Massachusetts Estate Planning & Asset Protection Blog

Aid & Attendance Pension

Posted by Dennis Sullivan & Associates on Mon, Oct 20, 2014

Aid & Attendance Pension | Massachusetts Elder Care Attorney

  

 veterans

 

A Little Known Tool for Our Nation’s Heroes

When fighting for the nation comes to the close, every veteran will be proud to come back home to live in peace with their family. Well, that may sound good for the youth that enlisted, but when entering into the golden years, every veteran and his surviving spouse needs a better home care as the cost of assisted living continues to rise. 

Is there an official care for the nation’s hero? Yes, the Veterans Administration has an vastly underused pension benefit called Aid and Attendance that provides money to those who need assistance performing everyday tasks. Families of Veterans should be assisted with the VA’s benefit programs that are available to those honorably discharged Veterans who are age 65 and older and are struggling to pay for their cost of care. 

Revealing the Secret

Most of the veterans have no idea of this pension program exists. The official title of this benefit is a Pension; the reason for using the Aid and Attendance to refer pension is that many veterans (or their single surviving spouses) can become eligible if they have a steady need for the aid and attendance of a caregiver, or if they are housebound. Evidence for this need for care must be certified by VA as a rating. With their rating in place, certain veterans or their surviving spouses can now qualify for Pension.

 

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.

Tags: veterans benefits, wartime veteran, benefit, VA, VA benefit, VA benefits

Three Ways to Pay for Long Term Care part 2

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Aug 15, 2014

Three Ways to Pay for Long Term Care continued

Long term care insurance, IRA, trust

In our last post we were discussing the difficulties in funding long term care through either insurance or Medicaid.  Most insurance companies seem to be getting out of the long term care market entirely or drastically raising premiums.  Medicaid, the primary government program that covers long term care, is still a fall back for many.  But, there are gaps in terms of what it will and will not cover, and it is increasingly difficult for many to navigate the Medicaid system.

This is especially so given the two objectives most of our clients want to achieve: making sure they have enough money to meet their own needs as well as passing on a legacy to their children and grandchildren.  Without proper planning for long term care, however, the first objective may overwhelm the second, making it unachievable.

That’s where long term care insurance has sometimes helped.  It’s also where our specialty of setting up 5 year planning using trusts, has also helped.  But, sometimes there is no long term care insurance, it’s too late to get it and the legal solution can only go so far.

Self-funding with asset based long term care financial products just might be the answer.  As some insurance companies have left the long term care insurance market, others are now offering alternative ways to fund the care, such as life insurance or annuities.

These products allow your money to grow tax deferred.  It can then be used to pay for long term care and, unlike traditional long term care insurance you don’t have to worry about “using it or losing it”.  A death benefit is paid to your heirs if you don’t use it (or only use some).

The longer you wait until you start drawing out the investment, the more time to build up the account value for use as long term care.  While these investments don’t return the higher rates that can be gained in the market, they also don’t put your principal at risk, meaning you won’t lose any of it if there is another 10 to 30% market correction.  For those who have their money sitting in CDs and cash earning less than 1%, the higher rates are a clear bonus.

Many of these products do not have the same underwriting requirements that exist for long term care insurance.  Whereas a diagnosis of dementia or being age 75 or older would preclude Long Term Care Insurance entirely, these asset based products may still be an option, even as late as age 85.

For our clients with large IRA accounts who want to protect some of that account for loved ones, moving the money to a trust results in a large income tax bill because the account can no longer remain tax deferred.  However, purchasing asset based long term products within the IRA can allow the account to remain tax deferred, increase the income value significantly if long term care is needed, and provide a death benefit for your loved ones if not needed.

 

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: Nursing Home Costs, long term care, veterans benefits, VA benefit, VA benefits, Massachusetts, Nursing Home, Veteran, VA, Nursing Home, long term care insurance

There Are Three Ways to Pay for Long Term Care

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Tue, Aug 12, 2014

The Three Ways to Pay for Long Term Care

VA Long Term Care

As we always explain to people, there are 3 ways to pay for long term care:  The first way is to use your own money.  The second source is long term care insurance and the third is government benefits, primarily Medicaid and the VA Aid and Attendance program.

