Articles Posted in Asset Protection

Alcohol and drug abuse among adults 60 years and older is underestimated and under-diagnosed. To caregivers, whether they are a spouse, adult child, or a home health aide, understanding how and where to get help for their loved one is critical to getting a person in treatment.

Nationwide, the U.S. Centers for Disease Control and Prevention (CDC) researchers found a 33.3 percent increase in older adult (ages 65 and older) deaths from heroin between 2014 and 2015 (heroin deaths for all ages rose only 21 percent).

Doctors fail to diagnose drug addiction in older adults because some of the symptoms experienced by alcohol and drug abusers mimic symptoms more common in older adults generally. Alcohol and drug abusers, like older adults, suffer from depression, diabetes, and dementia. It may be harder to attribute the cause to alcohol or drugs rather than old age, so treatment is under-diagnosed.

Millions of people find themselves in a middle class bind as they enter the midpoint of their retirement period. A good eight (8) to ten (10) years into retirement, many individuals are able to physically continue to live in their home and afford the upkeep and maintenance of their home with their retirement savings

 
Especially if the individual’s home is single-story, as health problems mature, many individuals will be physically able to maneuver their way around their home with little assistance. Multi-story homes become more difficult because climbing stairs may be a problem. Individuals in the midpoint of their retirement are generally still able to care for themselves. Many of them even hold permanent part-time jobs.

 
The sources of income for individuals in retirement are the fixed income they receive from a pension, an individual retirement account (IRA), Social Security, and 401K savings. Variable income is received through part-time job wages and other financial instruments like an annuity and cash savings.

The present-day court structure was established in 1691, when the New York Assembly established the New York Supreme Court of Judicature with the same common law jurisdiction as the King’s Bench, Common Pleas and Exchequer of England. The court was granted jurisdiction in equity in 1846 by statute, taking over equity matters from the Court of Chancery, and became a court of general common law and equity jurisdiction.

 
The current court structure — made up of 11 separate trial courts with varying jurisdictions — is complex and costly. For example, the Surrogate’s Court, established in 1787, has jurisdiction in probate and administration of estates matters. There is a Surrogate’s Court in each of the sixty-two (62) counties in New York. The Surrogate’s Courts also have concurrent jurisdiction with the Family Courts, over guardianships of the person and property of infants and adoption proceedings. Each county has a separate Family Court. So, there are sixty-two (62) of the courts as well. It is easy to see why any legal proceeding is expensive and the challenge of understanding which court can help you solve a problem.

 
Like any government agency, the New York State court system has a top executive, the Chief Judge Janet DiFiore. In her February state of the judiciary address, she announced an objective to “modernize” the state’s court system. Since then, many organizations and groups from a wide range of New York life – government groups, advocates against domestic violence, legal service providers, bar associations, community groups, and even private citizens – have banded together to lobby for court simplification.

My doctors always advise me that medications are meant to help me live better not longer. I always walk away from the experience scratching my head a bit because most of my medications have made me live longer but worse than before. The worst part of taking medication daily is remembering to take medication daily. It seems like such a simple task, but part of my brain still fights that I even have to take medications in the first place.

 
The second worst part of taking daily medications to live better are the side effects, especially interactions with other drugs. Some of the news is easy to ignore, and to a certain extent makes me laugh. For every story I read about the harmful effects of drinking coffee daily, there is another one saying daily coffee consumption would kill me. What kills me, however, is skipping a cup, the headache is the worst.

 
There is news you should pay attention to and at least discuss with your doctor if it raises any concern with the management of any of your health conditions.

Trusts are an excellent way to pass and preserve wealth privately. Two of the main benefits of using a trust to pass your assets – timeliness and cost – were explored in our previous post. Unlike the probate process that accompanies the settlement of an estate by will, a trust provides your heirs with immediate access to the trust benefits. The settlement of an estate passed by will can also gobble over 4% of an estate’s value, regardless of size. A third reason people use trusts to pass wealth is that they also enable the settlor, or donor, to minimize estate taxes, making more of your wealth available to your beneficiaries. 

