Blog | Cooper, Adel & Associates

The World of Medicaid to be explained

Written on March 26, 2013 by Cooper, Adel & Associates in Medicaid

Heartland of Centerburg Nursing and Rehabilitation will present Attorney-at-Law Liz Durnell, Medicaid specialist with Cooper, Adel & Associates. The public is invited to attend a FREE informational session on the complicated world of Medicaid and Long Term Care. If you or someone you love can benefit from this FREE session or just want to be prepared for the future, don’t miss this session on Tuesday, March 26th 2013, from 6:30-7:30pm. The address is 212 Fairview Avenue in Centerburg. Light refreshments will be provided.

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.

What are the rights of the surviving spouse as trustee?

Written on March 24, 2013 by Cooper, Adel & Associates in Q&A, Trust

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Answer: The surviving spouse retains full rights to all of the trust assets and continues to have the ability to amend or revoke the trust. The only exception is if an AB trust (i.e. Credit Shelter Bypass Trust) has been created for tax savings at the first death. This AB trust is normally only created for those couples with estates over the Federal Exemption Equivalent Amount which is $5,250,000 and will be adjusted for inflation.

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.

Who can be my successor trustee and how are they selected?

Written on March 23, 2013 by Cooper, Adel & Associates in Q&A, Trust

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Answer: It is your choice. You choose your successor trustees as one of the provisions of your living trust. Commonly, our clients choose a family member such as a spouse or child. Normally there is a first, second or even third successor trustee in the event one of your successor trustees would be unable or unwilling to serve. You may also have two or more people serve as joint trustees. You can change your successor trustees at any time. You can also name a third party as a successor trustee such as a trusted friend, a professional (e.g., CPA), or a corporate trustee (e.g. bank).

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.

Senior Living Options and Costs

Written on March 22, 2013 by Cooper, Adel & Associates in Aging, Nursing Home Planning

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As seniors age, many will need help with daily tasks. Helping them make appropriate decisions about their living arrangements is critical to their health and well-being.

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.

Seniors Back in School

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

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By Melissa Reynard

Have you ever wanted to go back to college but thought you were too old? Well here's your chance to go back. Retirees can sometimes attend college for free, and that's certainly a great way to earn your degree no matter what age.

Approximately 60% of accredited degree-granting institutions offer tuition waivers for seniors. Most of these restrict the age limit to age 60 and older. (And it should be noted that there are still some fees, but everything has been vastly discounted). In addition, you can audit courses, which means that there is no homework or exams, but you don't receive credit for them, they are purely for expanding your horizons. Then there are community colleges, which have 84% offering courses specifically for older adults. And there are even scholarships for seniors. Some states will offer a full scholarship to elder citizens. There are even online courses for seniors.

In addition to getting your education and learning new topics there are other benefits for attending college as a senior as well. Attending can vastly improve your social life as it gets you into a classroom with people of all ages where you can share your ideas while learning new ideas from others. Additionally, the act of learning itself has been shown to stave off Alzheimer's by building new neural pathways in the brain.

Even if you have no desire to pursue a degree, there are so many different courses that colleges offer that could be great just for the experience. Look to a college near you to see what programs they offer for senior citizens.

Sources

http://money.usnews.com/money/articles/2009/04/20/forget-tuition-how-retirees-can-attend-college-for-free

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 20, 2013 by Cooper, Adel & Associates in Elder Law Tips & News

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Are you motivated to get your estate planning started? Think about these important questions:

What can you do to avoid being a burden on your family?
What do you need to do now so you won't leave a mess behind when you die?
Do you have the right planning in place if you have a catastrophic healthcare crisis?
Will your spouse have financial security if something happens to you?

Call Cooper, Adel & Associates to get started … now!

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.

If something happens to me, who has control of my trust?

Written on March 17, 2013 by Cooper, Adel & Associates in Q&A

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Answer: If you or you and your spouse die or become incapacitated, your successor trustee, normally one of your children, becomes the new trustee and is empowered to act on your behalf and to follow your wishes as set forth in your living trust. All of this is done quickly and privately according to the instructions in your living trust and without court interference.

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.

If I establish a living trust, do I lose control of my assets?

Written on March 16, 2013 by Cooper, Adel & Associates in Q&A

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Answer: No. As your own trustee, you continue to have full control of your assets just as you did before you established the living trust.

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.

Another Reason to Have a Trust

Written on March 14, 2013 by Cooper, Adel & Associates in Estate Planning, Investments

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By Attorney Dan Vu

There are many benefits to having a trust. There are plenty of blogs on this website that tout the major benefits which, depending on what type of trust you have, can run from avoiding probate or achieving tax savings to protecting assets from the cost of long term care. However, there are some relatively unknown benefits of trusts also have. These benefits, in the right situation, can be a major help.

For example, did you know that your bank accounts can be FDIC insured to a higher maximum amount if they are owned by a trust? Normally, the FDIC will insure an owner up to $250,000. Consider this: If you have $300,000 in a bank account titled to you alone, $50,000 will not be insured in the event your bank cannot honor your deposits (that is, if they go under). On the other hand, if your trust is the owner of your bank account, FDIC insurance is based on the number of beneficiaries you named in the trust. So, with our example of a $300,000 bank account, FDIC insurance is calculated by multiply $250,000 by the number of beneficiaries you named. For example, if you are single individual, and your trust has named your three children as the death beneficiaries, the FDIC will cover your bank account up to $750,000 (3 X $250,000). So even though your death beneficiaries have zero ownership over the trust during your life, the FDIC will insure you in consideration for their future interest.

As a warning, the rules get complex if you start changing the type of ownership and the amount of beneficiaries. The easiest way to determine your FDIC insured amount is to use their calculator.

They call it the EDIE Estimator. Use this calculator to determine your FDIC insurance. You can find the link here: https://www.fdic.gov/edie/calculator.html

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

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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.