Blog | Cooper, Adel & Associates

The Trouble with Timeshares

Written on September 9, 2010 by Cooper, Adel & Associates in Case Study, Planning

By Robin Crouch

A timeshare is essentially the purchase of a period of time for a vacation. Timeshare owners receive a legal deed to property, but don’t actually own a particular room or suite. You own the right to use the property for a certain time period, usually a week. The period of time varies widely as does the place and lodging. Timeshares have grown to include resorts, condos, houses, castles, RVs, yachts, and even trains. Almost all timeshares are resort or vacation properties.

One of the main money traps in timeshare ownership is the maintenance fee. During the first few years of ownership, maintenance fees may be fairly low. The average cost of maintenance fees in the US is $800 per year.

There are other costs to consider as well, such as travel to that far away spot, financing, cost of exchanges and points to upgrade your accommodations, taxes and surcharges, not to mention the loss of income you could have if your money wasn’t tied up in the timeshare. Adding the additional yearly costs into the equation could easily total $2,500.00 or more per year. One thing is certain; a timeshare owner will continue to pay for the use of a timeshare, year after year. Owning a timeshare is like being married; it’s a lifelong commitment, that money is spent. If you don’t like owning a timeshare, divorce is difficult and costly. Resale value is low and true timeshare dumps are almost impossible to find.

Now consider a Timeshare Inheritance. Your parents kicked up their heels in Branson, had a lovely time at Dollywood, and thoroughly enjoyed the snorkeling in Aruba. What can you do if you inherit a timeshare that you can’t afford or don’t want?

Few people realize that when you are bequeathed an inheritance, you have the choice of acceptance or not. You can choose to refuse or disclaim an inheritance. In the case of timeshare property, this is a viable alternative to inheriting something you don’t want or can’t use.

If you inherit a timeshare, it’s important to examine all of your options. Do some research into what owning a timeshare involves and make an educated decision whether it is something you want or can use. Don’t end up bearing the burden of an unwanted timeshare until you can bequeath it to someone else.

When you choose to refuse an inheritance there are several qualifications that have to be met. You must file your Disclaimer of Interest within a certain period of time and can’t have all ready accepted your bequest or used it an any way to benefit yourself. You have no say as to what happens to it, and you cannot change your mind.

A qualified elder law attorney can help through the process of considering your options and following-up on your decision. Give your office a call if we can help.

Medicare is not Medicaid

Written on September 8, 2010 by Cooper, Adel & Associates in Medicaid, Medicare

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It is not uncommon for our clients to confuse Medicare with Medicaid or to misspeak when discussing Medicaid and use the term Medicare instead, thinking they are interchangeable. Well, they are not. There is quite a difference. Medicare is a federal insurance program that pays for certain services for those that are 65 and older, or may be disabled, and have paid into the Social Security program. Medicare is financed by you to a small extent through your Part “B” premium, with the remainder paid by the federal government. It is designed to look like insurance, so there are several options and plans. There are Parts A, B, C, and D. Each provides different aspects of health care. For example, Part A is for hospital coverage, Part D is for your prescriptions.

Medicaid, on the other hand, is a public health program that is funded by both the state and the federal government. A person in Ohio is entitled to Medicaid once they meet income and eligibility requirements. It provides necessary health care coverage to individuals that meet these requirements.

Medicaid for older adults and people with disabilities covers several services. It covers home care, prescription drugs, doctor visits, dental care, vision services, hospital care, laboratory work, x-rays and several other services. If eligible, these are services that you are entitled to. The state cannot limit the number eligible nor can they deny access to medically necessary services.

Both programs are very helpful to our seniors. Just remember when calling into the office, there is a difference.

I Love it When a Plan Comes Together

Written on August 31, 2010 by Cooper, Adel & Associates in Asset Protection, Case Study, Estate Planning, Nursing Home Planning, Taxes

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By Robin Crouch

Our Firm’s mission statement is: “The Thom L. Cooper Co. is dedicated to building a continuing relationship with each senior client: to protect their wealth from the devastating costs of a catastrophic healthcare situation; to conserve their wealth for their use during their lifetime; to shelter their wealth from unnecessary legal expense or taxes; and to assure that their wealth is transferred to their heirs with minimal cost or delay.”

