Proper Long Term Care Planning Helps Ensure Best Care
There is no question that long term care for the elderly is expensive.Similarly, there is no
question that as the population ages, the cost of long term care will continue
to increase if for no reason other than the basic economic propositon that increased demand pushes prices higher when the supply doesn't increase proportionally. With boomers turning 65 at the rate of 10,000 a day there is
practically no way for supply to keep up with demand.
It's also true that everyone doesn't have the financial resources to obtain Cadillic levels of long term care for their elderly family members. That doesn't mean that you should throw in the towel and take whatever care is available for your elderly parent,
sibling or spouse.
Long term care planning, whoever your are, whereever your ...
Why You Should Not Create a Special Needs Trust
Let's say you have a child with "special needs," or a sister, brother, mother or other family member. You have not created a special needs trust as part of your own estate plan. Why not?
We know why not. We have heard pretty much all the explanations and excuses. Here are a few, and some thoughts we would like you to consider:
I don't have enough money to need a special needs trust. Really? You don't have $2,000? Because that's all you have to leave to your child outside a special needs trust to mess with their SSI and Medicaid eligibility.
I can't afford to pay for the special needs trust. We apologize that it can be expensive to get good legal help. But the cost of preparing a special needs trust for your child is likely to be way, way less than the cost of providing a couple month's worth of care. That is what is likely to happen if you die without having created a special ...
<< MORE >>Happy Holidays! Merry Christmas! Happy Hanukkah!
To all of our friends, clients, vendors and readers, we wish each and everyone of you
a very happy holiday season, filled with good spirit and family gatherings. May your New Year be your happiest, and most prosperous, ever.
But, should that holiday party or family gathering turn out to be a little stressful, here's some good counsel on how to avoid committing a crime against family from Gina Simmons of
Forbes.com:
Holidays: An Occasion for Crimes of the Heart
In Beth Henley’s Pulitzer Prize-winning play Crimes of the Heart, an attempted murder, graft and suicide form the backdrop for a story about the vulnerability of the human heart.
Veterans Pension Benefits - Aid and Attendance - Housebound Aid
For about the last year I have been an Accredited
Attorney with the Veterans Administration, Department of Veterans Affairs. Over that period of time I have been exploring all of the nuances of Veterans Benefits and the situations in which
Veterans Benefits can be of most value to my clients and prospective clients. During that period of time we also have successfully represented several clients through the process of applying for
and being awarded Veterans pension benefits and Aid and Attendance benefits.
The Veterans pension benefit and Aid and Attendance benefit have been available to veterans since the Spanish American War. A significant improvement was made in 1979. The benefits can be quite meaningful especially for the veteran, or surviving spouse of a veteran, who needs or is receiving in-home care or needs or lives in an assisted living facility. In some cases the Aid and Attendance benefit can be a favorable alternative to ...
<< MORE >>Medical Emergencies During the Holidays - The Need for Advance Directives
The story told by Carolyn Rosenblatt, in "Don't Pull the Plug! A Family's Battle with the Hospital," is reflective of what can happen if consideration of end of life decisions are put off until its too late. In "Don't Pull the Plug!" the patriarch of the family experienced an aneurism. The brain was essentially vegetative, but still had some activity in the lower brain. There was no advance health care directive in place (living will or health care power of attorney). The hospital didn't want to continue providing life support procedures for someone who was essentially "brain dead" (and who didn't have insurance ... << MORE >>
Honoring Veterans 11-11-11
Today is Veterans Day 2011. Our sincere thanks and gratitude to the many in America who have served our great country, and our
heartfelt desire that the politicians running our country can have the backbone and resolve to keep it great.
More than 41 million Americans have served in the US military since 1775. Approximately 23 million of them are alive today, and more than 17 million living veterans served during a period of
conflict. There are approximately 7.391 million veterans of the Vietnam War (1964-1975). Approximately 2.275 million veterans alive today served in the Korean War (1950-1953). More than 2.244 million
veterans of Operation Desert Shield/Storm are surviving (1990-1991). And, more than 1.711 million veterans of World War II are alive today (1941-1945). [Statistics courtesy of "America's Wars", Department of Veterans Affairs.]
