Wednesday, February 27, 2013

Elder Abuse Resources

Elder Abuse Resources


Here are excerpts from a letter regarding elder abuse.

“It was a pleasure to meet you Wednesday night and very refreshing to hear about the work that you do as an Elder Law Mediator and as an Elder Law Attorney. I mentioned a few other resources you may find useful. You can contact the The Elder Victim Advocate at the Elizabeth Buffum Chace Center here in Warwick.  They support any Elders in the community who need counseling and support services (individually and in group sessions) either at the counseling center or in criminal or restraining order court proceedings.

A Newport andMiddletown advocate can be reached at 401-847-8300 ext 5732.  Any time an Elder or victim of Domestic Violence or Sexual Assault/Child Molestation needs to report to one of these police departments or has already done so they can reach out for more information on their rights and options as the victim of crime, what the procedure will look like, and also for referrals for support services in the Newport and Middletown areas.  We have many advocates around the state and I can assist you in finding a local advocate. As you can see we have a vast network of Advocates and we are all connected to a variety of agencies that serve victims of DV/SA. I would be very excited if you would include Elder Abuse information in one of your upcoming newsletters.  Even the amount of financial abuse out there is astonishing! “

So there you have it. Elder abuse is sometimes physical or emotional and sometimes financial. It is certainly widespread.  The point of this column is that there are advocates for the elderly across the state. We can assist you in finding the right advocate to assist you or an elder you are concerned about. Call us at 401-841-5700.


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Friday, February 22, 2013

Preparing Financially for Loss


A Shocking Death, a Financial Lesson and Help for Others

By RON LIEBER

In the days after Chanel Reynolds’s husband was hit while riding his bicycle near Lake Washington here and the best-case possibilities just kept getting worse, she was not yet consumed by grief. There were no dogged middle-of-the-night Web searches for faraway cures for his crushed upper spine or tearful bedside vigils with their 5-year-old son.

Instead, the buzz in her brain came from a growing list of financial tasks that grown-ups are supposed to have finished by the time they approach middle age. And she and her husband, José Hernando, had not finished them.

“I was finding it really hard for me to stay present and in the room and to be able to hear what the doctors were saying because I was so overwhelmed with not knowing how much money we had in our checking account, and the fact that we had our wills drafted but not signed,” she said. “I didn’t know whether I was going to be able to float a family by myself.”

In the many months of suffering after Mr. Hernando’s death in July 2009, she beat herself up while spending dozens of hours excavating their financial life and slowly reassembling it. But then, she resolved to keep anyone she knew from ever again being in the same situation.

The result is a Web site named for the scolding, profane exhortation that her inner voice shouted during those dark days in the intensive care unit. She might have called it Getyouracttogether.org, but she changed just one word.

The site offers some basic financial advice, gives away free templates for a master checklist and provides starter forms to draft a will, living will and power of attorney. There’s also a guide to starting a list of all of the accounts in your life that someone might need to access and shut down in your absence.

Read more HERE

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Wednesday, February 20, 2013

Caring for Aging Parents - Finances

7 ways to help aging parents handle finances

By Robert Powell

Make no mistake about it, there’s a large generational role reversal taking place in this country. Adult children are increasingly providing advice and counsel to their aging parents about a wide variety of financial and nonfinancial issues. And, they are being asked to answer questions about everything from Medicare to how to reinvest a maturing CD.

Knowing full well that you might be called upon to become a subject matter expert, if you haven’t already, we asked experts for some help.

“Children of aging and/or disabled parents need to help their parents face up to the decisions they need to make now,” said Chris Cooper, the owner and founder of ElderCare Advocates.

Below is what experts said adult children and aging parents ought to consider, now.

Financial matters

All of us are going to lose our ability to make more complex financial decision when we reach advanced ages, said Michael Finke, an associate professor at Texas Tech University. “The problem is that we often don’t recognize the decline,” he said.
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This is very similar to what happens to older drivers, he said. “Since the decline is so gradual and consistent (we measure the decline in financial decision making at about 2% per year), we often don’t recognize when we become vulnerable to making mistakes,” said Finke.

