Not too long a go, I know a lady who got married in her late 60's. She never thought that her husband would come down with dementia a few years later. Of course, she was the one with the assets. Suddenly, she feared that her assets were at risk. There is a five year look back, before you can qualify for Medicaid. Further, your spouse can only keep a little over $100,000. The problem was that this lady had several hundred thousand dollars.
Of course, they had no Long Term Care Insurance, because like most people, they did not think they would need it. Long Term Care Insurance is better to have than not have. It is kind of like car insurance. You pay for it year after year in the hope that you never need it. If you have ever had an auto accident, I would suspect that you are glad you had auto insurance. The same goes for Long Term Care Insurance. You should buy it, especially if you have assets of any amount that you do not want to have spend on Long Term Care expenses.
A lot of people think they would know what to do on their own, without the help of an Elder Care Attorney. Fat chance. At first thought, a divorce was recommended by their friends. The problem with this is that it is too emotional of a decision and may be against the person's religion. Unfortunately, the lady looked to be on the hook for her husband's long term care. The government was not going to pay anything for at least five years. By then, he would probably have passed away.
They went to the Elder Care Attorney for counsel. He did his diligent research and found out something very interesting.
In this case, the best Elder Care decision was made for this couple by the minister that married them. He was a legally authorized minister and could marry people. That wasn't the issue. What he did was actually a good Elder Care Planning Strategy. Instead of filing the marriage certificate, he gave it to the couple to file. When they went to the recommended Elder Care Attorney, he discovered that they were not legally married. This allowed the lady to keep her assets and take care of her ailing husband, without having to divorce him. She was able to take care of him at home until the last few weeks of his life, when he went to Hospice care. He never had to qualify for Medicaid. She was able to be her own Florence Nightingale.
The moral of the story, for those contemplating marriage later in life, may be to tell the person marrying you to let you file the marriage certificate. It could come in handy.
Showing posts with label Elder Estate Planning. Show all posts
Showing posts with label Elder Estate Planning. Show all posts
Thursday, January 24, 2013
Tuesday, September 11, 2012
It Will Not Happen to Me
When I was a senior in High School, I did not think that my father would die of a heart ailment at the age of 39. When I had my first son, I did not think he would die three months later of Sudden Infant Death Syndrome. My wife and I could not believe that we had not one, not two, but three miscarriages. I never fathomed that my little brother would get killed in a car accident. Nor, did I ever imagine that my best friend would be murdered and my adoptive father, the only father that I ever knew would die in the same week. It all happened like it or not.
How does someone respond to such tragedies? Each person responds differently. As I grew older, I reached out to my aunts for pictures and stories about my father that I never knew. I met my other brother, Jon and my two sisters Tami and Kelly. We all shared something in common, albeit a tragedy.
When my son Reese was born, my wife and I had dreams not unlike any other parent for our newborn. Those dreams were shattered when Reese died. My wife and I stumbled into a group of bereaved parents that met ever so often. We ended up leading the group for a time. Every parent in there had lost their child, or in some cases children. I remember one lady who lost three boys in a fire. When I heard her story, I quit feeling sorry for myself. There is always someone worse off than you.
Once Reese died, we decided to try to have another child and we were blessed with our son Marshall. He is truly an amazing son. I am so proud of him.
My brother David lived on the same street as me. He had the best yard in the neighborhood. Hunting was his passion and he was a big boxing fan. Anytime there was a boxing match on television, he would have everyone over at his house to watch it. In 1978, he bought a Emerald Green Camaro. Over the years, he tinkered around with it and added some glass packs. Whenever he drove up our street, I always knew it was him. After he died, that Camaro sat in my mom's driveway for years. She could not bear to part with it. However, when my son Marshall turned 16 years old, I offered my mom a dollar for the Camaro. Her eyes lit up knowing that David's Camaro would stay in the family. Marshall and I worked on it for a time and brought it back to life. It still needs some work, but it is a beautiful car.
After the third miscarriage, my wife and I watched a little movie called "Rudy." We decided right then and there that we were not going to give up. Our child was going to be named Rudy if it was a boy and Rudi if it was a girl. We were blessed with our daughter Rudi. God takes care of you even in the most difficult circumstances. Rudi is proof positive of that fact.
