By Roy Whited
From the Ohio Department of Insurance website …
NOTE: This is the first in a series of upcoming columns by Lt. Gov. Mary Taylor focused on the negative consequences and costly impact to Ohioans of President Obama’s Patient Protection and Affordable Care Act. The President’s Healthcare Plan is Bad fro Ohio and our State Insurance Market.
By Mary Taylor
Ohio Lt. Gov. and Insurance Director
The Patient Protection and Affordable Care Act would be a great title if it actually protected patients or made healthcare more affordable. The trouble is President Obama’s health insurance plan does neither. How do I know? In the six months since Gov. John R. Kasich appointed me the Director of the Department of Insurance and advocate for Ohio insurance consumers, I’ve spent the bulk of my time defending Ohioans from- of all places- the federal government. I’ve quickly learned that the President’s job-killing healthcare plan is bad for consumers, bad for Ohio and bad for our state insurance market. And there is no way to avoid the looming higher healthcare insurance premiums- for everyone! That’s more money coming out of your pocket to pay for an already broken healthcare system.
Again, this is one more reason that you need to take time to develop a plan to protect your assets. For more information visit insurance.ohio.gov and you can read the article in it’s entirety. If you are worried about losing your money and your home to the cost of the nursing home, assisted living or home health care call our office and schedule a free consultation. You can learn first hand how and what can be done to protect your life’s savings. Call today 800-798-5297.
By Robin Crouch
With growing numbers of baby boomers entering retirement age and thousands of US soldiers returning home, there is a mounting need for long-term planning for heath and continuing care benefits.
Our clients depend on us to help them ease their tax burdens, preserve their assets and safeguard their futures. The cost of long-term care can consume a person’s assets if an effective estate plan is not in place.
Keeping up with critical developments in elder law and providing real solutions to the unique problems veterans face can be difficult. Through continuing education and experience, our Attorneys and staff offer the newest and most effective life plan procedures and strategies for qualifying clients for benefits while preserving their wealth.
“The consequences of today are determined by the actions of the past. To change your future, alter your decisions today.”~ Anonymous
Don’t be disappointed five years from now by the things you didn’t do today, call Cooper, Adel & Associates to map out a guide to your Life Plan.
By Steve Wright
If you have a parent or loved one who served our country in a time of war, and they are in need of medical care or assistance, then applying for Aid and Attendance benefits through the Department of Veterans Affairs is a perfect option. The Aid and Attendance program provides monthly benefit payments to help veterans and their spouses pay for needed care. However, the process can be daunting as the VA requires a great deal of information and time to reach a decision. Because of this we owe a duty to those who served our country to get the process started in a timely and accurate manner.
The process of applying for Veterans Aid and Attendance benefits requires that a fair amount of information about the veteran and/or their surviving spouse be submitted to the Department of Veterans Affairs. In addition, the process of getting approval is a long process as the VA usually takes about six to eight months to make a decision. For of these reasons, it is necessary to ensure that required information is reported accurately the first time. Otherwise, the VA could request more information and in some cases reject your claim, which will cause further delay for your loved ones who need the care.
At Cooper, Adel, & Associates we know the process very well, and we have staff dedicated to helping you understand and get through the process. By meeting with our staff we can guide you throughout the process by helping you gather the information the VA requires and informing you how to properly submit that information. We can also help you coordinate benefits across government programs so that actions you take to qualify for one program do not later disqualify you for another.
By Attorney Renee Fox
Most people put a lot of thought into creating an all inclusive estate plan to save their family from hassle in the event of their incapacity or death. They make provisions for their family’s needs, wants, their own desires, name guardians of their minor children, support charities, and name a trusted agent to act on their behalf in the event they lose the ability to make decisions. However, many people assume that once they execute their estate plan they are covered. They file the documents away and forget about them.
A plan that was proper a few years ago may not be appropriate today. It is important to review your estate planning documents at least every 3-5 years to make sure that they are accurate, reflect your current wishes and are still effective with laws that may have been enacted in the meantime. An estate plan should be reviewed more frequently when there are changes in the law or major life events occur. Below are some common situations when you should dust off your estate plan and make sure it still meets your objectives:
As an Elder Law Attorney at Cooper, Adel & Associates, one-third of the clients I see each week are existing clients coming in to make changes to their life plan. Frequent reviews are one of the many cost effective ways we provide quality customer service to each and every one of our clients. What’s stopping you from updating your estate plan? Come in to see the Attorneys at the Cooper, Adel & Associates and make sure to keep your ducks in a row.
By Attorney Liz Durnell
Medicaid funding may soon undergo a major Federal funding change. Currently, the Federal Government pays each state a fixed percentage of incurred Medicaid costs. However, there is a possibility that Medicaid may be converted to a block granting system.
What does this mean for your state and for you? Under a block grant, the federal government provides each state with a fixed amount of funding regardless of the states actual costs.
The effects of this could be devastating to our aging population. The fact that the the baby boomers are adding to the elderly population and the current economic climate are forcing more individuals to rely on Medicaid benefits. If Medicaid block grants are enacted, states will not have enough money to cover the needs of their populations, resulting in a decrease in the number of individuals qualifying for benefits and the amount of benefits available to those who do qualify.
The United States House of Representatives recently passed a resolution to convert Medicaid to a block granting system. Even though the resolution failed in the United States Senate, the issue is still not dead. Medicaid block grants will more than likely be a bargaining chip during the current debt ceiling debates.
Pre-planning is even more important now to avoid the hazards created by these possible changes that may affect your quality of life as you age. Please contact Cooper, Adel and Associates for your free consultation to determine your best course of action in an ever-changing political world.
