Blended families are when people get remarried, but have children from a previous marriage. This can be a little trickier for estate planning, but nonetheless, very possible! This has become an increasingly common arrangement.The biggest concern is ensuring assets are divided accordingly. In the event a Will is left solely to your new spouse, will your children be a factor in the surviving spouses own estate planning documents or beneficiaries of accounts you left for your surviving spouse? Do not worry, there are systems in place for this occurrence.One way to ensure your children will still receive an inheritance from you is a trust. A Trust is established to hold your assets and will state how you want the assets to be distributed. An example, your spouse can receive some assets outright, and an income from other assets. Then when your spouse passes away, your children will receive the assets that your spouse was just receiving income. Just be sure to voice your concerns to your attorney to ensure that your wishes are honored even after your death.Another example: if you have your new spouse as a beneficiary on your retirement accounts, such as an IRA or 401K. You may have your children listed as your contingent beneficiaries. If you are survived by your spouse, the spouse will now own that retirement account. The contingent beneficiaries are no longer a part of the plan. Your spouse needs to update the beneficiaries, and may not include your children as the primary beneficiaries to the account. Again, these are issues to discuss with your attorney and prepare a plan that will give your spouse the income from the retirement account, but the remainder to your children upon the death of your spouse.While blended families can seem more complex, it is very important to plan ahead. Even if families are all getting along now, unfortunately, relationships can change after someone passes away. Your new spouse also will have similar concerns to make sure his or her children, or other family members are not forgotten. Just be sure to sit down with your new spouse and any family members you wish to involve and discuss your wishes in the event of your passing. At the end of the day these decisions are yours to make, whether that coincides with the wishes of all parties involved, or not. Contact us to get started with your estate plan.

Will Long-Term Care Insurance Cover Assisted Living?March 24, 2023Will long-term care insurance cover assisted living? Yes. A good long-term care policy will help pay for assisted living and include coverages in other settings. But the real question is whether or not you currently have a long-term care policy.Most seniors do not. And by the time you need one, you might not qualify due to age or pre-existing conditions.More than 70% of American seniors over 65 will likely need long-term care at some point. But only 10% of Americans have any long-term care coverage.Without long-term care insurance, you or your family will most likely pay for your long-term care costs from savings, retirement accounts, equity loans against your house, or other private sources.And depending on if you decide to age in place at home or choose an assisted living community, these costs are challenging for most families. Using Sarasota, Florida as an example, according to Genworth Financial, the 2023 monthly costs average about $6,700 for Home Health services, $4,570 for assisted living, and $10,500 for a semi-private room at a nursing home.What is Long-Term Care Insurance?Long-term care insurance provides many services not covered by regular health insurance. Every policy is different and has specific coverage. But most long-term care policies include assistance with routine daily activities, like dressing, bathing, or getting in and out of bed.Where Does Long-Term Care Apply?Long-term care insurance helps seniors pay for the services and support they need as they age. And long-term care is for more than just assisted living communities. These policies often cover long-term care provided at:Your homeAn assisted living residenceA nursing homeAn adult day care centerWhat Is Covered Under Long-Term Care Insurance?Long-term care policies help with areas often ignored by other health insurance policies. A long-term care policy can help cover the costs of chronic medical conditions, a disability, or a condition like Alzheimer's. This includes:Assistance with your activities of daily living (ADLs)Certain homemaker services that are in conjunction with personal careSkilled nursing carePhysical, speech, and rehabilitation therapyRespite CareWhat Is Not Covered Under Long-Term Care Insurance?Like most insurance policies, long-term care policies have limitations and exclusions. It is essential to read and understand the policy to know what is covered and what is not.Many long-term care policies do not cover:Pre-existing conditions for a certain period of time. Understanding this clause is crucial. A pre-existing condition is typically defined as receiving medical advice or treatment or having symptoms within a certain period before applying for the policy. Some companies