As a member of the American Academy of Estate Planning Attorneys, I must complete 36 hours of continuing legal education per year.  This is important because in Maryland there is no requirement that attorneys obtain continuing education credits.  Once an attorney passes the Bar, they never have to open a book again.

With the changes in the laws that affect so many facets of our estate planning and elder law practice, I must keep on top of these things.  It is vital to the quality service we provide our clients that our attorneys are on the cutting edge of current legal trends and news.

Also as a member of the AAEPA, I have access to over 100 attorneys across the country.  I can find out what is happening in a jurisdiction a client may be moving to or perhaps one that is politically in line with our state.  I can request information or service on behalf of our clients here in Maryland, such as preparation of deeds or other documents.  We are all connected and you can feel confident that no matter where you may go, you’ll have an attorney waiting for you with the same set of ideals with regard to how a successful estate planning practice is run.

It is also important to have a team approach to your estate plan.  You want to feel that you will have the support you need, when you need it.  You want to feel confident that if you call the office, that the person you talk to is eager to answer your question or at the very least find out the answer through other means.  You also want to feel reassured that you will receive prompt attention regardless of the urgency or lack thereof.  Often clients will tell me that they left a message for their attorney and they hadn’t heard back a week later.

Finally, a qualified professional not only knows the law and any changes on the horizon, but also takes the time to understand your individual story.  Your family is unique and deserves the special attention a firm like ours can provide.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

How do you know if you’re working with qualified professionals? Attorney Paula M. Mattson-Sarli

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Living probate is the guardianship process that will take place if you become incapacitated and you do not have a legal document called a power of attorney.  Your loved ones will have to go to court in order to manage your healthcare and to gain access to your money.  Living probate is the court proceeding designed to protect the mentally disabled.  What happens during the guardianship proceeding?  It begins with the filing of a Petition.  The Petition states the facts and circumstances of your situation.  Family member’s names, addresses and phone numbers are included, as well as details of your assets, such as your home, your bank accounts, your retirement accounts and your sources of income.  Attached to the Petition are two letters from your physicians stating that you are unable to manage your financial affairs and make your own health care decisions.

After the Petition is filed with the Circuit Court, a show cause order is issued.  An attorney is appointed to represent the alleged disabled person.  The Petitioner mails a copy of the Petition and letters from the doctors to all interested parties – usually your family members, the local Department of Social Services and the Social Security Administrator.  The court appointed attorney then files an answer to the Petition and presents the court with a report.  The attorney will talk to the interested parties and meet with the alleged disabled person.  The interested parties have 20 days to contest the proceeding.  The last step is a mandatory court hearing.  Often the court appointed attorney waives the alleged disabled person’s appearance in court.  The hearing is usually 10-15 minutes long.  The court appointed attorney will give their report to the Judge and if there are no issues and no one contests the proceeding, the Judge will grant the Order for Guardianship of the person and property.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Don’t forget to tune in today to WNAV Radio on 1430 AM or 99.9 FM @ 3:50pm to listen to Your Estate Matters with Attorney Nicole Livingston.  The topic is What is Living Probate?

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

How to pay for long-term care is a question that keeps individuals up at night.  For certain families, there may be several options, for others, only one.

Long-term care involves medical and non-medical care to people who have a chronic illness or disability. Most long-term care is to assist people with activities of daily living, such as dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living or in nursing homes. It is important to remember that you may need long-term care at any age.

Out of pocket is the most common way to pay for long-term care.  This means that your income and assets are at risk.  This option does allow the person of considerable means to choose a nicer nursing home or location.  If you spend all of your assets, you can now apply for Medicaid if you are otherwise eligible.

In order to qualify for Medicaid, which is another way to pay for long-term care, if you are single, all of the income goes to pay the nursing home, while you have to spend your assets down to a minimum level, which is currently $2500.00.  If you are married, the spouse not in a nursing home, called the community spouse, can keep their income and perhaps some of the nursing home spouse’s.  There is also a certain amount of money that the community spouse can keep, which is a little over $113,000.  There are Medicaid planning strategies that may work to preserve some of the assets, but this should be implemented long before the nursing home level of care need arises.

Veteran’s Aid & Attendance and Housebound benefits may help offset some of the costs of long-term care.  This benefit is for a wartime veteran or his/her surviving spouse.  There are asset and income limits, but the income can be offset by unreimbursed medical expenses, such as Rx’s, copays, home care or assisted living facility or nursing home costs.  The restrictions on transfer of assets to qualify for the benefit are also less strict that qualifying for Medicaid.  For a married wartime veteran, the pension could be $2000.00 per month.

Long-term care insurance is a great option if you are qualified.  This may be something to look into when you are young and the premiums are lower.  There are also insurance policies that you can convert to include long-term care benefits.  This benefit will have a daily benefit, which hopefully would be over $300 per day, because nursing home costs are $8-10k per month and assisted living facilities are $4-6k.  Some long-term care policies also cover home care costs.

