Articles Posted in Elder Law

A study conducted by researchers at Cornell and the University of Toronto recently found that over 1 in 10 older adults in the state of New York is at risk of becoming the victims of elder abuse over the next decades. Poor health has been determined to be a major risk factor in abuse. Black elderly individuals are also reported to be at a greater risk of financial abuse. 

The study, Estimated Incidence and Factors Associated with Risk of Elder Mistreatment in New York State,  tracked abuse over time among hundreds of older adults who had not previously been abused. The study subsequently determined that elder abuse is widespread. The research followed elderly adults over a 10 year period. 

While the study only examined New York state, the researchers who performed the study have commented that the results are likely to be indicative of the conditions that exist in the rest of the country. 

President Biden as well as progressive Democrats have proposed lowering Medicare’s eligibility age to 60 to help older individuals obtain affordable coverage. A new study, however, has found that Medicare is more expensive than other options for individuals with modest assets. Two reasons exist why Medicare is more expensive: traditional Medicare contains gaps in what it covers which often necessitates purchasing supplemental insurance.  Additionally, premiums for the Affordable Care Act have dropped substantially due to President Biden’s COVID relief measure and as a result, the act has become more attractive. This article reviews some critical details that you should remember if you’re helping a loved one consider whether Medicare is the best option for them. 

# 1 – Long Term Care Insurance

Provided that you’re capable of being insured and can pay for the premiums, long-term care might be the best option that you need to satisfy your needs. Coverage, however, varies based on the insurance company you utilize as well as what plan you end up choosing. Assisted living costs continue to climb, though. If you can pursue long-term care insurance as an option, you should make sure to start planning early. The more a person ages, the more difficult a time an individual has getting covered by an insurance carrier. 

In the same ways that some elderly drivers prove dangerous behind the wheel, firearms also prove dangerous in the hands of some elderly individuals. One recent study of elderly gun owners found that many had debated placing restrictions on firearm access as they age, even though they often do not have detailed plans for how to implement these restrictions. Because 40% of older Americans report living in a home with a firearm, it’s become more important than ever to address the issue of control among the at-risk elderly. For example, if an elderly individual develops either dementia or depression and has easy access to a firearm, that elderly individual might end up harming themselves. This article reviews some critical advice to remember about gun control and the elderly.

Realizing When Gun Ownership Becomes Too Dangerous

One of the most difficult questions presented by firearm ownership among the elderly is recognizing cognitive and physical signs that a firearm should be taken away from your loved one. The case of cognitive impairment, however, is often a challenge to recognize. Cognitive impairment due to Alzheimer’s or a mental health disorder are some of the biggest warning signs that you should consider taking a firearm away from the elderly individual. One study even found that over 100 incidents that occurred from 2012 to 2012 involved people with dementia who had used firearms to either kill or injure themselves or others. Besides mental health, there are also several physical signs that an elderly individual should not carry a firearm. For example, an elderly individual might not be able to safely maintain or use a firearm. 

When it comes to creating a trust to protect assets against various predatory efforts including financial elderly abuse, lawsuits, and undue influence, certain attractive trust features can be utilized. These features allow the person who establishes the trust to receive income as well as realize various other advantages. Remember, trusts have various purposes and not all features are a suitable fit for every trust. This article, however, discusses some of the most common asset protection features that are utilized in New York trusts.

# 1 – The Ability to Change Beneficiaries

Fortunately, it’s often possible to make a trust irrevocable while still keeping the ability to change beneficiaries who receive assets under the trust. Being titled irrevocable can often make a trust seem final, but if you can decide who receives trust assets and to what degree, there’s still some freedom to the terms of a trust. A “power of appointment” can be utilized during which a grantor reserves the right to change beneficiaries through an amendment to that individual’s last will and testament. Consequently, it’s possible for a person to both realize the features of asset protection of a trust while still being able to change some features of how assets are distributed.

Many older individuals in the United States depend on Medicare to pay for health care needs. It can be challenging to determine what’s covered under Medicare and how much it costs. To make matters even more complex, there are various changes to the Medicare system each year. For example, at the beginning of 2021, the Centers for Medicaid and Medicare Services issued a final ruling addressing Medicare Part C and Part D. This far-reaching rule is just one of several changes to Medicare. This article reviews some of the other important issues to consider about other Medicare changes that will occur in 2021.

The Four Parts of Medicare

Medicare is divided into four separate categories that pay for distinct health services. This includes:

For many Americans, the phrase “golden years” refers to the period between when one begins retirement and the beginning of age-imposed cognitive and physical limitations. The United States Bureau of Labor Statistics has found that the number of adults in this age group who continue to work has been on the increase since the 1990s. The most recent data shows that more than 20% of people age 65 or older are choosing to continue work. This marked an increase of 10% since the mid-1980s. This article reviews some critical details to understand this trend as well as how it intersects with the field of elder law.

Various Advantages Can Be Realized by Continuing to Work

Some particular advantages exist to continue working after retirement, which includes the following:

Medicaid is a primary payment source for various long-term medical care solutions in the United States. In many situations, Medicaid is utilized to pay for residential care facilities. Deciding that one needs to transition to a nursing home, however, is rarely an easy decision and many elderly individuals attempt to stay at home as long as possible. Many senior citizens rely on home-based services to postpone moving into nursing homes. Medicaid offers two types of long-term care: home community-based services and institutional care. States have discretion in regards to whether they should offer home community-based services in addition to institutional care, which has led to significant gaps in services between states.

 While funding for home-based services has not risen to meet demands, these options might change soon. In March 2021, the American Jobs Plan proposed increasing the funds utilized to provide Medicaid long-term care services to more individuals.

The Role of the American Jobs Plan