Elder Law
Aging without a proper, up-to-date plan often results in crisis. Our aim in serving seniors is to preserve your assets from being lost to the costs of long-term care and provide peace of mind concerning the issues you face in your senior years.
As individuals age, the focus should be placed on the financial-related needs of those individuals and their families so end-of-life issues do not erase lifetime savings.
The Long-Term Care Dilemma
One of the most pressing Elder Law issues is the impact of long-term nursing home care which usually is not covered by traditional health insurance. Nursing home care can cost from $75,000 to $150,000 a year. The average stay is slightly more than three years. Most people end up paying for nursing home care until their personal assets are depleted. Careful planning, however, can help protect assets for the individual’s spouse, children, or other heirs.
Medicare and Medicaid
People are frequently confused over the differences between Medicare and Medicaid. Though their names are very similar, the programs are quite different. Medicare is a federal program that provides health insurance to Americans age 65 and older. Medicaid is a joint federal-state program that, unlike Medicare, covers the cost of Nursing home care. Each state has discretion in how the program is managed.
Healthcare Advance Directives
An advance directive document specifies the type of medical care you would want should you lose the ability to make and communicate your own decisions. Your advance directive can specify who will make and communicate decisions for you, and it can set out the circumstances under which you would, or would not, like your life to be prolonged. Advance directives should be supplemented by a document authorizing your medical providers to allow specified individuals to access your medical information.
Let us help create your aging plan. To learn more, schedule a call with us today.
When To Consult An Elder Law Attorney
Super Trust Powers
What to Expect After a Death
Articles by Borchers Trust Law GroupVIEW ALL
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The Challenge of Discussing Financial Plans with Your Aging Loved Ones
Your parents – or other aging loved ones – are over 70 and you are genuinely concerned whether they have a plan for their later years and for their estate. However, they may resent a direct question about their plans. This article will explain why and how to best approach them. The Challenge It is […]
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Purchasing an Annuity: A Strategy for the Healthy Spouse, While the Other Is in a Nursing Home
Long-term nursing home care is needed by about 1.4 million Americans every year, according to the Center for Medicare and Medicaid Services (2015). It is expensive, and so is long-term care insurance. Government programs, such as Medicare, will not cover the cost of nursing home care. Note: Social Security benefits pay only an average of […]
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You’re a Guardian. Now What?
When someone lacks, or loses, the ability to make medical decisions for themselves, and they did not sign a healthcare proxy before they lost that ability, a guardianship will be necessary.
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You Have Power of Attorney. Now What?
If you’ve been assigned the role of power of attorney, this information we’ve gathered will help you understand your responsibilities and the terminology involved. First, the basics: What are you signed up for? A power of attorney gives you the authority to legally act on behalf of someone else, who is known as the principal. […]
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Be Prepared for Senior Living with These Ten Pointers
Are you thinking about making a move to a senior living community, but don’t know how to start your research? Here are 10 pointers to consider: 1. Understand the kind of community and benefits you are looking forward to. The typical options are: Over-55 (active adults) Independent living Assisted living Continuing care community housing 2. […]
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When to Consult an Elder Law Attorney
A good time to consider consulting with an elder law attorney is when you begin to see some signs of deterioration with your parents, whether it’s an illness or even just a change in their mental ability. When they reach their retirement years, age 60 and above, you may start to see more signs that […]
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You Need a Health Care Proxy. Now What?
A health care proxy, or medical power of attorney, is a legal document that gives someone else, known as the health care agent, the power to make medical decisions on your behalf during any time that you are incapacitated. Who should have a health care proxy? If you are a competent adult 18 years of […]
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The Irrevocable Trust: The Antidote to Nursing Home Spend-Down
You don’t need us to tell you that nursing home care is expensive. And we understand that you want to avoid paying these costs out of your own savings if possible. One approach is the irrevocable trust. The LAST Trust is our name for an irrevocable trust that protects estates against nursing home spend-down. It stands […]
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What Happens to Your Debt when You Die?
When people think about their estate, they tend to think of the assets they will pass on, like their stamp collection, a home or vacation property, and of course, their money. However, it’s important to consider your whole balance sheet – including your debt – when thinking about what you’ll leave behind for your loved ones […]
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Helping Seniors Get their Estate Planning Affairs in Order
Your parents may be in their 70s or 80s, and like many in their generation, have the ethos that personal information – especially anything having to do with money or estate planning – is private … as it should be. They also believe whether Johnny and Janey are getting anything in the estate is their […]
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A Personal Story: How Senior Paralegal Stephanie Helped Her Aging Parents Consolidate Their Financial Accounts With These 6 Questions
Just like cleaning a closet helps you feel more organized, consolidating financial accounts keeps your estate plan tidy. Believe us…you don’t want a rogue account to send your entire estate to probate. Here are the 6 questions to determine if you have too many accounts.
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Qualifying for MassHealth Coverage for Long-Term Care: A Case Study
More and more people are living to an older age than any generation previously. As the population begins to age, planning for long nursing home stays is becoming a more relevant topic. MassHealth (also known as Medicaid) is an assistance program offered in the state of Massachusetts to help defray the cost of long-term care […]
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Last Minute Elder Law Strategies: Qualifying for MassHealth
The most frequently asked question for an elder law attorney is “How can I qualify for MassHealth to pay for nursing home expenses?” The answer depends on how much time you have to prepare.
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Helping Seniors Get Comfortable About Their Estate Planning
No matter how good of a relationship you have with your aging parents, estate planning is a sensitive subject. Approach with care. Here’s some tips for transitioning your loved ones into conversations about their estate planning. If they do not initially welcome your involvement, try to make it clear that your interest is in being […]
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Planning to Protect Property from Nursing Home Costs
A major question in planning for seniors today is, “How can I protect my property from nursing home costs?” Statistically, the chance that a senior will enter a skilled nursing facility, i.e. a nursing home, is reportedly 1 in 3 (via The American Elder Care Research Organization). What are the costs associated with such care? A […]
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The Essential Documents Your Aging Loved Ones Need
The best time to get involved in your aging parents’ affairs is early on, long before your loved ones are in ill health or their affairs are in trouble. Start with a simple inquiry. Ask when their estate plan was last reviewed and updated. If they have not seen an estate planning attorney in the […]
