Hiring Elder Law Attorney Can Help Seniors Navigate Red Tape

In 2010, seniors who reached the $2,700 annual limit for prescription drug coverage and fell into the “doughnut hole,” received a $250 rebate. In 2011, the Medicare Part D “doughnut hole” will begin shrinking and by 2020 Medicare Part D participants will be responsible for 25 percent of their total prescription drug cost.

This according to National Academy of Elder Law Attorneys (NAELA) who released this information on the one year anniversary the signing of the Affordable Care Act (ACA). While some parts of the ACA have not yet taken effect and Congress may make additional changes, it is important to highlight a few sections of the ACA that have already taken effect and are providing senior citizens with a higher quality of health care.

Starting in 2011, seniors will receive an annual wellness checkup from their doctor at no charge, and deductibles and coinsurance are eliminated for certain preventive services. The ACA will also expand Medicaid in order to help more people obtain quality, affordable care.

There is much more to the act and seniors who may feel overwhelmed by the new health care law and the changes to Medicare, should consider contacting  an Elder Law attorney to help them make informed decisions. Concerns about long-term care options can also be discussed with an Elder Law attorney who can help them navigate through the red tape and explain all of their options.

A listing of Elder Law attorneys who are members of NAELA can be found at www.naela.com.

Boomer Generation Rich in Inheritances — Estate Planning Needed

The MetLife Study of Inheritance and Wealth Transfer to Baby Boomers reports that Boomers will inherit $8.4 trillion at 2009 levels. The median per person figure is $64,000. $2.4 trillion has already been received.

The study, authored by the Center for Retirement Research at Boston College for the MetLife Mature Market Institute, shows the wealthiest Boomers will be given an average of $1.5 million, while those at the other end of the spectrum will be left $27,000, an amount that represents a larger percentage of the latter group’s overall wealth. Two-thirds of all Boomers stand to receive some inheritance over their lifetime.

Alicia H. Munnell, a co-author of the study and director of the Center for Retirement Research at Boston College, recommends that the subject of inheritance among the Boomers be used to generate family discussions about estate planning. While not everyone will be comfortable engaging on this topic, those who do so will likely find it helpful. A trusted family financial advisor may be useful in this regard.”

For more findings and methodology, or to download the report, go to: MatureMarketInstitute.com

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Trendspotting: Paying Family Member to Pay for Elder Parent

A Dec. 11, 2010 article in the Wall Street Journal identifies a trend in family care giving that is exacerbated by the slow economy. In Family Value: Should You Pay a Relative to Take Care of Mom?, reporter Anne Turgensen writes, "When caregivers make financial sacrifices, elder-law attorneys say, it is often appropriate to compensate them. Some 37% of caregivers surveyed by the NAC in 2007 said they had quit a job or reduced their hours to accommodate their responsibilities."

The article makes the point confirmed by several elder law attorneys that it is important to notify the family when such an arrangement is made. And exactly how the payment is made can have a big impact on the estate-planning goals of the family member receiving the care, as well as tax consequences. And, states the article,  "if a parent may need to rely on Medicaid to cover future nursing-home costs, it is important to pay the caregiver in a way that is permitted under Medicaid law."

See the full WSJ article here: Should You Pay A Relative?

What Is Elder Law?

What is Elder Law? According to information on the Massachusetts Chapter of the National Academy of Elder Law Attorneys...

"Elder law attorneys concentrate on issues that concern older individuals and their families. One of the most common concerns presented to elder law attorneys is the wish to avoid complete impoverishment if long-term care is needed. In addition to helping protect assets from nursing home expenses, elder law attorneys:

• Advise about Social Security, Social Security Disability, and other public and private retirement benefits.
  
  
• Prepare wills, trusts, and other documents so that property will pass efficiently to beneficiaries.
  
  
• Assist families in administering estates.
  
  
• Advise whether to buy long-term care and supplemental insurance, and evaluate proposed policies.
  
  
• Assist in applying for Medicaid (MassHealth in Massachusetts), Medicare, and other government programs.
  
  
• Make sure the nursing home patient's rights are respected.
  
  
• Respond to quality of care complaints.
  
  
• Represent clients in disputes involving nursing homes, Social Security, Medicare, Medicaid, or managed care.
  
  
• Help address instances of elder abuse or fraud.

Attorneys who work primarily with the elderly appreciate the complex financial and social realities and are able to address their clients' legal issues in a comprehensive way. They often work with other professionals such as accountants, financial planners, and geriatric care managers to ensure a coordinated plan."

See the web site for a more detailed definition of Elder Law.

Neal Winston To Lead Special Needs Alliance

TUCSON, AZ — Massachusetts elder law attorney, Neal A. Winston, CELA, has been elected president of the Special Needs Alliance (SNA), the national organization announced this week.

As president, Winston will continue to advocate for the special needs community by advancing the public policy work of the SNA and by strengthening relationships with partner organizations like the Autism Society of America (ASA), ARC and the National Alliance on Mental Illness (NAMI).

This past year, the SNA has continued to assert its voice on the national stage, participating in the recent National Summit on Disability Policy in Washington, D.C. and helping to translate the implications of the new healthcare reform act for those with disabilities.

Winston is a partner in the Massachusetts law firm Moschella & Winston, LLP, which specializes in elder law, estate and disability planning, asset protection, and public benefits eligibility.