The most important thing you can do is meet with an Estate Planning and Elder law attorney to discuss your options.  There may be a way to alleviate some of your fears so you can get a good night’s sleep.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Instead of the IRS, Probate Court or a Nursing Home. Attend a FREE SEMINAR to Find Out How a Proper Estate Plan Can Benefit Your Family…

…Seating is limited so follow the link to reserve yours today!

http://www.sinclairprosserlaw.com/local/estate-planning-seminars.aspx

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Options for Paying for Long Term Care by Attorney Paula M. Mattson-Sarli

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Knowing what your Healthcare Estate Planning Documents are and how they each play a vital role in the success of your plan is important.  In our firm we have a number of documents that we include in every estate planning package and there’s a very good reason for it.  You need each one.

I have heard before, “I have a Living Will, why do I need a Healthcare Power of Attorney?”  A Living Will or Advance Directive gives instructions to your physicians and healthcare agents as to how you want to be treated under three situations:  Terminal Condition, Persistent Vegetative State, and End-Stage Condition.

Terminal Condition means that you have a condition by which your death is imminent and even if life-sustaining procedures are used, there is no reasonable expectation of recovery.

Persistent Vegetative State means that you are not conscious and are not aware of your environment or able to interact with others and there is no reasonable expectation of recovery.

End-State Condition means that you have a condition caused by injury, disease or illness, as a result of which you have suffered severe and permanent deterioration, indicated by incompetence and complete physical dependency and for which to a reasonable degree of medical certainty, treatment of the irreversible condition would be medically ineffective.

Our firm’s Living Will also affords you the opportunity to decide who will be making your funeral arrangements and the ultimate disposition of your body.  It is important for you to put this information in writing, because you don’t want this to be left open for your family to squabble about.  You can also make an organ donation declaration in your Living Will.

So, what then does a Healthcare Power of Attorney do?  A healthcare Power of Attorney appoints someone, your agent, to step into your shoes when you are no longer able to make decisions regarding your healthcare.  This document can be used by your Agent to determine things like, what type of treatment you should receive, whether you should receive medication or rehab therapy, or which hospital you should go to.  This document will be utilized in all circumstances, not just in the 3 situations a Living Will covers.

Another important Estate Planning tool is to have a HIPAA authorization form.  HIPAA stands for Health Insurance Portability and Accountability Act, a law that protects private health insurance information.  This law makes it virtually impossible for your loved ones to obtain medical information or your medical records without your authorization.  This is all well and good when you’re in good health, but what happens if you become incapacitated and you have not signed the doctor’s HIPAA form?  Your loved ones may be out of luck.  This form will enable you to designate your healthcare agents and other family members as authorized persons to receive your medical information or records.

Finally, it is important to know that when you need your documents at a moment’s notice, they will be there.  In an emergency, sometimes it’s difficult to remember to grab your Living Will or Healthcare Power of Attorney.  Perhaps your loved one or Agent doesn’t want to have to go to your house to search for them, but wants to get to the hospital.  Our firm offers with every estate plan, a free one year enrollment in a service that will fax your healthcare documents to the hospital when you need them most.  As you can see, we’ve got every base covered.

The last thing your family needs during a time of crisis is an obstacle.  Make sure they have everything they need to make sure that your needs are met and they have the means to ensure that it happens.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

While we know the act of giving is a very personal thing, gifting part of your estate to lower your estate taxes may be a good idea.  In Maryland gifting is a very powerful estate planning tool and the results can be rewarding.

Unlike the Federal Estate tax, when you transfer assets out of your Maryland estate, the asset is not brought back into your estate for Maryland estate tax purposes.  For example, if you have an estate of $1,500,000 and you gift $500,000 your Maryland estate is now $1,000,000.  Because the exclusion in Maryland is $1,000,000 your family will not owe any Maryland estate tax on your death.  If the sum had not been gifted and the estate at death was $1,500,000 your family will have to pay Maryland estate taxes on the $500,000 at the rate of 16% which results in much less going to your loved ones.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

If you have yet to begin your incapacity planning, now is the time to do so.  Don’t allow your fears, uncertainty, or busy lifestyle, keep you from planning.  Without incapacity planning in place, you will have no control; the court will take charge.   Please take a look at answers to the following frequently asked questions, to better understand this planning technique.  If you have any questions, or if you’d like to begin your incapacity planning, contact an estate planning attorney.

Why do I need to consider power of attorney documents?

These estate planning documents allow you to have control, even during incapacity.  You will have medical and financial needs, and if you don’t plan properly, your needs may not be met in the manner you would want.  Additionally, without legal authorization to act on your behalf, your loved ones may have to go to court in order to get the approval needed to assist you.

How does a medical power of attorney document work?
You will appoint a health care agent, and back-up agent, in your medical power of attorney.  He or she will have the authority to help with your medical needs during incapacity.  This includes communicating with medical staff members, making important medical decisions, and ensuring that you get the best medical care possible.  It’s important to have an advocate by your side during a medical emergency

How does a financial power of attorney document work?

You will use this document to appoint an agent.  He or she will have the authority needed to make financial decisions on your behalf, during incapacity.  Your agent will also have access to your finances and will be in charge of managing your financial assets and paying your bills, allowing you to always have your financial affairs under control.

Don’t forget your incapacity planning needs. Make sure that you have as much control as possible over your future!  If you’re ready to begin your incapacity planning, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.