Aging and
Disability Network Meeting Minutes- 5/8/18
Attendees:
Mary Rickard (Saratoga County OFA), Chris Camburn (JEN, Inc), Patrick
Harrington (SAROFA), Veronica Lestage (VNSNY Choices), Caitlin St. George (Eddy
VNA), Jess Flynn (Eddy Daybreak ADS), Kasey Manning (Southern Adirondack
Independent Living Center), Maria Geizer (Home Instead), Ben Nichols (SAROFA),
Donna Rudzinski (Shenendehowa Village), Sharon Emerson (St. Peter’s CHOICES),
Denise Yannaci (SAROFA), Sarah Frasier (ILCHV/NY Connects), Jane Kerr (Saratoga
Senior Center), Kim Swire (Shenendehowa Neighbors Connecting), Kim Arnold (Eddy
Alzheimer’s Services).
Introductions and Announcements- the next Aging and Disability Network meeting will
be held on Tuesday June 12th from 2-330pm at The Saratoga Springs
United Methodist Church. Michael Sprague from the Attorney General’s Office
will be presenting on how to spot red flags to avoid common scams, how the
scams work, how to keep your identity safe, what to do if your information is
compromised, what resources are available to help consumers, and general
consumer tips. The presentation helps caregivers by giving them the tools to
help those they assist avoid having their money or information stolen, and also
helps the caregivers keep their own information safe.
July 10th’s
meeting will be held at St. Edward’s Church in Clifton Park from 2-330pm. Sarah
Szewkczyk from NYSARC Trust Services will presenting on pooled trusts and how
they work with Medicaid.
There will be no August meeting.
Today’s topic and presenter- “How to Die the Right
Way,” presented by Jane-Marie Schaeffer, Esq. of the Herzog Law Firm.
Today’s topic covered a
variety of end of life plans as well as the reasons why we are not as eager to
tackle this part of advance planning- too busy, too uncomfortable to think
about, denial, etc…
Some terms and definitions:
Power of Attorney: The principle appoints an agent to manage financial affairs if
principal becomes incapacitated.
If there is NO POA and
principal becomes incapacitated, the court must be petitioned to appoint a
guardian.
Health Care Proxy:
Allows you to appoint an
agent to make health care decisions for you if you become incapacitated.
Living Will: This
is a separate document that can be signed separately or with your health care
proxy that gives your agent your wishes as to the end of life care (need 2
disinterested witnesses, and you don’t need a health care proxy to do this).
Disposition of remains Appointment: Allows you to appoint someone to be in charge of your
funeral and burial arrangements. Can specify details of these arrangements as
well.
Wills:
Approximately 55% of American adults do NOT have a will.
Simple Wills:
Provide for spouse and then kids.
-Execution requirements:
The capacity to sign (POA
cannot sign for you).
2 adult disinterested
witnesses.
Affidavit of subscribing
witnesses
No handwritten changes or
additions.
Intestacy Law-
what if you die without a will? The laws of NYS govern who inherits your
property.
If survived by spouse and
kids, $50,000and ½ of estate go to spouse, the rest to kids.
If survived by spouse and
no children, all to spouse. If survived by children and no spouse, all to
children.
If no spouse or kids, then
to parents, then siblings, then nieces and nephews.
Trusts:
Living trusts can be a
valuable tool for people who want to keep their affairs private, avoid probate,
disinherit a family member or protect assets. It is more difficult to challenge
a trust than a will.
Revocable trusts: Grantor- the one who creates and funds the trust.
Trustee:
person in charge of the trust.
Beneficiary:
person who receives the asses of the trust.
Revocable Living Trusts:
-Avoid probate
-Private
-In the event of your
disability, the Successor Trustee takes over and manages your trust
Irrevocable Trusts
-Can be used to protect
your assets and pass them to your children, if you plan far enough in advance.
-Most commonly used to
protect your assets for Medicaid purposes.
Life Insurance Trusts
-Hold life insurance on
your life and pass the benefits to your heirs when you die.
-Can be used to keep funds
in trust for minors or disabled beneficiaries.
Supplemental Needs Trusts
-Allows you to leave
assets to a beneficiary who is disabled and receiving government benefits.
-Assets in trusts are
protected, and will not cause beneficiary to lose government benefits.
-Trust assets can be used
to supplement needs of beneficiary.
How do I Plan for Long Term Care?
3 questions –
Where do you want to receive care? Who will provide it? How will you pay for
it?
Long Term Care Costs:
Home Care-
-unpaid home care- spouse,
children, family, friends.
Paid home care- average cost
$24/hour. Cost will vary, depending on how many hours you need.
Assisted Living-
-costs range from
$4000-$7000 per month.
Nursing Home-
Average cost is
$12,000-13,000 per month.
Funding Sources for Long Term Care-
-Medicare
-Private Pay
-Long Term Care Insurance
-Medicaid
Medicaid Income and Asset Limits:
Income and Asset limits
for 2018
Individual Community Spouse
Income $50. $3,090.
Assets $15,150. $123,600.
Exempt Assets
-Principle residence
-Burial Plot
-Pre-paid irrevocable
burial contract
-Life Insurance Policy
with a face value up to $1500.
-One automobile
-Retirement Accounts in
periodic payment status.
Transfer of Assets
-there is a 5 year
lookback period for transfers of assets for a nursing home application.
-any transfers for no
consideration-gifts-are counted.
-A penalty period is
calculated based on the amount of transfers during the lookback period.
-during the penalty period
you are ineligible for Medicaid benefits for nursing home.
Community Medicaid
-There is no lookback
period when you apply for Community Medicaid.
-You can transfer assets
to a trust this month, and then apply for Community Medicaid next month with no
penalty.
Herzog Law
provides free consultations. Services include:
-reviewing your documents
-help you choose the
estate and tax plan that is right for you.
-Assist with Medicaid
application or long term care plan
-assist with estate administration
probate after the death of loved one.
-Can meet with you at your
home!
For more information, call Herzog Law at 518-581-8131
(Saratoga Office) or visit website www.herzoglaw.com
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