Blog | Cooper, Adel & Associates

Reasons To Pre-Plan Your Funeral

Written on March 14, 2012 by Thom Cooper in Planning

By Carmen Potterton

Growing up, my family was very close. There was always an occasion to get together, whether it was a birthday, wedding, anniversary, any excuse, or none, we were all there, grandparents, aunts, uncles, and cousins. Keep in mind Grandma and Grandpa had six kids who all had kids of their own, we were quite the group.

When we found out that Grandpa had terminal cancer, the get togethers still happened but now they included every procedure or surgery that Grandpa had. The entire family would converge on the doctor's office or hospital, wherever he had to be. This went on for about three years, even though we knew it was terminal cancer, we still kept hoping and Grandpa kept fighting.

All of Grandpa's brothers and sisters came for Thanksgiving to see him. Those were our biggest get togethers. We played cards, talked, and just enjoyed being together. When Thanksgiving was over and everyone had gone home, Grandpa took a turn for the worse and we had to call in Hospice.

As always, the whole family was there. We all took turns helping care for him and Grandma. It was a difficult time for everyone. Now, this part may seem a bit morbid but we were all trying to prepare for the inevitable and all of us girls had gone to a local store to use the photo machine to prepare Grandpa's obituary. We were checking out when everyones phones started ringing, Grandpa had died while we were gone.

Even though we all thought we were prepared, it was a horrible blow to the whole family. Dealing with the death of someone we loved was the hardest thing our family had ever done. It was a great relief to all of us to find out that Grandpa had already taken care of things in regards to his funeral. He had chosen the funeral home, the Church, the cemetery, everything. It eased the burden on the entire family, so we could deal with our grief and not worry about the details of what had to happen next. Save your family the extra burden of having to plan your funeral, talk to someone at Cooper & Adel Financial.

Medicaid Appeal: Spouse Can Keep the Family Business

Written on March 13, 2012 by Thom Cooper in Medicaid

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By Attorney Nathan Simpson

This past week our firm won an important State Hearing, allowing community spouses to keep their family businesses while their institutionalized spouse receives Medicaid benefits. We hate to see any client lose assets due to an unforeseen medical emergency, and it was wonderful to be able to help someone preserve their means of support. This got me thinking that the hearing process is something that many people may not be familiar with. When the Department of Jobs and Family Services issues a decision in a Medicaid case, you can appeal that decision to a State Hearing. Getting the help of an elder law attorney can help greatly in emerging successful from the hearing.

However, many attorneys only operate within the framework set by the County, and will back down when the County tells them they cannot do something. At Cooper, Adel & Associates, we fight for our clients. Individual caseworkers do not set the rules when it comes to Medicaid. They must follow to the rules set by State and Federal Law. We push back when a caseworker makes an incorrect decision, ensuring that the Department of Jobs and Family Services follow State and Federal Law, and allowing our clients preserve the maximum assets while getting the benefits they deserve.

If you need an attorney who will fight for you during the Medicaid application process, please contact the elder law attorneys at Cooper, Adel & Associates today.

Airing out your legal documents, financial plans

Written on March 12, 2012 by Thom Cooper in In The News

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Spring cleaning applies to financial affairs, too. A com-prehensive review of your plans is critical to protect andsecure your hard-earned assets.

Don’t bank on outdated wills and trusts

First, evaluate whether a will is still the best solution to handle your family’s needs. If so, ensure that your named executor is ableto serve and that the beneficiaries are listed and distributions aremade according to your wishes. Depending on your situation, atrust may offer an option to keep your personal affairs private.If you have a trust, make sure that your selected trustees and beneficiaries are still living and have the capacity to act and that your wishes for distribution are still the same. Consider the impactof ongoing and significant changes to the tax structure that cangreatly impact your family’s finances.

Decide who wields the power

If you have taken the responsible step of appointing someonepower of attorney, take the time to review their ability to performthese duties. If you feel that your POA’s judgment may be com-promised, contact an experienced elder law attorney who canhelp you make any changes necessary. The process of removing your old POA is called revocation and it must be thoroughly docu-mented to be effective.

