From the monthly archives:

March 2008

Free Durable Power of Attorney

by Jerrold Bartholomew March 5, 2008

The durable power of attorney is an extremely valuable estate plan document. It allows one person to designate an agent to conduct all financial affairs. These documents are typically durable meaning that the power continues through the disability of the principal (the person naming an agent). Alternatively, there can be springing powers of attorney, which [...]

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Late Life Divorce and Asset Protection

by Jerrold Bartholomew March 5, 2008

Many Elder law attorneys advise loving couples to pursue divorce as a method of asset protection. I have never found the technique necessary and, frankly, find the approach ethically questionable. Alternatives exist for both pre-planning and crisis planning that avoid the murky waters of a consensual divorce between an otherwise happily-wed pair. It is [...]

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Negative Inheritance?

by Jerrold Bartholomew March 5, 2008

A negative inheritance is a net loss of assets arising from the cost of caring for elderly members of one’s family. The cost of care is increasing rapidly, but that is simply a measure of the time and labor intensive nature of caring for the elderly. For some families, particularly those most devoted to [...]

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Protecting the Homestead: Part 2

by Jerrold Bartholomew March 4, 2008

Before the Deficit Reduction Act was signed in February of 2006, it was relatively easy for an elder law attorney or a well-informed layperson to set aside money to pay for the upkeep of a nursing home patient’s homestead. A simple contract could be created and assets transferred to a responsible relative who would pay [...]

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Is Long Term Care Insurance a Good Idea?

by Jerrold Bartholomew March 4, 2008

This article provides some preliminary answers to an important question for today’s retirees and elderly: Is long term care insurance a good idea?
In general, I advise clients to get long term care insurance. The effects of being unprepared for this financial tsunami are too overwhelming to do otherwise. But be careful and be informed.
Among your [...]

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Retirees Should File Taxes this Year

by Jerrold Bartholomew March 4, 2008

One interesting side-effect of the planned economic stimulus package is that retirees and others who have not filed taxes in years should do so this year. That is because the IRS cannot issue a refund without a determination of tax liability for 2007. Even if there are no taxes due, a tax return should still [...]

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Constant Change in Medicaid Eligibility Rules

by Jerrold Bartholomew March 1, 2008

When President Bush signed the Deficit Reduction Act of 2006, the states began to implement that law through a steady patchwork of regulations. Michigan issued revisions to Medicaid qualification rules on a quarterly basis throughout 2007 and there is no reason to think that this pace will slow down in 2008. I will be posting [...]

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Long Term Care Insurance for Everyone?

by Jerrold Bartholomew March 1, 2008

States have begun to encourage all citizens to obtain long term care insurance as part of the Deficit Reduction Act. No one likes paying premiums on insurance, but for those of modest means, the premiums are especially burdensome and the benefits, considering that Medicaid is available when the assets run out, negligible. According to this [...]

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Protecting the Homestead: Part 1

by Jerrold Bartholomew March 1, 2008

When a single person goes to the nursing home for long term care, there are several obstacles to overcome in order to preserve the homestead. First of all, the patient will be limited to just $2,000.00 in non-exempt assets. Secondly, the homestead will be at risk for estate recovery–a program by which the state can [...]

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