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Costs Associated with Second Marriages

Costs Associated with Second Marriages

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Most people wouldn’t think of losing their assets to pay for their new spouse’s serious illness when they get married for a second time (or more). But that could happen. Costs for long-term care have been rising significantly for years and continue to grow. Studies show that 70% of Americans will need some form of long-term care. Which can last for three years or longer. It is important to be aware of the costs associated with second marriages.

Paying for Long-Term Care While Protecting Assets

If one spouse becomes ill, the assets of both spouses are, by and large, required to be spent on the ill spouse’s care before Medicaid benefits become available. This could be a big problem. Especially if the money that the healthy spouse had saved for their children’s inheritances goes to pay for the ill spouse’s care instead.

With careful planning, this need not happen. Making financial arrangements in advance can protect the estates of both spouses to ensure they can retain the assets they brought with them to the marriage.

Medicaid Community Spouse Resource Allowance

Medicaid rules allow the healthy spouse to keep an allowance of a certain amount for their benefit. This is known as the Medicaid Community Spouse Resource Allowance (CSRA). But many find that the CSRA is too small to permit the healthy spouse to maintain their standard of living, pay for their retirement, and still have something for their children to inherit.

Any planning or shifting of assets must be done very carefully and only after consulting with an attorney experienced with Medicaid planning. Medicaid heavily penalizes transfers of assets made as gifts.

Medicaid Planning

Assets can be protected, though, by using strategies that are permitted by the Medicaid rules. Some, or all, of the healthy spouse’s assets could buy a Medicaid-compliant annuity. This would provide an income stream for the healthy spouse that will not be deemed available to pay for the ill spouse’s care.

In turn, the assets of the ill spouse could be transferred to people they trust, such as a trustee, an agent for financial affairs, a family member, or a beneficiary. That kind of transfer may be subject to a penalty, depending on when the transfer is made and when long-term care benefits are received. Planning well in advance, at least five years, helps mitigate Medicaid penalties.

There are also long-term care insurance products available to cover the costs of long-term care services. Which everyone should consider when newly married and while they are still reasonably young and healthy.

The best strategy of all, though, is to consult an attorney experienced with Medicaid as soon as possible. The sooner you start planning, the more options you have and the more money you can save. Contact us today to schedule a consultation to learn how we can help you prepare for your future.

Our law firm is dedicated to informing you of issues affecting seniors who may be experiencing declining health. We help you and your loved ones prepare for potential long-term medical expenses. Also, the need to transition to in-home care, assisted living care, or nursing home care.

This article offers a summary of aspects of estate planning and elder law. It is not legal advice and does not create an attorney-client relationship. For legal advice, contact our Ruston, LA office by calling us at (318) 255-1760.

How to Cover the Cost of In-Home Care

How to Cover the Cost of In-Home Care

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We all want to know how to cover the cost of in-home care. It brings up several decisions that need to be made. Including where your home will be. We may ask ourselves, “Am I able to remain in my home independently, or do I need assistance?” If the answer is daily assistance, we have three main options.

  1. Move in with or receive daily assistance from a loved one
  2. Relocate to assisted living or a nursing home
  3. Pay for in-home care services

Of these three options, in-home care is the most desired. However, it comes with a cost, as there are strict Medicare and Medicaid limitations to benefits that cover in-home care services. However, despite the high price and limitations, many people are finding ways to afford this more desirable option.

Don’t completely write off Medicaid.

Medicaid coverage varies greatly depending on the state you live in and may cover long-term in-home care if you qualify for a waiver. There may be a waitlist for benefits, so the sooner you apply, the better.

Use your veteran’s benefits.

An often-overlooked veterans’ benefit is Aid and Attendance, offering help with out-of-pocket expenses. Veterans who have served a minimum of one day during wartime, were on active duty for a minimum of 90 days, and honorably discharged may be eligible for this benefit. If qualified, the veteran receives a tax-free, monthly cash payment to use for care. For veterans and their families, this can help offset the cost of in-home care significantly.

Your life insurance policies may help.

