Massachusetts Estate Planning & Asset Protection Blog

Underestimating the Risk of Long Term Disability: The Importance of Being Prepared I Massachusetts Elder Law Attorney

Posted by Wellesley Estate Planning Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Mar 11, 2016

Underestimating the Risk of Long Term Disability:
The Importance of Being Prepared

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Most Individuals Will Face At Least a Temporary Disability
Study after study confirms that nearly everyone will face at least a temporary disability sometime during their lifetime. More specifically, one in three Americans will face at least a 90-day disability before reaching age 65 and, according to the definitive study in this area, depending upon their ages, up to 44% of Americans will face a disability of up to 4.7 years. On the whole, Americans are up to 3.5 times more likely to become disabled than die in any given year.

Many People Will Face a Long Term Disability
For many Americans, the disability will not be short-lived. According to the 2007 National Home and Hospice Care Survey, conducted by the Centers for Disease Control's National Center for Health Statistics, over 1.46 million Americans received long term home health care services at any given time in 2007 (the most recent year this information is available). Three-fourths of these patients received skilled care, the highest level of in-home care, and 51% needed help with at least one "activity of daily living" (such as eating, bathing, getting dressed, or the kind of care needed for a severe cognitive impairment like Alzheimer's disease).

Long Term Care Costs Can Be Staggering
Not only will many individuals and families face prolonged long term care, in-home care and nursing home costs continue to rise. According to the Genworth 2015 Cost of Care Survey, the Median Annual Cost for a Private Room in Massachusetts during 2015 was $114,026.

Perhaps most importantly, despite overwhelming and compelling statistics; most Americans grossly underestimate the risk of disability to themselves and to their loved ones. According to the Council on Disability Awareness 2010 survey:

  • 64% of wage earners believe they have a 2% or less chance of being disabled for 3 months or more during their working career; the actual odds for a worker entering the workforce today are closer to 25%.
  • Most working Americans estimate that their own chances of experiencing a long term disability are substantially lower than the average worker’s.

Given the high costs of care, this underestimation often leaves Americans ill prepared to pay for the costs of long term care.

All Planning Should Thoroughly Address Disability
When a person becomes disabled; he or she is often unable to make personal and/or financial decisions. If the disabled person cannot make these decisions, someone must have the legal authority to do so. Otherwise, the family must apply to the court for appointment of a guardian over the person or property, or both. Those who are old enough to remember the public guardianship proceedings for Groucho Marx recognize the need to avoid a guardianship proceeding if at all possible.

At a minimum, seniors need broad powers of attorney that will allow agents to handle all of their property upon disability as well as the appointment of a decision-maker for health care. We recommend that our clients have both a Health Care Proxy and a HIPPAA to make this transition smoothly. Alternatively, a fully funded revocable trust can ensure that the senior's person and property will be cared for as desired, pursuant to the highest duty under the law - that of a trustee.

Click here to view our Free Consumer Report on "The Plain Truth About Alzheimer's."

At the Estate Planning & Asset Protection Law Center, we even 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. Attend a free workshop to discover where opportunities exist to eliminate problems now as you implement plans for a protected future.

You may register now for a free educational workshop - call 800-964-4295 or click the button below, to register and learn more about what youcan do to protect your spouse, your home, and your life savings.Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: long term care, HIPAA, elder care, Estate Planning Recommendations, health, medical

Healthy Eating Impacts Lifestyle|Massachusetts Elder Law Attorney

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Mon, Mar 31, 2014

Lifestyle, Healthy Eating

 

I tell my clients that, as you age, your food choices become more important, because they can keep you younger – and healthier – longer.

Eating a well-planned, balanced diet may reduce the risk of heart disease, stroke, Type 2 diabetes, bone loss, cancer, and anemia. If you already have one of these diseases, eating well may help you better manage it. And it can also help reduce high blood pressure and cholesterol.

 

 

The foods you put into your mouth are the fuel that powers not only your body, but also your brain health. And they help you control – or lose control of – your weight. Extra weight, of course, increases your risk for diseases such as Type 2 diabetes and heart disease, as well as joint problems.

 

 

 

Choosing mostly nutrient-dense foods that are light in calories will give you the energy you need, while enhancing your digestion, too.

We all have friends that have started “diets” and not stuck to them. Eating well has nothing to do with a “diet.” It’s part of an everyday healthy lifestyle. That’s why it’s important to start with small steps such as ditch the salt shaker. It’s a killer – literally!

And add more seafood, fruits, whole-grain bread, and vegetables to your grocery cart.

Always check with your doctor or dietician first if you have a specific medical condition.

And, remember: It’s not about a diet. It’s about a lifestyle!

 

At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling 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.

 

                                    Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

 


Tags: massachusetts estate planning strategies, Health Care, Massachusetts, health, medical, 2014, Healthy Eating, balanced diet, lifestyle

Massachusetts Elder Law Attorney | Want to Save Money on Long-Term Care? Get It Now!

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Wed, Feb 06, 2013

Whenever a client tells us they'll look into long-term care insurance "some day," ask yourself these questions: Am I a betting man (or woman)? And, if so...do I always bet against the odds?"describe the image

What we mean, is that by putting off long term care insurance, you are betting that medical costs won't go up and that long-term care insurance will be easier to get as you get older?  You are also betting that "some day" will arrive before you get sick.

A recent report revealed that the closer people get to retirement, the more frightened they become about meeting long-term care costs.  These fears impact women even more than men. And there's good reason for that. Women generally have greater long-term care needs, as they live longer, and are less likely to have a partner to care for them.  In fact, Genworth Financial, the largest long-term insurer in America, is talking about raising rates for women.

There are a few possibilities to address some long-term care costs, among them Medicare and hybrid plans, which might have riders with life insurance or annuities.

But there's only one way to get the best price: GET IT NOW!  Can you name even one item for which you pay less now than you did a few years ago?  As a general insurance principal, the older you get, the higher the premium. So, if you can pull it off now, you'll thank yourself later.

If you're betting that "someday" will come before you get sick...are you willing to bet every cent you've ever earned on it, because no insurance company will accept you after you're sick!  

At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique education and counseling 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 to learn more about what you can do to enhance the security of your family and legacy.

workshop, estate planning, Massachusetts, attorney

Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: long term care, Retirement, Elder Law, Attorney, insurance, Massachusettes, medical

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