Getting organized

Having your financial and legal documents up to date is critical, but it will not matter if they cannot be found. Gather all paper- work related to wills, trusts, power of attorney, Social Security andhealth insurance cards, military discharge records, property deeds,cemetery lot records, stock certificates, vehicle titles, bank state-ments, insurance policies and tax returns.Organizing these documents and making your family membersaware of their location will mean that your loved ones will havethe information they need to secure your assets. Working with legal and financial advisers can help you avoid thepitfalls of taxes and probate court, making sure that your family can enjoy the benefits of your hard work when they need it most.

Mitch Adel is senior partner at Cooper, Adel and Associates. With offices in Center-burg, Monroe, Sidney and Wilmington, Ohio, Cooper, Adel & Associates has clients statewide and offers regular seminars to educate seniors on critical financial issues.

What really affects your credit score?

Written on March 6, 2012 by Thom Cooper in Planning

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By Attorney Ted Brown

February 27, 2012

It seems like we are constantly bombarded these days with horror stories about the importance of your credit score. With the rise of identity theft and the volume of consumer credit, the credit score has become the vital sign of one’s personal finances. Along with this, many myths have spread about what impacts your credit score and the need to constantly check it.

By far, the single most important factor that affects your score is your payment history. Delinquent payments or defaulting on your loans have the most substantial impact on your credit score. By contrast, paying bills on time, regardless of the amount of debt you have, can do the most to increase your score. Credit agencies also take into account your total debt, the type, number and age of credit accounts and public records, such as bankruptcy proceedings, when determining your score.

According to Experian, one of the leading credit reporting agencies, the following are not taken into account and do NOT have any affect on your credit score, contrary to popular myth:

Your race, color, religion, national origin, sex or marital status. the receipt of public benefits or the exercise of any consumer right under the Consumer Credit Protection Act. Federal law expressly forbids the consideration of these factors by credit reporting agencies.
Your age.
Your salary, occupation, title, employer, date employed or employment history. However, lenders may consider this information in making their approval decisions.
Where you live.
The number of times you check your credit score.

There is no doubt that a good credit score, somewhere between 600 and 750, is essential to your ability to get loans, and the amount of interest you will pay.

Life and Career of Don Ho

Written on March 5, 2012 by Thom Cooper in Estate Planning

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By Tonya Smith

Many of you may not know or remember Don Ho. He was a musician and artist from Honolulu Hawaii. After receiving a Bachelor’s degree in Sociology at the University of Hawaii, he entered the United States Air Force in 1954. He spent time flying fighter jets in Texas & Hawaii.

Don was married in 1951 and had the first six of his children with wife Melva Ho. They were married for 48 yeas. Don left the military in 1959 due to his mother’s illness. Honey Ho, Don’s mother, owned the family bar business called Honey’s where Don began singing and the place became a hotspot for the Kaneohe Marine Base servicemen. Ho always honored the military remembering his own years of service. Ho’s career took off in 1965 with the Don Ho Show and the rest is history.

At the age of 76, Don Ho died of heart failure leaving behind a total of 10 children, 6 by first wife, Melva Ho; second wife, Haumea Ho had 2 children and Ho’s longtime friend Liz Guevara had 2 children.

Don Ho made a verbal promise to place the Lanikai home into a trust for Melba’s benefit for her life, and then for the benefit of her children after her death in June 1999. Don Ho subsequently transferred the home to his own trust, which benefited all 10 Ho children.

After Don Ho died in 2007, the Lanikai property went on the marked for $6.8 million and was pending sale to a mainland buyer. Dondi Ho-Costa disputed the sale claiming Don Ho had violated a deathbed agreement with her mother. Dondi believed the estate was to remain with the first 6 children. After several years in a long, bitter, legal battle between some of Don Ho’s children, the courts awarded the Estate to the trust on March 15^th, 2011. The home eventually sold and now can be rented for private vacations in Hawaii.

In reading the history of this particular celebrity, it was interesting to know that Don Ho realized the importance of having a Trust for his family and Estate. Families may want to take the time to review their Trusts to make sure all assets are current as well as beneficiaries. It may also be helpful to talk to your Trustees so they know how to carry out your last wishes and fully understand the Trust you worked hard to create. If more than a couple of years have passed since you last read through your trust, maybe it is time for a review. The offices of Cooper, Adel & Associates, LPA would be happy to schedule reviews should you need to make changes and/or additions to your Trust.