look further back than others, and some do not have restrictions for pre-existing conditions at all.Self-Inflicted InjuriesCertain nervous disorders or mental conditionsDrug and alcohol abuseWhy buy long-term care insurance?The reason to buy long-term care insurance is the same reason you purchase other insurance, like car, home, and health insurance: peace of mind. You pay a little each year or month, so you don't have to worry about paying a large amount of money should the unexpected happen.But long-term care is different, because needing it is expected and a normal part of aging in the US. More than 70% of the population will need long-term care help not covered by regular health insurance.Suppose you are fortunate enough to be wealthy and can easily cover all long-term care expenses out of pocket. In that case, long-term care insurance may not be for you. But for most Americans, long-term care insurance can be a valuable part of their financial planning.Do Medicare and Medicaid Cover Long-Term Care?Long-term care insurance policies are specifically designed to help with most long-term care costs.  Medicare does not pay for long-term care. Medicaid is a state-run program designed for those whose assets and income are under the states low threshold. Even then, the program is complex, the benefits are limited and minimal, and the waitlist can take years. Medicare Does Not Pay for Long-Term CareMedicare is of little help with long-term care costs. The Medicare website is pretty blunt about this subject, stating, "Medicare and most health insurance, including Medicare Supplement Insurance (Medigap), don't pay for long-term care." The site goes on to explain it is important to plan for long-term care to maintain your independence and get the care you need in the future.Medicare does pay for limited stays in rehabilitation facilities, like in-patient physical therapy for a hip replacement. But, the limit is 100 days. And suppose after that you must move to assisted living or a nursing home. In that case, Medicare does not cover your custodial costs.Medicaid Is Very Limited and Can Take YearsFor seniors over 65, Florida Medicaid is a minimal program. You must require nursing-facility-level care, and your assets must be below Florida's low threshold. The program was designed to help the frail and neediest first, and you can be on the waitlist for years. Medicaid recipients typically have a low income and have exhausted most of their savings. Because of the complexity, uncertainty, and length of time required to access any benefits, expecting Medicaid to help with long-term care needs may not be the best option.When Should You Buy Long-Term Care Insurance?The time to buy long-term insurance is before you need it. And the premiums are less when you are younger. Typically, most long-term care insurance buyers are between 50 and 65. It is becoming challenging to buy long-term care coverage over 70 due to health conditions, insurance company policies, expensive premiums, and pre-existing conditions.And even if you are age-qualified, the insurance company might reject your application if any of the following are true:You currently need help with daily activities (ADLs).You are already receiving long-term care.You have been diagnosed with dementia or another cognitive impairment.You have a progressing neurological condition like Parkinson's or ALS.You have had a stroke.You have specific cancer diagnoses. However, a diagnosis of cancer does not automatically get you declined. It depends on the type of cancer, how long ago you were diagnosed, and the individual insurance companies' underwriting guidelines.The best advice is to buy long-term care insurance before you need it and while you are younger and healthy.Summary: Should You Get Long-Term Care Insurance?Everyone ages and almost everyone will need help with senior care expenses, whether they age in place at home or choose an assisted living community.But paying for that care can be overwhelming and severely impact a family's budget and savings. Many families are forced into difficult financial challenges with an additional and unexpected $5,000 to $10,000 monthly expense for care.Long-term care insurance can help you plan for the future and give you and your family peace of mind.Whether your senior loved one is deciding to age at home or considering an assisted living community, Florida Senior Consulting can help.And if they don't have long-term care insurance, we can help you navigate all the other options.We are a Florida-based company with expert knowledge of the Florida senior market. While senior options can seem confusing, this is all we do. Florida Senior Consulting helps seniors decide their next best steps and the easiest way to afford the transition.We have certified staff, licensed nurse advocates, and decades of experience in the field.Senior living should be on your terms, and the choice should always be yours.Call us, and we will answer all your questions and help you decide what is best for you or your senior loved one.For peace of mind, call us at (800) 969-7176 or visit FloridaSeniorConsulting.com.

