June 24, 2010
Am I Disabled? That is the first question that must be addressed. To receive benefits under the Social Security Disability (SSDI) and Supplemental Security Insurance (SSI) programs, you must have physical or mental health problems (or a combination of both) severe enough to keep you from working for at least one year. The inability to get work, or go back to your old job, may not be enough to qualify under the Social Security definition of disability. The test is whether you are capable of doing jobs that exist in the economy in significant numbers.
Using a complex set of rules and regulations, the Social Security Administration will take into account a number of factors before deciding your case and awarding benefits for disability. Some factors include your age, work experience, training you’v received, remaining ability to work and medical condition to name a few. As you get older, Social Security’s regulations make it easier to be found disabled and possibly be approved for benefits.
June 4, 2010
Social Security Disability and Supplemental Security Income are federal programs that provide assistance to people with disabilities. Both SSDI and SSI are administered by the Social Security Administration and are only available to individuals who have a disability and meet medical criteria.
- SSDI - SSDI pays benefits if you worked long enough and paid social security taxes
- SSI - SSI pays benefits based on financial need
What is the definition that Social Security uses to determine if an individual is disabled?
Under the Social Security Act, “disability” means “inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months.” Unfortunately, there is no set list of disease, injury or disability that Social Security uses to determine eligibility for benefits. Social Security will make a decision based on the severity of the disability and how it affects the specific claimant.
Please call our office for questions regarding your claim or application or to schedule an initial consultation.
November 14, 2009
ESSENTIAL STEPS TO ACCOMPLISH YOUR GOAL
- Start Early and Get Help - Lack of planning may have disastrous consequences. Planning for special needs families often involves several financial, legal and benefits-related strategies. Assembling a team of qualified professionals to advise you will take time. A financial advisor, estate planning attorney, benefits coordinator, trustee/trust company, family physician/registered nurse, and of course family members may all need to be involved in the ultimate plan.
- Establish a Special Needs Trust - If you’re receiving government sponsored benefits, a gift or inheritance may cause a disqualification of those benefits. A frequently asked question is how to provide for a family member with special needs without jeopardizing those government benefits. Parents may purchase life insurance to be paid out to a special needs trust. They may also designate the special needs trust as a beneficiary in a will, trust or retirement account. The funds designated to the special needs trust at death may be used to supplement the special needs family member without jeopardizing their benefits.
- Draft a Letter of Intent - How can you be assured that proper care will be given to your child? You’ve established a special needs trust to provide financial assistance when you’re gone, but have you named a person that will assume the role of guardian or caregiver? Do they know the name and address of your child’s physician? Do they know their therapies, procedure and medication schedule? Do they know their faith and where they attend religious services? Answers to these and many other questions should be discussed and memorialized to ensure the best possible care for your child.
- Consider Life Insurance - Someone, most likely a family member, will have to step in to act as a guardian and raise your child. In all likelihood, that family member will have to pay for some of the services the parents had provided when able. If the estate was not large enough, life insurance can provide the needed funds to help defray the cost of care.
- Review Often - Many changes will occur during the course of your life. Reviewing your plan annually will ensure everything is up to date to give you the peace of mind your family is taken care of.
October 26, 2009
A recent study by the AARP found that nearly a quarter of the adult population are providing voluntary care for family members and friends. As the population ages and people live longer, this number is sure to rise. To reward these caregivers, parents often would leave an unequal inheritance to the caregiver child. Often these unequal inheritances would lead to family feuds.
One alternative to an unequal distribution to a caregiver is to hire the caregiver and pay them for their services. This is accomplished by drafting a “caregiver contract”. This option allows the elder to acknowledge the time, effort, and services provided, and possibly eliminate the feud inherent in unequal distributions at death.
Caregiver contracts, by listing what duties or services the caregiver will provide, will often open the lines of communication and encourage families to discuss the arrangements to care for the elder. If there is family communication, most times additional family members will assist the caregiver in providing certain services. This often times will minimize family disagreements pre- and post death.
Be sure to discuss your personal situation with a qualified elder law attorney as there may be tax consequences or if your goal is to qualify for medicaid benefits.
October 2, 2009
Normally, seniors receiving social security benefits see a 2-3% increase in their benefits each year. For the first time in decades, there may not be a cost-of-living adjustment. For some, social security checks may be lower when factoring in Medicare Part B premiums. Most, however, are protected by a provision that ensures Medicare premiums don’t increase more than any increase in Social Security benefits. FULL ARTICLE.
July 29, 2009
Planning your estate, whether young or old, is very important. Sound advice from your accountant, financial advisor, insurance agent and estate planning attorney can help you plan for whatever bumps in the road you encounter during your lifetime. Younger couples must establish a financial plan to make sure they provide for their children and can enjoy a comfortable retirement. Older couples may want to diversify or restructure their portfolios to ensure they have enough money to last throughout retirement and minimize exposure to taxes and long-term care. Parents of school aged children must be careful not to decrease their families eligibility for need based financial aid while developing their estate plan. Some estate planning strategies that may affect your eligibility for financial aid include:
- Saving In Your Child’s Name - Many families establish UTMA/UGMA accounts to save for college. While these accounts may potentially offer tax savings, because student assets are assessed higher than a parent asset during the financial aid process, the reduction in need based financial aid can be much greater than the potential tax savings.