We have written before in this blog about government benefits, especially Medicaid.  Because long term care is so expensive and so many people run out of money, Medicaid, as a last resort, must always be considered. Unfortunately, the economy is still struggling and tax revenues, which provide the funding for Medicaid, are down.  State and Federal governments are always looking for ways to cut costs and Medicaid is likely to continue to be a target for them.  The VA Aid and Attendance benefit, which has been a help to some, is not a total solution by itself and is also likely to be more restrictive.  Of course, VA benefits have never been an option for the non-Veteran senior population.  As we see fewer World War II veterans, there are fewer Korean veterans behind them, and still fewer Vietnam veterans coming behind them.

Long term care insurance is an important piece as well, unfortunately, all too often we find that too many people don’t have it, and when they do seriously consider purchasing the insurance, just as they start to think that they just might need long term care, it’s too late. They are now too old or too ill to pass insurance underwriting requirements.

What we have also seen, and what we have written about in the past, is the change occurring as a result of an aging population and poor forecasting by the insurance industry.  Many companies have dropped out of the long term care market altogether.  Others have presented their policyholders with large premium increases with the promise of more to follow each year.  America’s seniors are faced with the choice of paying the increases or cutting their coverage.

So, what other options are there for seniors looking for coverage?  Let’s go back to the first way to pay for care, self-funding or using your own money.  We see so many seniors who fall into one of two categories:  Some have their savings heavily invested in the stock market and other investments that are too risky for someone who could need large amounts of principal to pay for long term care.  If the market drops by 25% or more again like it did a few years ago, many seniors won’t have the ability to hold on till their investments recover. Others have gone the other way and put their savings in bank accounts and CDs that earn less than 1%.  The principal is safe from market fluctuations but they are getting a next to nothing rate of return.  Coupled with Social Security and small pensions, most seniors today have income in the $2000 to $4000 per month range; not enough to meet their monthly expenses without dipping into the principal.

So, is there are another way?  The answer, happily, is yes.  With asset based long term care products, there is a way to self-fund the cost of long term care and have something left for your spouse, children and loved ones.  We’ll tell you more about it in our next blog post, so be sure to watch for it.

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, Nursing Home Costs, long term care, Nursing Homes, VA benefit, VA benefits, Massachusetts, Nursing Home, incapacity, senior, Veteran, VA, Nursing Home, long term care insurance

Happy Holidays From Dennis Sullivan & Associates

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Dec 20, 2013

Happy Holidays, Estate Planning
Happy Holidays
Don%27t forget

 

How You and Your Loves Ones will benefit from the Special Features of your plan from the Estate Planning & Asset Protection Law Center

  • The Unique "Personal Asset Trust" (enhanced protection for your beneficiaries' inheritance from the claims of spouses and creditors, lawsuits, loss of government benefits, and estate taxes when they pass down their inheritance)

  • Unusual Flexibility (your Trust can adapt after your disabled or gone, to the changed needs and circumstances of you and your beneficiaries and to change in the laws-to help ensure your Trust carries out your original intent)

  • Often Overlooked HIPAA Provisions (so your spouse and other Successor Trustees won't be forced into court to gain access to your important medical information when you become ill or disabled  and important financial  and medical decisions need to be made right away)

  • The MassHealth "Trap Door" (The tools your Trustee may need to qualify you more quickly for government nursing care benefits should you ever need them, possibly without requiring your family to later pay them back, please note this planning must be coordinated well in advance)

  • The Lifetime Protection Program (free phone calls, follow-up notices, special invitation members only events, review meeting every year with you and your Successor Trustee, if you wish to invite them, to be sure your plan is properly maintained and carried out)

  • The Owners Manual (including everything you need to properly understand and implement your trust plan, such as a Trust Flow Chart, Funding Instructions, Location and Contacts List, Personal Property Memorandum)

  •  The Trustee Manual (so your spouse or other Successor Trustee knows exactly, step-by-step, what to do and not to do, if you become ill,disabled or pass away)

  • Veteran's Benefit Planning (for qualified veterans including free application coordination, which may be helpful for in-home care or assisted living facility expenses)

  •  The Beneficiary Manual (so your beneficiaries may properly "drive" their Personal Asset Trust "vehicles" to maximize its protective benefits)

  • The Health Document Emergency Card (so you know your Health Care Decision Documents will always be readily available if you're rushed to a hospital)

  • The Trust ID Card (so you can be sure to properly get and keep your assets in your Trust and avoid costly Court conservatorship and probate proceedings)

 Below is a way to help spread holiday cheer this year! Here's a recipe that every generation will have fun making!