Married couples

The death of a spouse is devastating. Whether the death was sudden or after a long illness, one day you are married and the other day you are not. The deceased spouse wants to be able to provide for the living spouse, especially if the living spouse is battling a chronic health condition. Paying for your spouse’s living expenses and medical care and expenses, including long-term medical care is of paramount importance to the deceased spouse. Married couples can benefit from the establishment of a revocable trust. 

Trusts are an excellent method for individuals with substantial assets to pass their wishes and wealth to others or a charitable organization when they pass. The key to an effective trust begins and ends with documentation. The proper documents, when drafted carefully by a qualified attorney, ensures your beneficiaries will reap the benefits of the trust and its property. A trust will fail, if the documentation is improper, negating the settlor’s wishes. 

What is a trust?

A trust is a legal document that contains the settlor’s final instructions about to whom his or her assets will pass when they die. There are three separate people involved in a trust creation, administration, and distribution: a settlor, trustee, and beneficiary. Their roles are as follows:

Families today, as always, come in all shapes and sizes. This includes sexual orientation. As gays, lesbians, bi-sexual, and transgender people (LGBT) age and move into retirement communities, nursing homes, and assisted living facilities, how welcome are they?

An individual who has lived a good life at 85 wants to continue living that life as he or she ages and needs assistance with self-care, regardless of where the individual lives – a retirement community, nursing home, or assisted living facility.

Many residents of such places deal with loss on a continual basis no matter their sexual orientation. There are limitations on movement – the ability to come and go as one pleases and limitations on relationships – spouses, partners, and close friends die or because they move away are too far or unable to visit regularly. So there is a tremendous loss of consortium as one ages.

The Roman statesman, Marcus Tullius Cicero once said, “the eyes are the window to the soul.” In reality however, the eyes are the window to hidden health conditions. A dilated eye exam can detect diabetes, hypertension, auto-immune disorders, like Lupus, high cholesterol, thyroid disease, certain cancers, like skin cancer, and tumors, before these medical conditions are confirmed with blood tests or other diagnostic testing.

Individuals with “good” eyes should have their eyes examined once every two years. Other folks should consult with their eye doctor to determine how often to follow-up for chronic conditions like glaucoma, cataracts, nearsightedness, and farsightedness.

Protecting your vision

Entering into a nursing home or other residential skilled care facility can be hard enough on a beloved older family member without having to worry about having to leave that facility and moved into another one. Unfortunately, this is a reality all too many seniors face these days as nursing homes do not always make guarantees about being able to offer the type of care the individual needs to live a comfortable, dignified life.

Fortunately, Continuing Care Retirement Communities (CCRC) are able to guarantee residents a lifelong place to live without having to worry about transfering to a new and unfamiliar environment due to factors outside of his or her control. CCRCs offer the entire residential continuum, from independent housing to assisted living to round-the-clock nursing services, under one roof to allow residents to remain in place and create a stable living environment.

These types of arrangements allow residents to age in place and typically work by having the individual pay a an entry fee and an adjustable monthly rent in return for the guarantee of care for the rest of their life. CCRCs also maintain an assortment of on site medical and social services which allow residents to live in one part of the community while in good health and then transfer to another part of the community better equipped to handle lifestyle and health changes.

If you have a beloved elder who currently needs or will eventually need long term, in-home health care, you need to know about new changes to federal labor laws that may not only raise the cost of these services but potentially alter quality aspects. In addition to federal labor and wage laws, state and even local laws may impact what you pay for in home health care and who provides it.

When a person suffers from dementia, alzheimer’s, or or another cognitive health condition, he or she will likely need the aid of a home health care aide to provide even the most basic of care needs. For many years, home health care providers who also lived in the patient’s home were subject to different portions of the federal Fair Labor Standards Act (FLSA) which made them exempt from overtime and would essentially earn less than minimum wage because the individual was expected to be on call even during the evening.

However, a recent legal decision determined these in-home health care workers were not overtime exempt and must be paid one and a half times their average hourly wage when working more than 40-hours per week. This meant that it became economically feasible for many families to maintain constant care to their loved one from a familiar person that could be counted on to provide attentive, individualized service to the patient.

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