All of those veterans serving during the period of time of any conflict (almost 12 million veterans) may be entitled to various benefits from the Veterans Administration, including, among other
potential benefits, pension ...
Aging Boomers Ignorantly Blissful About Long Term Care
Ignorance is bliss! The baby boomers, turning 65 at the rate of 10,000 per day, seem to be fooling themselves into believing they won't need long term care during their lifetime.
In a recent study conducted by Genworth Financial (the 2011 Financial Reality Check Study), one of the larger providers of long term care insurance, less than 33% of the respondents believe it is only somewhat likely that they will need long
term care. Only 7% think it is "extremely likely" they will need long term care.
The reality of long term care is quite different from the wishful thinking exposed by the Genworth study.
According to Medicare.gov:
1. This year more than 9 million men and women over the age of 65 will ...
Why You Should Periodically Review Your Estate Planning
The travails of the James Brown (Godfather of Soul) estate show just how bad things can get when estate planning documents are not updated when there are changed circumstances. Brown didn't update his estate planning after a late in life marriage, nor after his last child was born. The result is five years of probate litigation - and still counting! For a detailed analysis, take a look at this Forbes article: Court Battles and Debt Leave James Brown Estate Not Feeling Good.
As we have discussed in previous posts, beneficiary designations are often the most overlooked changes that need to be made when life intervenes. As recently as yesterday, a client needed a "reminder" that his retirement plan and life insurance beneficiary designations had not been changed to coordinate with his estate planning documents, as a result of his second marriage.
Additionally, ... << MORE >>
Nursing Home Costs Now $87,000 Annually
The full MetLife Mature Market Survey also reveals that the costs of extra services can significantly increase the averages. For instance, the additional montthly charge for assisting a resident with bathing is $307, to manage medications $370 per month, or for personal care such as toileting, transferring or incontinence management $530 monthly.
Average ... << MORE >>
Special Needs Trusts - Shifting Purpose, Increasing Value
Over the past week, our office has experienced an unusual influx for a one week time period: three new clients
seeking special needs trust planning for their disabled relatives. One case dealt with autism, one with Downs Syndrome, and one with severe epilepsy. The common thread running through all three
cases was a dual concern that public benefits for disabled individuals are threatened by budget issues, and the desire to ensure that their loved were able to qualify for and receive whatever
public benefits programs were available.
What is a special needs trust?
A special needs trust is a trust that is specifically designed to provide support for disabled individuals without causing ineligibility for various applicable public benefits programs, such as
Medicaid, SSI (supplemental security income), or other programs offered by various state and local governments. Such a trust is imperative for those who plan, or desire, to leave an inheritance to a
relative or loved one who ...
IRS Increasing Audits of Gift Tax Return Non-Filers
The Internal Revenue Code (IRC) requires that anyone who transfers an asset, valued more than $13,000, to another person without consideration, must file a federal gift tax return. The Form 709 is used for this purpose. The IRC requires the filing of the return even if there is no gift tax liability arising from the gift. The gift tax return must be filed for gifts to charity as well. There is no requirement for filing a gift tax return if total gifts during a calendar year to any individual are less than the annual exclusion amount - currently $13,000. The tax code allows ... << MORE >>
National Estate Planning Awareness Week
Happy National Estate Planning Awareness Week!
110TH CONGRESS
2D SESSION H. RES. 1499
Designating the third week of October as ‘‘National Estate Planning
Awareness Week’’.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER ...
<< MORE >>Alzheimer's - Financial, Psychological, and Social Impacts
According to the editorial, there currently are 5.7 million Americans over the age of 85 who suffer Alzheimers. By 2050 that number is expected to grow to 19 million. In Florida there currently are 450,000 Alzheimer's sufferers. More than 10,000 baby boomers turn 65 every day now! One in 8 of them will eventually be afflicted with Alzheimer's.
In the general population in America, only 4% of those over age 80 reside in a skilled nursing home. For those with Alzheimer's, 75% live in a skilled nursing facility.
