Elder abuse runs rampant in our society.  You can help to prevent and stop financial elder abuse by being aware that it exists and of its signs.

MetLife Mature Market Institute and the Center for Gerontology at Virginia Tech just released a study indicating that the elderly are victims to financial abuse by close family members, friends, neighbors, and strangers. 

Women are more likely to be victims than men and men are more likely to be the perpetrators than women.  Those who live alone are targeted most often.  It seems the “ideal” target for financial elder abuse is a woman in her eighties, who lives alone, but needs some help.

This financial abuse isn’t nickels and dimes.  Annually, about 2.9 million dollars are unscrupulously taken from elders each year.

Signs of Financial Elder Abuse

• Secret relationship or marriage between elder and caregiver
• A new friend separates or distances elder from family and friends
• Someone tells your elderly loved one that he’ll take care of her until she dies if she gives him all of her money
• Missing family heirlooms
• Missing money
• CDs are cashed in even though there are penalties
• Change in account beneficiary or account owners
• Change in deed or mortgage
• Numerous account withdrawals
• Sudden unexplained change in estate planning documents such as wills, trusts, or powers of attorney
• Inappropriate or unexplained gifting to friend, neighbor, family member, stranger, church, or other charity
• Missing credit card bills or unexplained credit card charges
• Elder is uncomfortable or can’t answer questions about finances
• The same telemarketer calls more than once
• Someone has an unexplained interest in your elderly loved one
• Financial activity that couldn’t have been completed by elder such as ATM withdrawal by physical or mentally impaired elder

If you suspect financial elder abuse, report it immediately.  You can make a difference.  Don’t hesitate.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

If you have an elderly loved one, ensure that he is able to live comfortably and that all estate planning affairs are handled.  In other words, take the time to review your loved one’s needs to ensure that everything is being handled appropriately.  If you need help, meet with an elder law – estate planning attorney.

• Make sure that your loved one has a full estate plan in place. If your loved one has never planned, now is the time to do so.  If there is planning in place, but it’s more than 3 years old, encourage your loved one to update.

An emergency may occur when your loved one is least expecting it and you want to make sure that he is fully protected.  If your loved one loses capacity to execute estate planning documents, you will have to go to court for a conservatorship proceeding.

Talk with your loved one about his estate planning to ensure that all matters have been handled.  This can also serve to bring a greater sense of peace to your loved one as well as to you and your family members.

• Make sure that your loved one’s healthcare needs are met. Is your loved one receiving proper medical attention?  Does he or she need more medical help as life unfolds?  Discuss your loved one’s health along with your loved one and his doctor to better understand current and probable future needs.
• Understand your loved one’s long term care insurance. If your loved one has long term care insurance, it’s important to make sure that you understand all of the terms.  Now is the time to carefully review all information.
• Consider funeral planning. Taking the time to plan ahead for funerals or memorial services can eliminate much stress in the future and can ensure that your loved one’s wishes are fully respected.  It’s important to discuss this option with your loved one.

Carefully review your loved one’s needs as well as the current plans in place.  It is in both your best interests and those of your loved one to make sure that your loved one has proper planning so that he continues to be protected.  If you have any questions about your elderly loved one’s estate planning needs, consult with a qualified elder law – estate planning attorney.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

If you have elderly parents, there are likely three generations in your family that all need estate planning: you, your parents, and your adult children. For those with elderly parents, there are important estate planning considerations:

• Your elderly parents may fear losing control of their finances and their lives. Proceed with caution and great respect.

• Your elderly parents may fear the onslaught of dementia. Gently support them in getting medical treatment and having open and honest discussions with the doctor.

• Sometimes, elderly parents attempt to hide symptoms of dementia because they are afraid and/or ashamed. Never shame. Always support.

• Elderly parents often deal with depression especially if they have failing health, the loss of a spouse, the loss of friends and siblings, and the loss of independence. Depression can be treated with medication. There is no reason anyone should suffer.

• Many elderly parents should not be driving, but they are hesitant to give up their driver’s license because it is the last line of defense in losing their independence. If your parents have a HIPAA release and your are authorized to do so, speak with your parents’ doctors about the driving issue.

• Talk to your elderly parents about estate planning. Gently ask what planning is already in place. If comprehensive and up to date planning is not in place, suggest that they meet with an estate planning attorney and offer to make the arrangements and drive them.

• Gently explain that if your parents don’t have powers of attorney for health care, you can’t help them with medical decisions and a court might have to intervene.

• Gently explain that if your parents don’t have powers of attorney for finances, you can’t help them with paying bills and taking care of day to day business. If they become too ill to take care of these matters themselves, the court will have to intervene.

• Court intervention is expensive, time consuming, an invasion of privacy, and public.

If you have questions about elderly parent estate planning considerations, consult with an estate planning attorney.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

One of the most important aspects of estate planning that benefits you during your lifetime is ensuring your wishes are met if you get sick. Here are the answers to frequently asked questions about medical estate planning documents. If you have further questions, consult with a qualified estate planning attorney.

