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Boston Elder Law Blog

Creating your last will and testament for your digital life

Creating your ordinary will is hard enough. Deciding who will get your home, savings account and that treasured heirloom from a distant relative can be difficult. Once you have made the list as to who will get your worldly possession, it is time to consider who will get the virtual items, too. Those things might include all the pictures you have stored online, as well as your email, the contents of your Facebook account or even that very difficult to achieve gaming prize.

While you might overlook these things, they can be very important to the people left behind when you pass away. If you don't handle the electronic possessions in your estate planning, you may be setting your relatives up for a very long and emotional legal battle.

Why it's best to handle long-term care planning now

While one hopes they have plenty of time when it comes to long term care planning, it doesn't always happen that way. Adult children, including those in Boston, Massachusetts, often find themselves dealing with their parent's long-term care issues that arise without much notice.

One woman says she never really gave any thought to the face that her mother would require long-term care. When confronted with her mother's diagnosis with Alzheimer's and the fact her mother could not return home, she said she was completely overwhelmed. In working through the options for long-term care for her mother, she and her husband have also realized they need to plan for theirs, as well.

How to avoid nursing home fraud

According to the U.S. Centers for Medicare & Medicaid Services (CMS), there are 15,800 nursing homes in the U.S. and those facilities are home to about 1.4 million people. These people have the right to receive a high level of care and the staff has a duty to provide such care.

According to one study, 44 percent of nursing home residents say they have been abused, while an astonishing 95 percent say they have either seen neglect or experienced it themselves. This study was completed by interviewing 2,000 nursing home residents.

Avoiding the most common estate planning mistakes

Estate planning is often complicated, even for situations that seem as though they should be quite simple. One of the ways to make sure your wishes are followed is to work with an experienced estate planning attorney. Another is to avoid the most common mistakes when it comes to ensuring your assets are protected.

When you think about how you want your assets divided, you might not know just where you want your personal property to go. It can be difficult to determine who gets the sentimental items you've collected over the years. You don't have to make the decisions regarding these items all at once. In fact, you can simply create a memo about who gets what item and modify as you see fit.

How prepared are your parents for retirement?

Do you know if your parents are ready for retirement? It is often difficult to know whether your parents are financially prepared for this phase in their lives. After all, most people are simply trying to keep their own retirement plans on the right path. When it comes to things such as retirement spending, estate planning, living wills and other important care planning, you should have a general idea -- at the very least -- of how prepared your parents are for the future.

Starting a conversation with your parents about their situation is the best approach. One expert recommends using a third party as an example of poor planning. For example, you can talk to them about a friend whose parents weren't prepared and how much trouble he had to go through in order to ensure everything was set up properly. You may be surprised at how ready your parents are to have this conversation.

Alzheimer's caregivers, patients ask for help

The National Alzheimer's Project Act of 2010 (NAPA) created the Advisory Council on Alzheimer's research, Care and Services. On April 29, 2013, the council heard from Alzheimer's caregivers and patients about long-term care planning, dementia and a variety of other issues affecting those who live with this debilitating disease. The council is updating the National Plan to Address Alzheimer's Disease. The purpose of that document is to identify various strategies to help the country treat or prevent Alzheimer's by 2025.

One person that spoke to the council was a Massachusetts psychologist who was diagnosed five years ago with Alzheimer's. Because of the diagnosis, he has seen his income drop by 75 percent and filed bankruptcy. The psychologist said people who are in the early or middle stages of dementia need to be on the council, and the council needs to concentrate more on services to meet the long-term needs of these people.

FDA works on system to track bad reactions to meds, progress slow

Bad reactions to medications may seem rare, but according to one Harvard Medical School professor, it is actually a very common occurrence. Unfortunately, older people are more susceptible to these adverse reactions because their bodies are not able to process the medications as quickly as younger people.

A study done a decade ago by the University of Massachusetts estimated that 1.9 million people on Medicare had a bad reaction to a drug and for those in a nursing home, the numbers were even higher. That study also estimated that over one quarter of those reactions should have been prevented.

Long-term care planning needed as nursing home costs soar

People are living longer than ever today and while this is good news, it does bring about some difficulties. As people live longer, they will need more long-term care planning options. Many senior citizens have financial plans in place to deal with retirement; however, most do not have the money to afford long--term care if it was needed.

According to a recent survey, the costs for assisted living and nursing homes are growing faster than overall inflation. Over the past five years, the increase is more than 4 percent at an annualized rate over five years. A semi-private room in a nursing home cost the average person almost $84,000 in 2013.

Data shows women live longer, may affect long-term care

Though death is unavoidable, many people are afraid to talk about the topic. This has resulted in a number of individuals being unprepared for the future, particularly when it comes to long-term care. Nowadays, people are living longer than they ever have before so long-term care planning should be seen as an important step toward a future of living on into old age. The problem is that many ignore it and see themselves as invulnerable until it is too late.

This creates issues for many people, not just the individual who falls ill or is diagnosed with a life-altering condition such as Alzheimer's disease. Loved ones are forced to take time from their lives to care for the person who did not make plans for long-term care. If they cannot take the time, they may feel obligated into using their money to pay for such care. Attorneys that specialize in estate planning and other late-in-life issues can help people avoid this sort of obligation to loved ones.

Estate plan must address taxes and other concerns

Few people enjoy thinking about their own deaths. Despite this, many people in Boston are getting older and should begin considering plans for their estates, especially if they haven't done so yet. One of the major parts of protecting an estate involves tax planning. But even with good tax planning in place, other factors may cause the whole estate to become compromised.

Underscoring the need for good estate plans -- and tax protections, in particular -- is the following figure: $10.4 trillion. This figure is an estimate of how much money will be passed onto the Baby Boomer generation between 1990 and 2044. With this figure in mind, imagine how much of it could be lost to estate taxes without proper planning. Billions of dollars could be lost to the government, never to be passed down to your children and grandchildren.

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http://www.gosselinlaw.com 866-520-6601 Gosselin Law has helped families since 1994 with elder law matters in Massachusetts. The Boston area firm handles probate, real estate & estate planning.

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