NHDD organizers are asking interested organizations and individuals throughout the country to help raise awareness about the importance of advance care planning on this special day—and throughout the year. To help realize this goal, they have created a Web site with information and tools for the public to talk about future healthcare decisions and execute written advance directives (healthcare power of attorney and living wills) in accordance with their applicable state laws.

The Web site (nationalhealthcaredecisionsday.org) also includes tips on how advocates can raise awareness in their communities.

Although several states have engaged in advance directives awareness events and numerous organizations have devoted substantial time and money to improving education about advance healthcare planning, only a small minority of Americans has executed an advance directive. NHDD seeks to address this issue by focusing attention on advance healthcare planning from a variety of directions simultaneously.

Organizations and coalitions interested in participating are encouraged to sign up at the NHDD Web site. For details, visit nationalhealthcaredecisionsday.org.

A 55-year-old couple purchasing long-term care insurance protection can expect to pay $2,700 a year (combined) for about $340,000 of current benefits, according to the 2012 Long-Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance.  The same coverage would have cost the couple $2,350 in 2011.

The steep price rise is primarily due to historic low interest rates and yields on fixed-income investments, explained Jesse Slome, the Association’s executive director, in a press release. Between 40 and 60 percent of the dollars an insurer accumulates to pay future claims comes from investment returns, Slome said, noting that for every one-half percent drop in interest rates an insurer needs about a 15 percent premium increase to maintain the projected net profit.

The Association annually analyzes what consumers will pay for the most popular policies offered by ten leading long-term care insurance carriers. The study found that the average cost for a 55-year-old single individual who qualified for preferred health discounts is $1,720 for between $165,000 and $200,000 of current coverage. In 2011, the same coverage would have cost an average of $1,480 annually. 

The policies the Association priced all include a 3 percent compound inflation growth factor, meanting that a 60-year-old couple buying $340,000 of current coverage today would see their benefit pool grow to $610,000 when they reach age 80.  According to the report, the couple could expect to pay about $3,335 a year if both spouses qualified for preferred health discounts.

The study suggests that it’s more important than ever to shop around for coverage because the range between the lowest-cost and the highest-cost policy has increased compared to the prior year. "For the 55-year-old single policy applicant the highest-priced policy cost almost 80 percent more than the lowest-priced policy," Slome noted. "For some categories, the difference was as much as 132 percent and no single company always had the lowest nor the highest rate, which is why we stress the importance of comparison shopping."  Nearly three-quarters of buyers opt for a 3- to 5-year benefit period, the Associaton reports.

Policyholders can experience rate rises after they purchase, although long-term care insurers are allowed to raise prices only on a class of policyholders, not on individuals ones, and they must receive state approval for the rate hike.

The complete 2012 Price Index will be published in the Association's 2012 Long-Term Care Insurance Sourcebook. For more information, visit the American Association for Long-Term Care Insurance's Web site.

For an article on how to cope with long-term care insurance rate hikes, click here.

For more on how to reduce long-term care insurance costs, click here.

For more on long-term care insurance, click here.

The VA, by its own admission, has done very little to advertise the existence of this benefit.  World War II, Korean War, Vietnam-Era Veterans and their widows are in need of assistance and are even dying in our community daily without knowing they are entitled to a monthly check from the VA to help.

What is Aid & Attendance and how do you know if you or a loved one is eligible?

Aid & Attendance is a health care pension available to Veterans and their widows to assist in paying unreimbursed medical expenses (such as in-home care, assisted living, or nursing home care).

There are some basic requirements which are age, health, and service-realted.  You can learn more about those by clicking here.

There are also income and asset limits.  This is where many Veterans give up before realizing even people with significant income and assets often qualify.  Also, the VA does not count your residence, auto, burial plots/plans or small life insurance policies as assets.

Those who have significant assets or income should not be discouraged.  There are planning techniques available to structure income and assets so that Veterans (or their surviving spouses) can qualify.  If you are interested in applying, you should consult a VA-accredited attorney who has experience with this benefit.

So what is the Veteran's Aid and Attendance benefit worth? 

Significant tax-free money for those who qualify:

• $2,019/month to a married Veteran
• $1,703/month to a single Veteran
• $1,094/month to a widow(er)

This is cash paid directly to the Veteran or suviving spouse.

The VA makes no promises about when benefits will begin but, once approved, payments are retroactive almost to the date of application.  So there is an advantage to applying as soon you can.

Be careful when seeking information about this benefit.  Well-meaning VA representatives unintentionally give out incorrect information about this benefit much of the time when contacted.  That alone is good reason to seek professional advice.

If you know of a Veteran or the surviving spouse of a Veteran who needs help managing the cost of long-term care, please let him or her know about VA Pension with Aid & Attendance.  You can make a real difference in that person’s life.

Photo courtesy of The U.S. Army.

