If you’re asking yourself that question, the answer is likely “yes.” Will the world end if you don’t have one? No, it won’t, but an estate plan is a valuable tool that can actually improve your quality of life. Most people, especially those with families, worry about what the future may hold. Read more
Depending on your parents, discussions regarding estate plans can be either easy or hard. Some people are lucky in that their parents may be at a stage of their life where they’re willing to accept some help and guidance from their adult children. Others may be resistant, which will likely make everything from gaining power of attorney to helping them find in-home assistance or a care facility difficult. Read more
The Centers for Disease Control says the number of people dying from Alzheimer’s Disease has jumped 54.5 percent since 1999. Data also show that an increasing number of those that died of the illness did so at home instead of in hospitals and other medical facilities. In 2014, 24.9 percent of Alzheimer’s patients died at home compared to 13.9 percent in 1999.
According to the CDC, Alzheimer’s disease currently affects an estimated 5.5 million adults in the U.S. and is expected to affect 13.8 million U. S. adults aged 65 years and older by 2050.
Read more at the Center for Disease Control’s Morbidity and Mortality Weekly Report.
When it comes to estate planning and elder law, you could say the Law Offices of David L. Carrier sets the pace. Or, rather, they set the PACE. The Grand Rapids-based firm, which helps families navigate through complicated issues and laws surrounding estate planning, is making PACE the topic of its latest free workshop.
PACE is an acronym for Program of All-inclusive Care for the Elderly. It’s a comprehensive health program that helps seniors remain at home for as long as possible and is funded by Medicare and Medicaid. Carrier’s workshop on PACE — the next one is scheduled for May 11 from 3 to 4 p.m. in Newaygo – explains how the program works and how Medicaid can play a role in estate planning.
“Nobody wants to go into a nursing home,” Carrier said in a telephone interview, “bBottom of Form
ut how do you stay at home when you have various needs? If you’re safe at home … in other words, you’re not going to burn the place down, but you need additional socialization, medical care, specialist care, pharmacy, etc., and you are physically and financially eligible for Medicaid, PACE might be the solution for you.”
Carrier explained that PACE allows older people in need of long-term care to stay at home and still get the care they need without losing everything.
“Most people go broke not because of the stock market or the casino, but because they need long-term care,” Carrier said. “It can be anywhere from $3,000 a month for Craigslist-type in-home care to $13,000 a month for a skilled nursing at some super-duper nice place. Our goal is to use the Medicaid system to let people hold on to as much of what they have as we can.”
While many people might think of Medicaid as “disadvantaged or poor people’s health care,” Carrier said 20 percent of it is he calls “middle-class Medicaid,” for those who just can’t save enough to pay for long-term care.
“Because, let’s face it, nobody buys the long-term care insurance and nobody has saved enough – you can’t save enough,” Carrier said. “We’ve seen people go from millions [of dollars in assets] to zero.
“The idea (behind using PACE) is not how are you going to pay for it, because you won’t. The question is how do we make sure you get on Medicaid without going broke? The only way that’s going to happen is if you have done all the other things necessary – all the earning and saving and being smart about things — in order to have it there. We focus on making sure your stuff lasts as long as you do. How do I make sure you don’t go broke? We plan for it.”
Carrier’s firm works with people to educate them on how to use PACE and how to qualify for the program without spending all their savings. Because people can have only $2,000 cash on hand to qualify doesn’t necessarily mean they have to spend all their savings.
“There are other ways of doing it,” Carrier said. “When we do a PACE application, we are fully transparent, but it goes beyond the scope … there are a whole range of strategies we use.”
Carrier pointed out that one size does not fit all, and that his firm works with families on a case-by-case basis to get the best results.
“People might have the same asset profile, but given their family situation, some things will make more sense for some than others,” he said. “We try very hard to educate people on what their options are, guide them through the process and make sure it makes sense for their family. It has been hugely successful.”
PACE, a state program, is available on a county-by-county basis. It currently is available in Ottawa, Muskegon, Kent, Allegan and Kalamazoo counties and will soon be available in Newaygo County. The workshop in Newaygo is part of The Law Offices of David L. Carrier’s “hometown series.” The firm does three to four workshops per week at its four locations in Norton Shores, Holland, Portage and Grand Rapids, and reaches out to other communities with its hometown series.
Carrier said many attending workshops often come out of them saying, “I didn’t know it worked like that.” The workshops provide a general overview of programs and how they work, be it probate, PACE, or other programs. The next step is a vision meeting, where points of the workshop are reviewed but potential clients also are introduced to things that are relative to their situation specifically. “Homework” is assigned and the next step is a design conference. Only after that conference, Carrier said, is the firm hired to work with clients.
“There’s a lot of information, and it’s thoughtful and purposeful,” Carrier said. “We have credibility. We have more than 2,000 approved Medicaid applications over the past 10 years. We DO save money for folks.”
While workshops are free, those planning to attend need to register through the firm’s website at davidcarrierlaw.com since seating is limited. For more information, call the Law Offices of David L. Carrier at (616) 361-8400 or (800) 317-2812 or email them at contact@davidcarrierlaw.com.
Wash up your Ride and Come on out and enjoy some classic cars, good food and 50’s music.
It will be fun for the whole family!
When: Friday, August 11, 2017 4-7 PM
Where: 4965 East Beltline Avenue, NE, Grand Rapids, MI 49525
RSVP: Let us know you’re coming (so we have enough Yesterdogs).
Register Here or call (616) 361-8400
Making an estate plan is not a one-time affair. Changes in your life may prompt you to revise your will, trust, power of attorney, or advance directives for health care. Even if you do not think any changes are necessary, it may still be a good idea to periodically speak with a Grand Rapids estate planning attorney about your situation.