Cocoa Thumbprints

Recipe courtesy Food Network Magazine

Total Time: 1 hr 15 min
Prep: 1 hr 0 min
Cook: 15 min
Yield: about 3 dozen cookies
Level: Easy


Ingredients
1 1/2 cups all-purpose flour
3/4 cup granulated sugar, plus 1/2 cup for rolling
1/2 cup unsweetened Dutch-process cocoa powder
1 teaspoon baking powder
1/2 teaspoon salt
6 tablespoons unsalted butter, melted
2 large eggs, lightly beaten
1/2 cup confectioners' sugar
Sprinkles, mini marshmallows, mini candies or dried fruit, for filling

Directions
Whisk the flour, 3/4 cup granulated sugar, the cocoa powder, baking powder and salt in a medium bowl. Add the melted butter and eggs and stir until combined. Cover and refrigerate the dough until firm, about 30 minutes.

Preheat the oven to 325 degrees F. Line 2 baking sheets with parchment. Place the confectioners' sugar and the remaining 1/2 cup granulated sugar in 2 separate small bowls. Roll scant tablespoonfuls of dough into balls; roll in the granulated sugar and then in the confectioners' sugar. Place 1 inch apart on the prepared baking sheets. Lightly flatten each ball with your fingers and make a deep 1/2-inch-wide indentation in the centers with your thumb. Place your choice of filling in the indentation.

Bake the cookies until puffed and slightly cracked, about 10 minutes. Let cool 3 minutes on the baking sheets, then transfer to racks to cool completely.

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

Recipe: Here

 

 

 

Tags: Estate Planning, trusts, Estate Planning, Estate Planning Tip, estate, VA benefit, Estate Planning Recommendations, 2014, Dennis Sullivan

Massachusetts Elder Care Attorney | In Home, Assisted Living, or Skilled Care? What Should You Consider?

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Oct 05, 2012

How Should You Spend Your Money?
The Delicat
e Balance of Care Options: 

In Home, Assisted Living, or Skilled Care?  What Should You Consider?

 

Seniors all around the country are concerned about their future,especially finances and health care.  The stock market,  investments and retirement accounts have fallen in recent years, but medical and nursing home costs continue to rise. Americans today are living longer than ever before. On average, those who reach age 65 can expect to live well into their eighties. In fact, the average life expectancy in the United States recently reached an all-time high of 78.7 years and the Census Bureau estimates that in the near future the average life expectancy will be into the low 90’s. This blog discusses in home, assisted living, and skilled care to help you decide which care option is best.

 

Click Here to Download the Senior & Boomers Guide to Health Care Reform & Avoiding  Nursing Home Poverty

 

When you or a loved one become unable to completely take care of yourself, the question, "What care option is best?" becomes important to answer. While it is important to consider one's personal  needs and desires, it is equally important to consider what the future may hold in terms of changes in the type of care needed. With care being so expensive today, you may want to look into applying for VA benefits or Medicaid or some newly available community resources to help pay for your care.  There are a number of options available so it is might be time for some careful consideration and planning for the care that may be needed at some point during your lifetime. Perhaps NOW would be a good time to consider that you may need to take personal responsibilty for some costs that may be facing you and your family at some point during your lifetimes.  The following is meant to help you understand in more detail what needs to be considered as you evaluate your options.assisted living, medicaid, in home care

 

In Home Care

One option people tend to start with is an in-home caregiver. You can obtain an in-home caregiver either independently, or through an agency. If you have a non-agency caregiver for which there is no record of payment, as many people do because it can be more cost effective, it is vital that you enter into a written caregiver contract with that caregiver. This will allow you to prove to VA, and eventually Medicaid, if needed in the future, that this caregiver was paid at fair market value and at a certain amount per hour. You must also obtain the necessary medical opinions indicating that the caregiver is a necessity, and then document the caregiver expenditures. Once there is a physician's opinion, a contract in place and documentation of the caregiver expenditures, a VA application or Medicaid application.  You will be better positioned to submit. 


VA Benefits May Help

It is important to know that, in order to qualify for VA Aid & Attendance benefits, your unreimbursed medical expenses must exceed your income. For example, if you have a monthly Social Security income of $1,800, and pursuant to the caregiver contract, you are privately paying a private caregiver at the rate of $15 per hour for 40 hours a week, the result is a monthly expenditure of $2,400 per month. This would more than offset your $1,800 per month Social Security income, thereby potentially enabling you to qualify for maximum VA benefits of about $1,700 per month.  It is important to note that a Bill has been proposed that would add a 3-year lookback period, making it more difficult to qualify.  The window of opportunity is closing and it is critical that you act now if you think you qualify.

