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Young adults and the Power of Attorney and Health Care Proxy

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Attorney Abigail Poole discusses young adults and the Power of Attorney and Health Care Proxy for our Smart Counsel for Lunch Series. Did you know that when a child turns 18 that parents loose the right to make financial and healthcare decisions for them? If you have any questions or want to learn more please call us at 781 461-1020.

April Newsletter

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News from Samuel, Sayward & Baler LLC for April 2020  includes the articles: Samuel, Sayward & Baler is Still Operating, Just A Little Differently, Imaginative and Unique Estate Planning Provisions, Five More Important Numbers to Know When Applying for Long-Term Care Medicaid Benefits, Start Your Spring Housecleaning With Some Estate Planning, Resources for Challenging Times, Put Your Estate Plan on Your To Do List, and What’s New at Samuel, Sayward & Baler LLC.

Remote Notarization Is Here!

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For those of you hoping to sign your estate plan documents from the comfort of your home, we have some good news to report.  After weeks of hard work by a number of Massachusetts attorneys including our own Abigail Poole, we finally have a law that will allow notaries to acknowledge signatures via video conference.  On Monday, Governor Baker signed the Virtual Notarization Act into law, a temporary measure effective only during and for three days after the current COVID-19 state of emergency.  This law permits attorneys (or paralegals under the supervision of attorneys) to notarize estate planning and real estate documents remotely using video conferencing, without being in the physical presence of those signing the document.

There are many technical requirements that must be followed in order for the document to be validly notarized, including:

  • the signers must state on the video that they consent to the session being recorded
  • the notary and all witnesses must observe the signing via video conference
  • all parties be physically located in Massachusetts at the time of the signing
  • the signers must disclose who is in the room with them and provide visual evidence on the video of everyone who is physically present in the room with the signers
  • the signers must present their identification to the Notary during the video session and must send a copy of that identification to the Notary
  • the video conference must be recorded and retained for 10 years
  • the documents being notarized must contain special language stating that they were notarized in this manner
  • a separate affidavit be completed and signed by the Notary regarding the session
  • the documents must be returned to the Notary for notarization before they are complete and effective
  • real estate documents signed in this manner require a second video conference between the Notary and the signer after the documents are received by the Notary before they can be validly notarized.

Although we are happy to have this option for clients who are unable to leave their homes or do not wish to do so, our curbside signings – variously referred to as “Car Hop” signings or “Wills on Wheels” – are also a popular and efficient way to sign documents in this time of physical distancing.

Maria Baler, Esq. is an estate planning lawyer and elder law attorney and partner at Samuel, Sayward & Baler LLC, a law firm based in Dedham. She is also a former director of the Massachusetts Chapter of the National Academy of Elder Law Attorneys (MassNAELA), and currently serves on the Board of Directors of the Massachusetts Forum of Estate Planning Attorneys. For more information, please visit www.ssbllc.com or call (781) 461-1020. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.

April 2020

© 2020 Samuel, Sayward & Baler LLC

Scheduling Your Appointment

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Client Services Coordinator, Jennifer Poles discusses the firm’s scheduling process for our Smart Counsel for Lunch Series. Jennifer is usually the first person you will speak with when it comes to scheduling. If you have questions please call us and let us know at 781 461-1020.

Silver Linings! A Chance To Pause, Plan, And Act To Save Money On Long Term Care!

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Despite the uncertainty, pain and loss associated with COVID-19 there are some opportunities that have emerged in the long-term care space as well.  This ordeal is affecting us all – requiring that we slow down, re-evaluate our priorities, take care of ourselves, our families and friends, and importantly attack that closet that’s been exploding with junk! This is also a great time to re-evaluate financial and estate plans with respect to long-term care.  If I or my loved one needs nursing home care or long-term care, assets will be consumed in no time.  Can we do anything to prevent that?

The answer is yes, and this is the time to do it!  Right in the middle of COVID-19, believe it or not, when the market is depressed.

Although it may not feel good now, we can actually take advantage of this decrease in the market by protecting assets from the cost of long-term care.  How can we do this? By creating and funding an irrevocable trust now with “depressed assets” which are likely to increase in value when the market rebounds.

Let’s look at the numbers around long-term care in Massachusetts.

Nursing homes are expensive!

*        According to a study conducted by Genworth in 2019, the monthly median cost of a semi-private room in Massachusetts was $12,473 and a private room was $13,212.  So, roughly $150,000 per year on the low end!

*        52% of people over age 65 will require long term care/nursing home care

*        62% of all nursing home beds are paid for by Medicaid

What is the difference between Medicare and Medicaid?

In short, Medicare is the federal health insurance program designed principally for Americans age 65 years of age or older.  Medicare Part A is hospital insurance that covers part of the cost of inpatient hospital care, hospice care and limited time in a skilled nursing home facility.

If you ask a Medicare attorney, What nursing home costs will Medicare cover? The short answer? Not a lot.