So, his advice to aging parents and their adult children is this: “Part of a retirement plan needs to be accounting for the decline in our ability to make these decisions,” said Finke. “That means sitting down with a trusted relative or financial adviser and putting a plan in place to delegate some decisions in advanced age,” he said.

Selecting investments that require less active management, such as annuities or a managed payout mutual fund can also help. “We need to not only protect our portfolio against market risk, we also need to protect it against the risk of cognitive decline,” said Finke.

And for adult children, Finke’s recommended the following: “Create a plan with an older parent that includes establishing a power of attorney and allowing an adviser to contact a trusted child if they become aware that the parent is making financial mistakes.”

What’s more, Finke advised doing this sooner rather than later. “Putting the plan in place early in retirement before cognitive decline begins may be easier than convincing a parent who is exhibiting signs of dementia that they need to relinquish control of their finances,” he said.

Jack Tatar, author of “Safe 4 Retirement: The 4 Keys to a Safe Retirement,” agrees. “We all end up having the conversation, but usually too late, when mental capacities are diminished and certain expectations may be set, such as one sibling’s belief that they will get this or that.”

Having these conversations, said Tatar, provide peace of mind for everyone. “Allowing the retiring/retired parents to be more comfortable living out their retirement dream and providing the adult child with a major task done,” he said. “These conversations should result in documented plans, which should be updated regularly.”
Get those documents in order

Speaking of documents, Tatar said, one major way adult children can help their aging parents is make sure all their affairs are in order. “Adult children need to be sure that their parents have things documented such as wills, assets, end-of-life considerations, even their medications and health records,” said Tatar, whose new book, “Having ‘The Talk” with Your Parents About Retirement,” will be published in January 2013.

In some cases, an adviser could be the central point of contact or the adult child, or both.

Read more HERE


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Friday, February 15, 2013

Surviving Spouse May Be Liable for Elder Care Expenses


Mass. Court Rules Wife Is Responsible For Husband's Nursing Home Care


Spouses need to be very careful or they could end up legally responsible for the cost of their husband’s of wife's nursing home care, as a recent Massachusetts court decision demonstrates.

When Milfranciu Jode entered a nursing home, his wife applied for Medicaid on his behalf.  Mr. Jode was rejected three times due to the failure to provide backup documentation, and he died leaving the nursing home unpaid.

After Mr. Jode's death, the nursing home sued Mrs. Jode, arguing that she was legally responsible for the cost of her husband's care under something called the "doctrine of necessaries." This means that a spouse is responsible for debts incurred by the other spouse for "necessaries." The law doesn't define what constitutes a "necessary," but in the Jode case the Massachusetts Superior Court ruled that the definition of necessaries included the care provided by the nursing home.  Emerson Village, LLC. v. Jode (Mass. Sup. Ct., Middlesex, No. 12-CV-1736-F, Dec. 15, 2012)

Many other states have similar laws to the one in Massachusetts making one spouse responsible for the care of the other spouse. If your spouse is in a nursing home, contact your elder law attorney right away to find out the best course of action to prevent any surprises when it comes to the bill.


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Wednesday, February 13, 2013

Asset Protection Seminars Are Not All the Same


Beware Of Asset Protection Scams


Recently, a friend attended a seminar on asset protection.  Based on information that my friend provided to me, the seminar seemed to be what has become a disturbing trend.

To be certain, asset protection is an important discipline within the field of wealth management.  Asset protection might also be called risk management.  As one might imagine, there are a number of ways to implement asset protection/risk management.  And, it is not uncommon for asset protection/risk management issues to intertwine with other disciplines, such as estate planning and tax planning.

So, how might a seminar on asset protection be a scam?  Perhaps you have heard the saying: if all you have is a hammer, everything looks like a nail.  What typically occurs in one of these seminars is that the presenter whips up fear about gold-diggers filing frivolous lawsuits attempting to get at your hard-earned money.  Typically, the presenter’s solution is not an interdisciplinary approach to an individual’s circumstances.  Instead, the presenter’s solution seems to always lead to a family limited partnership, a Nevada “secret” company, or an asset protection trust in a favorable jurisdiction . . . which is what the presenter specializes in.  And, whatever the solution is, it is cloaked in an aura of “only the elite know about this.”