 

How Long is Too Long to Spend Monies on In Home Care?

Let's say you have an in-home caregiver and have been paying them for a while. The question now becomes "How do I plan for the day that I run out of cash, and require either assisted living or nursing home care?" The problem with in-home caregivers is that you can expend all of your monies with them. When you run out of assets with a caregiver at home, you will not have built any goodwill with a Medicaid facility, which you are now asking to care for you for the rest of your life. It is important for you and your family to understand that at this point, while you may want to stay at home, if all of your funds are depleted from paying for an in-home caregiver and your health is declining, then you will subsequently have no money to offer as "key" money to a facility, either assisted living or skilled care, when and if you need to move from home to a higher level of care.

 

Can You Stay Too Long in an Assisted Living Facility?

Going to an assisted living facility may not be the answer either, though. The result can be the same in an assisted living facility as it is with the private caregiver. Once you run out of money at an assisted living facility, they will ask you to leave. All the goodwill you built with the assisted living facility becomes worthless when you then enter a skilled care facility, to which you now have no money to offer, and with which you have the eventual hope of Medicaid eligibility.

 

A Balanced Approach

A better approach would be to balance the situation by staying at home with a caregiver, or staying in an assisted living facility, as long as possible, but not spend down to the point where you do not have at least enough assets to cover one year of private pay at a Medicaid skilled care facility in order to make yourself an attractive candidate for the facility of your choice.

 

Thus, while the extra $1,700 per month from the VA may help keep you at home longer, don't stay at home or in an assisted living facility too long, putting yourself in the position to not have available monies to make you an attractive candidate for a skilled care facility. Keep in mind that a skilled care facility may eventually take Medicaid, and you may need such a higher level of care in the future, which can be very expensive.  This will require some initial "key" money payment to the skilled care facility. This is a very delicate balance that you can only achieve with your eyes wide open and with sensitivity to your wishes, while also being circumspect about protecting yourself now, as well as in the future.

 

At the Estate Planning & Asset Protection Law Center of Dennis Sullivan & Associates, we help people and their familes with our unique conseling & educational process.  Our process starts with a health assessment designed to help people better understand their options as well the time frame in which they'll likely need help, whether at home or in an assited living facility.  Our team of professionals then evaluates the families options based on their health needs and financial circumstances and help determine which significant resources may be available. In some cases we can even help people qualify more more resources than they thought would be available and are able to help people qualify for resources much sooner than they would otherwise have been able. 

 

For more information on how our team of professionals can help you, call (781) 237-2815 today.  We also invite you to attend one of our free educational Trust, Estate, & Asset Protection Workshops.  Seating is limited and registration is required.  To register Click Here or call (800) 964-4295 (24/7).

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

Tags: Estate Planning, Medicaid, Nursing Homes, elder care, assisted living, veterans benefits, VA benefit, Massachusetts, caregiver, in home, skillled care

Massachusetts Elder Law Attorney | Why Planning Now Could Save Your Bacon Later

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Wed, Sep 12, 2012

In earlier blogs, I've told you about giving away assets, and why that can be a pretty risky move. "Sure," you might say, "it's only dangerous for people who need to qualify for Medicaid in the next 5 years. That won't be my dad; he's doing just fine at home." And you may be right - for now.veterans benefits, VA benefit

Most housebound and assisted living veterans do not realize that their health care needs and expenses are NOT going to stay the same very long. Unfortunately, the aged and frail veteran has begun an end-of-life journey that is reasonably foreseeable.

A housebound or assisted living facility resident has perhaps a 90% probability of needing to go on to skilled nursing home care within two to three years. The cost of skilled nursing home care can run from $5,000 to $10,000 per month. The veteran could be in the nursing home for several years prior to death. It is highly likely that the veteran's family will need to apply for Medicaid benefits to pay the nursing home costs.

Medicaid now has a penalty period of ineligibility if a senior has given away any assets within five years of applying for Medicaid assistance. This means that if you were to ignore our advice and transfer assets to qualify for Aid and Attendance, you could become ineligible for Medicaid.

As you can now see, most of VA claimants, if they live long enough, will need Medicaid in less than five years.

Beware: Any time a veteran gives away assets to qualify for VA benefits, the veteran is setting a Medicaid penalty Time Bomb! A VA-accredited elder law attorney who has substantial experience with the Medicaid eligibility rules for our area can tell you if you're putting yourself in harm's way. If you know you need to do some planning for eligibility reasons but aren't sure what to do, call my office at (781) 237-2815 - we can offer you direction.

A VA-accredited elder law attorney is a trustworthy guide for the client and his or her family for all of the significant issues that may arise as the senior travels this path. It our job to counsel you so that you may be never out of money and out of options as you take the elder care journey.

We are available to assist you and your family to avoid the land mines that lay along the elder care pathway. Our goal is to provide my clients who face long-term disability care with:

- The financial benefits;

- The quality health care options;

- Peace of mind; and

- Preservation of personal dignity.

If you are a senior facing long term care, or someone who loves a senior dealing with long term care issues, then contact us today at (781) 237-2815 for a free no-obligation discussion of your heartfelt concerns and care-giving burdens.

For more information go to www.SullivanVeteransReport.com, which contains important information on the “Hidden Benefit” available to veterans and their spouses, and the steps you should be taking right now to find out if your loved one qualifies.

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: Estate Planning, Elder Law, Medicaid, veterans benefits, elder care journey, VA benefit, Massachusetts

The Medicaid Time Bomb | Massachusetts Elder Law Attorney

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Aug 10, 2012

Today we have some extremely important information for you about what NOT to do when you're trying to get your loved one to qualify for VA benefits.

veterans benefits, VA benefits

There are strict rules that govern whether or not your loved one is eligible, and they're put in place so that someone can't just give away his or her money and automatically qualify. You've got to talk to someone who knows the rules, because they will know what sort of penalties you may incur if you take any such action. Make sure you understand what you're doing before you make any changes to someone's assets. Ordinarily, the VA takes a very dim view of individuals transferring their assets to qualify for this benefit.

Another thing you must know is that giving away cash or other things of value can create terrible problems for senior citizens if or when they later need to apply for Medicaid to assist them with skilled nursing home care. Simply giving away assets can create a long penalty period of ineligibility for Medicaid benefits, which we call the Medicaid Time Bomb.

Don't forget, though - if you decide you need help, nobody can charge you a penny for helping you fill out the VA forms! And as we discussed in an earlier blog, many attorneys (even elder law attorneys!) do not know about the VA's benefits or how to get them. In addition, many attorneys may label themselves as elder law attorneys because they can prepare simple things such as wills - but unless they are working with seniors on both Medicaid and VA benefits every day, they are most likely not versed in the complicated and ever-changing maze of laws that surround the benefits that you or your loved one may need - and often our clients need services much sooner than they think! This is dangerous territory. You need a trustworthy guide who has traveled this path before, and travels it on a regular basis!

Today I will also address a frequently asked question by a veteran's family: "Is there anything we can do to qualify for the VA benefit if the veteran has too many assets?”

This truly is the "million dollar question," and I have to tell you that with one wrong move, danger and disaster lurk close by. A veteran and spouse who might be eligible for $1,949 monthly in aid and attendance benefits or $1,510 in housebound benefits might be considering the idea of gifting excess assets to their children. But there are several questions that you must ask before doing that:

1. What is the tax impact of such gifting?

2. What is the net benefit or loss caused by gifting assets?

3. What is the impact to the one who receives the gift?

4. Does the VA impose a penalty against the veteran if they know that the vet has given away excess assets to qualify?

5. How long does it take to get the VA to approve a claim?

6. How likely is it that the VA will approve the claim?

7. What amount will the VA approve?

8. How soon can the veteran get a check?

A much less obvious but important issue is what I call the "Medicaid Time Bomb." The VA does not have a penalty period of ineligibility for VA benefits, even if the veteran were to give away all of his/her excess assets immediately before filing a claim (not that we would recommend this drastic move).

For more information go to www.SullivanVeteransReport.com, which contains important information on the “Hidden Benefit” available to veterans and their spouses, and the steps you should be taking right now to find out if your loved one qualifies. For useful information on Alzheimer’s disease including care tips and resources please visit www.BostonMemoryLawyer.com. You will be given access to the Complete Alzheimer’s Resource Kit, sold nation wide for $197, absolutely free.

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.