... << MORE >>
What You Need to Know About Estate Planning
A recent US News and World Report blog succinctly states What you Need to Know About Estate Planning (online at http://www.usnews.com/mobile/blogs/alpha-consumer/2011/9/26/what-you-need-to-know-about-estate-planning.html). Taking excerpts from The Wall Street Journal Complete Estate Planning Guidebook, the author states:
- “Everybody needs to think about estate planning”;
- “The number one [estate planning] mistake is not doing anything at all”;
- “[T]he safest thing to do” is to see an estate planning lawyer rather than attempt do-it-yourself planning;
- People should review their estate plans “often – at least every three years.”
This is a simple yet straightforward article on the importance of estate planning for everyone – and on the need to review existing estate plans frequently. ... << MORE >>
JacksonvilleLaw.TV Starts October 3, 2011
Get Answers to Your Legal Questions at JacksonvilleLaw.TV
The Coleman Law Firm Offers Probate, Estate Planning & Asset Protection Help on Video
October 3, 2011, Jacksonville, FL – “What happens if I die without a will?” Click it. “How is an estate probated or
administered?” Click it. What documents should I have in my estate plan that will help me plan for long term care?” Click it. “What proof is required to successfully contest or challenge a will?”
Click it. “Would a revocable living trust provide protection for my assets?” Click it. When you need information about your legal problem, you can now find The Coleman Law Firm PLLC at
www.JacksonvilleLaw.TV.
<< MORE >>
Do You Own Federally Restricted Firearms? - Do You Have a Gun Trust?
After reading the article, if you think you might need a gun trust, we can assist you in the preparation of a properly drafted gun trust. ... << MORE >>
If You Are a Mother - You Need Asset Protection Planning (from your kids)!
Here they are:
1. "Bad Mothering" Lawsuit. A pair of siblings from Barrington Hills, Illinois, sued their mother for "bad mothering" after she sent her children birthday cards without a gifts! The suit sought $50,000 in compensatory damages and unspecified punitive damages. They claimed their mother engaged in "a course of conduct which has caused bothe the intentional and negligent infliction of emotions distress" to her children. They claimed their mother didn't include gifts in cards sent to her children; played favorites with the children, threatend to take her son ... << MORE >>
The New Florida Power of Attorney Act
On October 1, 2011, Florida’s new Power of Attorney Act will become effective for all powers of attorney used in the state of Florida. While the
goal of the Florida legislature in adopting the Act was to address perceived defects in the current law, the new Act contains many new execution and other requirements that differ significantly
from the existing law. This post will help you understand the changes and identify some of the ways in which the new law differs from current law.
Any person who signs a power of attorney on or after October 1, 2011 should be aware of the requirements imposed by the new law or risk signing a power of attorney that does not comply with the new law and which is therefore invalid.
<< MORE >>
Why Don't Women Understand the Need and Importance of Estate Planning?
An article in Forbes.com yesterday, "The Shrinking Violets of Estate Planning," could not possibly be more on point. Women just seem to think their husbands will take care of these things. It just doesn't happen that way, at least not in most cases.
A recent encounter with a new client is not unusual.
The new client is a 37 year old married woman. She has two young adult children from her first marriage and two young children from her second marriage. She owns ... << MORE >>
Why You Should Periodically Review Beneficiary Designations!
The Family Feuds article discusses, with actual case histories, the many problems that can go wrong when circumstances vary at your death from what you thought they would be. In short, your 401(k) and IRA can end up in the hands of someone other than the person(s) you want to receive those funds. The article lists a number of "rules" that typically apply to 401(k) accounts and IRAs.
Rule No. 1: With 401(k)s, ... << MORE >>
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C. Randolph Coleman
C. Randolph Coleman, is a Florida attorney since 1978. His practice is limited to estate planning, tax and asset protection planning, small business planning, probate and trust administration. Mr. Coleman is a frequent author and speaker regarding estate planning and asset protection planning matters. He is a graduate of the University of Florida (BSBA ‘72, JD, with honors ‘78). Mr. Coleman and The Coleman Law Firm are listed in the Martindale-Hubbell® Bar Register of Pre-Eminent Lawyers, which lists only those select lawyers who have earned the A-V® Rating in the Martindale-Hubbell Law Directory and have therefore been designated by their colleagues as pre-eminent in their field.
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