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Our Aging Population

By Bob Kueppers

The oldest members of the Baby Boom generation are just hitting 65. That means a much larger percentage that ever before of the US population are soon-to-be seniors. "All Assisted Living homes" has a great infograph illustrating this growing demographic. 

A Note on Survivorship Deeds

By Attorney Ted Brown

In the course of my work in Estate and Trust Administration, I often encounter the misconception that real estate owned jointly among spouses contains a right of survivorship. As a result, I see property end up in probate and the estate burdened with time-consuming and costly hassles that could have been avoided.

A right of survivorship is not conferred automatically to joint owners or joint tenants through a general warranty deed. This right is created only by specific wording on the deed itself and is more commonly seen is what is known as a survivorship deed.

While this nuance of property law is lost on many, it is not lost on a probate judge. Spouses, or other joint owners of property, each own an undivided one-half interest in that property. When one spouse dies, that half interest does not automatically pass to the other spouse unless a right of survivorship is granted within the deed. This means that in order for the surviving spouse to get clear title to the entire property, the deceased spouse’s half must go through probate. This can take months and add thousands in unnecessary expense.

The hassle of probate can easily be avoided by placing the property into a trust or with a properly drafted survivorship deed. It is important to seek the counsel of an Elder Law Attorney to explore these options.

 

Unique Plans to Avoid Paying for Long Term Care

By Kathy Cooper

Over the years, we’ve heard a number of unique plans to avoid paying for long term care.  I thought you might want to hear about them:

“I’ll never go to a nursing home.  I just plan to wake up dead one day.”

“If I find out I have Alzheimer’s, my thought is to rob 7-Elevens until I’m caught and go to jail.  They have to take care of you there.”

“I’m going to give my kids cash gifts, a little at a time.  How’s the government to know?”

“I have a bunch of silver and gold in my safety deposit box that they’ll never find out about, so my plan is golden!”

Although these are entertaining ideas, they are naive at best. You may have read estimates that 70% of all seniors over 65 will require some type of long term care and over 30% will end up in a nursing home at some point in their lives.  These are large numbers that are likely to include you and me – and, believe me, the Government is onto your plan to squirrel away money.

The best idea to avoid losing it all to pay for your long term care is to plan early, before your are faced with a crisis.  An experienced Ohio Elder Law Attorney can help you and your family identify options to protect and preserve your wealth in a way that complies with the law of the state so that you won’t have to go directly to jail to get your bill paid!

 

Ohio Ethics Advisory Opinion on Medicaid Representation

By Attorney Nathan Simpson

Recently, the Board on the Unauthorized Practice of Law of The Supreme Court of Ohio issued an Advisory Opinion entitled “Medicaid Assistance and Planning by Non-attorneys.” In it, the Court analyzes whether Medicaid planning and application activities constitute the practice of law.  The Court concluded that non-attorneys may assist in preparing and filing Medicaid applications.  However, only Attorneys may engage in Medicaid planning activity requiring specialized legal training, skill and experience constituted the practice of law.

The Court went on to state that :

“Medicaid planning in many, if not most, instances involves estate planning according to the prevailing legal literature. Individuals in need of long-term care often use estate tools such as trusts, gifts, and asset transfers to meet Medicaid income and resource-eligibility thresholds. Such estate planning requires specialized legal training, skill, and experience because it incorporates analysis, interpretation, and the preparation of legal documents.”

Through this opinion The Ohio Supreme Court has recognized the necessity of finding an Ohio Elder Law Attorney to assist in the Medicaid Planning process.  If you or a loved one need Medicaid planning help, contact the Elder Law Attorneys at Cooper, Adel & Associates.

The full text of the opinion may be found here:

http://www.sconet.state.oh.us/Boards/UPL/advisory_opinions/UPLAdvOp_11_01.pdf

RETIREMENT: A Complex Puzzle of Personal and Financial Goals

By Ray Kathawa, Annuity Consultant, M&O Marketing

Retirement is a complex puzzle of both personal and financial goals, each of which impact each other. When contemplating retirement, and especially when retirement is imminent, we have to make a lot of decisions.  One of the most important of these considerations is what you will do with your time.

While this sounds obvious and perhaps overly-simplified, in fact it is a key factor in a successful retirement. An integral part of your retirement plan, whether formal or not, is what you want to do every day; how and where will you spend your time ; Many people actually create a written plan for how they will spend their time in retirement. While this is certainly not necessary, it is a good idea.