In reality, the specific way that asset protection/risk management should be implemented for any person will be wholly dependent on that person’s specific objectives and circumstances.  The solution should attempt to integrate asset protection/risk management issues, estate planning issues, tax planning issues, etc.  You should question anyone who doesn’t do this.

One key question about asset protection/risk management planning is about the cost of implementation.  A particular approach might provide you with a “bullet-proof” solution.  (Keep in mind that there are always trade-offs and limits to any approach.)  But, what does it cost to implement and what does it cost to maintain?  One popular approach that is pushed at asset protection seminars is a foreign asset protection trust.  Such trusts – if done correctly – can easily run $20,000 or more simply to establish . . . never mind the annual expense to maintain.  (Key point: if done correctly.)

Now, let’s consider another approach to asset protection/risk management that has been around for hundreds of years: insurance.  As a point of disclosure, neither my firm nor I sell insurance nor are we licensed to sell insurance.

According to one source, the net worth threshold to enter into the top 1 percent of wealth in the U.S. is about $1.5 million.  Let’s round this up to $2 million.  The annual cost of a $2 million umbrella insurance policy will vary from provider to provider but will be in the range of about $300 to $400.  That is a pretty inexpensive asset protection plan compared to the annual cost to maintain a structure proposed by these presenters.

While I don’t have a source, for the sake of argument, let’s just say that the top one-half percent wealth threshold is $5M.   The annual cost of a $5 million umbrella insurance policy should run about $600 to $700.   If we extend the coverage to a $10 million umbrella insurance policy, the annual expense might reasonably be $1000 to $1200.

Think about it: for 99 percent of the general population, insurance is a fairly low-cost solution for asset protection/risk management.  In all fairness, insurance has its own limitations.  However, insurance can be combined with existing estate, tax, and business planning to yield a respectable asset protection plan.  Don’t be led to believe that one presenter’s solution is “the” way to meet your needs.

Here are some final thoughts.  Hiding assets is not a valid asset protection strategy.  If you have a judgment against you and you fail to disclose ownership of assets, you might be found in contempt.  Hiding assets is not a valid tax reduction strategy.  If you hide assets and fail to report income from those assets, you might be found guilty of tax evasion.  Do things right and do things smart.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Friday, February 8, 2013

Government in Debt Over Reverse Mortgages


Government Plans Big Reverse-Mortgage Curbs

By Philip Moeller

Reverse mortgages, long criticized for high fees and other anti-consumer features, turn out to actually be the opposite—such a good deal that the government is nearly $3 billion in the hole on outstanding mortgages. As a result, the Federal Housing Administration (FHA) will later this month unveil sharp curbs on its loan product, called the Home Equity Conversion Mortgage (HECM).

When the new rules are issued, consumers will need to take a close look at the terms of these loans. While the specifics of the changes have yet to be announced, they will lead to consumers being able to access a smaller share of their home's equity when they take out a reverse mortgage. In addition, lenders will probably be required to set aside a portion of the borrower's home equity to pay future property taxes and home-insurance premiums. And there may also be limits that restrict lower-wealth borrowers from taking out a HECM.

The FHA (and thus taxpayers) has been losing the most money on the most popular HECM loan: a fixed-rate loan known as the Standard HECM loan. This type of loan will be halted under the new rules. Most borrowers thus will be required to consider a newer reverse mortgage called the HECM Saver.

The HECM Standard loan often carries steep insurance fees and other charges. But it pays out a higher percentage of a homeowner's equity than the Saver, which charges nearly no insurance fees and is less costly to consumers. But it is also a more conservative loan to the FHA because it pays out a smaller percentage of an owner's equity than does the HECM Standard loan. This provides the government a bigger cushion against loan losses that could eventually lead to costly insurance claims by private lenders.

Read more HERE


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Wednesday, February 6, 2013

Part-Time Home Health Care Gains Popularity

Part-time Home Health Care


Help by the Hour, or Less
By PAULA SPAN

Here is a bright idea that ought to spread: You call your home care agency and say you will need your mother’s aide for the normal two hours on Monday and Wednesday, but for just half an hour (to drive her to a doctor’s office) on Tuesday, then 90 minutes on Thursday. And the agency says, “Sure.”