Those with life insurance policies may learn that coverage may apply to in-home care. Some life insurance policies have a feature known as “accelerated benefits.” This feature allows the policyholder to use the insurance within the policy before death occurs. Typically, accelerated benefits are for those who have disabilities related to chronic conditions or require ongoing or long-term in-home care. If your dependents are not relying on the money, you may consider using accelerated benefits to cover the cost associated with in-home care.

Consider a reverse mortgage.

Reverse mortgages were created to help seniors live at home for as long as possible. Therefore, if your home is paid off or a significant amount of equity has been accumulated, a reverse mortgage may be an excellent option to cover the cost of in-home care. A reverse mortgage gives seniors the opportunity to take out home equity in the form of payments or as a lump sum.

Reverse mortgage qualifications include the following:

  • You must be 62 years of age or older
  • The home must be owned — either completely paid off or with a minimal balance
  • The issuing bank appraises the house to determine the value based on the senior’s age and payout

Take advantage of annuities.

An annuity combines personal investment with an ongoing insurance plan. It is a custom contract that an insurance company issues, turning an investor’s premium into an income stream that is fixed and guaranteed. After the investment has matured, the policyholder can begin withdrawing.

Many people only see annuities as a way to help seniors grow their money and assist with living expenses. However, the income earned from the annuity can very well be enough to cover the cost of in-home care.

In-home care is an option!

In-home is the most desired option for those who require daily assistance. Not only does it take away the obligation for loved ones to become caretakers, but it also enhances the quality of life for seniors and allows them to live in the most comfortable place- their home.

Despite the high cost associated with in-home care, this option may be more financially feasible than many realize. It may take some creative thinking and proper planning, but it is possible.

Elder law attorneys have the knowledge to combine estate planning with financial planning and offer guidance for long-term care options, including in-home care. We invite you to contact our Ruston, LA office by calling us at (318) 255-1760 to speak with one of our professionals today about Medicaid, VA benefits, and long-term care expenses.

Options to Afford Long-Term Care

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According to findings, the US Department of Health and Human Services (HHS) estimates that approximately seventy percent of retirees in America will need long-term care (LTC), with median annual costs for these services ranging from $53,768 to $105,850 in 2020, according to research from Genworth. HHS also reports that those who receive Medicaid-financed nursing home care will spend more time in residence than those who self-finance their care or have private long-term care insurance. These long-term care services and supports (LTSS) are becoming more critical as retirees live longer lives and worry about outspending their assets.

The Dilemma of Affording for Long-term Care

Paying for long-term care planning remains a significant challenge for most older Americans and preparing for service payments can be tricky. LTC insurance may cover a portion of services or all of them, and premiums depend on a person’s age, gender, health, location, and other criteria. The American Association of Long-Term Care Insurance lists 2021 average premiums for initial benefits of $165,000 (with a 1 to 5 percent annual growth rate) for a healthy fifty-five-year-old male to be between $1,375 to $3,685 per year. For the same coverage type, a healthy fifty-five-year-old woman can expect to pay between $2,150 to $6,400. Premium hikes tend to be costly because metrics used years ago in the insurance industry were faulty and did not accurately project the real LTSS costs.

What is Hybrid Long-term Care Coverage?

A different payment option is hybrid long-term care coverage. These policies are part annuity or life insurance and part long-term care coverage. You may purchase a policy upfront eliminating any future risk of premium increases, and your heirs may receive a death benefit if you do not need long-term care. This option is an arbitrage approach hoping that you will not require LTSS and that your heirs may benefit. Hybrid policy price comparisons are more difficult to ascertain than a standalone long-term care coverage policy.

How to Utilize a Health Savings Account to Pay for Long-term Care

A third option is for those retirees with sizable health savings accounts to use pre-tax funds to cover long-term care expenses or premiums. Currently, those itemizing deductions can write off long-term care expenses above 7.5 percent of their adjusted gross income on their taxes. Finally, those low-income retirees with assets below a certain threshold may qualify for Medicaid LTSS. Applicants must pass a five-year “look back” period to assure they did not gift or spend down assets to qualify. If you think you may qualify, take this Medicaid eligibility test.

Typically, family members play an important caregiver role in their loved ones who need help regarding activities of daily living. This statement is particularly true in the earlier stages of requiring care, where someone may need help with just one activity of daily living. In-home assistance, community programs, and residential facilities can help your loved one stay as active as possible, accomplishing everyday tasks. The family-style approach constitutes most living arrangements for those who receive long-term care.

HHS

Many available resources help older adults continue to reside in-home and participate in their communities. The stay-at-home option in the earlier stages of a significant long-term need, or if projected care requirements may be a matter of two to three months, may be the most viable and cost-effective solution. Pivoting to in-home service provision is the most likely scenario for most American retirees. Nursing home residential space is expensive, and Medicaid can only supply so much aid. While most LTSS stays remain paid care and have relatively short durations, the lifetime risk for expensive out-of-pocket costs runs high.

Unfortunately, receiving paid LTSS care is not equally distributed among the US population. Generally, people with limited education and less financial resources are the most likely to experience severe LTSS needs. Over a lifetime, however, the more well-educated population with different socioeconomic advantages tend to live longer and can outlive their assets. Family is an integral part of the solution for long-term care while the federal government responds to the growing need to make this care more available and affordable. For your best outcome, be proactive in your planning. Most Americans will need LTSS, but few will have taken steps to plan for it. Please contact our Ruston, LA office by calling us at (318) 255-1760 or schedule an appointment to discuss how we can help with your long-term care needs.

 

This Year’s Urgent Priority: Affordable Long-Term Care

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The challenges ahead are many as AARP reports that the population age 85 plus, the most likely to need long-term care, will more than triple between 2015 and 2050. Elected leaders must rethink institutional care and its affordability and make improvements while creating innovative long-term care options for those Americans who are aging in place. Recently the Milken Institute 2020 Future of Health Summit looked into the short-term future of long-term care and deemed improvements a most urgent priority for the US healthcare system.

The statistics are that as the nation’s population ages, 70 percent of Americans 65 or more will require long-term care at some point. This statistic represents many seniors who will need affordable care while the private long-term care insurance market has contracted. The Milken Institute Center for Future Aging is partnering with teams through the Financial Innovation Lab to make recommendations to expand options for affordable long-term care for middle-income Americans. Nora Super, senior director of the Milken Institute Center for the Future of Aging and executive director of the Milken Institute Alliance to Improve Dementia Care reports the group study has narrowed many examined solutions into three big ideas including:

  • A large scale Medicare Advantage demonstration project to test the effectiveness of home-based interventions and technology applications as it relates to reducing costs and improving care across the continuum.
  • Scaling up and adapting integrated care models to provide low-cost, high-value, flexible services for those enrolled with complex needs.
  • Identify the most beneficial and viable options for complementing private and public insurance solutions to expand long-term care coverage for the middle market.

The focus is on Medicare Advantage, which has grown in the past twenty years to allow more flexibility for participants to test new ideas and bring much-needed technologies into the home to prevent extensive stays in the long-term care system. These integrated care programs, according to Super, can bring together the long-term care and healthcare systems; however, the programs have not yet been scaled. Super has said, “Medicaid is the safety net for the nation but there is nothing for middle-class people. Costs are exorbitantly expensive.” Public-private partnerships do not meet the high demand for affordable long-term care as the industry has gone from one hundred private insurers to twelve.

As part of the Milken 2020 Health Summit, David O’Leary, president, and CEO of US Life Insurance Companies and Genworth Financial, stated, “This is a problem facing the country, this aging population we’re not prepared for. We can no longer ignore this. This is personal to everyone.” And O’Leary is right. The long-term care industry covers less than ten percent of the people who need it and an average claim of around 200,000 dollars. The number one reason for a person 65 or older to declare bankruptcy is a healthcare event.

While the healthcare industry professionals and government policymakers attend symposiums and discuss scalable, affordable, long-term care needs, more middle-class Americans fall into a cycle of impoverishment as they confront their immediate individual long-term care needs. Costly institutional care, Medicaid, or unpaid family caregivers seem to be the only solutions currently and are not particularly viable. The Medicaid system is straining to meet long-term care demands for the poor with long waiting lists to become residents at often substandard facilities with infection control deficiencies.