My best friend, Mike Rowland was murdered when he was 39. His poor mother had already lost her daughter to a murder. She never imagined that she would lose a daughter and a son to murder. I still exchange Christmas cards with his mom. After Mike's death for a few years, we had a Circle of Friends golf tournament to raise money for the Arkansas Deaf and Blind School which was where his murdered sister Kelly went to school. Mike Rowland was the greatest. You will probably find at least a dozen other guys who will say that he was their best friend, too.
Recently, I read a book entitled Divine Alignment. It is a book about God's plan for us and something the author referred to as Godwinks. Godwinks are little things that happen that make you think of how God is working in your life. Little affirmations that he is there or your lost love ones are there watching out for you. http://books.simonandschuster.com/Divine-Alignment/SQuire-Rushnell/9781451648560
The other morning, I was milling around in my closet. I have a box of hats up on a high shelf in the closet. For some reason, I dropped the box and all the hats fell out. I quickly gathered all the hats and put them back in the box. I threw the box up on the high shelf, but it fell again and hats went everywhere. Once again, I piled them all back into the box and this time made sure that the box made the shelf. As I looked down on the floor, there was one hat laying there. It was a Michael Rowland Circle of Friends golf hat. I picked it up, smiled thinking of my friend and put it on the shelf by itself.
Later that day, my wife called me and told me that I got a card from Mike Rowland's mom saying she had moved to Dallas near her daughter. What are the odds, I thought to myself?
Later that night, a friend of mine called me from Arkansas. He was having a beer with a friend of Mike Rowland's. He handed the phone to the guy and we chatted for a moment. I told him that I had just received a card from Mike's mom that very day.
One of Mike's favorite sayings was "he was having a hay day" which meant he was having fun. I think on this day, he was having a hay day messing with me! Certainly, a Godwink in my direction.
My dad, Hillman died of cancer at the age of 57, the same week as Mike. I went to two funerals that week. Hillman was the funniest guy you would ever meet. He had all kinds of quips and sayings. When people would ask how he was doing he would say that he was "hitting the ground in high places and looking down on everyone else." This is what he is doing now in heaven. I know, because he accepted Jesus on the last weekend of his life. I witnessed it.
Last year, I did several seminars with people who had concerns about health issues as they aged or had loved ones with health issues. The smart ones came to see me and my attorney friend, R. Kellen Bryant. http://www.kellenbryantlaw.com/index.php. We were able to help several families with some much needed Elder Care Planning.
Sadly, most of the people that came to our seminars had the attitude that "It will not happen to me." These people simply did not want to face reality, or they thought that they could do better with another attorney or another financial advisor. I know for a fact some of them went to other financial advisers. Of course, if another financial advisor can shoot you down, then they will do it. The problem is that the families still needed the help that we offered. Their financial advisor had no clue about Elder Care Planning and Veteran's Benefits. In the aftermath, these families did not get the help that they so desperately needed. Their assets will evaporate as a result.
Another couple went to two different attorneys for a second and yet a third opinion. The third attorney told them to "go back and talk to Kellen Bryant. He was the best in town." This couple had been sold all kinds of garbage in their portfolio. Annuities and other loaded commission products, yet moving their accounts to me to help them out of the clutches of an unethical advisor was not in the cards.
When I interact with people like this, I often wonder what are they really searching for? Is it the cheapest financial advisor? The Right Financial Adviser was standing right in front of them, if they could have only noticed. The reason they did not notice was because their focus was on material things, instead of being focused on what truly matters.
Something that I know from experience is that it can happen to you. Will you do business with someone who has been there, understands what it means to lose a son, a brother, a best friend or a father, or will you settle for the cheapest financial advisor? Will you still be focused on material things that will not make you happy? Will you go with the financial advisor who is a smooth talker, takes your head off in commissions and puts you in products that are not liquid? For your sake, I truly hope not.
Perhaps, the next time you meet me in person, you can share some of your stories. I am a good listener, because it has happened to me.
Our firm tag line is... The Right Answer. The Right Financial Adviser. Think about those stories above, then you will know why.
