Massachusetts Estate Planning & Asset Protection Blog

The New Year is here! For many of us this means creating New Year’s resolutions. Whether your goal is to spend more time improving your health, spending more time with family, or making changes in your job, it can be an exciting time to put a plan in place to create the future you want.

 As you think about the New Year, do not neglect thinking about your estate planning and elder law planning. Although many of the people we meet initially think these things are the same, nothing could be further from the truth. Estate planning contemplates the plan you need to provide for you and your loved ones in the event of your incapacity or death. Elder law planning, on the other hand, is planning for a potentially uncertain long-term care future.

 While we do not want you to forget to update your estate planning in the New Year and can help you do so with our Lifetime Protection Program, we want you to think about the elder care needs for you and your aging loved ones. The future is uncertain for all of us. It is important that we plan early and well for what it could hold for us. Unfortunately, long-term care is expensive and these costs continue to rise. Estate planning can be a great start but each of us should create a plan this year that covers a future that includes the need for long-term care.

 Where do you start? What type of plan do you need? Since Medicare will not pay for all of your custodial long-term care needs, how will you access much needed benefits? Let us provide some of the insight that we give our clients and their loved ones as they work with us to create a long-term care plan that can sustain them for the future.

       1. Find out what care costs in your state. Many of the Older Americans and their families                 that we speak with are shocked to learn the costs associated with long-term care.                       Further, they are also surprised to learn that Medicare will not pay for assisted living                   facilities or extended care in the home. Most families cannot afford theses costs on top               of their monthly expenses. We encourage you to not wait to learn the cost of care needs             right here in Massachusetts. You can take a look at the Genworth Costs of Care study to             learn more about costs of care.

2. Evaluate your current home. Many seniors do not want to leave their homes. Although for most this may not be an option, this can become more of a possibility when the home is modified to consider the needs of the Older Americans. For example, are bathtubs slippery or hard to enter? Are lights easy to turn on and off? Are stairs becoming more difficult to manage? Consider speaking with a contractor who understands the needs of seniors for recommendations on how to make the home more appropriate for aging in place.

3. Purchase long-term care insurance. Long-term care insurance can help cover the costs of long-term care. From skilled nursing facilities to assisted living facilities to additional help in the home, there are different policies to help cover these expenses. While not all qualify, you may wish to speak with a long-term care insurance planner to determine if there is a plan for you or your loved ones available right now.

4. Meet with an Elder Law Attorney. Your elder law attorney will be able to help you navigate this long-term maze. Knowing what you need and how to access it, together with the steps to take to access public benefits, are key to successfully planning for long-term care. Your elder law attorney can help you be prepared for your potential needs and how to prepare for the rising costs of long-term care in the future.

There is never a wrong time to start planning for long-term care planning.  In fact, this is why we wrote our book The Seniors and Boomers Guide to Healthcare Reform and Avoiding Nursing Home Poverty which you may download by clicking this link. We are here to help you and your loved ones create the planning you need for the future. Do not wait to contact our law office to schedule a meeting with us today.

 

 

At Dennis Sullivan & Associates we were fortunate enough to be able to help a married couple, both teachers, plan for their retirement and estate planning. After being referred to us by an independent financial adviser toward the end of their careers we advised that they may want to attend one of our Free Discovery Workshops on Estate, Trusts, and Asset Protection Planning.

After being impressed with what they learned at the Workshop they scheduled their complimentary meeting to have us review their existing wills, trusts, disability, and healthcare documents. They made it clear that they had long term care insurance that would cover only $100 per day for two years (At the time cost of care at a nursing home was roughly $400 per day). Therefore, they would have had to pay $300 per day had a situation arose in the near term. $300 x 365 = $109,500 annually for two years, a total of $219,000. After the first two years of coverage lapsed, they would be responsible for the entirety of the cost of care payments. If nursing home costs did not rise, at $400 they would be looking at a nursing home bill of $146,000 annually. For comparison, the rates today are in the neighborhood of $18,000 per month and are steadily rising.

