may be entitled to a little known VA benefit.  It is known as Non-Service Connected Aid and Attendance pension benefit.  One can be housebound or in Assisted Living or even in a nursing home.  Marv became a VA accredited attorney advisor over a year ago and says he is really enjoying getting these pensions for his clients.

Basically, a veteran must have served at least 90 days on active duty and with one of those days during a time of war.  If service was after 1980, they need one year on active duty.  So far most clients have been vets from WWII and the Korean Conflict, or their widows.

This is a summary of the Maximum Pension rates:

Single Veteran       $1,644 per month or $19,736 per year

Married Veteran     $1,949 per month or $23,396 per year

Widowed Spouse  $1,056 permonth or $12,681 per year

Once awarded Aid and Attendance or Household Status, one may get free medications and equipment, glasses nd hearing aids from a VA Hospital/Clinic or through the mall.

Each case is unique and planning steps are usually needed to obtain qualification.  While we charge for planning services, we do all VA Applications on a pro bono basis.

Friday, December 04, 2009

News You Can Use

Federal Estate Tax is set to be suspended at the end of this month, but the US House of Representatives passed H.R. 4154. If enacted into law, it would extend the current rates and exclusions permanently. Hot off the press (Dec.3rd) from the Joint Committee on Taxation is the following:  http://www.jct.gov/publications.html?func=startdown&id=3637. I found this to be a very useful summary of where we are today. The Senate must take it up and likely there will be changes.

Sunday, November 15, 2009

Important 3rd Circuit Decision on Annuities

In Weatherbee v. Richman, the 3rd US Circuit Court of Appeals ruled that a Medicaid Qualified Annuity is not as resource to be counted against an applicant for Medicaid. An earlier case, James v. Richman, held that a Medicaid Qualified Annnuity was not a resourse, but those facts were prior to the DRA of 2005.  This will help community spouses maintain a higher standard of living after a spouse enters a nursing home.  The full case can be found at http://www.ca3.uscourts.gov/opinarch/091399np.pdf.