What Is an Elder Law Attorney?

Transcription

1 What Is an Elder Law Attorney? To be properly prepared for the eventualities of aging, you should have a thorough understanding of the elder law issues that people are facing during our current era. Zimmer Law Firm, LLC (513) (toll free) ZimmerLawFirm.com

2 Elder law attorneys specialize in areas of the law that are particularly relevant to senior citizens. In this paper we will look at some of the issues that elder law attorneys routinely address. Long-Term Care When you are planning ahead for the eventualities of aging, you should certainly understand some facts about long-term care. This is the type of care that you would receive in a nursing home or assisted living community. If you work during your life and pay taxes, you will qualify for Medicare when you reach the age of 65. To become eligible you must gain 40 retirement credits throughout your working years. The maximum annual accrual is four credits per year.

3 Once you recognize the fact that you will be eligible for Medicare, you may breathe a sigh of relief. All of your needs will be met when you become a senior citizen, right? Actually, this is not the case. Medicare will not pay for long-term care. This type of care is considered to be custodial care rather than medical or convalescent care. Medicare would pay for up to 100 days of convalescent care after surgery, but that's the extent of it. It is not easy to reach into your pocket to pay for long-term care. Our firm practices law in the state of Ohio. According to a Genworth Financial study, the median annual cost for a private room in a nursing home in Ohio in 2013 was $87,180. The median cost for a year in an assisted living community was $47,646. Some people who need assistance with their activities of daily living can receive help within their homes. Home health aides are expensive as well. In 2013 the median annual charge for a home health aide exceeded $43,000 in Ohio.

4 Elder law attorneys will educate clients about these expenses. They will also point out the fact that the majority of senior citizens will eventually need living assistance. Medicaid Planning Though Medicare won't pay for long-term care, Medicaid is a government health insurance program that is set up to assist with these costs. However, eligibility determinations for Medicaid are based on financial need. If your countable assets exceed program parameters, you cannot qualify. In most states, the countable asset limit for an individual is just $2000. In spite of the stringent asset limits, the majority of the long-term care that people receive in the United States is paid for by the Medicaid program. Some people spend all of their resources paying for long-term care, and they can then qualify for Medicaid. Others take a more measured approach. They anticipate the need for Medicaid coverage in the future, and they divest themselves of assets in advance of applying for the program. This is what Medicaid planning is all about.

5 It is possible to engage in a Medicaid spend down to keep a maximum store of assets in your family as you aim toward Medicaid eligibility in the future. Elder law attorneys understand Medicaid rules and regulations thoroughly. They advise clients who would like to gain Medicaid eligibility in the future without losing everything in the process. Incapacity Planning Elder law attorneys also help clients prepare for incapacity. If you were to become unable to make your own decisions, interested parties could petition the court to appoint a guardian to act on your behalf. You can prevent a guardianship proceeding and choose your own hand-picked decisionmakers if you act in advance. This is typically done through the execution of legally binding devices called durable powers of attorney. A living will is also something that should be part of your incapacity plan. With a living will you state your preferences regarding the utilization of life-sustaining measures.

6 Elder Financial Abuse Elder financial abuse is another pressing elder law issue. Billions of dollars are lost each year due to instances of elder financial abuse. There are steps that can be taken to mitigate your exposure. Your elder law attorney can explain your options to you and make recommendations. Conclusion Elder law attorneys advocate the interests of senior citizens, and they provide direct, practical counsel to their clients. To be properly prepared for the eventualities of aging, you should have a thorough understanding of the elder law issues that people are facing during our current era. One of these issues is the matter of long-term care and the expenses that go along with it. The majority of senior citizens will someday need long-term care, and it is very expensive. Medicare won't help, so you must look elsewhere for assistance.

7 If you are concerned about the contingencies that you may face during your senior years, arrange for a consultation with a licensed elder law attorney. Your lawyer will answer your questions, gain an understanding of your unique personal situation, and make the appropriate recommendations. References U.S. Dept. of Health and Human Services Genworth Financial

8 About the Author Barry Zimmer Barry H. Zimmer founded THE ZIMMER LAW FIRM in June 1993, to practice in the areas of estate planning, estate administration, and business succession planning. His goal was and continues to be helping clients understand and de-mystify the often confusing world of estate planning in an ever-changing society, and to implement effective estate planning with minimal effort and time investment. The firm works from the belief that planning should always be driven by purpose. As a result, there are no canned or pre-set planning solutions. Instead, Zimmer helps clients identify their goals first and then builds estate and business plans based on that understanding. Barry has been in private practice since receiving his law degree from the University of Cincinnati College of Law in He earned his Bachelor of Arts Degree from U.C. with Honors, Magna Cum Laude and Phi Beta Kappa, in He was profiled in the edition of Who s Who in American Law for contribution to the betterment of contemporary society, and has lectured numerous times on legal topics, and authored several articles and Special Reports on estate planning. He is a former guest columnist on Simply Money, on 91.7 FM, WVXU. He makes occasional guest appearances on radio about estate planning topics, and has been quoted in newspaper articles and columns on estate planning matters. In Mr. Zimmer s perspective, excellence in implementing trust-based estate plans is but one aspect of his responsibility to clients. Providing reliable guidance and service to families of clients who pass away is just as critical as sound planning at the front end. The firm is very active in settling trusts of all complexity and sizes, and handling probate cases and guardianship proceedings. Zimmer and his staff have successfully handled hundreds of trust estate cases, and are experienced in settling and distributing a wide variety of estate assets to heirs. The Zimmer Law Firm 9825 Kenwood Road, Suite 201 Cincinnati, OH Phone: (513) Fax: (513) Website: