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Is your existing estate plan obsolete? -
I have heard it said that “action today can prevent a crisis tomorrow.” The evil of procrastination is especially common when it comes to estate planning. Far too many procrastinate by never actually putting an estate plan into place. Others may demonstrate uncommon wisdom and foresight by worki...
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I think @keen_fitness has the right idea: Keep Calm And Carry On. Sure we live in "interesting times," but I believe we must be committed to bravely living our lives everyday.
My wife and I have been reading The Splendid and the Vile, and have been inspired by people of England and the courageous way they went about their lives despite being bombed nightly for 8 months in a row by Hitler's Luftwaffe. Sure things are difficult and out-of-sorts because COVID, but we must courageously keep calm and carry on, finding ways to live as normal lives as possible. Kudos to the ladies of Keen Fitness for showing us how it's done. 🙌 @ La Crescenta-Montrose
I am grateful for blessings clothed as difficulties, one of which is my morning walks around my community (since my gym is closed) that offer me daily inspiration: the beauty of the earth, of the human spirit, and the grit and drive of people getting their work in. @ La Crescenta-Montrose
Too many of us tempt fate by not taking action to prepare for our future and the future of those that we love. Many wait until some catastrophe occurs that reminds us of our mortality. Some wait until they receive bad news from their medical doctor. Whether from a stroke or cancer or a catastrophic accident, we simply cannot know the timing of fate. Thus, though there may never be a good time to prepare an estate plan, waiting until something serious happens is definitely not a good time. Rather, it is far better to take advantage of the time when the time is available.
Investing the time and money to prepare an estate plan is an expression of wisdom and of love. It reflects wise stewards who care enough for their family and loved ones to take the appropriate measures to protect the financial and life legacy for which they’ve worked so hard and so long, so that upon their passing, their legacy lives on through the generations.
Please join me today at 4pm PST for an Online Seminar to learn how to use simple legal strategies to help make your wishes known, keep peace in the family, and ensure that life is as easy as possible for you and for your loved ones, no matter what happens.
https://artislawfirm.com/august-26-2020-medicaid-planning-webinar/
Medicaid Planning to protect your assets and family before you need long-term care. Learn more at our FREE Online Seminar.
Among the population aged 65 and over, 69% will develop disabilities before they die, and 35% will eventually enter a nursing home.
The Retirement Project (2007) Meeting the Long-Term Needs of the Baby boomers: How Changing Families Will Affect Paid Helpers. Retrieved (January 2015) from https://www.urban.org/)
Did you know it is estimated that 27% of people who turned 65 between 2015 and 2019 will pay more than $100,00 for long-term care, that 15.2% of that same demographic will spend more than $250,000 on long-term care during their lives? That’s the finding of a 2016 study conducted by the National Association of Insurance Commissioners. You can read it yourself at the following link: https://www.naic.org/documents/cipr_current_study_160519_ltc_insurance.pdf. The graphic comes straight out of their report!
Did you know that you can take matters into your own hands now? Join me on Wednesday (8/26) at 4pm PST for a special ONLINE 75 minute training event to learn how to use simple legal strategies to pay for long-term care without going broke, preserve your nest egg, and keep your family home in the family! Go to https://artislawfirm.com/aug-8-2020-medicaid-planning-webinar/ to sign up to attend. I promise you'll be glad you did!
The Department of Health & Human Services says that most Americans underestimate the risk of needing long-term care
“Most Americans underestimate the risk of developing a disability and needing long-term services and supports (LTSS). Using microsimulation modeling, we estimate that about half (52%) of Americans turning 65 today will develop a disability serious enough to require LTSS, although most will need assistance for less than two years. About one in seven adults, however, will have a disability for more than five years. On average, an American turning 65 today will incur $138,000 in future LTSS costs, which could be financed by setting aside $70,000 today. Families will pay about half of the costs themselves out-of-pocket, with the rest covered by public programs and private insurance. While most people with LTSS needs will spend relatively little on their care, about one in six (17%) will spend at least $100,000 out-of-pocket for future LTSS.
See https://aspe.hhs.gov/basic-report/long-term-services-and-supports-older-americans-risks-and-financing-research-brief
Timeline Photos
What Is Long-Term Care?
Many may not be clear about what Long-Term Care actually refers to.
Long-term care encompasses a range of services and support people may need to meet their personal care needs. Most long-term care is not medical care, but instead consists of assistance with many basic personal tasks of everyday life, sometimes referred to as Activities of Daily Living (ADLs), such as:
• Bathing
• Dressing
• Using the toilet
• Transferring (to or from bed or chair)
• Caring for incontinence
• Eating
Other common long-term care services and supports are assistance with everyday tasks, sometimes called Instrumental Activities of Daily Living (IADLs) including:
• Housework
• Managing money
• Taking medication
• Preparing and cleaning up after meals
• Shopping for groceries or clothes
• Using the telephone or other communication devices
• Caring for pets
• Responding to emergency alerts such as fire alarms
Taken and/or quoted directly from LongTermCare.gov: https://longtermcare.acl.gov/the-basics/what-is-long-term-care.html
It’s human nature to look forward toward all the good things we hope to enjoy when we’re older: increased leisure time, enjoying our grandchildren and other young people we love as they grow up, and new adventures or experiences that we often put off until our retirement years. One of my retirement dreams is for my wife and I to go on an around-the-world cruise like my Uncle Elvin & Aunt Betty did.
