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Category Archives: Planning

What are Women to do…

Written on May 17, 2012 by Thom Cooper in Aging, Planning

By: JM Megail Gaumer

Did you know that a woman that reaches the age of 60 has a life expectancy of 23.8 years? That is 15.5% longer than the life expectancy of a man. When you take into account that many women are/were the ones to stay home to raise families and provide care to elderly family members it opens your eyes to the fact that as women reach retirement age they have put themselves into a hardship.

Women’s healthcare costs exceed that of men’s by a range of 4% to 48%, but do their incomes make up the difference? No, the average retirement income in 2009 for women was $21,519 – 57% lower than men.

That leave the question, what can be done to alleviate the burden in their golden years with or without their spouse by their side. We welcome you to schedule a free consultation to discuss your individual retirement concerns and help find solutions to them.

Ratings for Home Health Care Agencies

Written on May 16, 2012 by Thom Cooper in Health, Nursing Home Planning, Planning

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By Kathy Cooper

Joe Karp, a Certified Elder Law Attorney in Florida, recently published an interesting blog post about a customer rating system that is now available on-line for home health care through Medicare. Those of us who shop on-line have become very reliant on the customer ratings available through sites like Amazon. We look at the bad as well as the good to make up our minds about whether this is the product we want. We want to know the experiences of those who have purchased before us.

Shopping for home health care is no different. You want to know the experiences that others have had with an agency that will help you, your spouse or your mother on a daily basis. I wish I had been able to have an Amazon-like customer rating when my mother had her first stroke and we needed in-home speech therapy and occupational therapy. As it was, I was left to guess. Had the agency screened the caregivers adequately? Would they treat my mother like a child or, as I hoped, like a rational adult? How dependable where they? What if I had a question or concern, how would they handle it?

Here is the website that will direct you to the comparison site for Medicare-certified home health agencies near you: Home Health Compare. You can enter a zip code for a listing or you can enter a specific agency. Once you have chosen agencies to compare, you will have the choice to look at Patient Survey Results. It is a fairly new service, so give it time if you can and contribute, please! This will help all of us.

By the way, Joe is a member of a nationwide group, the American Association of Trust, Estate and Elder Law Attorneys. Our own Attorneys Thom Cooper and Mitch Adel are members and Thom is a past-president. It helps to have a group of individuals who can provide a national perspective on issues that affect our clients. If you would like to discuss how you can plan to protect your assets in a situation where you need home health care, assisted living or a nursing home stay, give us a call.

What age should you start planning to protect your assets?

Written on May 14, 2012 by Thom Cooper in Asset Protection, Planning

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By Jessica Lopiccolo

I have been working with a client’s daughter, taking care of her father’s assets. He was 80 years old and in a nursing home receiving Medicaid benefits. He retained a Life Estate in his property, so when he passed away, the life interest that he held in his property was subject to Ohio’s Estate Recovery. Our attorneys are now negotiating with the State to reduce the amount that the daughter will have to pay in order to remove the lien from the property.

Even though this is not an ideal situation, the daughter has retained us and we are still able to help her. When I was meeting with her to gather information about her father, she asked the age when most of our clients come in to start protecting their assets from a nursing home situation. This individual was in her early 50s. She had already scheduled an appointment to meet with Attorney Cooper to get started.

There is no exact age when you must begin planning to protect your assets against a catastrophic healthcare situation – the sooner the better. If you want to make sure that your assets pass on to your family or friends, then you should call and schedule an appointment to get started.

Funeral Planning

Written on May 9, 2012 by Thom Cooper in Planning

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By Brooke Curtis

Death is one thing in life that is guaranteed, besides paying taxes. When that day comes, how do you want to be remembered? Funerals are meant to be a gathering for the friends and family to mourn your death.

There are some who insist that it is better to CELEBRATE your life. Some, who have a party in honor of the deceased, take this literally with balloons, streamers, alcohol and cake.

If you are in the “celebrate” camp, there is a website to help you prepare your family for this type of event called a Life Celebration. You can also set up an account, which at your death can be used to fund the “celebration”. No matter if you choose a traditional funeral or life celebration, it is never too early to start planning.

Who will take care of your pets when you’re gone?

Written on May 8, 2012 by Thom Cooper in Planning, Trust

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By Carmen Potterton

My husband and I decided that any children we may have would have four legs and fur. You would think it would be easier but not so much.

We have several cats, their issues vary; a cracked jaw, a tail that wouldn't stand up (it eventually stood back up), puncture wounds, dairy queen cup stuck on a head, pneumonia, and the two who have feline leukemia, which means they can't mingle with the others, so for them we added a room onto the house, which is actually kind of nice, I now have my own office.

Our dog is a mutt, someone once told me they tend to have fewer health issues, I think they were wrong, so far we have found out he has acid reflux (seriously), a sensitive digestive track which requires a special (which means expensive) diet, and seasonal allergies.