I love it when a plan comes together!

Case Study: A Husband and Wife came to us in 1999 to develop an estate plan, both were healthy and living on the family farm. Over the years as their health deteriorated, both ended up in a nursing home. The good news is, with the help of their children, they continued to update their plan to protect the farm and other cash assets for their children. As a result of their ongoing planning, Mom’s nursing home bill was paid by the State of Ohio, Dad’s bill was covered by his long-term care insurance, and the children inherited a total estate of $802,000. Even better, after the death of the second spouse, the estate was approved for the Qualified Farm Use Election and the children saved $24,496 in Ohio Estate Tax while inheriting the farm at current market value.

Want to find out how to make your plan come together? Call us at Cooper Law Firm.

I’m a Veteran, Can my Wife Get Help, Too?

Written on August 30, 2010 by Cooper, Adel & Associates in Veterans

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By Josh Sharp

I have heard about VA benefits that I can qualify for, but what happens if my spouse needs help?

We have clients that come into our office who are veterans, but are leading a normal, healthy life. Unfortunately their spouse is in need of costly home health care and they don’t know how they are going to pay for it. Luckily, if you qualify, there is a program for veterans that give them money each month that can be used to pay for home healthcare for their spouse. This program is known as the Improved Disability Pension. If you are a veteran who has health expenses for your spouse, and could use up to $1,291 a month for home health costs, contact our office to find out about the details of this VA program.

For further information please contact our office at 1-800-798-5297.

Three Smart Steps to Take So Your Emergency Contacts Are Known

Written on August 27, 2010 by Cooper, Adel & Associates in Important Documents

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By Kathy Cooper

It’s easy to do and it’s important. If you are in an automobile accident or other emergency, you want certain people contacted without delay. Did you know that the national average is SIX HOURS before law enforcement can locate the next of kin? Think about this situation: You pass out at the mall. Someone calls 911 and the emergency squad arrives. After checking your wallet, all they can find is your driver’s license. Who do they call to make sure you have someone who can represent you if you are unable to speak for yourself? This is the problem.

There are some smart steps to take so that your loved ones are contacted if you are in this type of emergency situation.

Smart Step Number 1: The Bureau of Motor Vehicles has a special program that allows you to keep contact information for two people on record with them. Once you sign up, law enforcement officials have immediate access to your emergency contacts.

Here is how it works in Ohio …

Go to this website: BMV Emergency Contact Sign-Up
Enter your driver’s license number, your date of birth and the last four numbers of your Social Security Card where indicated
After entering a security code, you will be asked for the names, phone numbers and optional addresses of two contact individuals.

Smart Step Number 2: Think about having an emergency card. At the Cooper Law Firm, we provide our clients with an emergency card that lists up to three emergency contacts. The contacts are those listed on our client’s health care directives and HIPAA authorizations. This is important because your contacts must present these documents to emergency personnel in order to have access to your medical records and to make decisions about your healthcare if you are unable to do so.

Smart Step Number 3: Update your emergency information on a regular basis! As I was writing this article, I checked my BMV information and, lo and behold, I had an old address for one of my daughters who recently moved to Baltimore! Be wise, set a reminder in your calendar to check your emergency contacts at least once each year.

If you would like to discuss this or any other issues relating to aging, please contact the Cooper Law Firm.

Pre-Planning Your Funeral

Written on August 26, 2010 by Cooper, Adel & Associates in Estate Planning, Health, Planning

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By Daneen Cline

Few things in life can make a person as uncomfortable as discussing or contemplating their own death. As adults, we know it is inescapable; it is after all the natural conclusion to a life that has hopefully been long, happy and healthy. However, the fact that it is inescapable is what makes the majority of us so uncomfortable. We know it is going to happen, we just don’t know when, where or how it will happen, and it is human nature to fear that which we can’t control.

While we may not be able to control the timing and circumstances of our own passing, we can be in complete control of the funeral process if we just take the time to make our wishes known through pre-planning.

