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Most people never think that they will ever end up in a Nursing Home. However, the sad reality is that almost half of the population will spend some time in a nursing home during their lifetime. Currently, the average time spent in a nursing home is 2.5 years
A long term stay at a nursing home can be financially devastating for you and your family. Connecticut Nursing home care rates of $12,000-$15,000 per month can quickly eliminate a lifetime’s worth of hard work. Long term care in a nursing home can devour your savings and force your home to be sold at a “fire sale” price to pay for your care.
When people are faced with choosing between preserving their assets and paying for care, there really is no choice, unless the costs of long term care in a nursing home are planned for. Giving away your money (to a child, for example) before needing long-term care may sound like a good idea, but it can be risky. Children get divorced, sued, have creditor issues, or can become catastrophically ill. The assets gifted to your child could be lost through divorce, lawsuits, etc. and would not be available to you. Furthermore, due to restrictive gifting laws, you may not qualify for Medicaid because you gave your money away.
An Irrevocable Asset Protection Trust (IAPT) provides an opportunity for individuals, both single and married to protect their assets long term. These assets could be available to you at sometime in the future to pay for things that Medicaid does not, or for an individual’s spouse or as a legacy for future generations, without the risks associated with giving these assets away to another individual.
An IAPT is a legal entity separate from the person who creates it (the Grantor). It is created by signing a Irrevocable Trust Agreement where the Grantor irrevocably transfers assets to a third person called the Trustee (often the Grantor’s children or other relative) who holds that property in Trust for the benefit of the people who are named as beneficiaries.
Timing is extremely important when establishing an IAPT. “Beat the Clock” is the name of the game. In order for an IAPT to work it must be set up well in advance of anticipated nursing home care (currently 5 years). After the passage of enough time the assets held by the IAPT will be insulated from the ravages of a long term stay in a nursing home, as well as creditor issues, and lawsuits. Furthermore, the assets held inside of the trust will pass to your beneficiaries probate free and within weeks, as opposed to months if these assets were to pass through the probate process.
If you would like to learn more about protecting your assets, Guertin and Guertin, LLC offers a free consultation on protecting your assets. Give us a call at 203-234-7400 to schedule your appointment today. We also will be hosting informational workshops on this topic and others this fall- be on the lookout for dates and times. If you’d like to be added to our mailing list (to be notified of future workshops) drop us a line at info@guertinlaw.net.
If you have questions that you’d like answered here, please email me at marc@guertinlaw.net.
Marc Guertin, is a partner at Guertin and Guertin, LLC, a law firm dedicated to Estate Planning, Elder Law, Trust and Probate Administration. He is co-author of Planning for the Future: A Practical Guide to Estate Planning and Avoiding Bad Heir Days. Visit us on the web: www.guertinandguertin.com. Call us at 203-234-7400 for a free consultation. Read Marc’s blog at: www.deathslittleinstructionbook.wordpress.com. Guertin and Guertin, LLC is located at 26 Broadway in North Haven, Connecticut
Selecting a nursing home for a loved one is one of the most important and difficult decisions that you may be asked to make. This decision is usually made during a time of crisis, frequently when a family member is ready to leave the hospital after a serious illness or operation. It would be easier on everyone if this decision could be planned for. However this is usually not the case. Just remember, be nice to your kids… they are going to pick out your nursing home.
The first issue to decide is whether or not a nursing home is really necessary. Would some type of home services be adequate? This issue should be discussed with your physician, as well as other healthcare providers. There are many types of services available for people who choose to remain at home, such as home health care, adult day care centers, respite care (where another person can provide the caregiver some relief to allow for shopping, errands, or just a little “down time”) and hospice in-home care.