How does someone respond to such tragedies? Each person responds differently. As I grew older, I reached out to my aunts for pictures and stories about my father that I never knew. I met my other brother, Jon and my two sisters Tami and Kelly. We all shared something in common, albeit a tragedy.
When my son Reese was born, my wife and I had dreams not unlike any other parent for our newborn. Those dreams were shattered when Reese died. My wife and I stumbled into a group of bereaved parents that met ever so often. We ended up leading the group for a time. Every parent in there had lost their child, or in some cases children. I remember one lady who lost three boys in a fire. When I heard her story, I quit feeling sorry for myself. There is always someone worse off than you.
Once Reese died, we decided to try to have another child and we were blessed with our son Marshall. He is truly an amazing son. I am so proud of him.
My brother David lived on the same street as me. He had the best yard in the neighborhood. Hunting was his passion and he was a big boxing fan. Anytime there was a boxing match on television, he would have everyone over at his house to watch it. In 1978, he bought a Emerald Green Camaro. Over the years, he tinkered around with it and added some glass packs. Whenever he drove up our street, I always knew it was him. After he died, that Camaro sat in my mom's driveway for years. She could not bear to part with it. However, when my son Marshall turned 16 years old, I offered my mom a dollar for the Camaro. Her eyes lit up knowing that David's Camaro would stay in the family. Marshall and I worked on it for a time and brought it back to life. It still needs some work, but it is a beautiful car.
After the third miscarriage, my wife and I watched a little movie called "Rudy." We decided right then and there that we were not going to give up. Our child was going to be named Rudy if it was a boy and Rudi if it was a girl. We were blessed with our daughter Rudi. God takes care of you even in the most difficult circumstances. Rudi is proof positive of that fact.
My best friend, Mike Rowland was murdered when he was 39. His poor mother had already lost her daughter to a murder. She never imagined that she would lose a daughter and a son to murder. I still exchange Christmas cards with his mom. After Mike's death for a few years, we had a Circle of Friends golf tournament to raise money for the Arkansas Deaf and Blind School which was where his murdered sister Kelly went to school. Mike Rowland was the greatest. You will probably find at least a dozen other guys who will say that he was their best friend, too.
Recently, I read a book entitled Divine Alignment. It is a book about God's plan for us and something the author referred to as Godwinks. Godwinks are little things that happen that make you think of how God is working in your life. Little affirmations that he is there or your lost love ones are there watching out for you. http://books.simonandschuster.com/Divine-Alignment/SQuire-Rushnell/9781451648560
The other morning, I was milling around in my closet. I have a box of hats up on a high shelf in the closet. For some reason, I dropped the box and all the hats fell out. I quickly gathered all the hats and put them back in the box. I threw the box up on the high shelf, but it fell again and hats went everywhere. Once again, I piled them all back into the box and this time made sure that the box made the shelf. As I looked down on the floor, there was one hat laying there. It was a Michael Rowland Circle of Friends golf hat. I picked it up, smiled thinking of my friend and put it on the shelf by itself.
Later that day, my wife called me and told me that I got a card from Mike Rowland's mom saying she had moved to Dallas near her daughter. What are the odds, I thought to myself?
Later that night, a friend of mine called me from Arkansas. He was having a beer with a friend of Mike Rowland's. He handed the phone to the guy and we chatted for a moment. I told him that I had just received a card from Mike's mom that very day.
One of Mike's favorite sayings was "he was having a hay day" which meant he was having fun. I think on this day, he was having a hay day messing with me! Certainly, a Godwink in my direction.
My dad, Hillman died of cancer at the age of 57, the same week as Mike. I went to two funerals that week. Hillman was the funniest guy you would ever meet. He had all kinds of quips and sayings. When people would ask how he was doing he would say that he was "hitting the ground in high places and looking down on everyone else." This is what he is doing now in heaven. I know, because he accepted Jesus on the last weekend of his life. I witnessed it.
Last year, I did several seminars with people who had concerns about health issues as they aged or had loved ones with health issues. The smart ones came to see me and my attorney friend, R. Kellen Bryant. http://www.kellenbryantlaw.com/index.php. We were able to help several families with some much needed Elder Care Planning.
