A new development occurred on January 1, 2010, that affects the vast majority of our clients. Changes to the federal estate tax will affect our estate planning clients, while changes to the way capital gains will be calculated will affect all of our clients, including our elder law clients. The lawyers at Oast & Hook have studied the potential impact of the repeal of the federal estate tax and the generation skipping transfer tax, and Oast & Hook will present a free seminar to those who think they could be affected by these changes. Make sure your estate plan is not obsolete. Reserve your seat now. Oast & Hook will present this seminar twice on February 22nd at the Virginia Beach Central Library, 4100 Virginia Beach Boulevard, Virginia Beach, Virginia 23452. The first presentation begins at 10:00 a.m., and the second presentation begins at 4:00 p.m. If you have any questions about this seminar or if you would like to register for it, then please phone Oast & Hook at 757-399-7506.
New Developments in the Estate Tax Law, Are You Affected?
February 8th, 2010When is the MSA Required?
January 15th, 2010While the MSPA clearly establishes a requirement that Medicare’s interest be considered in liability cases, there are no rules or regulations under the MSPA. There are rules in Worker’s Compensation (WC) cases and the prudent course of action might be to follow those in liability cases. That would mean that an MSA is required if:
• the settlement exceeds $25,000 and the claimant is currently eligible for Medicare; or
• the settlement is for more than $250,000 and the plaintiff can reasonably be expected to become eligible for Medicare within 30 months.
If an individual is in the process of filing, appealing or re-filing for SSDI, that person is included in the 30-month window notwithstanding the fact that a previous application may have been denied and have not been appealed. An individual who is 62 years and 6 months of age could be eligible within 30 months, and an individual suffering from End-Stage Renal Disease (ESRD), but who does not yet qualify for Medicare based on ESRD, would also be considered a person having a “reasonable expectation” of Medicare enrollment within 30 months.
If neither of these criteria are met, there is no need for an MSA. If it is absolutely clear that there will be no future medicals as a result of the injury subject to the litigation, then no MSA is required.
It is important to note that a beneficiary may not waive his right to future Medicare in order to avoid establishing an MSA.
In determining whether the $250,000 threshold is met, if there is a structured settlement the value of the structure rather than the cost is used. Also, in determining whether the $250,000 threshold is met, past medicals, future medicals, attorney’s fees and costs are included.
Don’t Forget to Pass on Passwords
January 13th, 2010Elder law attorneys assist individuals with their wills, trusts, powers of attorney, and advance medical directives. They also discuss issues such as life and long-term care insurance, financial planning, and funeral arrangements. In this electronic age, individuals should also leave instructions to their agents and their survivors regarding access to online accounts, including passwords. A good time to discuss this is during planning for incapacity and when you are discussing items like Durable Powers of Attorney and Advance Medical Directives with your attorney.
More people conduct financial business online than ever before, creating varied passwords for all accounts. Some people never write down this information and change passwords frequently. This process works well while someone is alive, but it can create havoc if the person becomes incapacitated or dies. It is more important than ever that individuals leave a list of account numbers along with the access IDs and electronic passwords. This is particularly true if a person is receiving account statements by e-mail
rather than by regular mail.
Individuals should review their electronic mail and financial accounts, and make a list of the accounts and passwords for their own use. The list should be stored in a safe place, and they should also ensure that their family members know how to access the list in the event of their death or incapacity.
Happy Holidays
December 23rd, 2009All of us at Oast & Hook wish you a happy holiday season and a healthy 2010!
In observance of this holiday our office will be closed Thursday, December 24th and Friday, December 25th.
Happy Thanksgiving
November 25th, 2009Oast & Hook wishes all of our clients and friends a safe and happy Thanksgiving.
In observance of this holiday our office will be closed Thursday, November 26th and Friday, November 27th.
Benefit for Veterans With No Service Connected Disability
November 6th, 2009The Department of Veterans Affairs (VA) administers the Improved Pension Benefit with Aid and Attendance, commonly referred to as Aid and Attendance which can provide a Veteran (or their surviving spouse) with additional income monthly, up to $23,388 per year. Veterans and their spouses must demonstrate that they have a regular need for the aid and attendance of another individual. The purpose of this non-service-connected benefit is to provide supplemental income to disabled or older veterans or surviving spouses who have low income and/or high unreimbursed medical expenses. Examples of those needing Aid & Attendance are those Veterans or their spouse who have:
• Professional home care providers or family members to provide care in the home,
• Assisted living or adult day care services, or
• Nursing home long-term care services.
The veteran must have served ninety consecutive days on active duty, with one day during a wartime period, and have a discharge other than dishonorable. This Aid & Attendance benefit is not well known or understood and often people are told they do not qualify due to misinformation. Veterans or surviving spouses can qualify for the benefit even if they have relatively large incomes or substantial assets. In order to learn more about Aid & Attendance and other benefits as well as protecting assets from the high cost of long term care, it is important to enlist the assistance of an elder law attorney to properly plan.
Oast & Hook Elder Law Seminar
October 26th, 2009There’s a simple way to improve your future; prepare for it.
