Elder Care and the stresses it creates (long)
8 years ago
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Health Reform's Long-Term Care Option
Comments (3)Sorry - a little more info to be added: (IÂm a believer itÂs best to get a private policy before one turns 50 [most carriers will not write an LTC policy on anyone younger than 45] as the premiums start to rise substantially after that age. As the first article states, the premiums for the CLASS program are not much cheaper than a Preferred risk would pay for a much better private LTC policy if purchased at age 50 or younger. Our own policies (purchased thru DH's employer 10 yrs ago) are miles better than the CLASS program offers, but if we tried to obtain these same policies now, weÂd either get turned down or have to pay three or four times more than what we currently pay.) Further info: Article: With Health Reform, Long-Term-Care Option Becomes Law CLASS Act enacted with health care reform 3/24/2010 By Stephen Miller Under the CLASS Act program, all premium costs can be charged to employees. Employers who chose to participate in the CLASS program wil be required to permit employees to make contributions by means of a payroll deduction, once the CLASS Independence Benefit Plan is designated by U. S. Department of Health and Human Services (HHS), which is to be no later than Oct. 1, 2012. Employers either would create automatic enrollment procedures that allow workers to opt out, or allow workers to choose to enroll and pay premiums. Participants must pay monthly premiums for at least five years before they could receive benefits. Seniors (over age 65 years old) who have paid premiums for at least 20 years and are not actively employed are exempt from paying any premium increase. Premium payments will be placed in a "Life Independence Account" on behalf of each eligible beneficiary and managed by the U.S. Department of Health and Human Services as a new insurance program. As the CLASS program is developed, participating employers will need to coordinate with their payroll services providers to facilitate these deductions and contributions. The Congressional Budget Office estimates that the monthly insurance premium will average about $123 in 2011. Premiums vary with age and will not increase once employees signed up, but they would increase for those signing up later. After five years of paying into the program, enrollees who continue to pay monthly premiums would become eligible for assistance if they experience limitations in two or more so-called activities of daily living, including eating, bathing, dressing and taking medications. This assistance would take the form of a modest daily cash benefit, estimated at $50 per day for impaired enrollees living in the community, for services such as respite care, home care aides and accessible transportation, and up to $75 a day for enrollees who become institutionalized. These amounts would increase with inflation. Here is a link that might be useful: Earlier info on CLASS program...See MoreOpinions on Long term care?
Comments (12)>>(from luvstocraft) So am I understanding correctly that the Living Trust can help protect some of our assets--but just a Will will not do that? >> I'm sorry that I didn't pay more careful attention to some of these questions, and hope it's not too late to get these answers to luv since like her, we live in CA. First off, Living Wills are not legal in CA. The document needed is called the Durable Healthcare power of attorney. All forms since 2009 should include the POLST questions (Physician's Order for Life Sustaining Treatment). Anyone with a DHPoA prior to 2009 should Google and download this 1-page form, fill it out and give a signed copy to your doctor or HMO, ASAP. Second, as pointed out, you need to be careful about which type of Financial Power of Attorney you want. Be especially thoughtful about who is the successor agent should you **and** your spouse become mentally incapable. Make sure that all your financial records are filed properly and are easy to access in an emergency. Now, to wills vs trusts: A will MUST go through probate. This has certain advantages: a will is public record, meaning it's a lot harder (although not impossible) to commit fraud. If you don't have a large estate, there is nothing wrong with using a will. There are two kinds of personal trusts (well, there's many different kinds, but you generally need to have substantial assets to make use of them): Revocable and Irrevocable. In a revocable living trust (RLT), you or whoever is named trustee/co-trustee, own those assets and manage the trust. You can change the terms however and whenever you please. An Irrevocable trust is just that - once set up and funded with assets, it cannot be changed. The trustee is just a manager of the assets. It can't be canceled if you change your mind or your situation changes. You no longer own any of the assets in the trust. It is a permanent legal entity unto itself, until all assets are exhausted. Any trust must be funded; e.g., you must take legal steps to transfer assets to the trust. Just setting up a trust does not mean anything is inside the trust. Trusts do not go through probate. They are a method of passing assets to heirs without the costs of probate. OTOH, speaking as one who served as Executor of a simple estate, I can tell you that even a simple estate or trust takes hours and hours to settle. It is neither easy, nor simple, and when a person is grieving it is extremely exhausting. An Executor of a will gets paid a fee (and in CA, believe me that fee is earned) - but a Trustee NEVER gets paid unless payment, hourly or flat fee or percentage, is specified in the Trust....even though a Trustee can spend just as much personal time, if not more, than any Executor does, on settling an estate. Revocable Living Trusts will NOT save on taxes. They are a conveyance, a means of passing assets more efficiently in certain situations. They do not “protect” anything because that is not their intent. The only thing it will save is the court costs of filing for probate, and the