Planning | Cooper, Adel & Associates

The Importance of Planning for Special Needs Families

Written on May 7, 2013 by Cooper, Adel & Associates in Health, Planning

By: Attorney Nathan Simpson

Growing up with a brother who is disabled, I know firsthand the importance of estate planning. The plans that my parents put in place now will have a significant impact on the quality of life for my brother after they have passed away. This means thinking further into the future than most people typically do.

Typically, special needs planners look to trusts that will enable those with disability to have assets available for their care without disrupting public benefits. This is a good first step, however it is not the only thing families should be concerned about. Planning for long term care costs for both themselves and their special needs child, in our case, my brother, should be a high priority. With Nursing Home costs exceeding $10,000 a month in some parts of the state, ensuring that there are assets to pass down to your children requires advanced long term care planning. Additionally, even establishing a basic estate plan that allows assets to avoid being tied up in a costly probate takes on a new level of importance for families like mine.

If your family is like mine, and you are concerned about creating a plan for members of your family with disabilities, talk to the Elder Law Attorney at Cooper, Adel & Associates. Our Elder Law Attorneys have the knowledge about both estate planning and government benefits you need to ensure that your family has their ducks in a row.

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

National Healthcare Decision Day

Written on May 3, 2013 by Cooper, Adel & Associates in Health, Planning

0 Comments - Leave a comment!

By Attorney Keith Stevens

You may not have realized it, but April 16 was National Healthcare Decisions Day. In a time when you can find national days celebrating all sorts of crazy things (on May 9^th you can commemorate Lost Sock Memorial Day), National Healthcare Decision Day should be of interest to us all.

The purpose of National Healthcare Decisions Day is to encourage people to take charge of advance care planning. This is an area that needs clarification and discussion. In 2003, the U.S. Agency for Healthcare Research and Quality reported that fewer than 50% of severely or terminally ill patients had advance directives in their medical record, while 65-76% of physicians whose patients had advance directives were unaware of it. But there are signs of improvement – according to the Pew Research Center in a January 2006 report, the number of people with living wills jumped 17% between 1990 and 2005, from 12% to 29%, in part thanks to the infamous Terri Schiavo litigation.

Dealing with advance planning can be difficult not only because of the emotions involved, but also because of the common perceptions people have, correct or incorrect. People often have difficulty figuring out how healthcare powers of attorney, living wills, and do-not-resuscitate orders fit together, or even how these three documents are different from each other. That’s before we even start talking about the differences in state laws. With fifty states, there are fifty living will statutes and the requirements for a healthcare representative can vary greatly between them. When clients of mine move to another state, the healthcare documents are the ones that are most likely to need to be replaced. What you may have heard from a friend or family member in Indiana won’t necessarily apply in Ohio.

With today’s medical treatments, it is not unusual for our bodies to outlast our minds. We are living longer and advances in healthcare mean that fewer of us are dying as early of heart disease, cancer, and similar ailments, the downside of which is that we are more likely to develop dementia or other mental disorders than any previous generation. These facts, coupled with increasing legal regulation of physician-patient relationships, make advance directives all the more important.

If you have not already created advance healthcare directives, consider contacting an elder law attorney to assist in drafting them. If you do have these directives, the best thing you can do is make sure that your physician knows about them and that you have talked with your family or other agents.

National Healthcare Decision Day has its own official website at http://www.nhdd.org/

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

A Cautionary Tale of DIY Estate Planning

Written on May 1, 2013 by Cooper, Adel & Associates in Planning, Probate

0 Comments - Leave a comment!

By Attorney Ted Brown

I recently came across another example of self-help estate planning gone drastically wrong. In this case, Mom was in her 80′s and owned a family farm and a life-savings of conservative investments. She wanted her estate to be divided equally among her four children but wanted to make sure her two sons, who were farmers, got the farm.