Medicaid planning, or long-term care planning with an elder law attorney is one avenue open to middle-class Americans to address long-term care needs without being bankrupted. There may be other options to help protect your life’s earnings as well. Aging Americans must determine how they will be able to handle their statistically likely long-term care needs. Waiting for the healthcare industry and government programs to catch up to your future needs may put you in jeopardy.

We help seniors and their loved ones plan for the possibility of needing long-term care so that their savings and home are not lost to the high cost of the care. If you would like to talk about your particular situation to see how we might be able to help. Please contact our Ruston, LA office by calling us at (318) 255-1760 or schedule an appointment to discuss how we can help with your long-term care needs.

 

Understanding the Coming Collapse of Long-term Care Insurance

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Routine estimates predict that about 50 percent of older adults will require long-term care at some stage of their lives. If you are an adult 65 or more, the percentage moves up to 70 percent. However, the demand for long-term care far outnumbers an affordable or even existing supply. For years the private sector long-term care insurers have been fleeing the marketplace. Americans who currently carry long-term care insurance are a small fraction, about 7 percent, adults over 50 years of age. There is a private sector inability to meet Americans’ overwhelming long-term care needs at an affordable price. The US healthcare system’s long-term care options are rapidly faltering as it is impossibly expensive, inefficient, and a poor performer for both seniors and industry.

Long-term care provides a broad array of supports and services to elderly patients and the disabled in daily life activities. These activities include bathing, toileting, dressing, transferring, and eating. Long-term care is also support for patients who have Alzheimer’s, dementia, diabetes, and other chronic conditions. Providers of long-term care operate in nursing homes, assisted living facilities, and private homes. Fewer than one in thirty Americans own a long-term care (LTC) insurance policy, and only about seven percent are adults are over the age of 50. Despite the aging US population, the raw figure of 7.5 million LTC insured has barely moved since 2008. According to prospect.org, these statistics come as no surprise as LTC insurance premiums keep increasing while average policy benefits decrease, as shown below.

When long-term care became part of the health care insurance industry in the 1970s, there was a wild mispricing error due to poor actuaries, which severely underestimated the cost of such plans. Subsequently, some insurers have abandoned the market altogether. In the year 2000, there were 100 policy providers; there are fewer than a dozen today, and it is harder than ever to become qualified. Insurers strain to deny policy applications to as many people as possible.

The American Association for Long-Term Care Insurance (AALTCI) finds that between 44 to 51.5 percent of applicants aged 70 or more are declined coverage. Nearly one-third of adults between 60 and 65 are refused. Even those in their 50s experience a 21 percent rate of application refusal. Rejection is prevalent because any combination of two or more chronic conditions is a basis for near-automatic disqualification. Certain diseases are also grounds for denial, such as AIDS, diabetes requiring insulin shots, stroke history, and multiple sclerosis, to name a few.

Despite large premium increases and increasingly difficult qualifications, long-term care claim losses still exceed expectations and have since 2008. Under current market conditions, insurers find it impossible to structure a profitable long-term care program. Moreover, many insurance coverages for the senior living industry are experiencing increases in their rates and premiums. Some insurance brokers report that even accounts with a clean loss history are experiencing premium increases at a minimum of 12 to 15 percent. Additionally, in the next year to two years, assisted facilities’ insurance costs could double or triple. Average policy benefit payouts will find it difficult to address the future long-term care needs. Carriers are consolidating to remain profitable, but this is shrinking senior living market coverage. Facilities have fewer options, and remaining insurance carriers increase premiums as they continue to restrict coverages and limits. The situation is bad news for seniors and near seniors, as rising business costs are generally passed on to the consumer.

Elements of sticker shock, denial of need, and wishful thinking keep most Americans from purchasing a long-term care plan even though they will most likely need one in their later years. Meanwhile, private long-term care insurance is in jeopardy as a result of industry non-profitability. Even with critical needs, without government intervention, there is a looming collapse of the long-term care insurance market.

If you are concerned about how you or a loved one will pay for long-term care, we can help. Contact us to set up a time to discuss planning opportunities that may be available to help lessen the financial burden of long-term care.  Please contact our Ruston, LA office by calling us at (318) 255-1760 or schedule an appointment to discuss how we can help with your long-term care needs.