New Obama Budget Proposal Could Exempt Some Seniors From Taking RMDs

Written on March 2, 2012 by Thom Cooper in IRA

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By Julian Guilfoyle

Ed Slott, author of The Retirement Savings Time Bomb…..And How to Defuse It, recently posted a video outlining a new proposal in the President’s budget that would exempt some seniors from taking their required minimum distributions (RMDs). Most seniors are at least somewhat familiar with RMDs, the IRS rule requiring that distributions from IRAs and most other qualified plans begin at age 70 & ½. If a senior fails to satisfy their RMD in a given year, the penalties are severe. The RMD amount that was not withdrawn will have a fifty percent excise tax levied on it. This especially becomes a concern when seniors experience illnesses or incapacity and cannot make these withdrawals.

In President Obama’s budget proposal, Ed estimates around fifty percent of seniors would be exempt from taking RMDs. This exemption would cover any senior over the age of 70 & ½ who has an aggregate balance of less than $75,000 in their retirement funds. Although Roth IRAs do not have an RMD requirement, if this provision becomes law, they would be included in the aggregate balance calculation to prevent people from shifting their retirements to Roth IRAs. Regardless of whether or not President Obama’s budget passes, treatment of qualified retirement plans is being discussed at various levels. To watch Ed’s video click on the link below.

http://www.theslottreport.com/2012/02/ed-slott-video-president-obamas-budget.html

Time Management Is Key to a Successful Future

Written on March 1, 2012 by Thom Cooper in Planning

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By Kyle J. Thompson

Like the experts have told us so many times before, time management is key to a successful future. Simply being aware of this fact is not enough and often articles that are written about time management only offer basic and superficial ways to help manage your time effectively. Personally these articles do not seem to apply to my situation or offer practical solutions. However there is one solution that I have found to be most effective in almost any situation, which is knowing when and how to get help when you need it.

As I have found out in my own life, time management is more about tackling a project opposed to ignoring it or spending painstaking hours working on it when someone else can help you more effectively. I have found with many of the clients that I speak to on a daily basis that they are like-minded as myself in that they know when to seek help. By coming to our firm and getting help with the Medicaid process they are effectively managing their time and in many cases their stress. As William Shakespeare once said, “ Defer no time, delays have dangerous ends”, so do not wait and get the help you need today.

The Importance of a “Now” Decision

Written on February 29, 2012 by Thom Cooper in Estate Planning

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By Angela Miracle

One of my favorite songs is “The House That Built Me”, by Miranda Lambert. She presents this song from the viewpoint of someone who feels they need to go back, in order to move forward. I think we all feel that way at some point…perhaps wishing we had given someone the apology they deserved, or pursued a friendship that would have been good for us, or followed through on a commitment that just didn't seem important at the time. Typically, life gives us an opportunity to right these wrongs. However, with regard to your legal documents, this isn’t always the case.

Should you lose mental capacity before designating a trusted someone to make your legal decisions, probate court could be making those decisions for you. Not only is that extra cost, extra time, and extra hassle, it is also PREVENTABLE! Make this choice. Designate a trusted individual to help you when you can’t help yourself. Call Cooper, Adel & Associates for more details.

STAYING ACTIVE AT ALL AGES

Written on February 28, 2012 by Thom Cooper in Aging

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By Shelley Rose

Well, it's the beginning of a new year and we all have made our new year resolutions, right!? RIGHT!! I believe at one time or another we have all resolved to lose weight or get fit in the new year, however very shortly after a lot of us seem to fall off the band wagon, however as I get older I realize how much a sensible diet and exercise impacts how we feel about ourselves overall.

As we all know, getting older is not easy. As we age, the things we used to do in our 20's is not so easy in our 30's and so on. It all boils down to staying active and healthy. I have realized that extending your health into the golden years is a goal you (and I) should strive for. Being passive about fitness and wellness can bring on many illnesses such as high blood pressure, diabetes, heart disease or stroke that will interfere with your quality of life or can result in frequent hospitalizations or long term care. By optimizing your level of fitness and wellness, you can increase your chances of being independent much longer and do the things you want to during your retirement years like travel, enjoy time with family or even start a second career or pursue a lifelong dream.

