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My Loved One is in a Nursing Home, is it too Late?

Elder Law, Elder Law, Estate Planning , , , ,

“My loved one is in a nursing home, is it too late?” The simple answer is no, it is not too late! The only time it is too late is when there are no assets available or when all of the assets were previously gifted. If the family member in the nursing home still has assets, it is not too late.

The confusion in many of these cases arises because most individuals believe that because the nursing home didn’t mention that anything could be done, that means that nothing can be done. Unfortunately, it is not the nursing homes business office’s job to tell a family how to protect assets. It is their job to make sure that they provide great care for their residents and get paid for their services. To be completely honest, most of them do not even realize that anything can be done because when you look at the law on its face, it doesn’t really mention anything about it. You have to dig a bit deeper!

If you have a loved one that has entered a nursing home, please contact our office immediately so that you can watch our educational workshop and have a free consultation where we explain your options to you before you make any decisions. It is our job to protect you and your family and to protect as much as we possibly can for our clients. Allow us to do our job and allow the nursing homes to continue to do their job to provide care and get paid for their services.

Remember, it is not too late. If a loved one is already in a nursing home, please give us a call so you can attend our free workshop by registering here or call schedule 717-845-5390 and we’ll set you up with a free consultation.

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Estate planning and the Dysfunctional Family

Asset Protection Planning, Elder Law, Elder Law, Estate Planning , , , , ,

Over my career as an estate planning and elder law attorney, I swear I have seen just about everything.  I cannot remember a fact pattern that surprised me or took me aback.  I am honestly at the point now where I think that dysfunctional is the norm for the common family that we assist.  I’m not sure if it’s because we specialize in estate planning and elder law and we get referrals and cases that are more complex and more advanced than others, or if that is just the norm these days.  My gut says it is probably the latter. 

I did some research to define the word dysfunctional, and there is no clear-cut definition.  But my gut would say that dysfunctional would include families such as second marriages with kids to different relationships, as well as addictions or spendthrift issues, or just family dynamics in in-tact families where people do not care for each other.  Again, I think this is probably the norm more than any exception.  

It is imperative that families are open and honest with their attorney so that the attorney can put a plan in place that addresses what they need for their specific situation.  Dysfunction does not present as the same fact pattern in any two cases, and therefore an experienced estate planning attorney is needed to be able to dot the I’s and cross the T’s.  Be very wary of the do-it-yourself sites or general practice attorneys who don’t specialize in this area if there is a complex fact pattern for you and your family. 

We love assisting any and all families and certainly love putting the fun in dysfunctional. We look forward to providing an estate plan that is unique for you and your family, whether you are dysfunctional or as functional as anyone else. 

Please feel free to give us a call if you have any questions or comments at 717-845-5390.

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Considerations For Trust Type

Asset Protection Planning, Elder Law, Estate Planning , , , ,

Trusts are a major tool in estate planning.  Trusts can be used for disability planning, probate avoidance, asset protection, and/or tax planning.  Given the high thresholds for federal estate tax planning few individuals are concerned about tax planning.  In this article we want to focus primarily on grantor vs. non-grantor trusts.

When we are educating on trusts and the use of trusts in estate planning, people often get a concept confused. There is a difference between a grantor trust and a non-grantor trust. Simply stated, the assets in a grantor trust remain in the grantor’s Social Security number and are reported on the grantor’s personal income tax return.  For a non-grantor trust a separate tax ID number will be obtained to hold the assets and you will file separate trust tax returns, this return is separate and apart from your personal income tax return. 

We will typically use grantor trusts for asset protection trusts and revocable living trusts.  

However, we often use a non-grantor trusts for VA purposes as well as for estates that have a federal estate tax concern. Currently, a person has a federal estate tax issue if their estate is greater than $12.06 million and for a married couple $24.12 million. It is very rare in our practice to use non-grantor trusts, which require separate tax ID numbers and pay at higher trust tax rates, because not a lot of veterans are doing planning where they have to or want to give up complete control of their assets, and not a lot of estates are big enough to need federal estate tax planning. 

In those situations where we use grantor trusts, we intentionally put language in the trust so that is included in the person’s estate, as well as subject to income tax. We include this language because we want to get a step-up in basis at the death of the decedent, and we also want the parent or client to pay the income taxes, because generally retired clients have a lower income tax burden than their children who are still working. 

There are a lot of other factors that go into what type of trust should be used and under what circumstances, but this provides a basic understanding of the difference between grantor and non-grantor trusts. If you would like to learn more about these and other trust concepts, I invite you to come to one of our free in-house workshops to learn more. We would be more than happy to assist. Just call our office or go to our website to enroll in a workshop at a date and time which is convenient for you.

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Comparing Life Care Planning to Traditional Elder Law

Elder Law, Elder Law, Estate Planning , , , , ,

This year, we are getting the word out there about the Life Care Planning we offer that involves a licensed social worker to act as the Client Care Advocate. A question that we keep getting is what is “What is the difference between Life Care Planning and Elder Law and why did you make the change?” The way that I explain it is that a traditional elder law firm prepares documents for an individual and then either waits until the client passes or until they need to go to a nursing home and will qualify them for public benefits.

A life care planning firm is a more holistic approach to providing care. Our licensed social worker, Meg Motter, works with families to assist in figuring out ways to keep their loved ones home and how to receive care in a home or in a less restrictive environment than a nursing home. A licensed social worker will be able to provide different cognitive assessments and evaluate safety and necessity of levels of care, unlike an attorney. The elder care coordinator allows the firm to provide a more comprehensive approach, separate from just estate planning documents or qualification for Medicaid. The care coordinator allows the firm to provide information and advice that was not otherwise available to the firm prior to becoming a life care planning model firm.

We are ecstatic to have Meg Motter onboard as our elder care coordinator and we look forward to assisting you and your family in the future.

Please feel free to give us a call if you have any questions or comments at 717-845-5390.

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How to Help Your Loved One Avoid Isolation

Asset Protection Planning, Asset Protection Planning, Elder Law, Elder Law, Estate Planning, Estate Planning , ,

Isolation is something that many seniors experience on a regular basis. However, with the COVID pandemic, that isolated feeling is more common than ever. Today, we want to encourage the individuals who know someone living alone to take some small steps to help your loved one socialize.

We always encourage our clients to incorporate video conferencing or video chat to allow the family member to see their loved ones on a regular basis. This could be on a scheduled date and time each week where you have a conversation and catch up, or maybe schedule meals together where you leave the video on while everybody eats. You have to eat anyway and giving the opportunity for your loved one to spend their mealtime talking with their family and seeing familiar faces is a small gesture that could go a long way! Not only will it help them, but it will also give you the chance to assess whether your loved one is having any hearing or sight issues that should be addressed.

Encourage your loved one to join clubs. Many of them are now virtual to allow as many people possible to partake. Having them be a part of these groups will give them interactions outside of your conversations and have stories to bring you when you visit or call.

Although these are very minor suggestions, they can go a long way in helping your loved one not feel so isolated. Please feel free to give us a call if you have any questions or comments at 717-845-5390.

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