- Lifetime Gifting - One strategy to minimize estate tax is taking advantage of the annual $13,000 exclusion and gifting to others. While this may be an appropriate strategy for estate and tax planning, it may have a devastating effect on financial aid eligibility. Be sure to discuss your plan with an estate planning professional before utilizing this strategy or receiving a gift as part of a tax plan as there may be more appropriate options available.
- Retirement Accounts - Where your money is invested may have an impact on the amount of financial aid you may qualify for. A review of your financial plan can determine if your investments are appropriate for your particular situation.
While there are many options in planning for retirement, minimizing tax or long-term care exposure, or developing a comprehensive estate plan, make sure your families needs are addressed in your overall plan. Failing to plan for your childs education could frustrate your overall financial goal.
July 19, 2009
A recent study in the New England Journal of Medicine reports that an Alzheimer’s gene may impair middle-aged memory. According to the study, people with a variant of the APOE gene, which increases the risk of Alzheimer’s in old age, may also show memory impairment earlier than researchers once thought. Researchers followed 815 people ages 21-97 with normal mental function. On the Auditory-Verbal learning test, a test of a person’s ability to learn and remember, carriers of the APOE gene showed declines beginning in their 50’s. Non-carriers of the gene did not show declines in memory until their 70’s. The results of this study emphasize just how important preemptive estate planning is.
July 10, 2009
LITTLE KNOWN PROGRAM CAN PROVIDE HELP FOR VETERANS
One often unclaimed, but very valuable program available to veterans is the VA aid and attendance benefit. This program was created to help veterans, veterans and spouses or surviving spouses by providing financial assistance to help defray the costs and expenses with assisted living or at home care. Generally, it is a benefit for those that need assistance with at least one of the activities of daily living . The program provides a tax-free monetary benefit to those that qualify. The eligibility guidelines include:
- Wartime veteran or surviving spouse
- Served at least 90 days of continuous active duty service during eligible dates*
- Honorable Discharge or equivalent
- In need of assistance with care
This benefit often goes unclaimed because some veterans are not aware of its existence, do not think that they are eligible, or may be discouraged by the complex and burdensome application process. Because of the strict guidelines and lengthy eligibility process, those eligible should seek guidance from a professional familiar with process and accredited in the area of veterans benefits.
*WWII - Dec. 7, 1941-Dec. 31, 1946 Korea - June 27, 1950-Jan. 31, 1955 Vietnam - Aug. 5, 1964-May 7, 1975 Gulf War - Aug. 2, 1990-TBD
June 23, 2009
WHEN IS THE RIGHT TIME TO BEGIN PLANNING?
As everyones financial and medical backgrounds are different, so is the “right” time to begin planning. The more time you have to plan before long term care is needed, the more options you may have and less stress you and your family will endure. Anytime you have a concern about how you will pay for long term care for yourself or a loved one, it may be time to begin the planning process. Preemptive planning will give you peace of mind and allow you to:
- Analyze your financial background
- Ensure your legal documents are up to date and distribute your estate as you wish
- Make sure the distribution of your estate will not jeopardize public benefits for others
- Discuss options to allow loved ones to remain at home instead of a nursing home
- Take steps to protect and preserve your assets, including your home
- Research all community benefits programs applicable to your situation
- Designate agents to make medical and financial decisions for you in the event you are unable to make decisions for yourself
Long term care, incapacity and death are not subjects we are comfortable discussing. The earlier and more comprehensive we plan, the less stress our families will be faced with in the event uncomfortable decisions need to be made.
Christopher Sharry
Medicaid Planning
Tags: Add new tag, Asset Protection, Elder Law, Estate Planning, long term care, Medicaid, medicaid law, Medicaid Planning, nursing home law, public benefits, worcester estate planning, worcester estate planning lawyer, worcester wills lawyer
June 12, 2009
Elder law is an area of law that encompasses any legal issue facing the elderly. It is often associated with estate planning but can involve much broader social, economic and health related difficulties facing aging Americans. Some of the concerns that become more important to us as we grow older and may require more careful planning include:
- estate planning
- planning for a long term medical care requirement including Medicaid planning
- planning for incapacitation with the use of durable powers of attorney and health care proxies
- issues requiring guardianships and conservatorships
- elder abuse and other issues involving nursing homes or skilled nursing facilities
- SSI, SSDI and other government benefit programs
- special needs trusts
As the elderly population grows each year, so will the issues facing these individuals requiring a comprehensive estate plan that addresses long term care needs. Often times, planning must take into account strategies involving financial planning, estate planning, and other asset protection techniques. Other times ancillary issues involving home health care, skilled nursing facilities, long term care insurance and disability benefits must be addressed. Elder law attorneys, geriatric or nurse case managers, financial planners and professional well versed in benefits planning are often involved to ensure all needs are met. Advanced planning can help to minimize the problems and stress associated with these issues.
Christopher Sharry
Elder Law
Tags: Asset Protection, disability planning, Durable Power of Attorney, Elder Law, estate distribution, Estate Planning, financial planning, government benefits, Health Care Proxy, Living Will, Medicaid Planning, Retirement Planning, special needs planning, ssi, Trust, worcester estate planning lawyer
