survey of common legal, financial and medical issues facing the aging client and recommended...
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LegalFinancialMedical CapacityNest Egg Required for Financial Independence Affordability ControlAccessibility ConflictPublic Benefits When The Well Runs Dry Compliant Behavior 3TRANSCRIPT
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Survey of Common Legal, Financial and Medical Issues Facing the Aging Client and Recommended Practices in
Offering Solutions
Estate Planning Council of Birmingham, Inc.February 4, 2016
Lynn CampisiLYNN CAMPISI, P.C.
3008 Pump House RoadBirmingham, AL 35243
(205) 967-1010NO REPRESENTATION IS MADE THAT THE QUALITY OF THE LEGAL SERVICES TO BE PERFORMED IS GREATER THAN THE QUALITY OF LEGAL SERVICES PERFORMED BY OTHER LAWYERS. 1
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Elder Care Serving specific needs of the
aging client Legal – delegation of authority &
protection of person and property Financial – resources, public
benefits & insurance Medical – levels of care & related
costs
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Legal Financial MedicalCapacity Nest Egg
Required for Financial Independence
Affordability
Control Accessibility
Conflict Public Benefits When The Well Runs Dry
Compliant Behavior
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Legal IssuesCapacity
Understanding transaction Medical Testimony not conclusive - must be
weighed with all other evidenceControl
Authority- Decision Maker Powers of Attorney Oversight and Sanctions
Conflict Between Principal and Agent Among Family Members Outsiders 4
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Capacity Common Sense Judgments The $20.00 Question
Money for a Loaf of Bread
Top Off With Doctor’s Letter
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Control…Who Decides?Healthcare Financial
Individual Individual
Healthcare Proxy Agent under Power of Attorney
(CONFLICT)
Guardian Conservator
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Control Who Decides (cont.)Healthcare Financial
OtherPayee under Social Security
Fiduciary under VA
Protective Placement By DHR Conservator Usually Appointed
Probate – Commitment and Temporary Geriatric PsychiatricPlacement
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Oversight & Sanctions Provide oversight provisions in Powers of
Attorney and Trust Documents Breach of Fiduciary Duty for Agent, Trustee or
Conservator Protecting Alabama’s Elders Act – Ala. Code
§13A-6-190, et seq.● Seven (7) Year Statute of Limitation for Financial
Exploitation● Criminal Charges of Elder Abuse and Neglect Imposed
for Emotional Abuse, Financial Exploitation, Intimidation, Neglect or Undue Influence
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Solutions Plan Early Persuasion Precedes Court Legal Structures in Place to Minimize
Conflict and Court Intervention Estate Planning Documents
Financial and Health Power of Attorney
Trusts Last Will and Testament
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Financial Power of Attorney Alabama Uniform Power of Attorney
Act – applies to all powers of attorney executed on or after January 1, 2012
Presumed durable unless expressly terminated by incapacity Best to include specific durable
language
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Financial Power of Attorney (cont.) Grant of authority for one or all of the
powers enumerated in the statute Real Property Tangible Personal Property Stocks and Bonds Commodities and Options Banks and Other Financial Institutions Operation of Entity or Business Insurance and Annuities Estates, Trusts, and Other Beneficial Interests Claims and Litigation Personal and Family Maintenance Benefits from Governmental Programs or Civil or Military
Service Retirement Plans Taxes Gifts 1
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“Hot” Powers Create, amend, revoke, or terminate an inter
vivos trust, by trust or applicable law
Make a gift to which exceeds the monetary limitations of Section 26-1A-217 of the Alabama Uniform Power of Attorney Act, but subject to any special instructions in this power of attorney
Create or change rights of survivorship
Create or change a beneficiary designation12
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“Hot” Powers (cont.) Authorize another person to exercise the
authority granted under this power of attorney
Waive the principal's right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan
Exercise fiduciary powers that the principal has authority to delegate
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Appointment of Agent Single agent
Successor agent
Co-agents Default allows joint & several action by
co-agents Requirement of joint actions must be
specifically stated
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When Effective?