There are many factors to consider when it comes to yourself or a loved one and being prepared from a legal standpoint as we age or move into Senior Living.What is elder law?There are several practices that fall under elder law. These include estate planning, asset protection, Medicaid planning, preparing for long-term care and special needs planning. Elder law attorneys help seniors navigate the legal and financial complexities of aging, which include issues such as power of attorney, guardianships, conservatorships, and probate law.Estate PlanningAn elder law attorney specializes in a range of legal services related to estate planning, including preparing wills, trusts, health care directives and powers of attorney. An elder law attorney can help an individual understand the legal complexities of estate planning and help them make decisions that will benefit them in the long term.Asset Protection An an elder law attorney provides asset protection services to help protect seniors and their families from financial harm or loss. An elder law attorney can also help seniors with asset protection strategies such as trusts and other legal documents, as well as helping them navigate the complex tax and legal regulations that govern retirement benefits such as Social Security and Medicare.Medicaid PlanningAn elder law attorney can help seniors and their families navigate the complexities of the Medicaid system. This type of planning typically involves creating a plan to preserve assets and income while still qualifying for Medicaid benefits. This can include creating a trust, gifting assets, or transferring assets to a family member. Additionally, elder law Medicaid planning can involve the selection of an appropriate long-term care option, such as an assisted living facility or nursing home, that best meets the individuals needs and financial situation.Long-term Care PlanningFor long-term care planning, an elder law attorney focuses on the care and financial needs of elderly and disabled individuals. It involves creating a plan to ensure their legal and financial needs are met long-term, including things like estate planning, Medicaid planning, and creating guardianships and powers of attorney. It also involves helping families navigate the many laws and regulations related to the care of elderly and disabled individuals.Special Needs PlanningElder law attorney special needs planning is a type of legal planning that focuses on providing for the needs of individuals with special needs, such as those with physical or mental impairments, developmental disabilities, or chronic health conditions. This type of planning ensures that those individuals have a secure financial future, receive the necessary services and support, and have access to appropriate accommodations. Special needs planning includes drafting documents such as wills, trusts, powers of attorney and guardianships, as well as developing strategies for addressing long-term care, government benefits, and other legal issues.Why do I need an elder law attorney?Elder law attorneys have experience in all the areas above, as well as helping protect seniors from individuals or family members that may be taking advantage them of by providing legal advice and representation, helping seniors understand their legal rights, and act on their behalf in court. Elder law attorneys can help seniors protect their assets, enforce their rights, and recognize potential scams.They can also provide legal advice and representation in cases involving undue influence, financial exploitation and guardianship. In addition, elder law attorneys can help seniors set up trusts, establish power of attorney, and create advance health care directives. By having an elder law attorney on their side, seniors can be better protected from being taken advantage of by family members or scam artists.Learn more about the benefits of an elder law attorney here. When should I contact an elder law attorney?At the age of 60 is when its suggested to see an elder law attorney. This is a great time to get all your affairs in order or protect your assets from potential lawsuits. There's even an advantage to doing this at a younger age, so you can set up an estate plan to protect your young children.I have Power of Attorney for my parent. When does this become effective and what decisions am I able to make?Your power of attorney (POA) becomes effective when your parent is incapacitated and can no longer make decisions on their own. When this happens, having Financial Power of Attorney would allow you to make the financial decisions on their behalf, and having health care power of attorney would allow you to make decisions related to their healthcare.What is the difference between a medical and financial power of attorney?A medical power of attorney is a legal document that grants an individual the authority to make medical decisions on behalf of another person in the event of their disability or incapacitation. This form of power of attorney is also known as a health care proxy or health care power of attorney.A financial power of attorney, on the other hand, is a legal document that grants another person the authority to manage an individuals financial and legal affairs in the event of their incapacity or disability. This form of power of attorney is also known as a durable power of attorney.How often should I update Power of Attorney Papers?While there isnt a technical expiration date, it is recommended to update documents every 5 years.My mother refuses to move into a memory care/assisted living community, but I know she needs to. What needs to be in place for this to happen?In this situation, the only way to enforce a move would be to obtain guardianship/conservatorship over them. If they will not sign over to you willingly, you will need to obtain it through the court system. An elder law attorney can assist you with the proper steps to take to ensure your parent is getting the care they need.