Tags: Elder Law, gifts, Medicaid, seniors, veterans benefits, taxes, Massachusetts estate tax, VA benefit, gifting

Big Changes in the VA Aid | Massachusetts Elder Law Attorney

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Mon, Jul 30, 2012

     Eligible wartime veterans and the widowed spouses of wartime veterans can qualify for a special pension that can go a long way towards helping to pay the skyrocketing cost of long term care.  In many cases we can qualify needy applicants almost immediately even though they have assets greater than the limits imposed by the VA.  But that is aboutveterans benefit, VA benefit to change.

     There has been much discussion in Congress about the sharp increase in applications for VA benefits and the shady practices of some financial investment companies that sell annuities to unsuspecting seniors at high fees in order to qualify them for the benefit, only to determine that they cannot qualify in many instances.

      As with anything that gains popularity rapidly, there are unsavory practices that need to curtailed.  But what will changes mean for many who really need this benefit?  Senator Ron Wyden of Oregon has introduced legislation in the United State Senate to impose a look back and a penalty period, similar to what the Medicaid program has in place.

     While Senator Wyden’s proposal must go through various steps before it can be voted on by both houses of Congress and then presented to the President for his approval, Wyden has called for a 3 year look back and a penalty that would equate to a number of months of ineligibility for benefits based on the amount of money transferred.  It is not clear yet how that penalty would be calculated but it sounds like it would begin to run when the transfer is made, similar to the way the Medicaid rules worked before Congress changed them in February, 2006 under legislation known as the DRA (Deficit Reduction Act).

     What does this mean for aging seniors right now?  As with any change in the law, it will eradicate some abuse but it will also probably hurt other seniors in need, making it more difficult for them to qualify for benefits.  We anticipate that any changes won’t be effective till sometime in 2013.  For families, the time is now to examine their long term care plans.  There are steps that we can take now so that you won’t be hurt by any legislative changes in the future. 

For more information go to www.SullivanVeteransReport.com, which contains important information on the “Hidden Benefit” available to veterans and their spouses, and the steps you should be taking right now to find out if your loved one qualifies. For useful information on Alzheimer’s disease including care tips and resources please visit www.BostonMemoryLawyer.com. You will be given access to the Complete Alzheimer’s Resource Kit, sold nation wide for $197, absolutely free.

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.

To register or call (800) 964-4295 (24/7) or online at www.SeniorWorkshop.com 

 

 

Tags: massachusetts estate planning strategies, Nursing Home Costs, Elder Law, Massacusetts Estate Tax, Medicaid, Nursing Homes, elder care, veterans benefits, VA benefit, Wellesley

Masschusetts Estate Planning Lawyer | Unlocking Veterans Benefits - Part 2

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Thu, Jul 26, 2012

How Much Income Might The VA Pay You Each Month?

In our last blog, we looked at the official dates for a period of war. What is all this hard work going to get you? It can be very worthwhile to go through the effort. Take a look at the table below to see what the veteran you love may receive to help out with long term health care costs:wartime veteran

Special Monthly Pension rates paid to veterans age 65 or older OR permanently and totally disabled (If the veteran is still alive, use this information):

Situation - Permanently and totally disabled veteran
Maximum Monthly Check - $985 ($11,830 per year)

Situation - With one dependent spouse or child
Maximum Monthly Check - $1,291 ($15,493 per year)

Situation - Permanently and totally disabled and also housebound
Maximum Monthly Check - $1,204 ($14,457 per year)

Situation - With one dependent spouse or child
Maximum Monthly Check - $1,510 ($18,120 per year)

Situation - Permanently and totally disabled and in need of regular aid and attendance
Maximum Monthly Check - $1,644 ($19,736 per year)

Situation - With one dependent spouse or child
Maximum Monthly Check - $1,949 ($23,396 per year)

*Increase for each additional dependent child*
Maximum Monthly Check - $168 additional ($2,020 per year)

In our next blog we're going to cover the pension plan for veterans' widows and widowers.

For more information go to www.SullivanVeteransReport.com, which contains important information on the “Hidden Benefit” available to veterans and their spouses, and the steps you should be taking right now to find out if your loved one qualifies. For useful information on Alzheimer’s disease including care tips and resources please visit www.BostonMemoryLawyer.com. You will be given access to the Complete Alzheimer’s Resource Kit, sold nation wide for $197, absolutely free.

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.

Register NOW for a Trust, Estate, & Asset Protection Workshop

and receive a free Unique Self-Guided 19-Point Trust, Estate, & Asset Protection

Legal Guide with accompanying DVD!

Tags: Estate Planning, Estate Planning, Elder Law, elder care, veterans benefits, VA benefit

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