Immediately – power is effective immediately unless otherwise noted
Springing – effective upon incapacity Principal may name person to
determine incapacity
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Formality Signed by Principal in presence of
attesting Notary Public Signature is presumed genuine if
notarized
Photocopy has same legal effect as original document
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Advance Directive for Health Care: End of Life Decisions
Falls under Alabama Natural Death Act
Part 1 – Living Will
Part 2 – Appoint Proxy
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Advance Directive for Health Care(Part 1: Living Will)
Allows you to clearly specify in writing what medical treatments and/or life support measures you do or do not want during a future terminal illness or a persistent vegetative state
“Terminally Ill or Injured”
“Permanently Unconscious”
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Advance Directive for Health Care(Part 2: Appoint Proxy)
Allows you to delegate someone (called a health care proxy or agent) in writing to make medical decisions for you if you are unable to make those decisions for yourself Temporary Situations
under anesthesia during routine surgery
Permanent Situations dementia, mental incapacity
Should add HIPAA release of medical information19
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Health Care Power of Attorney Falls under Alabama Uniform Power of
Attorney Act – applies to all powers of attorney executed on or after January 1, 2012
May delegate end of life decisions Signed by Principal in presence of two
witnesses Photocopy has same legal effect as
original document
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Beneficiary Designation Forms Your Last Will and Testament only controls
your probate assets Many of us have non-probate assets such as:
Life insurance 401(k) plans Individual retirement accounts (IRA) POD & TOD accounts
For non-probate assets, make certain that your beneficiary designation forms reflect your current wishes.
CAUTION: An individual, trust (with qualifiers) or charity is always a better named beneficiary than your estate.
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Estate Planning Considerations Funeral, Burial and/or Cremation
Instructions
Medicaid Eligibility
Trust Planning Minor children or grandchildren Special needs beneficiary Spendthrift beneficiary
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Financial Framework Personal Resources – income, savings,
qualified & non-qualified funds, home equity conversion
Public Benefits – Medicaid & VA
Insurance – health insurance, Medicare, supplemental, drug & long term care
Health (Medicare, Supplemental and Drug) Long Term Care Accelerated Benefits and Viatical Settlements
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What Does Long Term Care Cost? (Nursing Home).
5 years long term care at highest level:
Year Monthly Cost Annual Cost
2015 $7,500 ($250/day) $90,0002016 $8,000
$96,0002017 $8,500
$102,0002018 $9,000
$108,0002019 $9,500
$114,000
5 year total:$510,000
Less average retirement & SS of$2,000/month for 60 months ($120,000)
TOTAL$390,000
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Levels of Care / Costs
Home / Sitters: $15 - $17 per hour
Assisted Living: $3,000 - $4,000 per month
Specialty Care: $4,000 - $5,000 per month
Nursing Home: $6,500 - $7,500 per month
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Private Caregiver Add On for “Demanding Resident”
$17 per hour
24/7 = $408 per day
$12,240 per month
$146,880 annual
$734,400 - Five (5) years
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Nest Egg Required for Financial Independence?
$1,000,000 plus
5 years minimum
Nursing Home (net Social Security): $ 390,000
Private Caregiver: $ 734,000
$ 1,124,000
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Public Benefits Medicaid nursing home benefit – a
means tested benefit
Veterans Affairs – Wartime Vets & Widows Pension and Aid & Attendance Nursing home
For the Vet only; assets are not restricted; Better choice for Spouse at home (does
not require spend-down)
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Medicaid Skilled need
Income limit = $2,199 (otherwise, qualified income trust necessary)
Resources Individual limit = $2,000 Spousal limit = maximum of $119,220 for the
spouse at the house Formula = minimum of $25,000 or ½ of the couple’s
countable assets up to a cap of $119,220 for 2016
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Financial Products
Are Financial Products Resources? Resource = anything that can be converted to
cash within 30 days
Life Insurance with long term care feature = net cash / surrender value counts
Annuities = surrender values count
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Annuitization & Medicaid
Should not count as resource or transfer if:
Irrevocable Payable for life expectancy of the annuitant Beneficiary is spouse, disabled child or Medicaid Unsellable or unassignable
Medicaid can still contend that contract is sellable
Note: Company allowed cash out of present value of remaining annuity payments for 89 year old Required indemnity & nondisclosure of the transaction
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Exempt Resources Home - if spouse lives there
Car – if used for essential activities
Some trusts – with Medicaid payback if settled by spouse or self
Some burial32
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Burial $5,000 burial fund (includes cash value of life
insurance) (face value over $5,000) Life insurance face value $5,000 or less, cash and/or
funeral service
Non-Countable Opening & closing Marker Headstone Burial plot Casket
Irrevocable Burial Contract most retail is $10,000+ Exempt if IRREVOCABLE 3
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Look Back Penalties for gifts & transfers for no
consideration for 5 years prior to Medicaid application
Penalty – no Medicaid benefits paid for each $5,800 of gifts/transfers
Penalty begins in month otherwise qualified for Medicaid – no money left to pay
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Self Settled Asset Protection Trusts for Medicaid & VA Virtually forfeits all ownership of assets 5 year private pay necessary to cover
look back period Tax consequences of liquidating assets
to fund trusts Trusts primarily benefit heirs Heirs pay your bills Dependency on heirs Is there any protection for YOU?