So, to keep things simple, she deeded the farm to her two sons, and created a “simple” will leaving everything else (the cash investments) to her two daughters. She used a national legal self-help service to get templates of the necessary documents and was satisfied she had done everything she needed to do while avoiding the costly fees of an estate planning attorney.

However, when Mom passed away things were not nearly as simple as she had hoped. The will that she had prepared was not valid because it did not comply with the complexities of Ohio law. Therefore, her plan to divide the investments among her daughters failed. Not only did her assets have to go through the hassle and expense of probate, but since there was no valid will, her assets were divided according to state law.

This gave the investments equally among all four children. Since she had already given the farm to her sons, they ended up with a larger share and were under no obligation to even things out as mom had intended. However, it turned out that they would need the extra cash to cover the large capital gains tax burden that was created when mom gifted the farm to them while she was alive.

I see cases like this all too often. Estate planning is one of the most important decisions you will make and it is always best to consult a professional who specializes in that area. The legal fee paid to ensure that your estate is in order, up to date with state law and tailored to the specifics of your family will be far less than the fee associated with sorting out a flawed do-it-yourself strategy. Estate planning is like anything else: you get what you pay for.

Running Out of Money Trumps Death

Written on April 18, 2013 by Cooper, Adel & Associates in Asset Protection, Planning

0 Comments - Leave a comment!

By Bob Kueppers

In a recent infograph, running out of money trumps death as the top fears about getting older. When I look at my parents and grandparents, I know that this is a fear they will never experience, mostly because they knew how to save throughout their life time and didn’t wast money on a new fancy car or exotic vacations every quarter.

However, when I look at my generation it’s the exact opposite. I see a lot of my friends living pay check to pay check and trying to outdo each other with who has the most expensive car or new gadget on the market and maxing out credit cards. Before working at Cooper, Adel and Associates, I was just like my friends. Working around estate planners has made me realize that it’s never too late to start planning. While my friends are trying to outdo each other I’ll continue working on saving for my future and setting up my estate plan to make sure death will always outweigh running out of money.

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Leaving Money to Others can Create Serious Problems

Written on April 9, 2013 by Cooper, Adel & Associates in Asset Protection, Planning

0 Comments - Leave a comment!

By Attorney Dan Vu

Unfortunately we live in a world where even when you want to do a good thing for someone, like leave them an inheritance, you may be creating a serious problem for them. For example, if a disabled family member has been approved for government benefits, like SSI or Medicaid, and they now receive an inheritance, they will have to update the government agency about their inherited assets. The agency may count the inheritance as an asset that disqualifies them for future benefits.

More common, and worse than the previous example, is when the disabled family member forgets – or does not know that they are required – to report the inheritance and therefore government payments continue. Every year, the Agency conducts an audit and they will find out about the inherited assets. Unfortunately for the disabled family member in this case, the Agency will not only suspend future payments but will also demand that they return all payments received from the time of inheritance to date!

What if the beneficiary has already spent the money? The agency becomes a debt collector, and the beneficiary will wish they never received the inheritance.

Knowing that they could cause such problems, many people choose simply to disinherit the disabled family member. This results in leaving them out in the cold when they could benefit most from the inheritance.

There is a better way. A Supplemental Care Trust can be used for the benefit of the disabled beneficiary. The inheritance left to the Supplemental Care Trust can still be used directly for the disabled beneficiary’s supplemental needs, i.e. anything that the government benefit is not providing. By law, this trust cannot be used to disqualify the beneficiary for any public benefit and does not need to be reported to the government agency. The only requirements are that the trust be set up by someone else, typically the parent or the grandparent, and that a trustee be appointed, but that trustee could even be the disabled beneficiary’s sibling. When the disabled beneficiary needs a new car, some funds for a trip, or almost any other “supplemental” expense the trustee will simply write the check. Also, the trustee is limited to only writing checks to or for the benefit of the disabled beneficiary to ensure that trustee has no incentive to keep the funds from a disabled beneficiary’s reasonable request. In this way, the beneficiary can keep their government benefits for basic necessities while making life easier by using the supplemental care trust funds.