Pre-planning means different things to different people. Some people will purchase an Irrevocable Burial Contract (IBC) to cover their funeral expenses and consider their job done. Others will purchase the IBC and go one step further by making their own arrangements. They will select their casket, vault and headstone and even chose the type of flowers they would like to have. Still others will do all the above and in addition will do things such as select the music and scripture verses for the service and plan the post funeral gathering for friends and family.

Regardless of what pre-planning means to you and how far you wish to go into the process, the loved ones who will be charged with taking care of your final arrangements will appreciate anything you do to make your wishes known and assist them with the process. It might also be a good idea to work on pre-planning your funeral as part of your overall estate plan with an elder law attorney such as the Cooper Law Firm.

Will I Be Kicked Off of Medicaid If I Inherit Money?

Written on August 25, 2010 by Cooper, Adel & Associates in Asset Protection, Medicaid, Nursing Home Planning, Planning

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By Attorney Elizabeth Durnell

A few weeks ago, I met with Mary because her husband, Joe, was going into a nursing home. She and her husband, Joe, had previously worked with our office and everything was in place for them to apply to get Joe’s bill paid by Medicaid.

Everything looked to be in order until Mary informed us that Joe would probably inherit around $200,000 from his mother, Ethel. Being a beneficiary of a future inheritance is not a problem for Joe now, but it will be when Ethel passes away.

When Joe actually receives the money from Ethel’s estate, Joe will be kicked off of benefits and will lose a significant portion of the inheritance.

However, there is a solution to this problem. The Medicaid code allows Ethel to set up a trust after her death for Joe. The trust is for Joe’s supplemental needs such as going to the movies, taking vacations, buying a TV or other electronic equipment, etc. These needs are above and beyond what Medicaid pays. Therefore, Ethel can set up a trust for Joe’s benefit that allows him to continue to receive Medicaid after her death, that protects the inherited assets in the trust from creditors (including the State) and gives Joe the opportunity to enjoy his inheritance.

These trusts must be set up to comply with very specific guidelines or they could cause more problems than they help. If this is something you are interested in setting up a trust for a disabled family member, please contact the attorneys at the Thom L. Cooper Co., LPA to discuss if this is an option for you.

What’s Available to Help Veterans and Their Widows?

Written on August 24, 2010 by Cooper, Adel & Associates in Veterans

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By Attorney Dan Vu

On receiving my certificate to practice before the Court of Appeals for Veterans Claims, I was reminded of the one thing I enjoyed most about my job. That would be informing Veterans about the VA benefit of Aid and Attendance. This is a program managed by the Department of Veteran’s Affairs that helps Veterans pay for healthcare services. This includes assisted living facilities, nursing homes, or home health care services from a third party or even a relative. This is an excellent program that assists Veterans with their large health care bills. The benefit will also help a Veteran stay at home longer, something a majority of clients would like.

The only major flaw to the program is that few Veterans’ know about the program. So when I meet a Veteran who has served his country in the most perilous of times, and I get to explain a way for them to receive help on their extraordinary monthly medical costs, it always puts a smile to my face and to theirs. The VA benefit may not cover all of their costs, but with a maximum benefit of $1,949 a month for a married Veteran, this benefit can lift a large burden off the Veteran and the Veteran’s family. Moreover, I get to surprise many more when I explain to them that the surviving spouse of a Veteran could also qualify for up to a maximum benefit of $1050 a month.

As with almost any benefit, there are qualification requirements. For VA Aid & Attendance, a Veteran must meet three requirements. The first is that the Veteran served during wartime. The second is a health requirement: the Veteran or surviving spouse must need the aid & attendance of another. The third is an asset and income requirement: the Veteran or surviving spouse must prove that they cannot sustain the current cost of care for their lifetime. This third requirement is easier said then done. A complex array of rules applies to the determination of who qualifies under this requirement. This is something I help Veterans with as well.

So perhaps the only thing better than explaining the benefit to unaware Veterans, is helping them wade through this process of qualifying them for the benefit. For more information, contact our office for a free CD or schedule to meet with an Attorney, like myself, certified to practice before the Court of Appeals for Veterans Claims.