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Testamentary Trust-Special Needs Trust for Disabled Beneficiary
Established by Last Will and Testament
Beneficiary is Spouse or Disabled Child
No Transfer Penalty
No Medicaid Payback Required
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Limited Medicaid – Medicare Savings Programs (QMB, SLMB, QI-1) No resource test in Alabama
Limited or low income
Pays copays, Part B Medicare Premiums & Medicare Deductibles
Apply to Medicaid District37
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Medicare Savings Programs Qualified Medicare Beneficiary Benefits (QMB)
2015 Income Cap = $1,001.00 Individual / $1,348.00 Couple Pays Medicare Part B Premium = $104.90 per month Pays Medicare Part A Hospital Deductible = $1,288.00 per benefit period Pays Medicare Part B Physician Deductible = $166.00 Pays Medicare Part A premium ($411.00) unless you get free Part A Pays Medicare Co-Insurance = 20%
Specified Low Income Medicare Beneficiary Program (SLMB) Income Cap = $1,197.00 Individual / $1,613.00 Couple Pays Medicare Part B Premium = $104.90 per month
Qualifying Individual (QI–1) Income Cap = $1,345.00 Individual / $1,813.00 Couple Pays Medicare Part B Premium = $104.90
Caps change in February each year38
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Insurance Health – Medicare, group & retiree health,
supplemental & prescription drugs
Long Term Care – covers home care, assisted living & nursing home
Medicaid – allows additional exempt resources equal to benefits paid for nursing home costs paid by long term care insurance Ex: LTC pays $3,000/month x 36 months =
$108,000Additional = exempt = $108,000No estate recovery
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Medicare – Parts A, B, C & D Part A: hospital = free to worker & spouse
with 40 quarters
Part B: physician = $104.90 (plus income adjustment for high income)
Part C: Advantage – bundle of Parts A, B & D
Part D: prescriptions = $30 - $90 (plus income adjustment for high income)
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Medicare – Parts A & B – Additional Supplement Parts A & B
You pay deductibles & 20% copay Medicare pays 80% Medicare pays 20 days rehab
Additional Supplement – can pay deductibles & 20% copays (monthly premiums cost $150 - $250) Plan F Supplement pays additional 80
days of rehab 41
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Medicare – Part C
Allows minimum deductibles
Higher copays
Better for healthy individuals
Move to Parts A & B with a Supplemental when usage & hospitalizations are more frequent
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Medicare – Part D Premiums = $30 - $90 monthly
Deductibles = approximately $300 - $500 $0 for higher premium plans Copay $30 - $90 per prescription
Formulary – drug must be listed for coverage Initial Coverage = up to approximately $3,000
of total drug costs You pay copay
Gap or Donut Hole – after deductible & initial coverage, you pay up to $4,700 in out-of-pocket costs
Catastrophic Plan – after GAP, pays most through December 31
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Enrollment
October 15 – December 7 for January 1 coverage
3 months before & after reaching age 65
Special enrollment periods during institutionalizations (hospital or nursing home stay)
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Medical Issues Affordability of Medical Insurance and
Care
Accessibility - Money cannot buy everything
Compliant Behavior - demanding residents get the polite boot – “we cannot provide adequately for your loved one’s plan of care”
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Solutions Plan early for long term care
Long Term Care Insurance does help
Concierge Physicians
Safety First-Hazards and isolation in the home
Protect the Nest Egg
Continuum of care facilities with a generous deposit – some can provide long term care for life
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Secure the Team1. Estate / Elder Law Attorney
2. Financial Planner Insurance Professional Banker Trust Officer
3. Care Geriatric Manager Geriatric Doctor Concierge Doctor Medical & Long Term Care Insurance Advisor Psychiatrist Rabbi, Preacher, Priest & Clergy
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