Because of the high cost of in home care and a desire to maintain control of their assets and healthcare decisions they had us create for them an updated Revocable Living Trust as well as a new protective trust for their home and long term savings. Having a solid asset protection plan allowed them to decide to avoid paying over $15,000 every year to expand their long term care coverage from $100 to $250 a day, which was short of the $400 a day, cost at the time. They were pleased that this estate plan would protect their home, spouse, and life savings!

Over a decade later they remain clients and members of The Lifetime Protection Program as we help them strategically plan how their trusts and other life and death documents should function to preserve their capital.

As members of the Lifetime Protection Program, this retired couple enjoy many benefits. First, we helped them implement the proper healthcare documents for their children and grandchildren, over the age of 18, to ensure that in the case of an emergency; medical professionals would be able to disclose information to family members. This is a little known secret that you do not want to find out the hard way. [Please see our upcoming workshop schedule to discover more]

With healthcare documents in place, we were able to focus our attention on asset preservation and protection. As with most people that we help they were interested in ways to provide for the surviving spouse and ultimately, maximize the inheritances of their family members. Putting the deed to their home into their protective trust ensured that when their children inherited the property they would receive the step-up in basis as well as protecting the home against nursing home costs down the road. This alone will save their children from paying any long term capital gains if they sell the home at market value. Various gifting strategies, educational savings plans including a 529 account, were additional steps taken to reduce their overall estate tax levied by the Commonwealth of Massachusetts. An important step taken was to update their Durable Power of Attorney forms to provide maximum security in the event that either one of them lost capacity during their lifetime, and there were assets that were NOT included in their trusts. To discover more about trusts, life and death planning, as well our unique process and services visit DSullivan.com and sign-up for a free discovery session. You and your family will be glad you did for generations to come. This planning could save you and your family countless nightmares, heartache, and a significant amount of money. Click here to attend an upcoming workshop today or call 1-800-964-4295 to register.

 

First, you may ask, what are the Healthcare Documents that you recommend?

At Dennis Sullivan & Associates we recommend to everyone over the age of 18 (clients, friends, and family members) have appointed people to make health care decisions, and to receive health care information.

This is especially crucial for those who have college students and young adults in their lives. Young adult children and grandchildren, often times headed away to college, need health care decision making documents in place. These documents include an Authorization for Release of Protected Health Information forms in place (HIPAA), and Living Will and Health Care Proxy.

An 18 Year Old Is An Adult!

Once you turn 18, you are legally an adult, and no one has any automatic right to any medical information. Medical professionals are obliged to withhold any and all medical information of yours from anyone who may be requesting information, unless you specifically grant them authority to release the information. Sometimes, young adults will let the doctor know that it is okay to share information with their parents or close relatives, but it may not come up when the young adult sees the doctor. If an 18 year old forgets or is unable to give their consent, medical professionals, by law, are required to withhold the information.

HIPAA

In the unfortunate event where a young adult is unable to give consent due to being unconscious or in a coma the only way for parents to gain this information is if their child has signed off on the Authorization for Release of Protected Health Information form (HIPAA). This allows a parent to get information from a college health center, and speak with the care team.

Health Care Proxy and Living Will

Terry Schiavo is the reason why the importance of a Living Will and Health Care Proxy gained national attention. A Living Will addresses end of life decisions including the permission/request to discontinue life support after an extended period if a person is in a persistent vegetative state. Terry Schiavo did not have a Living Will in place, and thus a decade long legal battle ensued between her husband and parents.

 

A Health Care Proxy designates an Agent that can make Health Care decisions on your behalf if you are unable to make the decisions for yourself. Examples of this could include being unconscious, lacking capacity, or being placed in a medically induced coma. A Health Care Proxy/Living Will and is essential because it names agents to make health care decisions if you’re unable to make decisions on your own.