Medicare will cover 100% of the cost for the first 20 days you are in a nursing home IF, AND ONLY IF:

  1. You had a recent inpatient hospital stay of at least 3 days;
  2. You are admitted to a Medicare-certified nursing facility within 30 days of your hospital stay; and
  3. You need skilled care such as physical therapy or skilled nursing services.

If all three criteria are met, Medicare will pay 100% of the costs for the first 20 days of your stay in the nursing home.  For days 21-100, you pay up to $170.50 per day and Medicare pays at least a portion of the balance.  There are criteria that must be met and Medicare can end sooner than 100 days.  After 100 days, you are fully responsible for the entire cost for each day that you remain in the facility.

Let’s talk about Medicaid now.

Medicaid is a federal public assistance program (MassHealth is the state program) for low income people. Medicaid/MassHealth pays for health care services for people with very low income or high medical bills relative to income and assets.  Eligibility is based on income and assets.

In order to qualify for Medicaid/MassHealth as a single person, a single applicant can have no more than $2,000 in resources (this includes retirement accounts, stocks, bonds, CDs, life insurance policies with a cash value and bank accounts).  Real estate that is your primary residence is exempt up to an equity value of $893,000 in 2020.  Married couples can retain an additional $128,640 in assets (unless both spouses are in the nursing home).

So now what? What can we do? What’s the strategy?

Although it is not the right planning strategy for everyone, a long-term care planning strategy that is appropriate for some people to protect assets from having to be spent on long-term care costs is to create and fund an irrevocable trust.  You and your long-term care attorney (and perhaps your financial advisor) will decide what assets and how much of those assets to transfer into this irrevocable trust, keeping in mind that once assets are transferred to an irrevocable trust, you cannot take them back or use those assets in any way that benefits you.

If you don’t apply for Medicaid/MassHealth for at least five (5) years after the date you transferred assets to the Trust, the entire value of the trust assets will not be included when MassHealth determines your financial eligibility (remember $2,000 for a single person and an additional $128,640 for a married couple), and will be protected for distribution to your family or intended beneficiaries following your death.

The silver lining in all of this Medicaid estate planning (and what makes this is a perfect time to implement some proactive planning) is that when the market rebounds, that gain or increase in value in your assets titled in your irrevocable trust is also protected from the cost of long term care if you apply for Medicaid/MassHealth.

So, while the stress of COVID-19 is difficult, it is also presenting a unique opportunity to capture some upside for your long-term care planning from this downturn in the market.  Take advantage of this opportunity to protect your assets (or those of your loved ones), and proactively plan for the future.  This will yield yet another silver living during this ongoing crisis – peace of mind and the knowledge that you will have taken a big step in protecting assets for your children, your spouse or other beneficiaries.

The Dedham firm of Samuel, Sayward & Baler LLC  focuses on advising its clients in the areas of estate planning, estate settlement and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit www.ssbllc.com or call 781/461-1020. 

April, 2020

© 2020 Samuel, Sayward & Baler LLC

Resources for Challenging Times

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From your Samuel Financial LLC Team

We hope you are staying safe and finding ways to make the best of your time at home during the COVID-19 public health emergency. Previously, we’ve sent an outline of the government stimulus programs to ensure you are aware of the financial help available to both individuals (unemployment, including for self-employed persons) and forgivable loans for companies (Paychecks Protection Program and others). The government’s programs also include waiving the Required Minimum Distributions from all individual and company retirement accounts and extensions of time to repay loans from company retirement plans, for just two more examples of the help available.

The government’s assistance programs are new and sometimes not clear enough. For example, many self-employed persons are not aware that they are now permitted to apply for unemployment and receive $600 per week, in addition to the amount paid by Massachusetts or other states of residence, for many weeks. If you have a question about whether you are eligible for government programs, we’d be happy to hear from you and help resolve your questions.

Courtesy of colleagues at Nationwide and our own staff, we are sharing some website resources that may help you stay well stocked, safe and maybe even entertained:

Grocery Delivery Services:

Wal-Mart Grocery Delivery                         https://grocery.walmart.com/

Amazon Prime Now Grocery Delivery       https://primenow.amazon.com/

Food Delivery Services:

Uber Eats            https://www.ubereats.com/

DoorDash           https://www.doordash.com/

GrubHub             https://www.grubhub.com/

Postmates           https://postmates.com/

CDC’s Official Website for COVID-19 Updates:

https://www.cdc.gov/coronavirus/2019-ncov/index.html

Massachusetts’s Official Website for COVID-19 Updates:

https://www.mass.gov/resource/information-on-the-outbreak-of-coronavirus-disease-2019-covid-19

Nationwide Care Concierge for Annuity Contract Owners, Spouses, Children, Parents and Parents in Law

https://nationwidefinancial.com/resources/support/annuities/nationwide-care-concierge

https://members.healthadvocate.com/Home/Index

Tips for Working at Home:

https://www.npr.org/2020/03/15/815549926/8-tips-to-make-working-from-home-work-for-you

https://www.businessinsider.com/how-to-work-from-home-during-the-coronavirus-outbreak-2020-3

https://www.cbsnews.com/news/coronavirus-pandemic-tips-for-working-from-home/

Ideas and Free Educational Materials for Kids at Home:

Scholastic’s Free Learn at Home

https://classroommagazines.scholastic.com/support/learnathome.html

Khan Academy Free Learning

https://docs.google.com/document/u/1/d/e/2PACX-1vSZhOdEPAWjUQpqDkVAlJrFwxxZ9Sa6zGOq0CNRms6Z7DZNq-tQWS3OhuVCUbh_-P-WmksHAzbsrk9d/pub

Crash Course YouTube Channel

https://thecrashcourse.com/

Best wishes from Samuel Financial LLC

Steve Samuel, Chad Gutner, Nancy Mann, Kevin Cotton, Veronica Garzone, Sarah Newell and Stephanie Gallegos

Samuel Financial LLC is located at 858 Washington Street, Dedham, MA 02026 and can be reached at 781.461.6886.  Securities and advisory services offered through Commonwealth Financial Network, member FINRA/SIPC, a registered investment adviser. Fixed Insurance products and services offered through CES Insurance Agency.

Start Your Spring Housecleaning With Some Estate Planning

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While this period of quarantine is the perfect opportunity to clean out your attic, catch up on your Netflix queue, or get in shape, this is also the time to make sure you have the appropriate legal documents in place in the event that you are not able to make or communicate your health care decisions.  These documents include a Health Care Proxy and HIPAA Authorization and many choose to also execute a Living Will

Health Care Proxy:   A Health Care Proxy is the document by which you appoint a health care agent – the person who will make health care decisions for you if you are not able to make them for yourself.  If you already have executed a Health Care Proxy, take a moment to locate it, ensure that the agent you named is still appropriate, and distribute copies (if you haven’t already) to your agent, your primary care doctor and perhaps your family members.  Most of us usually have our cell phones close by so it’s a good idea to scan a copy of your health care proxy and save it on your phone.

We also recommend that you affix a copy of your Health Care Proxy, emergency contact information and health insurance information to the side of your refrigerator.  EMTs are trained to look for emergency information there.

HIPAA Authorization:         It is also important to execute a HIPAA Authorization.  The Health Insurance Portability and Accountability Act (HIPAA) was enacted in 1996 to help ensure the privacy of your medical records.  A HIPAA Authorization is a document that authorizes your health care agent and any family members or friends you list to talk to your medical professionals and view your medical records.  Remember that once your teenager reaches age 18, they will need to execute a HIPAA Authorization authorizing you to speak with their doctors and view their medical records.  The mere fact that you are mom/dad/guardian is not sufficient.

Living Will:    Additionally, you may wish to sign a Living Will.  While Living Wills are not legally binding in Massachusetts, they provide guidance to your doctors and health care agent about your wishes regarding end of life care in the event that you have a terminal condition or are in a persistent vegetative state.

Other practical suggestions during this time of Coronavirus:

If you have a family member sick at home and at risk of being hospitalized it’s a good idea to have an emergency bag packed, since visitors are not being allowed in to the hospital. Things to include in the bag:  *

  1. Written UPDATED accurate list of medications: name, dose, frequency.
  2. Cell phone charger!
  3. List of emergency contacts and phone numbers on paper!
  4. Toothbrush, toothpaste and hair brush.
  5. Three pairs of underwear.
  6. Full name, phone number, office address of Primary Care Doctor.
  7. Book, magazine or something to read.
  8. Copy of legal paperwork such as Health Care Proxy, HIPAA Authorization and Living Will.
  9. If patient has a pacemaker or defibrillator, a copy of the pocket information card that states the brand, model number, MRI compatibility.
  10. If the patient has asthma or COPD, bring the inhalers. Hospitals are running out.
  11. Extra batteries for hearing aid or other medical devices.

These are uncertain times right now, but ensuring that your health care documents are up to date can provide some peace of mind for you and your loved ones.  If you wish to create or update your health care proxy, please contact our office.  We are working remotely but are able to speak with you over the phone or via Zoom and will meet you in the office parking lot to execute your documents.   One silver lining in all of this – we are waiving the $400 fee we customarily charge our clients for initial estate planning meetings if you make an appointment in the month of April.

Please do not hesitate to reach out with any questions.  We are happy to speak with you and to do what we can to ease your mind during this difficult time.

*With thanks and credit to Peter T. Clark Esquire of Mansfield, Massachusetts for compiling and sharing this great list!

The Dedham firm of Samuel, Sayward & Baler LLC which focuses on advising its clients in the areas of estate planning, estate settlement and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit www.ssbllc.com or call 781/461-1020. 

March, 2020

© 2020 Samuel, Sayward & Baler LLC

Wills • Trusts • Elder Law • Long-Term Care Planning • Estates

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