What medical estate planning documents do I need?

Most people choose to have:

• Power of attorney for medical decisions
• HIPAA release
• Living Will
• Organ Donation form

I’ve heard of HIPAA, but what is it?

HIPAA is the medical records privacy law passed in 1996. A HIPAA release ensures that medical professionals such as doctors will communicate with your named health care agents about your medical condition.

How do I name a health care agent?

You name a health care agent (and successor health care agents) in your power of attorney for medical decisions. This document is sometimes called a “health care power of attorney.”

Why do I need to name successor agents?

Successor agents step in to make medical decisions on your behalf if your first named agent is unable or unwilling to act.

For example, if you name your spouse, you may be in a common car accident and he or she would be unable to help you. So, your successor agent steps in.

Do I need a living will?

While most people choose to have a living will, it is a personal decision and totally up to you. If you don’t want to be hooked up to machines and have your life artificially extended with medical heroics, then you want a living will.

Having this medical estate planning document in place removes a great burden from your health care agent’s shoulders.

And, if you have a living will, your health care agent cannot override your decision.

If you have questions about medical estate planning documents, consult with a qualified estate planning attorney.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

No, you legally cannot sign your spouse’s name to legal documents. There is no exception just because you’re married. If you would like to have someone be able to help you with legal matters and day to day business, you need to appoint an agent under a power of attorney. Here are the answers to frequently asked questions about powers of attorney. If you have further questions, consult with a qualified estate planning attorney.

Do I just need one power of attorney?

It’s unclear exactly the meaning of this question, though we get it often. So, here are three answers to three interpretations of this question:

• There are several types of powers of attorney: finances, medical decisions, child care, and for a particular purpose. You likely need at least two of these powers of attorney.

• In addition, you need to name successor agents, not just one agent under a power of attorney. The successor agent steps in if your original agent is unwilling or unable to serve.

• You should execute several originals of each power of attorney.

Who should I name as my power of attorney?

Who you should name depends upon the purpose of the power of attorney itself.

• Power of attorney for finances = name someone who:
  • Loves you
  • Is highly ethical,
  • Excellent record keeper and detail oriented, and
  • Good communicator
  • Power of attorney for medical decisions = name someone who:
    • Loves you and
    • Can assertively communicate with medical personnel
    • Power of attorney for child care = name the people you named as permanent guardians in your will.

When is a power of attorney effective?

The time of effectiveness depends on how the power of attorney is drafted.

• Power of attorney for finances is typically effective immediately. If you want it to be effective only upon your disability, you can have a “springing” power of attorney that springs to life only upon your disability.
• Power of attorney for medical decisions is effective when you are unable to make your own medical decisions.
• Power of attorney for child care is effective if you are in some way disabled and unable to care for your children.

If you have questions about powers of attorney, consult with a qualified estate planning attorney.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

We have highlighted the rising costs associated with long term care recently and they are indeed considerable. To briefly recap, the average annual charge for a yearlong residence in an assisted living facility in the United States was just a tick under $40,000 in 2010. This represented a very significant 5.2% increase over the previous year, and nursing home costs rose by nearly as much.

The national average for a year in a private room in a nursing home in 2009 was $79,935, which is certainly no small chunk of change. But in 2010 that number rose to $83,585, which is a 4.6% increase. In California this average was higher, coming in at over $100,000 a year.

Statistics indicate that the average stay in a nursing home is about two and a half years, so this is a cost that is significant and needs to be budgeted for appropriately. And remember, we are seeing annual increases, so if you are planning for long term care that may become necessary 20 years down the road the costs may well be 50% higher, and perhaps even more. If you are married your projections should be double the anticipated costs for an individual.

Stating that “one must plan ahead” for these costs is easy, but doing so effectively is challenging. Unless you are fortunate enough to be able to say with confidence that money is no object, you need to understand the options that are available to you and act accordingly.

Medicare is not going to cover these costs; Medicaid might unless you are showing too many assets. Long term care insurance in an option, but funding the premium payments can take some planning.

Your decisions with regard to long term care have a lot to do with your estate plan, because your legacy can be severely eroded if you and your spouse should incur hundreds of thousands of dollars of expenses toward the end of your lives. The wise course of action is to discuss long term care with your estate planning lawyer and address this contingency pragmatically early on so that your needs are met and the lion’s share of your legacy remains intact.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

The best time to draw up a Health Care Power of Attorney or proxy is while you are attending to your estate plan. You should include this document in your estate plan so that it is ready when you need it.

Although many elements of your estate plan are put into place for the time that will eventually come when you are gone, a Health Care Power of Attorney is a safety net that can help if you are ever in a situation where you are incapacitated and unable to make your own health care decisions.