An option for those individuals who do not need the level of care that nursing homes provide is an Assisted Living Community. These communities provide many of the benefits of a skilled nursing facility but in a more home-like setting. They do not provide skilled nursing care, but will assist the resident in various activities such as dispensing medication, cleaning their room or apartment, providing meals, as well as various activities. Often the monthly cost of these communities is considerably less expensive than skilled nursing facilities, and may have special programs and special living arrangements for folks with cognitive impairments like dementia
Once it has been determined that an individual needs care in a nursing home you should allow that person, if they are able, to be a part of the process of selecting a facility. Ask professionals in the field, friends or acquaintances who have been in a similar situation for information. The Connecticut State Agency on Aging has an Ombudsman program that can provide information on particular nursing homes, however you should also visit different homes to see what they are like. Talk to staff members, other residents and their families. You should visit each home more than once and at different times of the day. Ask if they have activities for the residents. Ask to see menus for daily meals. Also, ask what the costs are at each home. Another thing you may want to do is to just walk around the home and observe the condition of the facility and the residents.
Nursing homes have their own doctors. You should find out about the doctors, their credentials, how often they visit and if they are willing to meet with the family to discuss plans for treatment.
Federal law requires that residents have the right to be free from restraints administered for the purpose of discipline or convenience and not required to treat medical conditions. If you see residents in restraints, you should question the facilities staff about the nursing home’s policy on restraints.
Be sure to visit more than one nursing home before you decide. You can be on a waiting list at many homes and then choose the home you want. A little advanced planning can save you from having to make a quick decision when you are forced to find a nursing home in an emergency. And remember… be nice to your kids!
I mean really! Why shell out the big bucks for a law degreewhen you just plan on ripping people off. There is a name for people like this: criminals…. From Today’s New Haven Register:
Attorney accused of using dead aunt’s ATM card:
NEW BRITAIN (AP) — A Vernon attorney is facing charges of forgery, larceny and theft and other charges after police say she withdrew money from her dead aunt’s checking account and used her debit card at Kmart, Target and Toys “R” Us.
Thirty-three-year-old Heather Kaufman’ aunt died in December. According to court documents, Kaufman allegedly used her aunt’s debit card days to make cash withdrawals and shop. They say she also wrote a $1,000 check to her boyfriend.
Court documents show that Kaufman told police that the check and cash withdrawals were to help defray funeral expenses. She says the purchases were for presents for family members that the aunt would have wanted them to have.
A relative assigned by a probate judge to handle the estate told police that more then $3,000 was missing.
Recently, a retired attorney from Litchfield County, plead no contest to two counts of first degree larceny. He was accused of embezzling millions (4.5 million dollars to be exact) from the estate of a client who was suffering from dementia. Although we don’t hear about these cases a lot, instances of elderly financial abuse are on the rise. In our society it is not uncommon for the elderly to fall victim to financial abuse.
Americans over the age of 55 control seventy percent of our nation’s wealth. Many people do not realize the value of their assets and how having these assets makes them vulnerable. Elderly financial abuse can take many different forms. It can be as simple as taking money or property or forging a signature on a check. Or it can be more sophisticated confidence crimes (cons) that use deception and fraud to gain the confidence of the victim.
The perpetrators of these crimes also run the gamut from family members and spouses, to unscrupulous professionals who overcharge for services and products or use their positions of trust to gain the victim’s compliance; to home “helpers” who help themselves to an elderly person’s belongings and assets. More often than not the perpetrators of these crimes are well known to the victim.
There are several indicators that elderly financial abuse is occurring. Be on the lookout for unpaid bills, eviction notices and notices to discontinue utilities. Withdrawals from bank accounts and transfers between accounts that the elderly person cannot explain may also be an indication that something fishy is going on. Belongings and property that are mysteriously missing are also good indicators. The aforementioned indicators of abuse are just a few examples that should raise a red flag with the victim’s family or caregivers. While some of the indicators can be explained by other causes, be on the lookout for patters that suggest a problem may be occurring.
Vigilance is the key to preventing this type of abuse. Take advantage of direct deposit for income checks, including social security, pension and dividend checks. Direct deposit ensures that the funds will go directly into the person’s account. Also, encourage several family members to be involved with the elderly person and have those family members maintain close contact with the elderly person’s caregivers. Family members should visit with the elderly person frequently at different days and times. It is much harder to commit elderly financial abuse when there are many eyes watching.
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