mandated fees to Executor and Attorney from the assessed value of the estate. For example, my MIL has an RLT. Realistically, there was never any need for she and her (now deceased) husband to have one. They have only one son, had only one house, and modest financial assets. It made the transfer of assets to her as the surviving Trustee simpler, but then we had to have a lawyer draw up yet another trust, this time with her and her son (DH) as co-trustees. Had they had a good will drawn up instead, we could have continued with that and spent less half the amount of money it cost, by having her update a will instead of creating a new trust. In comparison, DH and I have a trust. We have no children, and our estate falls under whatever the federal estate tax limit is or is going to be. But because we have no children, our heirs are not directly related to us - and both heirs have siblings who by law would have just as much right to any inheritance. Therefore, we had our trust drawn up with specific language that excludes anyone not named in the trust. We also arranged for the Trustee to be paid on an hourly basis for work done for the estate, because we believe that's fair. I did a little research on the so-called "Medicaid trusts". These are apparently encouraged by certain lawyers who claim they will protect assets from being seized by Medicaid. There is a debate about this subject, and some lawyers say there is no current legal decision that fully supports any trust as being 'untouchable' by Medicaid. Whether this is true or not, I have no idea. A Medicaid trust is Irrevocable - once set up, you have lost all assets you transfer over. It is NOT excused from the Medicaid 5-yr look-back on asset transfers. If Medicaid does decide your trust is a fraud designed to hide assets from them, you would need a lawyer to file suit. And of course, no one should ever set up any trust, Revocable or Irrevocable, without the advice of a lawyer. Even using good forms, such as those available from Nolo Press/Berkeley, can produce a document that does not address all the issues your estate may face...if only because there are things you don't know which may be issues in the future, that the questions of a professional might have avoided. If you use a good estate attorney, they often charge a flat fee for drawing up the RLT, both PoAs, a pour-over will (VERY important) and even transferring the title to your home into the trust. Our attorney spent hours with MIL and with us, both together and separately, to ensure she had a clear picture of what we wanted. Then it was her job to create documents which would enable our wishes to be carried out, when we're no longer able to be there. I apologize for going OT. But these are critical issues that all too many Boomers have left undone for too long. HTH!...See MoreLong-Term Health Care Insurance and Single
Comments (30)We bought LTCI last year at the ages of 49 and 51, and we're glad we did. I did not go into this with eyes half shut. I did uncountable hours of research, attended seminars, talked to people, interviewed agents, etc. I'm the type of person who doesn't allow anyone to talk me into anything - period. We bought a great policy through an A++ rated company, John Hancock. The average age one should buy LTC is 60ish - before health problems begin and the premiums are outrageous if you can even get it with certain conditions. I wasn't waiting 10 years to do so especially since our premiums would double by then even if we remain healthy...but who knows how our health will be in 10 years. Sure, we're healthy now and healthier than our parents were at this age, but no one has a crystal ball to determine how our health and at what age, will affect us. I'm not taking chances knowing DH's parents history. We have no kids or family that will care for us should we need it now or later, and to put 100% burden on the other spouse isn't fair, IMO. And even if we did have kids, who's to say they would want to interrupt their lives to care for sick parents. As cruel as this sounds, I prefer not to care for my mother as she's a difficult one now and she's relatively healthy. This LTC is piece of mind for us. While humans are living longer these days, from my research, it states that a very high percentage of people will require some kind of nursing home facility and the average time is 2.5 years. Should that time come now or later, the insurance is already there to be used. If we were to invest $$ for a rainy day to use toward this, it will take A VERY LONG TIME to match what insurance money is available to us NOW. We hope to never have to use it, but good to know it's in place if we have to, and we're lucky enough to be able to afford it. I realize many cannot. There's much to know about the various companies offering this including their ratings, how their policies work with the options & riders offered, claims stats, etc., and then choosing what is right for each individual. While most people tend to not think about LTC or discount it all together, I really think more people should learn about it and give it serious consideration. (No, I don't sell it). Frankly, IMHO, your sister is wise in thinking about her elder years that way....See MoreFungal disease creating drought stress in zoysia?
Comments (8)Thatch is a build-up of organic matter which can include, dead grass leaves, stems, stolons, rhizomes, and overcrowded grass roots and lateral weed growth (Wikipedia). I can live with that definition. Key is build-up. You have one layer of fallen over dead grass. I don't think that meets the definition. I guess when I rake up the leaves I'm dethatching. Have you tried raking up the dead grass? The reason not to use a mechanical dethatcher is it is abusive to the turf. If you have stolons it will chop them into pieces. For St Augustine that can kill the plant. Zoysia is mostly spread with rhizomes, so you would not see it, but with a rake you can be a lot more selective as to how much of a beating the turf gets....See More- 8 years agolast modified: 8 years ago
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