The Health Care Proxy and Living Will give authority to a person (or persons) of your choice to make decisions if you are unable to.

In short, a HIPAA document will allow for those of your choice to be privy to medical records and a Living Will and Health Care Proxy will appoint an agent to be your medical decision maker in the event that you are unable to do so.

If you would like to implement these essential documents, call our office to schedule a consultation. Many of the estate plans we review are death plans. They are designed to solve situations that occur at death, avoiding probate and distributing the estate. While all these objectives are important, there is much more that is needed. One of the most important parts of planning focuses on how documents work while you and your family are living. To learn more about necessary elements of an estate plan, attend a complimentary workshop.

Facing the enormity of long term care, whether it is the financial, healthcare, emotional or psychological issues, it is so overwhelming. 

It's needs a team effort!  With the help of family, friends and our team here at Dennis Sullivan and Associates you can make the enormity of long term care manageable 

 

What exactly is "Long Term Care Planning" ? 

Here's one way to look at long term care planning: 

In today’s world, the question is no longer only, “What happens when I die?, but now we need to plan for “What happens if I live?” An estate plan covers the scenario of, What happens when I die.  But long term care covers a large variety of other factors and scenarios that sometime families forget to consider such as what happens if I live but am not healthy and have increased health-care costs and need to rely on others for assistance, either temporarily or on a permanent basis. The estate plan does not address this need. An estate plan can help you answer the first question, but a long-term care plan can help you answer both the first and second questions. Let’s put it another way. An estate plan insures that if you have assets when you die they will be passed in the manner you wish. The key word is “if.” The plan will not, however, guarantee that there will be anything left at that time to pass. Your assets could be mostly or entirely wiped out by a lengthy illness, hospital, and/or nursing home stay, leaving your spouse and other heirs with nothing.

 long Term Care and Medicaid:

I had a conversation last week with a married couple for whom we are preparing a Medicaid application. John is in a nursing home, and Mary is healthy and living at home. I explained to them that Mary can keep half of their countable assets, in their case $75,000, but that they must spend down to below that dollar amount by the last day of the month directly preceding the month we want to qualify John for Medicaid. I have had this conversation numerous times with clients in John and Mary’s situation, and know all too well that this simple instruction is not always followed. The largest part of most spend downs typically goes to the nursing home. But, as most people do, myself included, we wait until we get a bill before we pay it. If I owe you money, I’m not going to chase after you for a bill. Whenever you get around to it and invoice me, then I’ll pay it. The longer the money stays in my bank account, the happier I am. However, this can get you into big trouble and cost you tens of thousands of dollars if you wait for the nursing home bill. If we want John to be eligible for Medicaid next month and we know that he owes the nursing home $20,000 for the past two months of care, but the nursing home hasn’t yet presented Mary with a bill, it does not matter that Mary and John legitimately owe the facility the money. If that $20,000 is still sitting in their bank account next month, causing their account balance to exceed $75,000, John cannot qualify for Medicaid. Even worse than that, he can’t even qualify for next month. He has to wait until the following month, which means they will owe the facility another $10,000, leaving Mary with $65,000 to live on.

So Much to Discuss

For more information on Long Term Care Planning we encourage you attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy. January sessions are filling up fast call or register on line to reserve your seat today.  

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future. 

How does the new tax bill affect you and your family now and in the future?

The new tax bill has officially been passed by Congress and signed by President Trump, what does this mean for us?  The answer to this depends on many variables discussed here. 

 

First of all, these changes don’t apply until you file your 2018 taxes, meaning that you won’t have to worry about the new law when filing your 2017 income tax returns this spring.  That being said, still we will be experiencing the greatest overhaul of the tax laws in more than 30 years.  The last major changes having been made under President Reagan in 1986. 

One change you can expect to see is that both corporate tax rates and personal income tax rates will drop.  There are also other changes which limit or eliminate personal deductions.   The changes that affect corporate tax rates are permanent, and the changes that affect individual tax rates and deductions are not.

