Sandra L. Smith of Oast & Hook, P.C. on Asset Transfers, Good or Bad?

On this edition, Sandra L. Smith, CELA, of Oast & Hook, P.C., discusses how asset transfers can be useful planning tools and their impact on Medicaid planning. She also explains veterans benefits planning and discusses some of the dangers of joint ownership. Copyright© 2010 LexisNexis, a division...

Medical Malpractice Reforms Favor Long Term Care Industry, Could Result in a Flurry of Lawsuits Before the Reforms Take Effect

BY: ELIZABETH D. SCOTT & JONATHAN R. BUMGARNER On July 25, 2011, the North Carolina House voted to override Governor Perdue's veto and approve a broad overhaul of North Carolina's medical malpractice laws. Ratified Senate Bill 33 expands the definition of "medical malpractice...

IRS Announces Long-Term Care Premium Deductibility Limits for 2012

Planning for the cost of chronic disability should be a part of everyone's estate plan. A private room in a long-term nursing facility in Florida averages a wallet-busting $80,000 a year. With numbers like that, you can see why families stand to be wiped out when a loved one requires long-term care...

The Rising Costs of Long Term Care in the U.S.

The cost of long-term care continued its upward climb in 2010. On average the price of a private room in a nursing home rose 4.4 percent to $87,235 a year or $239 a day, while the price of a semi-private room increased by 4.4 percent to $214 a day, or $78,110 a year. In contrast, assisted living facility...

Oast & Hook: Planning to Replace the Irreplaceable Parent

By Letha Sgritta Mcdowell Elder law attorneys spend a good part of their time helping families navigate the long-term care system to secure care for a senior. Many families do not realize that elder law attorneys also assist in planning for the families of seniors. Most parents of children with...

Caring for an Elderly Relative in Sarasota, Florida

Caring for an elderly relative isn't just costly and time-consuming but could even be harmful to your own health. Some companies and nonprofits are rolling out free and low-cost professional help for family caregivers. The bottom line is that "families need help keeping their loved one safe...

Long-Term Care Insurance Industry Shakeout

Those considering long-term care insurance should be aware of recent several changes in the long-term care insurance industry. Guardian stopped offering the insurance as of December 31, 2011, and Prudential will no longer be offering individual coverage after March, 2012. MetLife exited the market at...

Long Term Care Insurance May Become a Thing of the Past

It seems that the insurance companies really boggled it when it came to pricing out long term care insurance policies. Long term care policies have been hit by a triple whammy - historically low interest rates, policy holders living longer, and policy holders not dropping coverage at the rates the insurance...

McNees Wallace & Nurick LLC: Planning and Paying for Long-term Care (Part 4 in a Series: Medicaid/Medical Assistance)

B y Scott Alan Mitchell As of January 1, 2012, the average cost of skilled nursing care in Pennsylvania is $8,112.13 per month. Recall that according to national statistics, approximately 50% of nursing care throughout the country is paid by Medicaid - more than double any other source of payment ...

MassHealth Long Term Care Eligibility | Activities of Daily Living

In addition to the complicated financial requirements for becoming eligible for MassHealth long term care benefits, an applicant must also qualify physically . This of course makes perfect sense. If the government provides a service as costly as long term care to individuals for free, then there must...

States That Could Make Children Pay for Dad's Care

Unpdaid long-term care bills are increasing and becoming more of a problem in many states. All 50 States have statutes that obligate adults to care for children or other family members; if your parent lives in one of 29 states, you could be held responsible for your parents unpaid long-term care bills...

New Wave of Lawsuits May Force Children to Pay for Elderly Parents' Nursing Costs

Many of our clients and readers in Florida are caregivers of elderly parents; they have chosen to take responsibility for their parents--whether it be physical responsibility, financial, or other. But what if instead of making that choice, you had responsibility for your aging parents thrust upon you...

Long-Term Care Partnership Policies - Watch Out for Expanded Medicaid Estate Recovery

The Raleigh News & Observer recently commented on the surging insurance rates for long-term care insurance (LTCI) policies in North Carolina, the article for which can be read here . Yet it seems that an increased prevalence of premium hikes isn't the biggest concern that LTCI policyholders in...

Hook Law Center: For Medicaid, Long-Term Care Costs of Elderly are Rising

It should be no surprise that the costs for the long-term care of the elderly are rising. The baby boom generation is now aging, and there are many more of them to take care of. Many of their parents are still requiring services as well. While some people may think only the indigent utilize Medicaid...

In Pennsylvania, if Your Elderly Parents Can’t Pay for Their Long-Term Care, Then You Might Be on the Hook for It

Colonial Poor Law Imposing Liability on Today's Adult Children Last April, Julian Gray and Frank Petrich, both elder law attorneys, authored a Pittsburgh-Post Gazette article on a Pennsylvania law that can potentially saddle children with the unpaid costs of their parents' long-term care...

Duane Morris LLP: ACOs and Long-Term Care: Don't Get Left Behind

With the U.S. Supreme Court decision ratifying President Obama's Patient Protection and Affordable Care Act (the "Affordable Care Act"), the implementation and development of accountable care organizations (ACOs) continued in full force this past summer. While most are likely to agree that...