Now More Than Ever Veterans Benefits Planning is Essential

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The COVID-19 virus is not going away as many had hoped. And studies have shown it is deadlier for those over the age of 65. Individuals living in senior living communities, such as independent living, assisted living, memory care, and nursing homes have the highest risk of becoming infected and possibly dying from the virus or secondary illness, such as pneumonia, after being weakened from the virus. For many families, providing long term care for a loved one in the home has become an even bigger priority than normal. In-home care can be costly, which makes the Aid and Attendance Benefit provided by the Department of Veteran’s Affairs of critical importance to help pay for such care.

Veteran Aid and Attendance Benefit

The Aid and Attendance Benefit, technically called the Improved Pension Benefit, is a cash benefit paid to wartime veterans that are over the age of 65 and require another person to assist them with activities of daily living, such as bathing, dressing, feeding, and assistance with incontinence, or requires a protective environment due to mental decline. The Aid and Attendance Benefit is also available to similarly disabled spouses of deceased wartime veterans that are over the age of 65. It is this need for assistance with care or a protective environment that has the family looking into long term care facilities for their loved one.

The Aid and Attendance eligibility rules also require the person receiving the benefit of having limited income. Simply put, all income of the applicant and the applicant’s spouse must be offset by the medical expenses of the applicant and the applicant’s spouse. Any income not offset by medical expenses reduces the amount of the benefit. Under the Aid and Attendance rules, when the wartime veteran or surviving spouse requires assistance with activities of daily living or a protective environment, paying an in-home caregiver to provide that care is a medical expense. It does not matter whether the caregiver is a child or hired through an agency.

Current Veteran Benefits

For 2020, the maximum benefit paid to a married wartime veteran is $2,266 per month. The maximum benefit paid to a single wartime veteran is $1,911. The maximum benefit paid to a surviving spouse of a wartime veteran is $1,228. Working carefully through the math, if a married wartime veteran needs long term care and has a household income of $4,000 per month, he or she will need to spend $4,000 per month on medical expenses to receive $2,266 per month. That veteran likely already has medical expenses in the form of two Medicare and two Medicare supplement premiums, as well as possibly two Medicare prescription supplements. The remaining income needs to be spent on additional medical expenses, specifically an in-home caregiver.

The family must now decide the best way to navigate paying the in-home caregiver. If the couple has children, perhaps the remainder of the household income can be paid to a child, or split among the children, as payment for caregiver services. In many cases, using a child or children as a caregiver allows for flexibility in the amount a caregiver is paid. The income calculation can be manipulated to net out at exactly zero, instead of going into the negative. This allows the veteran to use the $2,266 per month benefit to pay for the couple’s non-medical living expenses.

Other Veteran Benefits for Caregiving

The other option is to hire a caregiver from an agency. This option is more expensive than using a child as a caregiver, but it comes with the added benefit of ensuring taxes are withheld and workers’ compensation insurance is provided in case of an accident. If the family wants the income calculation to net out at exactly zero, the veteran typically will not get as many hours of service from the caregiver hired through an agency compared to hiring a child since an agency typically charges a higher per hour rate. This would work well for a veteran that does not need a lot of care, or that has a wife and/or children that can cover the additional hours of care for free. Otherwise, the agency will need to be paid to provide the additional hours of service, which means the $2,266 benefit paid by the Department of Veterans Affairs will also be used to pay for the care and the couple will have to use assets to pay for the couple’s non-medical living expenses.

The Aid and Attendance Benefit also has an asset limit the applicant must meet, along with a penalty for giving assets away and a 3-year period to look back at the applicant’s assets to see if any gifts were made. These rules should not dissuade a wartime veteran or surviving spouse from seeking this benefit. The need for long-term care will only increase. The cost of care will only increase. And now the COVID-19 virus makes it critical that everything possible is done to protect this vulnerable community.

If you have questions or would like to discuss whether you or a loved one may qualify for Veterans Benefits, please don’t hesitate to reach out. Please contact our office by calling us at (318) 255-1760 and schedule an appointment to discuss how we can help you with your VA planning needs.