Also in the new tax bill you will find a “sunset” provision, meaning that the new law – as it applies to individuals – will expire on December 31, 2025.   That is, unless Congress agrees to extend the law.  That, of course, will depend on the political and economic climate 8 years from now, including whether the economy responds the way Republicans say it will

       Now let’s take a look at the changes that are likely to affect the average senior.  Good news, the tax rates have been lowered a bit.  There are still 7 tax brackets but the rates have changed with the top rate lowered from 39.6% to 37% and the threshold at which each rate is reached has been altered. (The corporate rate reduction is much greater, from 37% to 21%).

       Some of the most significant changes relate to deductions.  The standard deduction has been doubled to $12,000 for a single person and $24,000 for married couples but personal exemptions have been eliminated.  The deduction for state and local taxes will be capped at $10,000, something that could hurt many Massachusetts residents and especially homeowners because we have high real estate and state income taxes.  

So Much to Discuss:

For the first time in decades major overhauls to the tax system are happening! This is an enormous change that can affect your estate planning and asset protection as well. Be sure to stay tuned as we will discuss more about this new tax bill in our next blog post!    

For more information we encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy. January sessions are filling up fast call or register on line to reserve your seat today.  

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future. 

 Some Highlights of the Unified Framework for Fixing our Broken Tax Code

Federal Estate and the Generation Skipping Transfer Tax Repeal:

The proposed change calls for the repeal of the estate and generation skipping transfer taxes, and if enacted would create a number of issues and planning opportunities. 

The Massachusetts Estate Tax Remains: Everyone in the State of Massachusetts is entitled to a one Million ($1,000,000) estate tax free amount. Married couples however, lose one of their tax free amounts, unless they build it into their planning.  That is why it is so important for married couples when reviewing or creating a plan to ensure they have proper planning in place so they do not lose the second tax free amount! 

Liquidity Planning may Be Critical Even with Repeal:

If you recall, when President Trump was a candidate he supported an elimination of the estate tax and no basis step-up for amounts exceeding $10,000,000.  While it’s currently unclear whether the Administration now supports income tax recognition even at death or simply carryover basis, the implications are significant for liquidity planning. 

 Individual Tax Changes

Elimination of most itemized deductions and the Impact of Lower Individual Income Tax Brackets:

The proposed changes would be eliminating most itemized deductions except for charitable and mortgage interest.  With a standard $24,000 deduction for married couples and limited itemized deductions, many tax payers won’t have to itemize and therefore may no longer need tax preparation services.

Under current law, taxable income is subject to seven tax brackets, and the Framework would consolidate the seven tax bracket system into four brackets of 0%, 12%, 25% and 35%.    

Changes to IRAs and Qualified Retirement Plans:

Although this wasn’t mentioned in the proposal, one thing the Senate has considered is a five year distribution rule.  For example, this would mean that when someone passes with IRA’s worth more than a certain dollar threshold, everything would have to come out of the IRA within five years.  If enacted, this would eliminate the “stretch –IRA” planning technique that has become so popular for many people. 

Conclusion

At Dennis Sullivan & Associates, we help you stay updated on proposed changes in the law! We help people and their families to ensure that independence and safety are preserved as long as possible. To learn more about how you can protect your home, spouse and life savings as well as saving on taxes and preserving your independence, Click Here to register for a free workshop today.

At the Estate Planning & Asset Protection Law Center, we provide a unique education and counseling process which includes our unique 19 Point Trust, Estate and Asset Protection Review to help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones, click here for more information. We provide clients with a unique approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

 

How does the debate over health care reform affect you and your estate plan?

 In our last post we discussed the importance of keeping up with the constant changes happening in health care reform. We will continue to examine how the on-going deliberations in Washington may affect you, your future health care and your estate.  We at Dennis Sullivan & Associates are keeping up to date on all the changes, and making sure you stay informed on all the important details.  For more information on the current law of the land, you can download our Report: Senior & Boomers Guide to Health Care Reform.   

