Salt Lake City Estate Planning

Obama's Alzheimers Agenda

The Obama administration announced plans Tuesday for a two-year, $156 million cash infusion for Alzheimer’s research and care. The money will help solidify a still-developing national plan to better treat and even prevent the illness by 2025.

With budget plans just now coming to a head, it’s good news for many of us that Alzheimer’s has become one of the “we can’t wait” initiatives in President Obama’s plan.

Such measures still need to be passed through Congress, and positive advances may not be immediately forthcoming. However, it is heartening to see fiscal support for an issue that affects so many of us and our loved ones.

If all goes to plan and the approach makes it through Congress – a politically trepidatious journey these days even for the most common-sense and appealing legislation – then the budget will earmark an infusion of $156 million for Alzheimer’s research and care.

In many ways it’s the flesh and bones to an earlier announcement from the administration regarding a national plan toward treating Alzheimer’s that came out to some guffaws due it’s lack of a clear source of funding.  The full details on allocation are still forthcoming, but at least a small portion of that infusion, some $26 million, is intended for immediate use and care of Alzheimer’s patients. The rest is to go toward research and the hope of improving future care, and also perhaps systematic prevention.

How this news will affect us, and whether it will weather violent political and economic seas is yet to be seen, but it’s a powerful promise for many. 

Reference: The Kaiser Health News (February 7, 2012) “Alzheimer’s Research Gets Funding Boost”

Please visit the Elder Law & Long-Term Planning section of our website today.

 

Travel Tips for Caregivers of Elderly Loved Ones

Sometimes you travel because you want to, sometimes because you need to. Whatever the reason, planning a trip can be logistical nightmare for caregivers.

Being responsible for an elderly loved one can mean adopting a rather rigid schedule and lifestyle, especially if you are the primary caregiver. How, then, do you travel? It can be a logistical nightmare, whether the travel is elective or necessary. Regardless, understanding some of the challenges and workarounds in advance can make the travel more manageable. The New Old Age blog at The New York Times recently offered some food for thought on this important subject.

The big question is whether your elderly parent is traveling with you. If the travel involves you alone for business or pleasure, then you still may need to replace yourself while away. Perhaps you already have someone who assists with care. If yes, find out whether they can temporarily stay on full-time since they already know your parent and their needs. If no, then contact an in-home care organization, as many offer temporary services. Don’t overlook assisted-living or nursing homes, too. They might offer temporary stay options. Finally, there is the more difficult (but less expensive) option of coordinating a schedule of volunteer (or recruited) family members and friends. Note: Care must be taken since everyone needs to know the schedule and understand the care requirements.

If your elderly loved will be traveling with you – such as for a family vacation or even to a care facility – then there are additional considerations, but at least you will be the one there to run interference. Of course, the first hurdle is whether they can travel. You’ll want to contact their doctor to get their opinion. In addition, this will give you a greater appreciation of challenges you may not have addressed.

While you’re at it, medications ought to be first and foremost on your mind. Running low on a medication mid-trip can be risky at best and deadly at worst. It may be difficult getting a prescription filled, as well. It may be advisable to take extra quantities of virtually everything from pills to Depends.  

In regards to other details, make schedules for everything to maintain consistency from meals to rest breaks to bathroom breaks. Remember: When flying, consider asking for a wheelchair in the terminal, even if it is not expressly needed. Why? The wheelchair can help make transporting your elderly loved one much easier and, on many airlines, it can help you get to the front of the boarding line.

While the original post has even more specific ideas and instructions, the general rule of thumb is to think about the little details and to plan for them, whether you’re leaving your elderly loved on at home or you’re traveling together, it will make a world of difference.

Reference: The New York Times (September 15, 2011) “When It’s Time to Hit the Road”

Please visit the Elder Law & Long-Term Care section of our website, and feel free to call us today if you have any questions.

Special Needs Planning – A Changing Landscape

Deciding how to leave your assets to your kids is tricky enough. If your adult child has a chronic disability, the task is much more complicated.

Estate planning is never easy, if only because it means thinking about protecting your loved ones when you’re no longer around. It’s bad enough making plans to protect self-sufficient heirs who take care of themselves and an inheritance. However, it can be a real challenge when planning for heirs with special needs for a variety of personal and legal reasons. Unfortunately, as The Wall Street Journal Online recently pointed out, with the economy and politics as they are, there are new concerns to bear in mind as you plan.

Both the State and federal budgets are strapped for cash and the burden is falling on Medicare and Medicaid. It’s up to the Congressional Special Committee to consider the future of Medicare now, but many Medicaid programs already are feeling the squeeze with tighter income restrictions for benefits and services.