Sadly, most of the people that came to our seminars had the attitude that "It will not happen to me." These people simply did not want to face reality, or they thought that they could do better with another attorney or another financial advisor. I know for a fact some of them went to other financial advisers. Of course, if another financial advisor can shoot you down, then they will do it. The problem is that the families still needed the help that we offered. Their financial advisor had no clue about Elder Care Planning and Veteran's Benefits. In the aftermath, these families did not get the help that they so desperately needed. Their assets will evaporate as a result.
Another couple went to two different attorneys for a second and yet a third opinion. The third attorney told them to "go back and talk to Kellen Bryant. He was the best in town." This couple had been sold all kinds of garbage in their portfolio. Annuities and other loaded commission products, yet moving their accounts to me to help them out of the clutches of an unethical advisor was not in the cards.
When I interact with people like this, I often wonder what are they really searching for? Is it the cheapest financial advisor? The Right Financial Adviser was standing right in front of them, if they could have only noticed. The reason they did not notice was because their focus was on material things, instead of being focused on what truly matters.
Something that I know from experience is that it can happen to you. Will you do business with someone who has been there, understands what it means to lose a son, a brother, a best friend or a father, or will you settle for the cheapest financial advisor? Will you still be focused on material things that will not make you happy? Will you go with the financial advisor who is a smooth talker, takes your head off in commissions and puts you in products that are not liquid? For your sake, I truly hope not.
Perhaps, the next time you meet me in person, you can share some of your stories. I am a good listener, because it has happened to me.
Our firm tag line is... The Right Answer. The Right Financial Adviser. Think about those stories above, then you will know why.
Friday, June 24, 2011
Medicaid & Elder Estate Planning
Nobody wants to end up in a nursing home and nor do they want to spend their money on a nursing home. Sadly, without proper Elder Estate Planning, this happens all too often. Most people make the mistake of assuming that they are just going to keel over one day and that will be how they die. However, the reverse is more apt to happen, where you live longer than expected with an extended illness. These extended illnesses often are unexpected and put a substantial burden on financial assets. People who do not plan for this possibility are likely to see their financial assets gone rather quickly. When you read these numbers, I want you to think about your financial assets or those of your family and consider how long it will last with these kind of expenses. Do not forgot about other expenses that will continue, such as mortgage, utilities, phone, etc. Keep in mind the expenses below are in addition to those.
In the Jacksonville, FL area, these are the Annual Costs for Long Term Care according to Genworth Financial, Inc.:
Home Care
Homemaker Services = $41,184
Home Health Aide = $45,760
Adult Day Health Care
Adult Day Health Care = $ 15,600
Assisted Living Facility
Private, one bedroom = $39,000
Nursing Home
Semi-private room = $76,238
Private room = $89,790
Definitions:
Home Health Aides help those who are elderly, disabled, or ill to live in their own homes or in residential care facilities instead of nursing homes. Typically used when family members do not have the time or resources to provide.
Homemaker Services make it possible for people to live in their own homes by helping them with household tasks that they cannot manage on their own such as cleaning house, cooking meals or running errands.
Adult Day Health Care provides service at a community-based center for adults who need assistance or supervision during the day, but who do not need round the clock care.
Assisted Living Facilities are living arrangements that provide personal care and health services for people who may need assistance with activities of daily living, but who wish to live as independently as possible and who do not need the level of care provided by a nursing home.
Nursing Home Care is for people who may need a higher level of supervision and care than provided by an assisted living facility. Skilled nursing care is provided 24 hours a day.
The Process of Aging
What is Elder Estate Planning?
This type of planning can only be done in conjunction with an Elder Care Attorney experienced in Medicaid Planning and Veterans Benefits. If you are very wealthy and have $3,000,000 or more in liquid assets, then you can pay for your own Long Term Care Costs. However, if you have limited assets, (less than $3,000,000) you are over age 65 and have done nothing to plan for an unexpected extended illness, then you probably need Elder Estate Planning.
As a Chartered Advisor for Senior Living™, I have specialized training and education around Elder Care issues. Further, I look out for people and their best interests. This is not only true because I am a fiduciary, but it is true because it is the right thing to do.
There are some things that can be done to protect financial assets with Elder Estate Planning. These typically revolve around a few options.