If you do not have a will or a trust and have not used other probate-avoidance techniques, upon your death your assets will pass according to the laws of the state which has jurisdiction over those assets.  This is what is called dying intestate.  The "state plan" may not provide for those you desire to obtain your assets and, if it does, often presents some or all of the following problems:

• Additional inconvenience and expense.  For example, the executor appointed by the court (not necessarily the person you would have chosen) will be entitled to up to 5% of the assets of the estate for services rendered as executor.
• If your estate is a taxable estate, you increase the chance that your estate will have to pay more taxes than would be necessary with a proper plan in place.  Every dollar that goes to Uncle Sam does not go to support your loved ones.
• If you have children, those children may be entitled to as much as 2/3 of your estate.  Most surviving spouses would not be happy with this outcome.

Take the time to sit down with a qualified estate planning attorney of your choosing and make sure that you have the plan of your choosing in place.  Your loved ones will thank you for it.

When Whitney Houston sang, "I will always love you" back in 1994 who knew that she was really talking about her daughter and only heir, Bobbi Kristina Brown.  Unlike a lot of celebrities whose estate plans we know about, Whitney Houston had a detailed and well thought out estate plan designed to take care of her only child, 19 year old Bobbi Kristina Brown.  Ms. Houston had a will that provides Bobbi Kristina will receive all of the assets of her estate and establishes a trust for her daughter.  The trust is designed to provide for Bobbi Kristina's support, but not allow her to do anything foolish before she has the maturity to manage the money properly.  The trust is set up so that Bobbi Kristina will receive a distribution of part of the assets in the trust at 21, another lump sum installment at 25 and the balance at age 30.  The trust also provides that the trustee can distribute money from the trust for purposes like funding for education, a home or in order to start a business.  Whitney Houston's estate plan will avoid the sort of squabbles that have plagued Michael Jackson's family and many other celebrities' families in the wake of their deaths.  The plan itself is relatively simple and points out that the important part is putting a plan in place, not the complexity of your estate.

We're asking for your help in supporting Mike and another great cause. This year, Mike will be dancing the Carolina Shag in the Dancing Stars of Coastal Georgia. Dancing Stars is an exciting new benefit for the Alzheimer’s Association, Georgia Chapter. Reinventing the popular show, “Dancing with the Stars”, this fundraising event comprises of 10 celebrity dancers paired with 10 professional dancers, all raising funds by gaining votes! Then the dancers come together to compete in a one night gala dance competition, it’s an event you do not want to miss!  You can make a donation and vote for Mike here.

Dancing Stars aim is to support the programs and services provided for individuals with Alzheimer's disease, as well as their families and caregivers. Presently, someone develops Alzheimer's every 69 seconds, and this disease is the sixth leading cause of death in the country and the only one that is increasing. Without your support, the Alzheimer's Association will cease to aid those who are affected by this devastating disease.

VOTE FOR MIKE BY DONATING HERE!

It's a matter of being empathetic and listening to clients' needs and concerns. An elder law attorney can offer sound guidance by advising on what is in the best interest of the senior(s) and the family as a whole, without being emotionally involved.

As many as 5.1 million Americans currently suffer from Alzheimer's disease. With the aging of the U.S. population, that number could more than double by 2050. To help with the staggering cost of care, the Obama Administration has included $26 million in the proposed 2013 budget. That money will go to education, outreach and support for families affected by the disease.  Also, $50 million will be available for cutting-edge Alzheimer's research. Together, fiscal years 2012 and 2013 investment totals $130 million in new Alzheimer's research funding - over 25 percent more than the current annual Alzheimer's research investment.

In January 2011, President Obama signed the National Alzheimer's Project Act, which calls for an aggressive and coordinated national Alzheimer's disease plan.  The Act establishes an Advisory Council on Alzheimer's Research, Care, and Services, which brings together some of the nation's foremost experts on Alzheimer's disease in the development of the national plan.

This additional research and funding can greatly assist families and caregivers dealing with the disease. Often the family members act as the caregiver and, typically, pay for the care out of their own pockets. According to the Alzheimer's Association, nearly 15 million people fall into the role of unpaid caregiver for those living with Dementia. Add it all up and it comes to about 17 billion hours of unpaid care valued at $202 billion in 2010 alone.

This is one reason why the services of a knowledgeable VA pension planning attorney are so important. The VA pension benefit can help cover the thousands of dollars spent on unpaid medical care, as well as payment to the one caring for the parent.

Having dementia or Alzheimer's can lengthen the approval process for VA pension benefits, since appointment of a fiduciary is necessary. Here is what to expect:

• The VA will hold the retroactive payments until a fiduciary is named.
• The VA will give the client 60 days to agree or disagree with their finding of incompetency.
• The firm will send the VA form 21-4138, Statement in Support of Claim, and ask them to waive the 60 day period since there is no dispute with the claim of incompetency.  This is done in hope that it will speed up the application process.
• The VA will contact the family and may send a representative to sit down and discuss the award. If they do, this can take 3 to 4 months minimum. Then, the retroactive payments are released for the client. Note that the monthly payments are not delayed; only the retroactive payments.