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Long-Term Care Planning Seminar

Long-Term Care Planning Seminar. Jurist Law Group, PLLC. “It’s not enough for a great nation to have added new years to life. Our objective must be to add new life to years.” John F. Kennedy. What documents are available?. Last Will & Testament Trusts (Revocable vs Irrevocable).

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Long-Term Care Planning Seminar

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  1. Long-Term Care Planning Seminar Jurist Law Group, PLLC

  2. “It’s not enough for a great nation to have added new years to life. Our objective must be to add new life to years.”John F. Kennedy

  3. What documents are available?

  4. Last Will & TestamentTrusts (Revocable vs Irrevocable) Powers of Attorney Living WillsDNR OrdersPOLST HIPPA Release

  5. Why is a power of attorney the most important estate planning document?

  6. It enables a person (the “principal”) to appoint another person (the “agent”) to handle a wide variety of powers and duties should the principal become incapacitated

  7. If wrinkles must be written upon our brows, let them not be written upon the heart. The spirit should never grow old. John Kenneth Galbraith

  8. How many powers of attorney are there?

  9. Several different types of Powers of Attorney • General • Springing • Durable • Financial • Health care • Limited (Specific Purpose)

  10. Durable Power of Attorney • Effective for life • Unless revoked by the principal • All are presumed durable unless specifically stated otherwise • Automatically revoked • at death • incapacity (unless durable) • at divorce (when spouse named)

  11. Durable Power of Attorney Drawbacks • No guarantee a third party will honor it • i.e. Banks or brokers • Social Security Doesn’t Accept • VA Doesn’t Accept

  12. Springing Power of Attorney • Effective only upon the principal’s incapacity • Incapacity must be conclusively established • Should contain a clear definition of the term “incapacity”

  13. Physician Ordered Life Sustaining Treatment “POLST”

  14. POLST • More specific orders from the physician • For inpatients • Copies and faxes can be used • Original encouraged • HIPAA permits disclosure of POLST to other health care professionals as necessary

  15. POLST • Covers • CPR • Medical interventions • Antibiotics • Artificially administered nutrition • Summary of medical conditions • Signature of physician

  16. How does all of this tie in with long-term care planning?

  17. What is Long-Term Care Planning? • The process of planning for your future should you require long-term care • It’s about getting the best care in the least restrictive environment while protecting (not “hiding”) your assets for your spouse and future generations (not hiding)

  18. How your power of attorney is prepared has an effect on what your agent can do to protect your assets should you ever need long-term care

  19. ArkansasAverage Nursing Home cost is $67,000 a year! How do you pay for long-term care? • Out of pocket • Long-term care insurance and other private medical insurance • Medicare • Medicaid • Veteran’s Benefits

  20. VA Aid & Attendance • Married Veteran $26,028 • Single Veteran $21,960 • Married w/Sick Spouse $17,232 • Surviving Spouse $14,112

  21. Nursing Home Medicaid (AR Choices for in-home care or Assisted Living where accepted) • Income and asset limitations • Exempt vs. Non-exempt • Transfer of Assets Rules • 5 year “look-back” period • Ineligibility period of 1 month for every $5,493 transferred • ARChoices: absolute bar for any gift made in last 5 years

  22. Married Couples • Gather countable assets for both • Then divide in half • Community spouse gets to keep half • Maximum $123,600 • Minimum $24,720 • Other half may be “spent down”

  23. Is a married couple required to spend down one half of their assets before they qualify for Medicaid? • Simple Answer is YES

  24. Will I lose my home? • Home is an exempt asset until you pass away • Medicaid estate recovery will file a claim in probate against you home!

  25. Gifting Preserving Assets Through Gifting

  26. Can I still give assets away to protect them from long-term care even if I’m already in a nursing home? • Yes… • But remember, there is a one month ineligibility or waiting period for Medicaid of about one month for every $5,493 gifted.

  27. Jurist Law Group, PLLC Plaza West Office Building 415 N. McKinley, Suite 1090 Little Rock, AR 72205 (501) 400-8250 (office) (501) 400-8190 (fax) info@juristlawgroup.com www.juristlawgroup.com

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