Keeping up with wellness also involves mental wellness. You can increase your mental sharpness by making a spreadsheet on the computer or paper to track each area of your personal wellness on a monthly basis. The Mayo Clinic suggests doing crossword puzzles, reading parts of newspapers you usually would skip, learning a musical instrument, taking different routes to get places, or volunteering to help improve memory skills.

Of course, when starting a new exercise regime always consult with your doctor first.

Westerville For Honor Flight Jukebox Revue

Written on February 27, 2012 by Thom Cooper in Miscellaneous

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By Janet Fickle

On January 29, 2012, I attended the Honor Flight Jukebox Revue in Westerville. My purpose for going was to see Gavin George perform. He is an eight -year -old acquaintance, who happens to be a piano prodigy. He was wonderful and I fully enjoyed his performance.

Although Gavin was the reason I went to the revue, I was totally overcome with pride when the veterans were asked to stand, so the audience could honor them. I immediately thought of my dad, Oliver S. Dement, who served in the Aleutian Islands during World War II. He passed away in 1976, but I know he would have been so proud and honored to have participated in the Honor Flight program for the veterans. This concert was an avenue to raise money for the Honor Flight Network.

I copied this story from the program for the Honor Flight Jukebox Revue.

“This is the story of Earl Morse & Honor Flight Network. The Honor Flight Network was conceived by retired Air force Captain Earl Morse. In 2004, while working as a physician's assistant for the Department of Veterans Affairs in Springfield, Ohio, Earl shared the veterans' enthusiasm about the news of the recently completed WWII memorial in Washington, D.C. When Earl asked the veterans if they planned to visit their memorial, many of them felt that eventually, somehow, they would make the trip to D.C. to experience the memorial in person.

As time passed and veterans returned to the clinic for their regular checkups, Earl checked in with them about their plans. Though the trip had initially seemed feasible to most of the veterans, the realities and challenges of travel had interfered with their desire to see their memorial. Financial and physical limitations had kept many of the veterans from the journey, and families and friends lacked the resources and time to escort them.

Earl decided there had to be a way to help these heroes visit their memorial. In addition to being a physician's assistant, Earl was also a private pilot. In December of 2004, he asked one of his veteran patients if he could personally fly him to D.D., free of charge, to visit the memorial. In tears, the man accepted the offer, saying he had assumed he's never get to see it. After getting the same response from another World War II veteran a week later, Earl knew that this was just the beginning of making veterans' dreams a reality.

In January of 2005, Earl presented his idea for a volunteer program to about 150 members of the aero club at Wright-Patterson Air Force Base, sharing that it would offer the trip to veterans completely free of charge, and that the pilots would personally escort the veterans around D.C. For the entire day. Eleven pilots jumped at the chance to honor those who had made such sacrifices, and Honor flight was born.

Honor flight first spread its wings in May 2005 with six planes carrying twelve veterans. As word spread and waiting lists grew, the great potential of the Honor Flight Network was realized with the first chartered commercial jet transporting veterans from Hendersonville NC. At no cost to veterans, the network had grown by the end of 2009 to transport more than 42,000 who served. From Morse's first flight to 25,000 in 2009 the ride has been fast and furious. With your continued support, we can show our gratitude to those who suffered and sacrificed for the benefit of generations to come.”

This was a wonderful experience, but it also reminded me of the responsibility we each have towards every veteran. Not only should our veterans be honored for their service and sacrifice, they should receive every benefit and any assistance that is deserved, such as a little-known program known as Aid and Attendance through the VA for veterans who are in need of In-Home Care or Assisted Living. Coordinating VA benefits with the rest of your estate plan is critical to assure that you receive the maximum government benefits to which you are entitled.

Attorneys Cooper and Adel are among a select group of Attorneys in the State of Ohio who have been admitted to practice before the United States court of Appeals For Veterans Claims, have received accreditation from the Department of Veterans Affairs, and belong to the National Academy of Elder Law Attorneys (NAELA). Cooper, Adel & Associates provides a value-added service that can provide guidance as you seek VA benefits and prepare you for your critical meeting with your Veterans' Representative.