Medicaid qualification is complex and very tricky. You cannot navigate these waters on your own. You must hire a CASL® like me, in addition to a competent Elder Care Attorney proficient in Medicaid Planning and who is also a VA Accredited Attorney. (I can help you.)
I am thinking about doing a Seminar in conjunction with an Elder Care Attorney here in Jacksonville. I think it would be a good educational and informative event for seniors and concerned family members. There is a proper way to do Elder Estate Planning and that is with tender loving care.
If you would like more information about Elder Estate Planning, then feel free to contact me at (904) 262-0888 or you can email me at rick@marianfs.com.
In the Jacksonville, FL area, these are the Annual Costs for Long Term Care according to Genworth Financial, Inc.:
Home Care
Homemaker Services = $41,184
Home Health Aide = $45,760
Adult Day Health Care
Adult Day Health Care = $ 15,600
Assisted Living Facility
Private, one bedroom = $39,000
Nursing Home
Semi-private room = $76,238
Private room = $89,790
Definitions:
Home Health Aides help those who are elderly, disabled, or ill to live in their own homes or in residential care facilities instead of nursing homes. Typically used when family members do not have the time or resources to provide.
Homemaker Services make it possible for people to live in their own homes by helping them with household tasks that they cannot manage on their own such as cleaning house, cooking meals or running errands.
Adult Day Health Care provides service at a community-based center for adults who need assistance or supervision during the day, but who do not need round the clock care.
Assisted Living Facilities are living arrangements that provide personal care and health services for people who may need assistance with activities of daily living, but who wish to live as independently as possible and who do not need the level of care provided by a nursing home.
Nursing Home Care is for people who may need a higher level of supervision and care than provided by an assisted living facility. Skilled nursing care is provided 24 hours a day.
The Process of Aging
- Healthy and can take care of oneself.
- Healthy spouse or other family members takes care of ill spouse or parent.
- Ill person needs more care than family members can provide, so a Home Health Care Aide comes to the home.
- Ill person makes the move to an Assisted Living Facility to retain some independence, but still have nurses available for their health care. This option is not available for Medicaid patients.
- Ill person's condition now requires 24/7 round the clock care provided only by a nursing home.
What is Elder Estate Planning?
This type of planning can only be done in conjunction with an Elder Care Attorney experienced in Medicaid Planning and Veterans Benefits. If you are very wealthy and have $3,000,000 or more in liquid assets, then you can pay for your own Long Term Care Costs. However, if you have limited assets, (less than $3,000,000) you are over age 65 and have done nothing to plan for an unexpected extended illness, then you probably need Elder Estate Planning.
As a Chartered Advisor for Senior Living™, I have specialized training and education around Elder Care issues. Further, I look out for people and their best interests. This is not only true because I am a fiduciary, but it is true because it is the right thing to do.
There are some things that can be done to protect financial assets with Elder Estate Planning. These typically revolve around a few options.
- If you are healthy, then you may want to look at purchasing Long Term Care Insurance. A new alternative is a new hybrid type of Long Term Care Insurance where you do not lose your money if you never need Long Term Care.
- If you are not healthy, then you will need to position your financial assets to protect them against having to use them for your Long Term Care needs. This requires significant planning by someone like me and the use of an Elder Care Attorney.
- If you have plenty of assets that you have set aside, or you have already planned for the possibility of an extended illness and been to an Elder Care attorney and Chartered Advisor for Senior Living like me, then you probably only need an Elder Estate Planning Review.
- If you are a Veteran, then you may be eligible for VA Aid & Attendance benefits that could qualify a married couple with up to $1,949 per month of tax free funds. A VA Accredited Attorney can help you determine your eligibility.
Medicaid qualification is complex and very tricky. You cannot navigate these waters on your own. You must hire a CASL® like me, in addition to a competent Elder Care Attorney proficient in Medicaid Planning and who is also a VA Accredited Attorney. (I can help you.)
I am thinking about doing a Seminar in conjunction with an Elder Care Attorney here in Jacksonville. I think it would be a good educational and informative event for seniors and concerned family members. There is a proper way to do Elder Estate Planning and that is with tender loving care.
If you would like more information about Elder Estate Planning, then feel free to contact me at (904) 262-0888 or you can email me at rick@marianfs.com.
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