If you have just moved to Michigan from another state, you might want to know if your existing estate planning documents are still valid here. The short answer is yes, your old documents will probably be recognized in Michigan. But longer, more complicated answer is that is still probably a good idea to prepare new estate planning documents that specifically conform to Michigan law.
Estate planning is very state-specific. While Michigan handles subjects like wills and powers of attorney similarly to other states, there are subtle differences. This may be important, especially in an emergency.
For example, let’s say a few months after moving to Grand Rapids, your spouse is in a serious acc
ident and unable to make financial or health care decisions for himself. He previously signed powers of attorney and an advance healthcare directive when you were living in another state. But since these out-of-state forms are unfamiliar to your bank and hospital here, there is a delay in establishing your authority to act on your spouse’s behalf.
Even if your move was not from another state–maybe you moved to a new city within Michigan–it may be prudent to reconsider some of your earlier estate planning decisions. Five years ago when you made your will, you were living in Ann Arbor, and you named your sister (who lived down the street) to serve as guardian of your children if you and you wife passed away. But now that you moved to Holland, on the other side of the state, you want your wife’s brother, who lives closer in Portage, to be the guardian.
Similarly, if you made a will while living in another state, you probably named someone who lived there as executor. While Michigan law does not forbid non-residents from serving as executors, it is not ideal. It makes more sense to sign a new will naming someone in Michigan to oversee your affairs.
Revising and updating your estate plan is not complicated. Indeed, you should review your documents every few years even if you have not moved. The Grand Rapids estate planning lawyers at the Law Offices of David L. Carrier, P.C., are happy to assist. Call us today to schedule a consultation.
Medicaid is designed to help seniors with limited means afford medical care, including long-term nursing home care. Since Michigan’s Medicaid program imposes strict limits on an applicant’s income and assets, some planning may be necessary to help ensure eligibility. Medicaid estate planning generally falls into two categories: pre-planning and crisis planning.
Crisis planning is the more common occurrence. A crisis in this context means any sudden or catastrophic healthcare event. For example, an elderly man suffers a stroke. He is no longer able to care for himself and must be moved into a nursing home.
Full-time nursing care is a major financial responsibility. According to a 2015 survey by Genworth Financial, the median annual rate for a nursing home in Grand Rapids-Wyoming is over $93,000 per year. Medicare and private insurance may not fully cover these costs.
Medicaid crisis planning may be necessary to ensure a low-income person has immediate access to care. Medicaid is known for its rules and complexity, and when time is of the essence, immediate action may be necessary. If a person has too many assets to qualify for Medicaid–but not enough to pay for long-term care–an experienced Grand Rapids Medicaid crisis lawyer can present you with options.
Ideally, you can avoid the need for crisis planning altogether with pre-planning. If you have some assets and do not face an immediate medical crisis–but fear you will in the years to come–pre-planning can help bring peace of mind. For example, you can establish a special kind of irrevocable trust to protect your assets without affecting your future Medicaid eligibility. You may also be able to purchase long-term care insurance if you are still concerned you may not qualify for Medicaid.
Whether you need crisis planning or pre-planning, Medicaid is not something you should try and figure out on your own. Any slight mistake in a Medicaid application may lead to a denial of benefits–and leave a family member facing a choice between poverty and foregoing necessary medical care.
Do not let this happen. Our qualified Michigan Medicaid crisis attorneys know how to deal with Michigan’s Medicaid system. Let us help you and your family. Contact the Law Offices of David L. Carrier, P.C., to schedule a consultation right away.
A revocable living trust is an estate planning tool that lets you transfer assets to a trustee. You can serve as your own trustee, allowing you to keep control over the assets during your lifetime. Upon your death, a successor trustee (that you previously named) assumes control of the trust and distributes its assets according to your instructions.
Many married couples in Michigan find it useful to create a joint revocable living trust. These are informally called “sweetheart trusts,” because they are designed to maximize the surviving spouse’s control over the trust’s assets after the other spouse passes away. But sweetheart trusts may not be appropriate for every estate planning situation.
Sweetheart trusts are a type of revocable trust. The spouses typically serve as co-trustees. Either spouse can contribute assets to the trust during their lifetimes. Since the trust is revocable, each spouse can also remove some or all of their assets from the trust.
When the first spouse dies, the surviving spouse continues as sole trustee. The trust remains revocable, so the survivor is free to change the terms of the trust or even revoke it. The deceased spouse has, in effect, made an unconditional legal gift of his or her share of the trust assets to the survivor.
Once it is established, a sweetheart trust is relatively easy to administer. Assets placed in a trust do not pass through probate. So the surviving spouse can continue to use and enjoy the trust assets without disruption.
On the other hand, the first spouse to die loses control over the ultimate disposition of the trust’s assets. For example, let’s say a husband and wife each have adult children from prior marriages. The wife dies first. She wanted to leave part of the trust to her children. But after her death, the husband amends the trust to leave everything to his children. The wife’s children have no recourse, because under a sweetheart trust, the husband is free to alter the trust as he wishes.
There are other legal and tax considerations you should consider before making a sweetheart trust. A qualified family trust attorney can help explain your options and figure out the best approach for you and your family. Contact Carrier Law to schedule an appointment with one of our family trust lawyers today.
“The Law Offices of David L. Carrier is an estate planning and elder law firm located in Western Michigan. Our main office is in Grand Rapids, and we have 3 other conveniently located offices in West Michigan. We specialize in medicaid crisis planning, estate planning, elder law, probate, wills and trusts.
Grand Rapids, MI
Norton Shores, MI
Holland, MI
Portage, MI
Medicaid Crisis Lawyers
Estate Planning Lawyers
Elder Law Lawyers
Family Trust
Probate Lawyers
Trust Funding Center