Related to how you will spend your time is how you will create your retirement paycheck. This is the area of retirement planning that gets the most attention, and for most of us, is of the greatest concern.

Retirement is not all about how much money you save. …but ensuring that you have enough money for a retirement lasting as long as you do. This becomes an even more prevalent concern in an unpredictable economic environment.

Our challenge is how to create income from our retirement  savings in such a way as to ensure that our money lasts as long as we do.

 

Getting the Flu

By Angela Hall

Getting the flu shot – that seems simple enough. However every year, especially after I have battled the most recent strain going around, I am again reminded. It is so easy to let things go and think I will do it tomorrow. But once the aches and pains of the flu rear their ugly head I wish I could go back and get that simple shot.

Failing to get your affairs in order with a smart estate plan can certainly have more  devastating effects than a week of feeling miserable because of the flu.

Putting together a smart estate plan that can allow you to plan for the future goes a long way towards preventing last minute or crisis planning when it may be too late. The firm of Cooper, Adel and Associates can help you develop a plan that makes it much easier for those who depend on you. Don’t put it off until tomorrow. Tomorrow may be too late.

 

Getting those who have served our country the benefits they deserve

When it comes to providing the best for those who have served our country, we at Cooper, Adel & Associates take pride in our work to get veterans the benefits they deserve.

The VA’s multitude of programs, requirements and regulations can make it difficult for even the most savvy seniors to take advantage of the services and benefits they need. Cooper, Adel & Associates has helped hundreds of veterans and their families through this process, taking the burden off of those who may already be struggling to handle everyday activities.

Senior Partner Mitch Adel was featured on WTVN AM 610 on Veterans Day to discuss the Aid & Attendance Benefit, which can provide up to $1,900 to support disabled veterans and their spouses. More than 600,000 seniors in Ohio may be eligible if they served during WWII, Korea or Vietnam. Their disability does not have to be service related.

I’d like to sit down with you for a complementary meeting to talk about any questions and decisions you might have regarding veterans benefits or other retirement questions for you or your family. There are many choices to make, but it takes someone who knows all of the tools to make sure your solution is custom fit for you.

Please call us at our office, (800) 789-5297 and we can find the best time to talk for your schedule.

mitch adel-Vets Day-WTVN-11_11_11

It’s Never Too Early to Start Planning

By Kyle Thompson

If there is one thing that I have learned in my life it is that preparation is everything. Any situation can be improved with a little research and guidance. This can be applied to anything from taking a test, giving a speech and yes even testate planning.

The problem is many people feel that they have plenty of time to prepare and put off their planning. This can cause a variety of problems including loss of assets that they would otherwise retain for their heirs. With fewer assets than expected, their heirs may face a difficult situation. Often times declining capacity can create confusion on the part of their family and ensuring that their wishes are upheld can be very stressful. Working in an Ohio Elder Law Attorney Firm, we work with families dealing with these issues. You can bet that, even as someone who is just starting their family, I will be preparing early.

So avoid the rush and confusion by being prepared. Plan ahead, before you have a crisis. The earlier that you start talking about it and taking on this difficult task, the better prepared and ready for it you and your family will be. We are there to assist you when you are ready.

Government Benefits in Hard Economic Times

By: Attorney Nathan Simpson

As an Elder Law Attorney at Cooper, Adel & Associates, my work focuses on helping seniors get help paying for the costs of nursing homes, assisted living, and in home care services.  This means helping clients identify and apply for a range of government programs that can help pay for medical services.  Many of my clients have been hit hard by the financial crisis, and are struggling to pay for medical and nursing care.  Additionally, they are concerned that government programs may no longer be available due to the budget cuts that have take place throughout local, state, and federal government.  However, there are many programs available including Veterans Benefits, Nursing Home Medicaid, and PASSPORT in home care.  In fact, some programs have even begun to expand in recent years.

Especially in these hard economic times, it is important to plan for the future with an Ohio Elder Law Attorney, such as the attorneys at Cooper, Adel & Associates.  We may be able to help you qualify for these programs while protecting your assets from devastating medical or nursing home bills.

 

Ohio Elder Law Attorney Firm Cooper, Adel and Associates Congratulate former Ohio Senator John Glenn…

Mercury astronaut and former Ohio Senator John Glenn received the Nations highest civilian honor, as he was one of four recipients of the Congressional Gold Medal this week.   Congratulations John Glenn for the recognition bestowed upon you and making Ohio proud to call you one of our own.  Thank you for all you accomplished.



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