Our aging population is better educated, has more information and more money than at any time in the past. Older citizens are seeking legal advice and assistance to protect their financial interests with estate and health care planning, planning for incapacity and mental incompetence, and help with social security, veteran’s benefits, pensions and other sources of income.
Do you wish to appoint the person who will control your medical and health care decisions when you no longer are able make or communicate your wishes?
With advance planning you can place your health care decisions in the hands of the person you most trust to make those decisions. If you fail to get your affairs in order, those decisions will be made by a court-appointed guardian or, in the worst case, there will be no one with authority to make those critical decisions. A Heath Care power of attorney allows the person you appoint as your attorney-in fact to make the important decisions when you are incapable of doing so.
Do you wish to control who will manage your property and money if you become mentally incompetent?
Without an appointed attorney-in-fact, even your spouse will not be able to manage your property when you are no longer capable. A conservator to manage property will be appointed by a judicial proceeding. The proceeding is involuntary and the court may or may not appoint the relative or friend that comes forward to seek appointment. The conservator will be required to post a bond that will be paid from your assets. If you plan ahead, you can appoint your spouse, your child or a friend you most trust as your attorney-in-fact for financial affairs. And you can prevent the considerable expense of a court hearing, the bond, and the ongoing court supervision. As an added benefit, an attorney-in-fact can be empowered by you to make decisions that a conservator is not allowed to make.
Are you prepared for the possibility of living in an assisted living or nursing home?
Many of us, nearly one-half, will be forced to move into a nursing home to convalesce from surgery, a fall or to receive long term nursing care. Without adequate planning, the financial consequences can be devastating. Long term care, whether at home or in a nursing home, is very expensive. Many of us cannot afford the $2,000 to $6,000 per month cost. Most older citizens cannot pay so much and will rely, at least in part, on the federal programs, Medicare and Medicaid for support.
Are you concerned about remaining hooked up to machines long after there is no hope of recovery?
A “Living Will” gives you control over your final medical situation directing termination of life support in the event of terminal illness, permanent unconsciousness or brain death.
Are you eligible for Medicare or Medicaid?
Often people do not know what benefits for which they or a family member is eligible. The issues surrounding Medicare and Medicaid are complex. And the coverage under these programs is subject to numerous exceptions and caveats. Get help to understand what is possible.
Have you applied for Social Security yet?
Seniors rely on a variety of benefits for financial support. One common source of support are the lifetime monthly payments from Social Security after age 59½ that are derived from payroll taxes collected during the employees working years. Decisions about when to start taking social security can be tricky. The amount of your monthly payment is based on your earnings history and the age at which you first take payment and, if you are entitled, whether you take on your own record or your spouse’s record. The additional funds you may receive or lose can be very significant.
Have you applied for all the benefits to which you and your family are entitled as a former member of the U.S. military?
Military personnel wounded in action qualify for veterans’ benefits. The amounts of these benefits vary with the severity of the disability. Veterans’ benefits are also available to parents, children, and spouse of deceased veterans.The Veterans Benefits Administration processes claims and oversees the dispersal of veterans’ benefits. Appeals must proceed through administrative hearings and reviews before they can be heard in court.
Have you applied for your pension?
About half of all older people receive benefits from pension plans. A pension is compensation paid to an employee upon retirement. Unionized companies, large employers, and the government typically provide pensions for their workers. Pensions are not a general public and thus pension disputes are not required to pass through administrative hearings, but instead go directly to court. The Pension Benefit Guaranty Corporation, a federal agency authorized by the U.S. Congress, provides insurance to workers whose employers are unable to redeem pension plans.
Are you blind, disabled or over the age of 65 with no income?
Supplemental Security Income (SSI) is a federal program that makes cash payments to aged, blind, or disabled persons living below the poverty line. An elderly person with no income and no Social Security payments can benefit from SSI. Any senior who qualified for SSI automatically qualifies for Medicaid. A denial-of-benefits or denial-of payment dispute must be heard by the Social Security Administration before it can be heard by the court.