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Elder Law Tips & News

Written on March 29, 2013 by Cooper, Adel & Associates in Elder Law Tips & News, Planning

0 Comments - Leave a comment!

If you have a special needs child or adult and you are aging, there are ways to make their life better without keeping them from the benefits they need such as Social Security or Medicaid. Call our office to discuss how a Special Needs Trust can make sure your child will have the care, comfort and well-being they need when you are no longer able to help them.

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Common Retirement Planning Mistakes Made by Seniors

Written on March 13, 2013 by Cooper, Adel & Associates in Planning

0 Comments - Leave a comment!

By Roy Whited

This information was taken in part from a newsletter posted by Life Health Pro in November 2012. The content reminded me of certain issues that we see our clients facing almost every day.

The Mistake: Not maximizing Social Security benefits.

Social Security should be thought of as an additional retirement asset, much like your 401K, and election timing can often be the difference of over $100,000 in lifetime benefits for a married retired couple. Most retirees elect Social Security as soon as possible, which is usually a mistake. Coordinating your Social Security benefits to begin at your retirement date is often not the optimal election option.

In addition to not making the best elections with their Social Security options, many seniors can be making another mistake by not having a plan designed to protect and preserve their assets including their home.

For straight answers to hard questions about your personal option to protect your assets and maximize your Social Security options why not call the Cooper & Adel Law Firm to schedule a free one-hour consultation.

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Is my Bank Secure?

Written on March 11, 2013 by Cooper, Adel & Associates in Estate Planning, Investments, Planning

0 Comments - Leave a comment!

By Kathy Cooper

Do you have a reason to worry about the security of your money in your bank? Let's look at the facts:

In a recent posting, Fivecentnickle.com projected that about 10-20 banks will fail 2013. Geographically, you are more likely to see a failed bank if your bank was in Illinois, California or Florida as you can see in this map. Tennessee, Montana and a few other states had no bank failures since 2008. This map shows the distribution across the US from 2008 – 2011.

So, in reality, your chances of having to worry about a failed bank are 10 or 20 in 7,053 of the FDIC-insured institutions in the US. Even if you did invest in a failed bank, you only have to worry if your account was more than the FDIC limit in any one bank. Here are some FAQs about FDIC insurance:

What is covered by FDIC? Savings, money market deposit accounts and certificates of deposit (CDs)

How much is covered? Up to 100% of the insured amount, including principal and interest

How can I tell if my bank is covered by FDIC? You can call the FDIC at 877-275-3342 or search for your bank at http://www.fdic.gov/deposit/

How much of my deposit is insured? Up to $250,000 per depositor, per insured bank. You may find it easier to go to the FDIC estimator, EDIE, which you can find on-line at EDIE that calculates approximately how much is protected based on how your assets are titled.

What if my money is in a Credit Union? Credit Unions are insured by the NCUSIF, a federal fund similar to the FDIC.

What do you need to do to protect yourself if you are a senior (or you are taking care of the finances for a senior)? Here are a few tips from Attorney Thom Cooper, the found of Cooper, Adel and Associates:

Spread them across different types of investments and institutions. How much should you invest in each? That depends on your overall estate plan goals, your health and your family situation.
Consider insurance or annuities. Insurance companies have insurance in each state similar to FDIC and NCUSIF for annuities and insurance policies. For more information, see NOHLGA which is the nation information site for these funds.
Remember that stock, bonds and mutual funds do not have these types of guarantees. If holding on to your assets is your main concern, these may not be the best investments for you. Seek professional advice.
Be careful about the way in which you title your assets. How your assets are titled can make a difference in how much is protected from probate or from a catastrophic healthcare event that requires long term care.
Be careful about the way you set up your beneficiaries for your assets. Most of us do not want to pay more estate (death) taxes that we must. Your beneficiary designations can make a big difference.