Problems, Policies, and Proposals for Long-Term Care

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The long-term care (LTC) crisis is on the rise for aging Americans. Industry driven, massively underpriced policies are playing fiscal catch up with hefty premium rate increases. This price increase is forcing some aging Americans to abandon their policy while others struggle to reduce their amount of LTC coverage to keep their rates affordable or reduce their future lifestyle by dipping into their retirement savings. Abandoning LTC policies turns out to be the last resort for many policyholders as they understand how valuable they are and that a policy lapse would cause them to lose all of their monies paid to the insurer.

Throughout the insurance industry, the metrics applied to the long-term care business model underestimated how long policyholders would live and the number of claims they would submit. Policyholders are living years longer than the actuaries had projected. Compounding the crisis of this flawed business model is years of very low-interest rates. On an inflation-adjusted basis, return on investment has fallen vastly short of needs for all long term investors, including pension funds, life insurers, and the average American saving for retirement. The financial fallout is that fewer people are seeking long-term care insurance policies and those that are, typically pay more and receive less coverage.

Further compounding long-term care problems is the escalation of Alzheimer’s diagnoses and other dementia diseases, which invariably increases an individual’s need for long-term care. Medicare does not make provisions for coverage in long-term care facilities. Even if you position yourself financially to qualify for Medicaid, which does provide for LTC, there is often a long waiting list and reportedly not a high standard of care when you become a resident.

Senator Patrick Toomey (R-PA) is preparing legislation that includes a clause to allow people to pay for long term care insurance via a tax-free withdrawal from their 401(k) retirement plan. The withdrawal, up to 2000 dollars a year, would not be subject to income tax, and the limit would be indexed for inflation over the years.

The Internal Revenue Service is also trying to offset tax liabilities for Americans that cover long term care insurance premiums in 2020. There is a range of tax-deferred dollar amounts depending on your age, and this information is posted on the American Association for Long-Term Care Insurance website.

Nakedcapitalism.com

Relying on the federal government to fix the long term care crisis is a cautionary tale. McKnight’s Senior Living reports that the LTC sector typically gets very little play in Washington, DC. Hospitals, doctors, insurance companies, and drug companies with big lobby monies are far more likely to receive legislative attention, often to the demise of long-term care operators and the vulnerable American population they support. Beyond the untenable high costs of LTC premiums, excessive administrative costs burden the US health care system. Washington DC, notorious for its complex, plodding policy progress, will not likely address the situation beyond creating tax-deferred access to retirement accounts and other tax incentives. Instead, the government is okay to allow the paying public to absorb the high costs of long-term care as the industry sector tries to salvage itself.

One of the worst outcomes of these scenarios is that long-term care has become such an expensive problem that Americans are shying away from proactive planning to address the very likely need they will require long-term care insurance in their future. The US Department of Health and Human Services has a website that addresses long-term care basics and provides resources, tools, and links to guide your LTC planning.

Other solutions can provide the essentials for long-term care packaged in different insurance programs. Short-term care insurance, or convalescent insurance, provides a long-term care type of coverage for 180 to 360 days. Because there is no long- term commitment to the insurance companies, premiums usually are less than traditional LTC. Critical-care or critical-illness insurance are two similar types of insurance coverage offering lump-sum cash payments to those who are diagnosed with a stroke, heart attack, and other serious illnesses. The benefits range can be six months up to two years, depending on the company and policy chosen. The drawback to these insurance policies is they do not cover pre-existing conditions. Deferred annuities for after retirement and annuities with long-term care riders can also be alternative solutions to traditional LTC insurance.

The time to get proactive and creative about long-term care insurance is now. Current statistics may give a false sense of security regarding the likelihood you will need long-term care. Projections are indicating between 65 to 75 percent of Americans will require some level of long-term care after retirement. The unspoken truth that many within the LTC industry and government do not address publically is that if the problem is not resolved, it will still ultimately go away because the person who receives sub-standard or no care will die. The idea that aging Americans would be allowed to languish without proper care when they are at their most vulnerable is unthinkable from a human standpoint. Pro-active planning to find a long term care solution is essential to your future health and financial well-being.