The Senate has dealt a devastating setback to Republican efforts to repeal and replace Obamacare, defeating a GOP "skinny repeal" bill early Friday morning. With the "skinny repeal" bill off the table, lawmakers are unsure of where the health care debate is headed. 

Senate Majority Leader McConnell and his staff are trying to find a balance between conservative Republicans, who want a full repeal of ObamaCare and a replacement that has lower health care costs, and more moderate Republicans who want to preserve its more popular benefits.

The deal-making process is in full swing, with the additions of opioid funding and allowing health savings accounts to be used to pay for insurance premiums. Some Senators are for potentially leaving in some taxes to pay for more generous benefits, after weeks of being criticized by Democrats for offering “tax cuts for the rich and Medicaid cuts for the poor.” Conservatives want to cut more from the regulations and many from Medicaid expansion states are uneasy about future cuts to Medicaid.

Senator Ted Cruz of Texas has offered an amendment called the “Consumer Freedom Option” that would allow insurance companies to sell any health coverage plan they wish as long as they provide one plan that satisfies the “essential benefits” mandates of Obamacare. While the Cruz amendment appeals to conservatives who want to provide consumers with lower cost options, moderates are concerned it could negatively impact those with pre-existing conditions. Supporters have suggested that federal subsidies could help ensure that premiums don’t increase for those who are seriously ill. The CBO is currently scoring this amendment.  

President Trump, along with Senator Rand Paul of Kentucky and Senator Ben Sasse of Nebraska, has even offered to repeal ObamaCare for now and replace it later.

Of course, no one is going to get everything they want so there must be compromises. Majority Leader McConnell has said that if the Senate is not able to pass a bill soon, Congress will have to pass a bipartisan measure to shore up the imploding health insurance markets.

And so, the Civics lesson continues. The process is at work.  As we see here the process can be long, unstable and worrisome.  Luckily for you your estate planning doesn’t have be. We at Dennis Sullivan and Associates make your estate planning and asset protection worry and stress free.  Once you have a plan in place you will feel confident knowing it will protect you, your family and your life savings.  You can enjoy life to the fullest knowing you and your family are protected no matter what unknowns lay ahead. 

 

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

How does the debate over Health Care Reform affect you and your estate plan?

Everyone is talking about health care reform: whether it’s the House bill, Repeal & Replace, Skinny Repeal, it can make your head spin.  One question on everyone’s mind is how changes to health care will affect them.  We at Dennis Sullivan & Associates are keeping up to date on all the changes, and will cover the process through a series of blogs to explain where health care reform is now, how it affects you and what the future may hold.  For more information on the current law of the land, you can download our Report: Senior & Boomers Guide to Health Care Reform

 

Eventually, both the House and Senate must vote on the same bill.

The battle continues in Washington over the repeal or replacement of the Affordable Care Act (ObamaCare) and as we are witnessing; this can be a messy process. 

Why Republicans are trying so hard to repeal and replace ObamaCare and how they are going about it:

ObamaCare, you may remember, was passed by the Democrats in 2010 with no Republican support. Ever since, Republicans have campaigned on repealing the program, which was unpopular with many Americans. “Repeal and Replace” was their rallying cry to voters to help them win back control of the House in 2012, then the Senate in 2014, and finally the Presidency in 2016. If the Republicans are not able to fulfill this major promise, some may be in danger of losing their seats in the next election, as they would likely be blamed for the problems with ObamaCare if they don’t fix them. These are the political reasons.

Democrats admit that ObamaCare has problems and needs a major fix to survive. But they are not on board with repeal and replace of such a signature piece of legislation, while Republicans try to find a way to pass new legislation.

The Legislative process:

The normal legislative process is that a bill begins in the House, where it is written, discussed and approved by a committee before the House votes on it. If it passes the House, it is then sent to the Senate. The Senate can vote on the same bill, make amendments to the House bill, or create its own bill. Eventually, both the House and Senate must vote on the same bill, so if there are differences, members of both the House and Senate meet in committee to resolve them. Once a bill passes both the House and Senate, it is then sent to the President who can sign it into law or veto it.