Whatever you do, make a plan and make that plan with a trusted team of professionals. At Cooper, Adel & Associates, we believe that the best way set up your plan is to work with an elder law attorney as the lead on your team of professionals. As Thom always says, “If you don't have a plan, Uncle Sam has a plan for you and it will probably not be a plan you want!”

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Paper or Plastic?

Written on February 21, 2013 by Cooper, Adel & Associates in Aging, Planning

0 Comments - Leave a comment!

By Meredith Gard

“Paper or Plastic?” It's a question you hear most often at the grocery store, but you might soon be getting that question from an unexpected source. According to the New York Times blog The New Old Age, The Treasury Department will be making a serious push to move Social Security recipients from paper checks to a debit card that is reloaded monthly or to direct deposit into a checking or savings account.

Ohio seniors will be particularly affected, as almost two hundred thousand seniors still receive paper checks in the state. The reasons for the “Go Direct” campaign are simple. First, it will save the Treasury money, approximately one billion dollars over ten years. The second reason is for security. In 2011, 440,000 reports were made that paper checks were lost or stolen. The electronic transfers have less possibility for interference.

What does this mean for you or a loved one if they are still receiving paper checks for their Social Security payments? Mostly it will mean more mail. The Treasury Department will send out a series of letters urging holdouts to switch to the electronic methods. But don't worry, payments will not be interrupted, and the change will not be made without your consent. And if you do decide to switch, you don't even have to get online to do so. You can go to your local Social Security office or call 800-333-1795 to have the Social Security Agency walk you through the change.

Source:

Go Direct

New York Times

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Pauline Friedman Phillips-AKA Dear Abby

Written on February 20, 2013 by Cooper, Adel & Associates in Planning

0 Comments - Leave a comment!

by Janet Fickle

Even if we have never written Dear Abby a letter, I am sure we have all read a column or two. I actually have been reading Dear Abby since I was a teenager which has been 50 years.

She passed away on January 16, 2013 at the age of 94.

Pauline Esther Friedman was born on the 4^th of July in 1918. She had a twin sister who was born 17 minutes earlier, who grew up to be Ann Landers, another advice columnist. Here are some interesting things about her life:

When Pauline first tried to get a job as an advice columnist she “was laughed out of the room.” She got her first job with her sister who asked her to help with the bushels of letters she was getting as Ann Landers. After that Phillips worked for the San Francisco Chronicle starting out at $20.00 a week as Dear Abby.
Her pen name is interesting. In her 1981 book, The Best of Dear Abby, she revealed, "I took the 'Abigail' from the Old Testament, for Abigail was a prophetess in the Book of Samuel, I chose 'Van Buren' from our eighth president, Martin Van Buren, because I liked the aristocratic, old-family ring."
She and her sister were estranged for a time because of their similar careers, but they reconciled in the 1960's.
Phillips worked for years from her home in Beverly Hills, Calif., where she composed her columns on an IBM Selectric III typewriter.
The longest letter she ever received, was a 102 pages long. It was written by a prison inmate.
She has received many letters with odd topics, one of them was whether a dog could serve as the ring-bearer at a wedding ceremony.
She became a champion for gay people in the 1980's.

One of her sayings was written in a song by John Prine in the 1970's. “Stop wishin' for bad luck and knockin' on wood.”

On the serious side, she always took time to make sure she had the right answers for her readers. She was always willing to accept criticism for a wrong answer from her readers and she would make it right. I am sure she has saved many marriages, prevented people from making life changing mistakes, and probably even saved some lives. If she didn't have an answer, she would check with the experts to get that answer for her readers which brings up the fact that when it comes to your family and your estate planning for the future, you should always contact people who are experts in that field. Cooper, Adel and Associates are here to help you with all of your ideas and thoughts on your estate planning. Please call 1-800-798-5297 to schedule a free consultation in one of our four offices in Ohio.

Source: Posted in Bulletin Today, Legacy. blog.aarp.org/2013/01/17/pauline-phillips- 10-bet-you-didnt-know-facts-about-dear-abby/printed on January 31, 2013

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Category Archives: Planning