We can help you put a plan in place that includes accessing and paying for appropriate long term care. We can review potential programs to help offset some of the costs while creating a legal plan to protect your assets from the high costs of care. Contact our office by calling us at (318) 255-1760 and schedule an appointment to discuss how we can help you with your long-term plan needs.

The Benefits of Having an Elder Law Attorney on Your Side

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Elder law encompasses a wide range of legal matters affecting an older or disabled person. An elder law attorney or certified elder law attorney (CELA) specializes as a legal advocate for aging adults and their loved ones.  Issues related to guardianship, retirement, health care including advance directives, long term care planning, Social Security, Medicare and Medicaid, and other relevant matters to aging all fall under the umbrella of elder law.

Elder Law Benefits Senior Citizens

An older family member who legally prepares for their aging process helps their family members by addressing day to day issues that affect their actual care through proper legal documentation should the senior become incapacitated. Seniors often falsely assume that a close family member, including a spouse, will automatically be able to make decisions on their behalf if something goes wrong with their finances or health. Postponing legal document preparation through an elder attorney generally winds up being more problematic and expensive to a senior’s estate and wellness.

Many seniors find making legal preparations uncomfortable at first, as the task forces them to confront and assess their mortality. Further into the process, many aging adults experience relief, having removed the fear of the unknown of aging to the best of their ability. Legal preparation can keep a senior from health or financial ruin if they become incapable of making informed decisions regarding these matters. In the absence of legal documents, their family is left with the expensive and time-consuming process of petitioning the courts for legal authority to act on their loved one’s behalf – referred to as establishing a guardianship. By planning early and making sure the correct legal documents are prepared stress on the senior and the senior’s loved ones is greatly reduced.

Elder Law Benefits Family Members

Personal choices regarding end of life care and the disposition of assets and property outlined in legal documentation guarantees that your wishes will be respected by law. This documentation is especially important for seniors when a family member might seek control over the process, whether moral or self-serving, to follow their whims when handling your wellbeing when you are most vulnerable. Besides adhering to your expressed wishes, having your choices documented relieves family members from guessing what you want.

When preparing for your aging process, seek out a well-regarded attorney who specializes in elder law. While many general practice attorneys may have some experience with elder law topics, regulations are ever-changing and complex. It is best to find an attorney who specializes in elder law so that you get the best and most up-to-date advice.

Proactively address your aging process with a qualified elder attorney to make sure your wishes are carried out now, and in the future, regardless of what happens with your health. Both you and your loved ones will garner invaluable peace of mind knowing that your wishes are known and legally documented.  Please contact our office by calling us at (318) 255-1760 and schedule an appointment. We would be happy to help you with your planning and we look forward to hearing from you.

Hearing Loss Linked to Depression

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The findings from a ten-year study by the Journal of the America Medical Association (JAMA) reports of a link between hearing loss and health risks. The risks include a 50 percent greater risk of dementia, a 40 percent greater risk of developing depression and nearly a 30 percent higher risk for unintended falls.

Reuters Health cites data analyzed by researchers, combining the findings from 35 previous hearing studies with participants aged 60 or more, which establishes the connection between hearing loss and depression. The aggregate of the conclusions of these reports suggests that older adults who experience some form of hearing loss are 47 percent more likely to display symptoms of depression. The take away is that depression is often brought about by the isolation of an individual and hearing loss tends to create social isolation. Dr. Nicholas Reed of the Cochlear Center for Hearing and Public Health at Johns Hopkins University School of Medicine agrees with the findings published by Reuters. “First, hearing loss impairs communication and influences balance, which can lead to social isolation and decreased physical activity that, in turn, result in depression,” Reed said.

Beyond the problem of social isolation due to hearing loss is that the longer you wait to address the issue the greater the risk of associated cognition problems. An older adult may be able to hear words but not be able to understand their meaning cognitively. It is imperative to see an audiologist and test hearing capabilities to establish an informational baseline and make future adjustments accordingly. Overall, older adults who experience hearing loss tend to withdraw from society and are more likely to experience mild cognitive decline furthering levels of social and emotional loneliness.

