Estate Planning & Elder Law Blog
Various programs have recently been enacted in Michigan for the purpose of preventing and/or minimizing some of the challenges facing seniors in an effort to help them maintain a high quality of life.
October 21-27, 2019 is National Estate Planning Awareness week, which was originally adopted in 2008 with the intention of educating the public on what estate planning is and why it is vital for financial well-being and peace of mind. According to the National Association of Estate Planners & Councils (NAEPC), estate planning is an often overlooked necessity and it is estimated that over half (56%) of Americans do not have an up-to-date estate plan.
As parents age and require more assistance, the adult children who care for them may find themselves in a complicated predicament.
While it is important to make sure our parents are well-taken care of and healthy as they age, it is just as important to make sure that their financial affairs are in order. This also includes being on the lookout for and preventing any potential financial exploitation.
In the state of Michigan, nearly 2.5 million people are provided health care under Medicaid. This includes low-income adults, children, senior citizens and people with disabilities that depend on the federal and state program for access to health care as well as long-term services which include basic life functions such as meal prep, bathing/dressing and administering medication. For those not familiar with the eligibility aspects of Medicaid, click here to view the video “An Introduction to Medicaid.”
Gift cards; while they are a great means of acknowledging someone's birthday, anniversary, or simply to say "thank you," they are also rapidly becoming a means for con artists to scam unsuspecting individuals, especially seniors.
Saturday, June 15 is World Elder Abuse Awareness Day, which is a day created by the UN in 2012 to draw attention to the millions of older adults who experience elder abuse, neglect, and financial exploitation. With increased longevity, nearly 50 million people in the US alone are age 65 and older. Estimates indicate that by 2050, the global population of people above the age of 60 will exceed the number of younger people.
Unfortunately, this also means that there is a growing need to address the issue of elder abuse as senior citizens are increasingly finding themselves prone to scammers and abuse both from within and without. According to the Administration for Community Living (ACL), as many as 1 in 10 older Americans are abused or neglected each year and only 1 in 14 cases of elder abuse ever comes to the attention of the proper authorities.
Your parents have lived in the same house for decades. They have invested time and money, not to mention the memories in making it their own, and want to live out their lives there. As time goes by, adjustments are made in the home to accommodate their physical challenges but now those accommodations are no longer sufficient to meet their level of care. They can manage for now but they are realizing that now may be the time to think about other living options. There are however many types of long term care options that are available.
The problems that seniors face can erupt suddenly from out of nowhere or can start small and grow more serious over time. A crisis can occur when a senior family member is diagnosed with dementia, has a chronic illness or is admitted to a nursing home. Often after the crisis has already occurred is when the end-of-life documents are pulled out of the drawer and the family calls an elder law or estate planning attorney for help.
You have elderly parents and the very mention of entering a nursing home makes them very nervous. They wish to stay in their own home for as long as possible and understandably so. It seems that as people age and everyday tasks become more difficult, that entering a nursing home or assisted living facility is the only viable solution. Fortunately there are other options available that allow people to be able to live in their homes for longer than they used to.
