Ask An Expert Archives
The questions and answers below are categorized under the following topic:
Financial Issues
Questions:
- My grandmother, who is becoming increasingly confused due to Alzheimer’s, needs to settle their estate. What do we need to do prior to contacting an expensive attorney?
- My loved one is in need of a stress test and does not have the financial resources to pay the co-pay. Do you know anywhere that will conduct this test at a less expensive price?
- I would like to know if the new Health Savings Accounts are available to retired persons under the age of 65? Are there limits as to how much can be deposited every year?
- My father willed his property to my step-mother before he passed away and this is preventing her from obtaining Medicaid in the nursing home. Is there any problem with deeding this property to my sister and I?
Questions and Answers:
My grandmother is concerned about 'settling her estate' while she
is still living. I honestly have no idea where to start. She has
Alzheimer's
and it
is getting worse. I know so little about all this, I hate to go
to an attorney and pay tons of money for the basics. How can I find
more details
before
diving into the financial burden of getting a lawyer?
First, we would like to commend you on taking on the task of caring
for your grandmother. At times this process can seem incredibly
overwhelming. Asking
questions and learning all that you can is one of the first steps
in providing your grandmother with the best care possible. So give
yourself
a pat on the
back, you're doing great!
We recommend that you make an appointment to see an attorney that does estate planning or an elder law attorney. You mentioned being concerned with the cost of attorney fees. The Virginia Lawyer Referral Service, (toll free: 800 552-7977) charges a reasonable $35 to talk with an attorney for one-half hour. Try to have a description of your problem (bulleted list of questions or concerns) pulled together before you call. This will help you keep it brief and to the point and make it easier for the referral specialist to help identify your situation. You may also consider calling the Va. Department for the Aging. They have a Legal Assistance program (1-800-552-3402).
It would be helpful to have a list of all the assets your grandmother owns. This should include, for example, a precise list of all your grandmother's bank accounts, stock brokerage accounts, insurance policies, mutual fund accounts, IRAs, other retirement plans; it should also include a list of all of her debts. Also important is disability planning.
If you haven't already, your grandmother should have a power of attorney,
and advance medical directive set up. For more information about disability
and estate planning and to find a list of resources to help seniors, their
families and caregivers, visit www.seniornavigator.org
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A friend of mine needs to have a stress test; however, her insurance requires
a $500 co-pay for the procedure. She does not have the resources to pay the
high co-pay. Do you know anywhere that will conduct this test at a less expensive
price?
It may be helpful to know, that as a rule, it is usually less expensive to
have a procedure of this nature conducted at a cardiologist's office or in
an outpatient surgery center as opposed to a hospital. To find a list of cardiologists
or outpatient surgery centers in your area, visit www.seniornavigator.com and
type in the topic "Cardiologist" or "Outpatient Surgery" and
your ZIP code.
Because paying such a high cost at one time can be difficult and a financial struggle, your friend may consider contacting her insurance provider to learn more about her coverage and if there are any cost saving options. She may also consider inquiring as to whether it is possible to set up a payment plan.
Additionally, SeniorNavigator lists organizations that provide medical financial
assistance to older adults and their families. In most cases, these programs
have specific eligibility requirements for their recipients. You may find a
list of Medical Financial Aid services in your area by visiting www.seniornavigator.com,
typing in the topic "Financial Aid, Medical" and your ZIP code
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I would like to know if the new Health Savings Accounts are available to
retired persons under the age of 65? Are there limits as to how much can be
deposited
every year?
Health Savings Accounts (HSAs) were created by the Medicare bill signed by
President Bush on December 8, 2003 and were designed to help individuals
save for future medical and retiree health expenses on a tax-free basis.
To be eligible for a Health Savings Account, an individual must be covered by a High Deductible Health Plan (HDHP), must not be covered by other health insurance (does not apply to specific injury insurance and accident, disability, dental care, vision care, long-term care), is not eligible for Medicare, and cannot be claimed as a dependent on someone else's tax return.
The maximum contribution is the lesser of the deductible amount under the HDHP or (for 2004) $2,600 for individuals or $5,150 for family coverage. These dollar limits will be adjusted for inflation each year.
For more health and aging information, visit www.seniornavigator.com.
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My stepmother has Alzheimer’s disease and has lived in a nursing
home for the past two years. My deceased father willed his home and farm
to her
upon his passing. The current income from the property is keeping her from
being eligible for Medicaid. Is there any problem with deeding this property
to my sister and I before her death? Can her grandson who serves as her power
of attorney handle this transaction?
Here is some general guidance about property transfers and Medicaid. Any transfers,
other than a bona fide sale that is made within three years of Medicaid application,
counts towards a determination of the applicant's assets. However, some property
may be excluded from the asset computation. The inclusions and exclusions get
rather complex. We suggest getting specific legal advice about what you have
in mind.
Your stepmother's grandson, using the power of attorney, may transfer title
to real estate so long as the power to convey real estate is included in the
terms of the power of attorney. Please review the specific terms of the power
of attorney document. If you have questions about the terms of the power of
attorney, please consult a real estate attorney.
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