It is estimated that 100 million people in the US are exposed to unhealthy levels of noise. Aircraft and automobile noise, leaf blowers and lawnmowers, car stereos and earbuds all contribute to the increase of hearing loss. Hearing loss lowers quality of life and can also have severe implications regarding personal safety. Potential danger warnings like smoke alarms, car horns, fire alarms, public safety announcements all require the ability to hear. Hearing loss limits everyday life experiences in our ability to socialize, work, and communicate. It also limits joyful experience like the sound of a child laughing, a bird singing, a loved song on the radio, or a gab session with a great friend.

Thus far there is no way to undo damaged hearing but other than cost; there is no downside to hearing aids anymore. Their look is discreet, they are easy to learn how to use, and professionally adjustable over time to compensate for increased hearing loss. Once you factor in the cost of a potential fall, increased risk of dementia, social isolation, and depression, the price of hearing aid(s) winds up being comparatively minimal. Although the study, as reported by Reuters, does not investigate whether treating hearing loss can prevent depression aging Americans should still seek medical attention when experiencing hearing problems.

Hearing is a complex biological phenomenon. First ears capture sound traveling through the air as a vibration in air pressure. The outer ear (pinna) catches the sound waves and indicates its direction, in front, behind, above or below you. The ear canal receives the sound wave and triggers vibrations to the eardrum which becomes amplified by tiny bones known as ossicles.

Then the amplified vibrations travel to the cochlea in the inner ear where the sound is translated into nerve impulses that your brain recognizes and processes as distinct sounds.

Hearing and its complexities and loss will continue to get a lot of attention moving forward. In a world full of headphones, earbuds, robust speakers, and unwanted environmental noise, all of us are at risk of having diminished hearing abilities. Turn down the sound whenever possible to improve your quality of life as you age. Hearing loss has a profound impact on your well being.

Be proactive in the monitoring of your hearing abilities and subsequent hearing loss as you age.  If we can be of assistance in any way, please don’t hesitate to reach out.

You can get in touch with Goff & Goff at our Ruston, Louisiana headquarters by clicking here, or calling us at (318) 255-1760.

What’s the Difference Between Estate Planning and Elder Law?

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The short answer: Both share similar concerns. The longer answer? The differences make all the difference.

The Concerns are Similar

No matter what age we’re in, life can deliver some hard knocks. Hope for the best, but plan for the worst. We can get into accidents, especially when we’re young and under the impression that we’ll live forever. Whom would we like to be there for us if we can’t speak for ourselves? If we can’t pay the bills? Decide about our health care?

Both estate planning and elder law attorneys help you choose people you trust to stand in your shoes when you can’t speak for yourself.

As adults, we start families and assemble worldly goods. If we’re thinking realistically, we want to make sure our families are taken care of and who gets our property if the worst happens to us.

Both estate planning and elder law attorneys help you with those questions. Both kinds of attorneys also know how to protect your estate from tax burdens and to avoid the expense and delay of court proceedings.

The Differences Make All the Difference

Elder law expertise becomes crucial when we get older. We’re living longer, healthier lives – but nobody knows when we, or those whom we love, will get too sick to make decisions or to live independently.

It’s understandable, but not wise, to postpone thinking about these things. Delay or denial can mean that entire savings get wiped out paying for nursing homes. Misconceptions about government benefits can forfeit eligibility for them. If you want to retire from your own business, do you have a plan for a smooth and profitable transition? What quality of life can you protect? What housing arrangements can be made? What is the wisest allocation of financial resources to protect against as many foreseeable contingencies as possible?

This is where we elder law attorneys come into our own. We can help you face these difficult questions with your and your families’ best interests at heart. What we know can go far to spare you the distress and anxiety if you were caught unprepared. We know how Medicaid, Medicare, and Social Security work. We can help you manage retirement income benefits. We can steer you to financial arrangements necessary if you or yours need long-term nursing care.

These are difficult, complicated questions that require particular knowledge to answer. We elder law attorneys have studied long and hard for that knowledge. We have learned how to help you plan to enjoy the life you have, plan for when life becomes harder with age, and have something left over for your legacy.

Estate planning is only the beginning.

At Goff & Goff Attorneys, we have extensive experience in dealing with both estate planning and elder law, along with their similarities and differences. If you or a loved one have any questions regarding your or their planning, please click here to send us a message, or give us a call at (381) 255-1760.