We love our four legged kids but worry about who will care for them when we no longer can, so the solution, a Pet Trust! If you have four legged kids, be sure they are cared for when your gone, contact Cooper, Adel & Associates, A Legal Professional Association, to make sure they get the care you want for them.

Do Not Procrastinate

Written on May 3, 2012 by Thom Cooper in Planning

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By Janet Fickle

D on't let someone else decide what to do with your assets at your death.

O nly you should decide how to provide for your families financial future.

N ow is the perfect time to call Cooper, Adel and Associates to schedule a free consultation.

O ur staff is ready to meet with you and discuss your situation to determine the best course of action.

T o contact us please call 1-800-798-5297.

P lan for the future

R ealize what needs to be done to avoid probate at your death.

O nly you should decide how your assets are to be distributed.

C ooper, Adel and Associates are available to help you with all of your financial planning.

R est assured that you have done everything to take care of your family.

A ssets shouldn't go to the government.

S ave your family further grief by being prepared.

T ake time to start your estate planning.

I nvestigate all of your options.

N ever think that you can put such important matters off until later.

A ctions should be taken before it is too late.

T ake this opportunity to prepare for the future.

E veryone needs to prepare for financial security.

Death and Taxes – An annual spring ritual reminds us to plan ahead to avoid costly end-of-life taxes

Written on May 2, 2012 by Thom Cooper in In The News, Planning, Taxes

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Every year as tax time approaches, we dig for receipts, organize our bills and try to get the most out of our tax returns.While these items are important, many seniors

don’t take as much time to think about the looming tax issues down the road: estate taxes, gift taxes and the tax impact of healthcare costs. Families benefit when all of their tax issues are part of the same discussion and when multiple genera- tions work together with experts to find the best strategy. The good news is, like many of the more familiar annual taxes we pay, end-of-life taxes can be avoided or minimized with the right planning. Here are some of the areas seniors should be aware of, which affect both types of taxes.

Estate Taxes

The estate tax, often called the death tax, can be a significant burden for families that don’t plan ahead, and changes at the federal and state level make planning even more critical. At the end of 2012, the Ohio estate tax is currently set to expire and the federal threshold for estate tax eligibility is scheduled to drop from estates worth more than $5 million down to $1 million. Assuming these changes occur as planned, lowering the threshold will impact signifi- cantly more families. For now, the Ohio estate tax applies to those estates valued at $338,333 and up, and is assessed by calculating approximately 7% of property/asset value. The maximum federal estate tax is currently set at 35% of property/asset value.

Tips to reduce your family’s exposure/obligation:

• Stay informed—the Ohio estate tax, while currently set to expire, might ultimately make a comeback as its revenues contribute significantly to municipal budgets. Further, Congress may move the federal threshold for 2013 back closer to $5 million before year’s end;

• Minimize your federal estate tax obligation by gifting up to $5 million to family members between now and the end of 2012 (see details in the next section);

• Create a trust to manage the distribution of assets and maximize tax exemptions; and

• Ensure that your heirs have the ability to pay within nine months of death or they may incur significant penalties.

Gift Taxes

Gift tax is the federal tax assessed on the value of property gifted from one person to another (excluding your spouse) above the annual exclusion. There is a widespread perception that there is an upper limit (commonly thought to be $10,000) on how much you can give annually as a gift without incur- ring federal gift tax. The reality is more complex, but more for- giving: currently, you are not obligated to pay a gift tax unless the sum of all of your lifetime gifts totals more than $5 million, but next year it will go down to $1 million.

The annual exclusion amount, below which there is no need to file a tax form, is currently $13,000 per person per year. This means that, in effect, you can give up to $13,000 annually to as many people as you wish without any tax-related paperwork.

Tips to reduce your exposure/obligation:

• In the State of Ohio, any gifts made three years prior to death are pulled back into the estate so that any applicable estate tax must still be paid on those gifts. After those three years are up, the tax no longer applies;

• Exercise caution if you plan to apply for government benefits in a nursing home situation as gifts can potentially disqualify you from receiving government-sponsored nursing home benefits; and

• Whenever making gifts to others including family mem- bers, make sure that you are very conscious of the effects
of placing your assets into someone else’s name. Remember, when doing so you lose control and subject the assets to their potential liabilities.

Medical Expenses/In-Home Healthcare

If you have significant medical expenses, including those related to specialized in-home medical care, make sure that they are deducted from your annual income taxes. There are also ways to protect your family from bearing the long-term cost of this care, or having it eat into your estate:

Tips to reduce your exposure/obligation:

• Remember that you can deduct medical expenses– allowable expenses must exceed 7.5 percent of adjusted gross income before any benefit kicks in;

• Deductions go well beyond medications and insurance bills; items such as specialized medical equipment like wheel- chairs, dentures, premiums for long-term care insurance and many other items;

• Proceed carefully when hiring in-home healthcare assistance: direct hires (as opposed to employees contracted through a home healthcare specialist or similar agency)
may incur additional tax reporting and payment obligations through the employer (i.e. you or your family); and

• Check with your CPA to determine the specific medical deductions that apply to your situation.