Bono, Ledger, Jackson – Bad Examples of Estate Planning

Written on August 23, 2010 by Cooper, Adel & Associates in Estate Planning, Planning, Probate, Trust

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By Angela Hall

How do you motivate someone to consider estate planning? You can educate clients about proper estate planning and how it can help them, their families, and their estate tax returns. The fact of the matter remains, however, that many people will have excuses to push their legal planning until later. They think they have plenty of time.

There are plenty of legitamate reasons to delay: being too busy with the kids, jobs or other responsibilities. Some find it a very uncomfortable subject, or have uncooperative spouses or parents who make it difficult. Whatever the reason, when it comes to proper estate planning it is vital to search out all of your options, and do it before you are facing a crisis. These are just a few examples of celebrities who did not have good estate plan.

Sonny Bono was 62 years old when he died unexpectedly in a skiing accident. He did not have a will or trust and left his widow with a lot of complicated issues because of his lack of planning.

Heath Ledger failed to update his will after the birth of his daughter, therefore is was a unfortunate that his wishes in regard to how she was to be taken care of were not considered.

Michael Jackson caused his family many unnecessary trips to the courthouse because he did not properly “fund” his trust.

Take a lesson from these examples: be certain that your will or trust has been updated and that assets have been transferred into your trust. It’s not enough to just “do” the documents, they need to be done the right way and updated in light of new laws and life changes. It is also vitally important that you hire an attorney that specializes in elder law and estate planning. “One-size-fits-all” forms are not the way to go when it comes to developing an estate plan. Your documents should be customized to fit your particular needs and desires.

What’s the greatest gift your mother ever gave you?

Written on August 19, 2010 by Cooper, Adel & Associates in Aging

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By Bob Kueppers

The other day I stumbled across a website that really got to me that asked the reader to submit the greatest gift their mother ever gave them. I’m very fortunate to have my mother with me as many of my friends have lost a parent. Life always seems to get in the way and I never have really told my mother how much she means to me (other then the standard “I love you”). When I read some excerpts from the story, I felt compelled to let my mother know what her greatest gift to me has been. I hear a lot of stories from our clients whose parents are in a nursing home and suffering from dementia or Alzheimer’s and it makes me think that you can never know what the future will hold and how important it is to make time for a loved one no mater how hectic life may get. So with that I share with you what I wrote my mother and some of the excerpts others have wrote theirs.

I wanted you to know the greatest gift you ever gave me was a sense of humor. Looking back on my childhood, the thing that really stands out is how much you made me laugh. I never realized it till now but all my close friends have to meet the requirement of making me laugh otherwise I don’t want them around. As I move through life and things change, it’s the one thing about myself that will always remain consistent and I’m so grateful for it. Even though we don’t talk all the time and sometimes weeks go by with out contacting you, each time I laugh, you’re with me.
-Bob Kueppers

My mother’s greatest gift came after she was gone. She used a certain perfume that was her signature fragrance, and she hoarded bottles of it, since it was difficult to find. When she was down to her last two, she refused to use it anymore. I begged her to just enjoy it, but she didn’t listen. When she passed away, we found the two bottles of perfume. She probably intended to leave one for me and one for my sister. Now, every time I smell that scent, Mom is with me.
Ellen Ogintz
Monroe Township, New Jersey

Memories. My mother now suffers from Parkinson’s disease and is mentally and physically incapacitated. I am so grateful for the simple but meaningful times we shared when I was growing up, from making cupcakes for my father’s birthday when I was five to playing dress-up in her too-big clothes and donning her frosted, 1970s wigs. Every little detail that is stamped in my memory helps me smile and appreciate the incredible mother she is and the life she gave me.
Jennifer Kopec-McLaughlin
Mountain Top, Pennsylvania

Her laugh. My mother and I have the same big, boisterous laugh that people can hear rooms away. There’s no mistaking whether or not we think something is funny, and it has gotten me in trouble more than once. I wouldn’t trade it for the world.
Katy Kreider
Greenville, North Carolina