Right now, there is a House bill on health care that has passed the House, and a Senate bill that has not passed the Senate. Discussions and amendments are still occurring with the Senate bill in hopes it will pass soon. The public posture is that this messy legislative process is making the bill better.

Further complicating this process is that while the Republicans have a majority in both the House and the Senate, they only have 52 Republican Senators. 60 votes are required to overcome the filibusters and pass new legislation, so they are attempting to pass health care legislation through the Budget Reconciliation process. It only requires 51 votes, but it limits the legislation to budget-related items only. They would not be able to include provisions some Republicans want in a full repeal and replace bill—for example, letting insurance companies sell across state lines to increase competition, lower prices and create better plans; and allowing the government to negotiate lower drug prices. Issues like these would have to be voted on later.

For the Senate bill to pass in Reconciliation, 50 Republicans must vote for the bill, since no Democrat or Independent is expected to vote for the bill. Vice-President Pence would break the tie if needed.

So far:

The Senate rejected a proposal from Republican lawmakers to repeal Obamacare on Wednesday July 26, 2017, marking a significant milestone in the Republican Party's years-long political crusade to gut former President Barack Obama's legacy health care law.

 

What does the future hold?

We aren’t sure what the future American Health Care Act is going to look like, not sure anyone does, but luckily protecting yourself and your loved ones from expensive long term care doesn’t have to be so uncertain.  With asset based long term care products, there are ways to insure your control over your future long term care and insure you have something left over for your spouse, children and loved ones. Don’t let your long term care plan sit in limbo. Stay tuned we will discuss more about what the future looks like in our next blog post.

 

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

If you would like more information on Medicaid, the Affordable Care, or the impact of new health care laws on your planning, request your free preview of our guide, the Senior & Boomers’ Guide to Health Care Reform & Avoiding Nursing Home Poverty. 

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

According to a recent study, elderly drivers who stop driving and have no transportation alternatives become less socially active and risk isolation. This can lead to declines in physical, mental, emotional health.

The survey found that an increase in driving mobility in seniors lead to an increase in the overall health of a senior, whereas a decrease in driving mobility lead to a significant decrease in overall health.

With a longer life expectancy, older adults can remain socially engaged in later years; leading to better health, lower mortality risk over time, and lower rates of depression, dementia and other cognitive impairments. Social participation is also linked to greater life satisfaction, self-esteem and positive effect. For these reasons, maintaining participation in social, economic, cultural, spiritual and civic affairs is part of healthy, active and successful aging.

Fewer Older Drivers

Driving is a way of life in the U.S. and is often crucial for social participation and having access to services. Physical, mental, and emotional decline in later years eventually lead to a decision to reduce and cease driving. In the U.S., more than 600,000 seniors over the age of 65 stop driving every year and must rely on other transportation.

Limited Driving Leads to Cessation

Most seniors start ceasing to drive by limiting their driving behaviors. They drive less frequently, shorter distances and to fewer destinations, adapt speed, and restrict trips to familiar roads and particular hours.

Some need a little help in making the decision to stop driving, and family members can watch for signs. A driver who becomes disoriented or has trouble following directions may also need to be discouraged from driving. At some point, it becomes a safety issue—both for the senior and for the public at large.

Receiving Rides Can Help Prolong Social Participation

Receiving rides, a component of driving mobility, is a crucial alternative transportation option for older adults as their own ability to drive declines. Family members, friends and caregivers are often best able to provide flexible, supportive, door-to-door service, with escort assistance that best meets the older individual’s changing needs.

Seniors are often hesitant to ask for rides because they fear being a burden to others. When they do ask for help, they tend to request rides for basic needs, like doctor visits and grocery shopping, not for social activities.

