Elder Care Attorney in Newport RI and Medicaid Estate Planning

PAY A CHILD FOR MY CARE! ARE YOU DAFT?

In our elder-law practice we see that families are struggling to provide care for a parent or parents who are still at home. In many cases they are avoiding cost by providing the care themselves. While it is hard for the children to charge their parents for this care and just as difficult for the parents to turn over a substantial portion of their life savings to the children, it may be a wise family decision for Medicaid planning purposes.

The current Medicaid “look-back” period is five years and there are rumblings that the new administration might change it again to seven years. Family gifts are “penalized” if they occur within the look-back period. The penalty is a denial for Medicaid qualification which program pays for long-term care for the parent. There are no penalties if the transferred assets are part of a contract, or family Care Agreement, providing for specific services to the parents.

There are “pros” and “cons” to such agreements but they should be part of the Medicaid-planning discussion. Other family members are normally involved and at times mediation is useful. Kristy, Hilary and I are ready to assist you with these and many other difficult decisions.

Jeremy Howe

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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.

Variable Annuities and Estate Planning in RI

Rhode Island Estate Planning

Did you know that there are Variable Annuities with optional riders that can provide you with principal and/or income guarantees that will allow you to participate in market gains, while protecting retirement income from market losses?

See your professional adviser to discuss this investment option and check with your estate attorney before signing any investment that might affect your estate.
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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.

Elder Law Mediation and Newport RI Estate Planning Attorney

Elder-law Mediation. When is is Useful?

As a mediator, I am often called into family disputes. Whether the disputes are between parents and children, between siblings or between the family and an agency, the solutions often require a full knowledge of estate planning, probate law and practice, Medicaid and Medicare law, Veteran’s benefits, estate and income tax law and a full knowledge of community resources. Without this knowledge, the solution reached in mediation may not be the best solution. Mediation with an elder-lawyer is the best method of resolving such disputes since the traditional forums for resolving these disputes (Probate Court or the Superior Court) are very expensive, slow and frustrating.

If you, your family or a client or friend are involved in such disputes, please call us at The Law Office of Jeremy W. Howe, Ltd., to discuss how mediation can work for you.

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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.

Elder Law in RI

ANOTHER WAY TO “STAY ON TOP” OF ELDER-INFORMATION

We send out our monthly elder-law newsletter to keep you up to date on recent developments in the law. If you are interested in this material and also a Rhode Island resident or have “elders” in Rhode Island, you might also want to join the Senior Agenda Coalition of Rhode Island. Their website is: www.senioragendacoalitionri.org

William Flynn is the executive director and the group works very hard to educate the public regarding elder-issues including state and national events and deliberations that affect us all. For example, this week I received a copy of an article from the New York Times from October 1, 2009 (www.nytimes.com) discussing the impact of the recession on Medicaid and the problems that are likely to occur in 2010 when the stimulus money runs out. Unless things change dramatically in the near future, many states will be forced to cut benefits or provider payments.

The article states: “Medicaid is by definition, a counter-cyclical program. Demand for it is always highest at the time that (sic) states can least afford it because of slumping tax revenues.” My father often repeated the phrase: “A word to the wise is sufficient.” Monitor your local politicians closely (by joining Senior Agenda and other such groups) and consider long-term care insurance. Who knows what will be in place for us and our family members in the future?

Jeremy Howe
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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.

Newport RI Probate and Estate Attorney Jeremy Howe and Associates

Reflections While Rehabilitating

As I write this monthly client note, I am reflecting upon the events of the past two weeks since my new hip replacement. My physical therapist just left my home and I am quite satisfied that I am cleared to climb the stairs to the second floor and to enter and exit the shower.

Since the operation, I have been on unfamiliar ground and have been required to make many decisions affecting my recovery. In making these decisions I turned to the “experts” involved in my care including physical therapists, occupational therapists and nurses. I knew that I would get the best advice from those who are on the “front line” of pain management, muscle strengthening and recovery from a major physical trauma.

As a result of those consultations, I did decide to delay the return to my home by taking advantage of a week of rehabilitation. Similarly, I followed their advice regarding all of the “small” decisions that came up every day. Should I get help putting my socks on or should I do it myself?

Some of this may sound minor but my point is that all of us probably would do better if we “Counsel first” with hands-on experts before we make life decisions, large and small.

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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.

A Reminder About the Validity of Your Durable Power of Attorney

Durable Power of Attorney News

When you grant Durable Power of Attorney to another person - your "Attorney in Fact" - you are giving that person the power to act on your behalf in all financial matters. This power endures even if you become incapacitated, disabled or incompetent. However, many people do not realize that once you die, your Durable Power of Attorney is no longer valid; in other words, it dies when you die.

Often, the "Attorney in Fact" will attempt to access accounts post-death only to be told that he or she does not have the legal right to do so. Just recently a gentleman came into our office to discuss this very issue. He was a joint owner of his mother's only bank account, but she was the sole owner of a mutual funds account worth approximately $125,000. On a certain Friday in September, this gentleman thought that he should - as his mother's "Attorney in Fact" - transfer the mutual funds into the joint account so that he could pay her nursing home bills. But because he had other things that needed to be taken care of that day, he put off the transfer intending to do it at the beginning of the following week.

Unfortunately, his mother died that weekend and the son was no longer able to access her mutual funds account. As a result, it became necessary to open a probate estate so that he could be named Executor and then have the necessary power to close the account. While opening a probate estate is not difficult or complicated, it does mean fees and time that might not have needed to be expended.

So a reminder: whether you are granting someone Durable Power of Attorney or whether you are someone's "Attorney in Fact," be mindful of the limitation of this power and act accordingly in managing assets and accounts.
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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.

Counsel First with Newport RI Estate Planning Attorneys

A Happier New Year to All

This is one of those years where most of us are happy to have endured the previous year from both personal and business viewpoints. Many of us and many of our friends and family members were challenged greatly in 2009. So following my mother’s dictates we now must “carry on” and we must “take life as it comes.”

In 2010 it behooves us to learn from last year and to move positively into the next year. Many of us start the year by taking stock and making resolutions. I decided to start the year in this newsletter by simply reciting our company mantra for all of our readers: “Counsel First.”

Forethought and preventative advice can avoid future legal difficulties. Unfortunately, many of our elder-law referrals come to us too late and there is little we can offer in the way of asset-preserving solutions. Advance planning is the key. We offer a very reasonably-priced and extensive “tune-up” conference for all clients (and their family members where appropriate) who want to look ahead into the uncertain future. We hope that you will resolve to get this done in 2010.

Jeremy Howe, Kristy Garside and Hilary Carlson.

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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.