You can more easily stay in control protecting your family and your assets by planning for your future. It’s that simple. It starts when you take advantage of the experience of Oast & Hook, a law firm that specializes in the unique challenges and opportunities at this stage of life. Get the most out of the help available. Protect yourself, protect your loved ones, with the important, convenient services offered by Oast & Hook.
Oast & Hook is offering a free seminar to discuss elder law. It will be held on November 5th at Knobbs Creek Recreation Center/Senior Center, 200 East Ward Street, Elizabeth City, NC 27909. There are 2 sessions to choose from, one at 2:30 pm and the other 5:30 pm.
Please call to register at 252-722-2890.
How to Approach Your Parents About Their Estate Plan
October 16th, 2009Oast & Hook often hears from children who are concerned that their parents may not have an estate plan in place. Many children are concerned that they would not be able to assist their parents in the event a parent had a disability such as a stroke or dementia. Understandably, these subjects may be hard for children to discuss with their parents as children do not want to appear greedy, and the parents may fear loss of control or independence
How can an individual approach their parents about these issues? First, we recommend individuals update their estate plan including properly executed durable power of attorneys and advance medical directives. After individuals complete their plan, they often feel they can approach their parents by referring to the work they have completed with an elder law attorney. We also recommend asking about a general durable power of attorney and advance medical directive rather than a will. Those documents plan for the parents care while they are still alive and show a desire to see parents cared for while they are still here rather than focusing on who will get assets after the parents have passed.
In Case of An Emergency
September 18th, 2009We never know when an emergency situation might happen. Because of this, it is important for every person to carry emergency contact information in a wallet or purse.
If a person has a cell phone, then it’s easy to list people one would like to have contacted in the event of an emergency. Many people indicate their emergency contact information under the entry “ICE” (an acronym for “In Case of Emergency”) and then list the person’s name and telephone number. This is an excellent idea, and every cell phone user should identify the user’s emergency contacts. This is important because an individual could, for example, have an elderly parent’s phone number in the contact list for convenience, but the individual would not want the parent to be the first one contacted in the event of an emergency. An e-mail circulated a few years ago reported that that using the ICE entry could result in viruses being passed to cell phones or premium charges being billed to the phone; this was proven to be a hoax.
Many people, however, do not have cell phones, particularly the elderly. Further, cell phones can be lost, damaged, or emergency medical personnel may not have the time or the ability to access the contact list. As a result, everyone should have an up-to-date listing of the emergency contact numbers in their wallet or purse. This is why Oast & Hook provides every client who executes an Advance Medical Directive (AMD) with a wallet card that includes the telephone numbers of the agents under the AMD. This also serves as an emergency notification card.
An advance medical directive (AMD) is a healthcare power of attorney and a living will. Why should you to register your AMD? Research has found that 75% of the time you need your AMD, it is not available, for example, when you are in a hospital emergency room. Oast & Hook can register your AMD with DocuBank, a company that ensures that your AMD is available worldwide, 24 hours a day, 365 days a year.
Letter from Allie
August 28th, 2009Hi, It’s me – Allie ! ! !
I started this letter last Saturday, one week after I moved into my new home, but I have been so busy that I was not able to complete it until this morning. I miss all of you at Oast & Hook.
When Sandy first brought me in the house, I ran and hid behind a paper shredder – well, it’s office equipment, and I actually felt safe there. Sandy stayed at my new home for several hours. She had lunch with my new mom, and they constantly came to the room to check on me. I finally came out from behind the paper shredder and snuggled behind some pillows. When it came time for Sandy to leave, she came into the room, took me from behind the pillows, and kissed me THREE times. She left and I returned to the “safety” of the pillows.
My mom came into the room later and just sat on the sofa; she didn’t try to remove me from my sanctuary. She let me relax on my own and adjust. That evening when she returned to my room and sat on the sofa again, I went over and sat on her lap. She rubbed me for about 45 minutes; I purred a lot and rubbed her in return. We began to bond.
I have my own room! All of my toys and things are in there including an S-Curved scratching post my mom bought with the gift card from Oast & Hook. I love it. I play on it all the time. I can jump over it and crawl under it, too. There is a feather toy suspended from the underside. I lie on my back to play with it.
My mom has a great group of friends. They gave her a “Kitty Shower” in my honor. They played “Pin the Tail on the Cat”; need I add that I don’t think that was so funny. They ate “Kitty Litter Cake.” Actually it was German, Chocolate cake with cookies crumbled on top. And they nibbled on “Goldfish cheese crackers. They gave my mom lots of gifts for me – I’ve got so many new toys. Her friends have come by to meet me; so far, I have met five of them. I even ate a treat out of one person’s hand. All of them have said that I am a sweet and beautiful cat. My mom’s friends are smart.
My mom spends a lot of time with me. You know how much I love that laser toy; well mom and I play with the laser toy several times a day. She can sit, and I can run and jump. She rubs and pets me a lot, too.
The other day, when I lay beside my mom, I fell asleep with my paw on her arm. I know she thinks that was special because she tells EVERYONE about it. One day, as I was lying beside her on her bed with both our heads on the pillow, she looked in my eyes and said, “I thank God for you, Allie.” I purred and said, “And I thank God for you, too, Mom”.
Special Purrs to Everyone,
Love,
Allie