Public Transportation

Those who live in metropolitan areas may have public transportation options, including buses, taxis, and Uber or Lyft.

Public and community transportation are often unsuitable for older individuals due to limited schedules during non-peak times, limited service to nonwork destinations, poor accessibility, low availability, inadequately trained drivers and limited personal assistance. Additionally, many seniors and their families are simply not aware these options exist.

Senior Living Centers

Social interaction can also be provided in community living centers, whether for active seniors or for those requiring some assistance with daily living activities. Most provide field trips and outings, in addition to on-site activities and community dining. These can be a good, albeit often costly, choice to encourage social participation if transportation options are limited.

Conclusion

At Dennis Sullivan & Associates, we work with seniors and their families to ensure that independence and safety are preserved as long as possible. To learn more about how you can protect your home, spouse and life savings as well as saving on taxes and preserving your independence, register for a free workshop today.

At the Estate Planning & Asset Protection Law Center, we provide a unique education and counseling process which includes our unique 19 Point Trust, Estate and Asset Protection Review to help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones, click here for more information. We provide clients with a unique approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

In the last installment of our three-part blog on the Costs of Dementia, we discuss the steps you can take to help alleviate the burden of caring for someone with dementia.

What can be done?

Planning is important. Challenges that caregivers face include finding relief from the emotional stress associated with providing care for a loved one, planning to cover the responsibilities that could jeopardize the caregiver’s job or career, and easing financial pressures that strain a family’s budget. Having options—additional caregivers, alternate sources of funds, respite care for the caregiver—can help relieve many of these stresses. In addition, there are a number of legal options to help families protect hard-earned assets from the rising costs of long term care, and to access funds to help pay for that care.

Plannng ahead is the best way to ensure you have options if a loved one has dementia or any long term illness. Unfortunately, most people fail to plan ahead. According to the Genworth survey, the top reasons people fail to plan are they didn’t want to admit care was needed; the timing of the long-term care need was unforeseen or unexpected; they didn’t want to talk about it; they thought they had more time; and they hoped the issue would resolve itself.

Waiting too long to plan for the need for long-term care, especially for dementia, can throw a family into confusion about what Mom or Dad would want, what options are available, what resources can help pay for care and who is best-suited to help provide hands-on care, if needed. Having the courage to discuss the possibility of incapacity and/or dementia before it happens can go a long way toward being prepared should that time come.

Watch for early signs of dementia. The Alzheimer’s Association (www.alz.org) has prepared a list of signs and symptoms that can help individuals and family members recognize the beginnings of dementia. Early diagnosis provides the best opportunities for treatment, support and planning for the future. Some medications can slow the progress of the disease, and new discoveries are being made every year.

Take good care of the caregiver. Caregivers need support and time off to take care of themselves. Arrange for relief from outside caregivers or other family members. All will benefit from joining a caregiver support group to share questions and frustrations, and learn how other caregivers are coping. Caregivers need to determine what they need to maintain their stamina, energy and positive outlook. That may include regular exercise (a yoga class, golf, walk or run), a weekly Bible study, an outing with friends, or time to read or simply watch TV.

If the main caregiver currently works outside the home, they can inquire about resources and accomodations at work that might be available. Depending on how long they expect to be caring for the person, they may be able to work on a flex time schedule or from home. Consider whether other family members can provide compensation to the one who will be the main caregiver.

Seek assistance. Find out what resources might be available. A local Elder Law attorney can prepare necessary legal documents, help maximize income, retirement savings and long-time care insurance, and apply for VA or Medicaid benefits. He or she will also be familiar with various living communities in the area and in-home care agencies.

Conclusion

Caring for a loved one with dementia is more demanding and more expensive for a longer time than caring for a loved one without dementia. It requires the entire family to come together to discuss and explore all options so that the burden of providing care is shared by all.

We help families who may need long term care by creating an asset protection plan that will provide peace of mind to all. Attend one of our free educational workshops to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.