A recent survey of costs for nursing homes in southwest Oklahoma shows that typical costs for full-time care in a nursing home will cost between $3,500 and $5,000 per month. When it comes to these nursing home costs, there are generally considered only three ways to have it paid: 1. Self-pay, which is where you or someone you love pays the full cost; 2. Insurance pay, where a long-term care insurance provider pays for either the full or partial costs; or 3. Medicaid pays for the cost of the care. I will summarize each of these options so you can assess where your coverage would be, should you need long-term care.

Self Pay. This is where most individuals who need nursing home care now usually are. They have to use their own assets to pay for their own costs. This is considered the American way, and generally it is thought that if one can afford it, one should have to pay those expenses. The issue that arises is when you look at the costs ($5,000 per month) and you look at most people’s estates, the whole estate is used very quickly and there is nothing of a legacy to pass on to the children of the individual in the nursing home. The main issue I want to address and the assets I want to protect for the children come when the children depend upon an asset that may have to be sold to cover mom or dad’s nursing home expense.

The case that I think of is where a farm has to be sold. Dad was the owner of the farm, but Son had been farming it for years. When Dad had to go into the nursing home, he was in the Self-Pay category and had to cover the $5,000 per month expenses. Because rental on the farm was only about $7,000 per year, the Son had to give up farming because Dad was forced to sell the land. This not only caused Dad to incur taxes on the sale, but also caused Son to lose part of his livelihood because of the sale.
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Where does this leave you as an individual? As I said, self-pay is the American way, but that may not be the way it will have to be. With proper planning, you can look at one of the other ways to pay for long-term care expenses. We will look at them later and what you can do to get that proper estate and elderlaw planning.

The main thing to think about, though, is if your children rely upon your assets (or business) for their livelihood, have you taken steps to ensure that their ability to use that asset will not be placed in jeopardy if you are no longer able to care fro yourself?

I cannot stress the importance of funding your Living or Revocable Trust enough!  A trust is a great tool for passing a legacy on to your children or beneficiaries when you pass away, however, the Trust only covers property actually funded (transferred) to it.

I am in the process of probating an Estate for a deceased person here in southwest Oklahoma. The individual was drawn in by an Oklahoma City attorney who created a “cut-rate” living trust for him and his wife. The problem with a cut-rate trust is that you get what you pay for and what the couple received is just a skeleton. The Oklahoma City attorney did not follow through with any funding of the Trust or keep in contact with the client to know that their living situation had changed. After the creation, the Oklahoma City attorney put all of the burden on the client to transfer assets, and it never was completed.

So what does all of this add up to? I am having to complete a public probate for the couple and will incur around $3,000 in expenses for the client. All of this is necessary because the “deal” received from the Oklahoma City attorney of a trust for $1,500 wasn’t that good of a deal, after all. In addition, the cut-rate trust does not have any planning to provide for mom now that she is in a nursing home, so there will be additional costs to get it up to date.
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What lesson is there to be learned here? The better value is to stay local and have a qualified estate planning attorney complete your Trust. You should know who you are dealing with and you should know what you are getting as part of your plan. If you have any questions on your plan, please come see me now and get them addressed, so your children do not run into the same hassle as these new clients.

I want to leave you with the quote from the son of the couple mentioned above. He said, “I guess that Oklahoma City attorney just wanted a check [from mom and dad], and when she got it she was through with us. I wish we would have come to you, because now we understand all she was after and we should have done it right and local from the start.”

Looking at proposals to raise revenue to cover the federal government deficits, the one item the President always come back to is that the “rich don’t pay their fair share”, and that if millionaires and billionaires paid more equitable amounts, the deficits would disappear (or be lessened).

A study was just completed by the Joint Commitee on Taxation that the “Buffett Rule” would generate less than $5 Billion per year. The “Buffett Rule” states that individuals making more than $1,000,000 would be subject to an additional 5% tax on income.

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The main thing to learn from this lesson in the lack of restraint by the government is that taxes will have to increase for everybody, so now is the time to visit with a qualified tax and estate planner and to ensure that your assets are properly set up in a trust or other estate planning device to avoid future taxation by Uncle Sam when these deficits become due.

When the Affordable Care Act of 2010 (Obamacare) was enacted, part of its sales pitch was the cost would not exceed $1,000,000,000,000 (One TRILLION US Dollars) over the next ten years. Of course, most of the cost savings was done by implementing taxes immediately and not implementing most of the care provisions until 2014, four years after passage. Well, it doesn’t take a genius (of which there aren’t any in Congress) to see that if you start saving today, you can offset costs in the future. However, with an individual, the cost in the future are severely limited, because an individual only has limited resources. With the Federal government, the cost can continue to explode because the government can print its own money.

Which brings me to the recent “re-scoring” of Obamacare. For the next ten years, the cost is estimated to be $1,740,000,000,000 ($1.74 Trillion). Remember, we are still two years from getting most of the “benefits” of the legislation, but we can already see where it will lead on taxes.
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My suggestion: You should make sure you are protected the best you can be against these increasing taxes and burdens. The best way to do that? Come see a qualified tax lawyer.

We will be having another basic estate planning seminar on April 5th at the First National Bank in Altus, Oklahoma. The seminar will be provided to the Retired Federal Employees group, but is open for attendance to all.  We will cover Yes, it is true that the time PWD ram rush liquid incense aromas has been the number one component antioxidant that helps fight high blood pressure, high blood sugar level, cardiovascular problems, kidney problem, vascular disease etc. buy levitra http://www.slovak-republic.org/history/national-oppression/ Some of the proposals are themselves filled with problems while the others are not going to have any kind of variation. generic cialis online If discount cialis a man is suffering from Peyronie’s disease, he can take his partner’s help in seeking for an effective treatment of men’s erection problem. In this article, we will take a look at the various erectile dysfunction remedies available, one outstanding remedy is home care. online cialis canada what options are available for passing property from your estate to your children and how you can incorporate tax planning into your estate plan.

If you would like to attend, then please let me know and I will save you seat.