By Attorney Dan Vu
If you have a trust in Ohio, your trust, unlike a will, is a private document that is normally never made public. During your life and at your death, no third party needs to know who gets what and how much unless you want them to know.
However, as you may already know, your bank, financial institutions, a government agency, or a title company may request a copy of the trust. Out of frustration, you may have complied and given them a full copy of your trust. Instead of providing a full copy of the trust, Ohio law allows you to provide a Memorandum of Trust (also called Certificate of Trust or Abstract of Trust). This is a statement, signed by the trustee, which provides the requester only the bare essential information of the trust needed to complete your transaction.
In 2007, when Ohio adopted provisions of the Uniform Trust Code, third parties accepting a Memorandum of Trust are sheltered from liability. This allows, for example, a bank to happily accept a Memorandum in lieu of having their legal department review your entire trust. A win, win for both parties. If you require a Memorandum of Trust, have your attorney prepare one for you. For the requirements of a Memorandum of Trust, see ORC § 5810.13.
By Mary C. Roberts
YES, there are probate issues that can come up even with a trust and all assets funded to the trust.
Ohio Law says that if a lawsuit has to be filed on behalf of a decedent for the benefit of his or her heirs, that suit must be filed by a representative of the estate and that Letters of Authority must be issued by the Probate Court of the County in which the decedent held residence.
If the decedent was involved in an auto accident or any type of accident or wrongful act that contributed to their death, Ohio Revised Code Sections 2117.05, 2125.02 and 2125.03 state that a wrongful death action must be filed with the Probate Court in order to pay proceeds of settlement to the proper heirs, and that the Probate Court must determine and approve proper distribution to heirs. One of the most common claims we are finding out there today are Mesothelioma Claims.
If you find yourself in a position where there is any possibility of this situation in your life or have been contacted concerning any possible settlement regarding wrongful death, you must find an attorney who can and will file the appropriate pleadings in Probate Court. Cooper, Adel & Associates has an Estate Administration Department that is seasoned in these matters and anxious to serve your needs.
By Julian Guilfoyle
“A man is known by the company that keeps him on after retirement age.” Anon
Soon-to-be retirees have a plight worth empathizing. The last ten years has brought them two devastating recessions, the first was marked by a national tragedy, the latter a housing crisis that threatened their front door itself. All too often they heard, “ It’s a recession when your neighbor loses his job; it’s a depression when you lose yours”. Translated for today it must be, it’s a “bubble” when your neighbor loses their home, it’s a crisis when you lose yours.
I believe the housing crisis has further reaching implications that have yet to be seen. For instance, imagine a soon-to-be-retiree who before the crisis invested a portion of their retirement to pay off their mortgage. I know why they chose that route; it had always been a sound strategy to invest in your principal residence. The thought was, at any point if one wished to downsize in retirement, they could, then reap the rewards of their homes’ gain in value. At the very least, they thought, when we pass on we will have left an inheritance for our children. Little could anyone realize that a few short years later their homes would be worth less than the mortgage they paid off. It doesn’t end there. As the crisis squeezed the value of their homes, the shock it caused to the market sent their IRA or other retirement vehicle back into the red. Little do they realize that if either they or their spouse require public benefits because of a health care event as they age, all of their sacrifice could be lost to Ohio’s estate recovery program.
As the baby boomers retire, at a rate of ten thousand per day for the next nineteen years no less, it’s no secret that across our nation purses are tightening. Retirees have watched their parents enjoy the stability of provided by Medicare and Social Security. Now like the rest of us, they wonder if they will be able to depend on those entitlements as well. The rules of the game have been changing too much as of late making it more difficult to make sound decisions.
Between long-term care, protecting and preserving their income and assets, and avoiding over-taxation, soon-to-be-retirees have much to think about. Call us for a free consultation to discuss your situation: In a DIY world, don’t stay a soon-to-be uninformed retiree, get your ducks in a row and become an informed retiree.
By Attorney Ted Brown
Many Ohioans are rejoicing this week on the news that the Ohio Estate Tax will be eliminated by January of 2013. However, this joy may be short-lived. The Ohio estate tax, also known as the inheritance tax or the “death tax,” currently affects all citizens with estates over $338,333 after they die and can cost between 6 and 7 percent of all assets held at the time of death. While the eventual repeal of this tax may come as a relief to the already tax-burdened Ohio middle-class, further analysis reveals that it may create more problems than it solves.
First, the timing of the repeal should raise an eyebrow. The tax will remain in effect for the next 18 months, leaving many praying to cling to life until 2013 when they could pass assets on tax-free. The reasoning for the delayed repeal is to give local municipalities, who receive the majority of their funding from the tax, time to find alternate sources of revenue. However, at a time where governments across the state are already struggling to pay their bills, one can’t help but doubt whether the repeal will ever actually take place.
Secondly, even if the repeal does take effect as promised, the state’s financial woes make it unlikely to last. Any future legislature could resurrect the tax at any time which is all the more likely with another heated governor’s race coming in 2014. It is this uncertainty that creates the most potential problems.
The repeal of the estate tax also means the repeal of many tax-saving elections, such as the Qualified Farm Valuation, that allows for a significant estate tax reduction for family farms. So while a farmer passing away in 2013 could pass on the farm tax-free, if the estate tax was resurrected later on the family could be stuck with a much larger tax bill when they pass away.
Should you still plan as though the estate tax were still in place? Probably, although estate tax planning is only one part of an overall estate plan that will assure that your hard-earned assets pass to your loved ones at your death.