It sounds logical to hire someone to help — with bathing, dressing, errands, meal preparation, medication reminders – for only as many hours as an older adult needs assistance. But it is actually unusual for companies to offer such flexibility.

The majority of agencies require a four-hour minimum. Having to spend $80  — the national average cost for home care is $21 an hour — if you only need $40 worth of help is a big barrier for families trying to keep their elderly relatives living at home longer. A few agencies allow you to hire for fewer than four hours, but at higher rates.

But Mission Healthcare in San Diego, Calif., a three-year-old agency that began with Medicare-certified skilled home nursing and hospice care, expanded to general home care this summer and decided that clients should be able to specify how much help they want – in 15-minute increments — and will pay for.

“We’ll come for as long as they need us to,” said Mark Kimsey, one of Mission’s four directors. “In one hour, a well-trained caregiver can get the client bathed and dressed, prepare three meals and have them organized for the day.” (I have to think that is a speedy caregiver with a not-too-frail client, but still … )

Can Mission, which charges $19 to $20 an hour, actually make money this way? Though overall the agency serves 1,100 clients, its fledgling home care business is still small: 30 aides caring for just 60 clients. The aides can get benefits if they work enough hours, a bonus for them and for consumers (better employees, lower turnover), but an additional cost for the company.

Read more HERE


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Friday, February 1, 2013

Baby Boomers More Savvy Social Security Recipients


New services help boomers max out Social Security

By Linda Stern

(Reuters) - It is no surprise that as the baby boom approaches its Social Security years, it is turning the decision about when to start collecting benefits from an automatic move into a major planning and research opportunity.

Having intensively looked into car seats and college admissions for their kids and tried to map out careers and 401(k) plans, boomers now will focus attention on squeezing Social Security for all it is worth.

"Baby boomers are the first generation that isn't going to put up with crappy advice," says William Meyer, chief executive officer of Social Security Solutions Inc (here), one of a number of new companies selling Social Security strategic planning to future recipients. "They are the generation that demands more."

Meyers and his business partner, William Reichenstein, a chartered financial analyst and Baylor University professor, have spent several years writing technical papers for financial advisers about how their clients can optimize retirement benefits.

There are a numbers of reasons why Social Security optimization is a new trend. The retirement program's rules are complex, allowing for a variety of claiming strategies. The boomer generation is the first to have dual-income households for most of its working years, so spouses have more options for coordinating benefits. Members are being told to delay drawing on them as long as possible, even while many people are being forced into early retirement. And the Internet's ability to present sophisticated analytics and optimizing algorithms makes these strategies a numbers game for anyone who wants to play.

Companies like Meyer's have jumped into that space. Other competitive sites include MaximizeMySocialSecurity.com -- started by another longtime retirement analyst, Laurence Kotlikoff of Boston University -- and SocialSecurityChoices.com, founded by partners including Jeffrey B. Miller, an economist who has worked at the Social Security Administration. These companies all charge nominal amounts, between $20 and $40, to do a computerized analysis that will tell consumers what their best strategy is. AARP also has a free version on its website, here

They are all different, but they all point to the same conclusion: If you optimize your Social Security strategy you can save tens or even hundreds of thousands of dollars over your retirement lifetime. Here's how to approach that exercise:

-- Know the basic strategies. The longer you delay collecting Social Security (up until age 70) the bigger your monthly benefit will be. Married couples can tag-team, with one spouse claiming "spousal" benefits (equal to half the monthly check the other spouse would get) to delay his or her own benefit until it reaches its maximum, and then switching. Divorced couples who were married for at least 10 years can double down; each spouse is allowed to claim the other's benefits for a few years before switching to the bigger benefit. Single people who delay benefits until age 70 can maximize their checks for the rest of their lives; it is a way to provide some longevity protection without buying an insurance policy.

-- Pay for the advice. The way Social Security benefits are calculated is nuanced, so it pays to get someone to do the math for you. Check these services to see which you like best. Not all cover all situations, such as divorce. You may find one easier to use or clearer. You could get reports from all four of the services mentioned here for under $100. That's a small amount to pay if it will save you even a fraction of what they claim.

Read more HERE

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.