With all of the advancements in medical technology, doctors can keep people alive longer, and in some cases you can be kept alive for years, even if you are in an unconscious state. Many people do not want to be kept alive by artificial means if there is no chance of recovering and living a good quality of life, but if you do not have a Living Will or a health care agent that can make decisions for you, this could be exactly what happens.

The person you choose to be your health care agent will only be able to exercise their right to make decisions for you if your doctor determines that you cannot communicate your wishes concerning your own medical care. The person that you appoint as your health care agent should be someone that you trust to make the decisions that you would want; this is usually a close friend or a family member.

Once you know who it is that you want to be your health care agent you will want to talk with them to find out if they are willing to take on this responsibility. It is also important that you inform that person of what you would want concerning medical treatment; this is especially important when it comes to life sustaining treatment. Many people are hesitant to end life support if they are not absolutely sure that is what the person would want.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

One of the duties of an elder law attorney is to stay abreast of all the relevant trends as they are unfolding, and with each passing day the rapid multiplication of the elder population is becoming a bigger and bigger story. Senior citizens represent the fastest growing segment of the society, and in fact, 10,000 new Social Security applicants are stepping forward each and every day. This is expected to continue into the foreseeable future and experts say that the number of senior citizens in the United States will double by the time 2030 rolls around. In addition, people 85 years and older are the fastest-growing group of seniors.

This added longevity is clearly exciting on the one hand because life is precious, yet there is another side to the coin as well. The Alzheimer’s Association recently published a study titled “2010 Alzheimer’s Disease Facts and Figures” and the numbers they have come up with are telling indeed. Some 5.3 million Americans are suffering from Alzheimer’s disease, and 5.1 million of the reported cases involve senior citizens. So this means that one in eight or 13% of all people 65 years of age and older have Alzheimer’s disease. To take it a step further somewhere in the vicinity of 40% of senior citizens termed the “oldest old,” those 85 and up, are victims of Alzheimer’s disease.

To sum it up people are living longer than ever, the senior population is growing rapidly, and the oldest among us are increasing faster than any other group. At the same time, the older you get the more likely it is that you will contract Alzheimer’s disease.

The possible encroachment of Alzheimer’s disease is a reality that we all must face, and the only way to do it intelligently is by making the proper preparations. This is what incapacity planning is all about, and if you do not presently have an incapacity plan in place it would be wise to consult with an experienced elder law attorney who will assist you in making sure that you are prepared for any eventuality.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

The fact is that more and more people are living past the age of 85, and when you cull the data somewhere in the vicinity of half of the individuals who reach this age suffer from dementia. This affliction can do various types of damage depending on the severity of the case. Sometimes there is moderate memory loss and a difficulty solving complex problems, and in more advanced cases the sufferer can be completely debilitated mentally and physically.

A very significant percentage of people who are over the age of 85 and suffering from dementia can no longer make sound personal, financial and medical decisions. So if you are interested in planning intelligently, you need to confront the very real possibility of at least some degree of mental incapacitation and make the appropriate contingency preparations. Perhaps the most important of these is to select representatives to make decisions in your behalf should you become unable to make them for yourself.

This is typically done through the execution of durable powers of attorney. A general power of attorney is no longer valid should the principal become incapacitated, but a durable power of attorney does indeed remain in effect and this is why it is the ideal incapacity planning vehicle. Since health care decisions and financial decisions require two different areas of expertise, most people execute a medical power of attorney and a financial power of attorney and appoint two different attorneys-in-fact.

If you were to become incapacitated without executing these documents, the court could appoint a guardian to manage your affairs and you could become a ward of the state. Most people would prefer to make their own choices in this regard and select family members to serve these decision making roles, and this is the purpose of the durable power of attorney.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

Incapacity planning is one of the matters that you have to take into consideration when you are preparing for the latter stages of your life. When you look at the statistics people are living longer than they ever have; the fastest growing portion of the United States population is what is considered to the be the “oldest old,” people who are at least 85. So when you are making plans for your twilight years this increased longevity is something to keep firmly in mind.

We can’t predict the way that the end of our lives will play out, but when you consider the fact that people are routinely living past the age of 85 incapacity planning becomes a necessity. If you were to become unable to make medical decisions for yourself due to incapacitation these choices would fall into the laps of your family members. This is to be avoided for three reasons. One, being asked to make a decision about something like artificial life support systems with no input from the person involved is agonizing. Secondly, your family members may not agree about how to proceed. And thirdly and most importantly, you probably want to maintain control of your own decision making for your own personal reasons.

You can maintain this control by executing a couple of advance health care directives: a living will and a durable medical power of attorney. With the living will you state your preferences in writing regarding the types of medical procedures you would allow and those you would prefer to refuse in the event of your incapacitation.

The durable medical power of attorney is used to name a representative to make health care decisions in your behalf in the event of your incapacitation should an issue arise that is not expressly covered in your living will.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.