While many of us will see our retirement filled with these experiences and much, much more, there is another side to growing older--the likelihood that we will need long-term care. In fact, one research organization has determined that the average adult has a 50/50 chance of spending at least one year in a long-term care facility at some point in his or her life. If that should happen to you or someone you love, you may find yourself in the same painful dilemma that has confronted the nation over the last few years.
Today, long-term care is a costly proposition. It can quickly bankrupt families that were comfortable before illness or injury struck. I know this for myself from the experiences of my paternal grandparents who lost everything when my grandma went into a nursing home. Once they were impoverished, MediCal kicked in and paid for the remainder of her stay (which lasted over 14 years).
Affluent Americans generally have the resources to cover the high cost of long-term care and those of modest means will be able to take advantage of government assistance. However, the ones who suffer the most will be the middle class who have too much wealth to qualify for government aid, but not enough to finance their own care without depleting their family’s financial resources. Fortunately, there are strategies to help you protect your family’s hard-earned financial security while obtaining the necessary long-term care you or a loved one might need. Join my FREE Online Seminar on Medicaid Planning on Wednesday, August 26th to learn how to protect your home and life-long savings from being decimated by nursing home and long-term care costs.
https://artislawfirm.com/august-26-2020-medicaid-planning-webinar/
Medicaid Planning to protect your assets and family before you need long-term care. Learn more at our FREE Online Seminar.
Why I Do What I Do
Despite a severely limited education, my grandpa Norman (he’s on the far left, and I’m kneeling next to him) possessed a natural gift for mechanical things. After laboring in the orchards and vineyards of San Bernardino County, he got a job working at the Sunkist plant in Upland, California managing and running their boilers. He kept that job for the rest of his working life. And though my paternal grandparents started out with very little, they worked hard. They scrimped and saved and eventually prospered. They established a home in Upland where they raised their only child, my Dad Larry.
Tragically, not long before my grandpa was to take his retirement, my grandma (seated on the right) suffered multiple strokes that left her completely incapacitated. My grandpa spent many years caring for her in their home, until he was unable to provide the care that she needed, and he had to put her into a nursing home. The nursing home expenses for my grandma cost my grandpa every last penny of his savings and his pension. Once they were dead broke, they qualified for Medi-Cal which paid for my grandma’s long-term care until she passed away many years later. The saddest fact of all was that when they were both gone, all of their hard work, savings, and home were gone, and they had nothing to pass on to my Dad.
My grandparents heartbreaking story is why I love doing what I do: helping people put into place an estate plan that will protect their loved ones, their home, assets, and savings so that their loved ones and the generations that follow can be blessed.
Medicaid Recovery?!?
Did you know that under federal law, after a Medicaid recipient dies, the state is required to recover whatever benefits it paid for that person’s care from the recipient’s estate? The program that provides health care to millions of Americans isn’t free. The government expects to be repaid and will seize houses and other assets after those recipients die in order to satisfy the debt.
Learn how to prevent such a heartbreaking outcome at my upcoming free online Seminar next Tuesday, June 30 at 3pm.
Did you know that some states (including California) put liens on the homes of people who enroll with Medicaid to secure the state’s interest in their property down the road?
The U.S. Department of Health and Human Services says it right on their own website: “When home equity becomes part of the estate, it is subject to Medicaid estate recovery. The survivors may either sell the home and use the proceeds to satisfy the Medicaid claim or, if they wish to keep the home in the family, satisfy the claim with their own personal funds.”
Reserve your spot at my free online Seminar next Tuesday, where you’ll learn how you can:
(1) plan ahead so you can quickly qualify for Medi-Cal should the need arise without having to wait till you go broke, and
(2) protect your home, your assets and your estate so that it will pass to your loved ones and not get taken by Medicaid after you’re gone.
https://artislawfirm.com/medicaid-recovery/
Did you know that under federal law, after a Medicaid recipient dies, the state is required to recover whatever benefits it paid for that person’s care from the recipient’s estate? The program that provides health care to millions of Americans isn’t free. The government expects to be repai...
Happy June! I’m looking to expand my professional network so I can have a ready list of preferred real estate agents, financial advisors or planners, and insurance agents in Los Angeles and Ventura County I can refer my clients to. If you work with one of these professionals, would you please do me a favor and reply to this post or private message me their contact info?
Five conversations to have with your parents and elders during the pandemic - https://mailchi.mp/7a518fc327a2/5-conversations-to-have-with-your-parents
How Will You Age in Place and Be Able to Die at Home?
More and more, Americans are choosing to be cared for and are dying in their own homes. If you wish to be cared for and die in your own home, it’s especially important to have a plan in place to facilitate that choice. Read on to learn more.
Latest from The Artis Law Firm -
Joint tenancy is one of the most common ways for married couples to hold title to their property. My March 5th Blog post drew attention to 9 hazards of joint tenancy. This Blog addresses joint tenancy difficulties from another perspective: when parents add one or more of their children to the title....
St. Patrick's Day and coronavirus.
Another St. Patrick’s Day is upon us. St. Patrick’s Day celebrates the feast of St. Patrick, the patron saint of Ireland. This is a religious and cultural celebration which celebrates all Irish heritage and all things Irish.
Preparing for Coronavirus
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread.
New Law Covering IRAs & 401(k)s Could Upend Estate Planning And Taxes
Fantastic article! I highly recommend reading it.
https://www.forbes.com/sites/lcarrel/2020/02/27/new-law-covering-iras--401ks-could-upend-estate-planning-taxes/#270876944174
The SECURE Act of 2019 went into effect Jan. 1 and makes some big changes to the way people can use Individual Retirement Accounts (IRAs), Roth IRAs and 401(k) plans.
Preparing for Coronavirus
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread.
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