Our Clients Our Parents Ourselves SAWYER & SAWYER, P.A. (407)

Transcription

1 Our Clients Our Parents Ourselves SAWYER & SAWYER, P.A. (407)

2 How will a person age? Like MARGE? 93 years old and still kicking!

3 A Quick Introduction to ELDER LAW It s all about management when an individual can t act independently. Disability Death Who is in Charge? Whose rules govern?

4 You need Information! What do they have? What do they have? Go through their files Look on their computers Read their mail: bills/statements Write down contacts for Income Policies Annuities Insurance Contact sources What is/are their health care issues? Providers History Records of tests Medications Insurance coverage Recommendation: make up a binder. SAWYER & SAWYER, PA

5 It all comes down to Authorization Legal documents Just to get access And to be able to direct and manage Court authorization Circuit court in county of domicile SAWYER & SAWYER, PA

6 Two Approaches Proactive Choices Preserved Who is in Charge? What instructions does a person want to give? Crisis Choices Lost Court decides who is in charge The law provides the instructions

7 Disability Property Management Durable Power of Attorney PROACTIVE Guardianship of the Property CRISIS New DPA Act 10/01/ pages => 30 pages Document contains powers Names Agent Broad authorization but with specificity Accountability Court procedure 6 weeks, $5,000 Court oversight inventories, annual accountings Court approval needed Statutes/rules control

8 Disability Health Management PROACTIVE Living Will/Health Care Surrogate Life Support choices Enforcement of life support choices Health Care surrogate Access to Protected Health Information (HIPAA) Can give informed consent Admission to health care facilities Individual chooses Guardian of the Person Court appoints May or may not be a family member Pre need declaration carries some weight Oversight by the Court Court approval may be needed Guardian CRISIS

9 The Test of Disability Planning Long term care Long term care What is it? Assistance with the Activities of Daily Living Where do you get it? Home, Assisted Living Facility (ALF), Skilled nursing facility Is it covered by Medicare? No, only short stay rehab. How much does it cost? $17/hour $2,500 4,500 $7,000 8,500 per month Help? Medicaid and for some, the VA

10 Obtaining Financial assistance for long term care Medicaid Convert countable assets to exempt assets Create a qualified income trust for excess income Convert an annuity (asset) into an income stream Establish a personal services contract VA Aid & Attendance Set up a VA Asset protection trust Establish a need for personal services at home or in a facility to increase unreimbursed medical expenses Cash out IRA, sell rental property, transfer assets

11 After Death Estate Settlement PROACTIVE Self determination Trusts Sets up management structure Contains administration rules & procedures Joint ownership Designated beneficiaries by contract Asset titling coordinates types of ownership Probate Will Appoints Personal Representative Names beneficiaries Controlled by Statutes Controlled by procedures in probate code No will entirely controlled by Probate code CRISIS

12 Bucket Lecture 4 ways that assets pass to new owners when the original owner dies SAWYER & SAWYER, PA

13 Clients Proactive Planning For our clients, our parents, ourselves Education: Acknowledge need for planning Documents: What is available, what fits the situation Asset Titling: Coordinated with document authorizations Parents Shared education and information Shared plans, support systems; documents Ourselves Self education; on going self monitoring; documents;

14 The End