Of course, much of the disabled population (12% of the overall population) relies on state and federal services for those services that they couldn’t afford in the private market. To plan for an heir with special needs, then, means planning to provide for them without risking their main sources of care. Now, more than ever, that means a “special needs trust,” tailored to provide the inheritance as a safety net without endangering the continuation of benefits. [Sidebar: Sometimes an older parent can make this move kill two birds with one stone. How? They create the trust now for themselves and a loved one with special needs so that both qualify for government benefits, once the “look back” period has past for eligibility disqualification. As budgets get tighter, expect greater governmental scrutiny of such moves.]

The other major issue, and a related one, is housing. Many Americans with special needs live in group housing programs. These programs are, in turn, subsidized by government agencies, but are increasingly unable to meet demand and are cash-strapped. For one, the same political/economic pressure is keeping those agencies from expanding.

At the same time, there simply are more prospective residents due to lengthening life expectancies. The US would have had to expand its residential-services capacity by 28% to meet the demand as of two years ago. Clearly, housing has been an issue and it will only get worse.

Amidst all of this uncertainty, you still need to plan where your loved one will live. This might mean another form of trust. For example, a “Qualified Personal Residence Trust” (QPRT) would provide that you live in your home until your death, but that your family member with special needs would live there (without disqualifying ownership). Great care would need to be given in the preparation of such an arrangement. Also, it may be possible to provide a home to shelter several persons with special needs. For example, say several families pool resources, or even to leave a home to a non-profit that can convert the home into a new group home. The options are limited by your creativity.

Ultimately, the best plan will depend on your own unique family circumstances, as well as the current state and federal laws governing benefits and services. Unfortunately, according to a recent study by Arc, an advocacy group, only one-third of affected actually has plans to control what happens when the caregiver grows old and after they are gone.

Bottom line: Remember to engage qualified legal counsel to help you navigate the regulatory minefields.

Reference: The Wall Street Journal Online (September 3, 2011) “Taking Care of Disabled Heirs”

Please visit the Estate Planning section of our website, and feel free to call our office (801.631.0228) today to set up your initial consultation.

ESTATE PLANNING FOR PHYSICIANS...AND EVERYONE ELSE

"...persistent concern could prompt investors to take a renewed look at their investment strategies to help determine how to preserve hard-earned wealth with the goal of creating a family legacy that lasts for generations. In reviewing ways in which to meet this goal, it’s important for physicians to consider making their estate planning needs a priority."

--From PHYSICIANSNEWS DIGEST (SEPT 20, 2010): CONTROLLING YOUR LEGACY: UNDERSTAND YOUR ESTATE PLANNING NEEDS

I ran across an article last week written primarily for physicians (PhysiciansNews online), and while the advice was sound, the message really is appropriate for anyone who wants to preserve their hard-earned wealth and create a family legacy. Here are the high points:

· It’s never too soon to start planning your estate.  At a minimum, your estate plan should include a will, a power of attorney, a health-care proxy, and where appropriate, a trust.

· Review and update in light of changing tax landscape. No one knows for sure what Congress will do about the currently-lapsed federal estate tax. But instead of keeping your hand in the sand, take time now to review and update your plan to take advantage of any (potentially expiring) opportunities to move your legacy forward.

Physicians, professionals and business owners also should consider the issue of Asset Protection, which involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of planning is especially prudent for professionals and business owners whose personal assets could be at risk due to the nature of their employment.

Visit our website to learn more aboutAsset Protection strategies in Utah. 

 

"THE NEED FOR PLANNING FOR SPECIAL NEEDS KIDS"

"Parents need immediate estate planning to make sure their assets are properly disbursed for the specialized care of their minor or adult children when they die — an event that can happen at any time."

   Coping with the physical, emotional or developmental disabilities of a special needs child is part of the daily life of many parents.  Then there is the added financial burden of providing care and security for all family members, both today and in the future. Parents are encouraged to call upon the trained expertise of financial and legal advisors.

Last week, The Times Herald ran an excellent brief article highlighting some of the important aspects of Special Needs Planning, to include:

· Retirement and Estate Planning for the parents.

· Reviewing any beneficiary designations for life insurance, qualified retirement plans or annuities to ensure any inherited assets will not disqualify your special needs child from receiving vital federal benefits.

· Consideration of establishing a Special Needs Trust to accumulate mange and disburse monies for any child with a disability.

· Protecting the financial security of other family members – including college funds for other children in the family.

If you are the parent of a special needs child, or know someone who is, I encourage you to visit the Special Needs Practice Center on our website. There you will find an abundance of information and resources when you click the "Resources" tab.