The bottom line is that the best strategy to reduce your end-of-life taxes is to plan ahead to ensure that your financial and legal strategies are working in concert thereby reducing your exposure.While the tips above are a great way to
help you get started, it is always a good idea to consult
an experienced and trusted attorney who dedicates their practice to elder law to ensure that you are doing everything possible under the law to make certain that your tax burden is minimized, your assets are preserved and your family
is protected.

Early Detection and Race for the Cure

Written on April 25, 2012 by Thom Cooper in Health, Planning

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By Lori McBride

Whether you are a mom, an aunt, a sister, a friend or even for yourself, the chances of being introduced to the breast cancer, is never far away. When diagnosed the dismay and questions come in droves: what caused this, what is the prognosis, can I afford the treatment, and finally, how can I beat it?

As a 13 year Breast Cancer Survivor, I can attest to all of the uncertainties that accompany the initial diagnosis. My children at the time were, ten & seven, and I, at the age of 31, had no idea what the future held for our family in the days/years that lie ahead. Not long after surgery, the emotional and physical journey had begun. Physical therapy, consultations, tests and results, and then, yes the dreaded Chemo and Radiation treatments. When the treatment schedule was in full swing I soon realized my legal and financial issues needed attention as well. My healthcare power of attorney, will and beneficiary designations had to be updated and intact. I realized I had complete control of this process. The control aspect was hugely important to me now, more than ever before. I wanted to insure that our family, home and financial affairs were secure and in order.

Going through this journey, through all of the ups and downs, the war we waged had to be single-minded: never give up, keep the faith and have a positive attitude, because the alternative was unthinkable.

This disease affects many women in all walks and stages of life. One thing is for sure, if you or know anyone who has been through this race you know first hand how it changes your outlook on life forever. Coming in May is the annual Susan G. Coleman race for the cure held in downtown Columbus, Ohio. I will be in attendance to help raise awareness and money for early detection and to find a cure.

If you have concerns about your healthcare documents or any estate or financial issue you may have, please don't hesitate to contact our office, Cooper, Adel & Associates A Legal Professional Association 1-800-798-5297. After all, early detection and diagnosis is key in all aspects of our lives.

The Personal and Financial Cost of Funerals

Written on April 4, 2012 by Thom Cooper in Aging, Health, Planning

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by Ron King

The funeral is a ceremony of proven worth and value for mourners. It provides an opportunity for all who share in the loss to express their love, respect and grief. It allows them to openly face the crisis that death may present. Through the funeral, the bereaved take that first step toward the emotional adjustment of their loss and start the healing process.

The cost to memorialize and bury a loved one has increased steadily in the past few decades, and survivors are often seeking donations and opting for less expensive options to honor the life of their loved ones.

When a loved one dies, money (moreover the cost of burial) is not a forethought. Once the initial shock of death has subsided, grief-stricken survivors realize that dying in America is expensive. The average funeral cost in the U.S. is about $6,500. With the added costs of cemetery, flowers and other expenses the total can easily reach $10,000. Grief, desires, obligations, and lack of direction can cause one to go into debt just to honor the dead.

As part of the many services we offer the public, we at Cooper, Adel, and Associates provide and answer to this dilemma that can affect all of us at some point. Through the use of tailored estate and burial pre-planning we can take the monetary burden off your loves ones so that they can focus on what is most important in the time of death…healing.

March Madness

Written on April 3, 2012 by Thom Cooper in Planning

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By Attorney Elizabeth Durnell

March is my favorite month of the year. It is like Christmas and Thanksgiving wrapped up into one amazing “holiday”. There is one reason for all of my glee: the NCAA tournament. As a diehard Xavier Basketball fan, in the past this has been a time to watch my Muskies shine.

After months of hard work, prepping and planning, the teams learn their fate. Are they in or are they out?

Once the brackets are announced on Selection Sunday, people spend the next few days filling out their brackets. Some people spend hours upon hours researching the teams, their players and any streaks they have been on, before making their selections. Other people make more emotional selections, choosing “their” team to go all the way, even though they know this isn't really an option. Other people make even less informed selections, instead making their choices based on whose team colors they like better or whose mascot would win in a fight. It doesn't matter how you make your selections, it is just something fun to do and a way to bond with friends, coworkers or family members.

Then come the weeks of watching the games and sometimes hoping for an upset (unless it is my Muskies who would be upset). Most people carry their brackets with them, even if they are not normally basketball fans, because their competitive streaks come alive in March.

In the end for most people it doesn't matter who wins the championship, but it gave them something to do instead of focusing on the everyday stress in their lives.

However, once the tournament is over, you should get back to your real life and focus on getting your ducks in a row. Please call Cooper, Adel & Associates to schedule your free consultation.