PAX Centurion - September / October 2014

Page 40 • PAX CENTURION • September/October 2014 617-989-BPPA (2772) Date:_ ________________________________________________________ Name:_ _______________________________________________________ Address:_ _____________________________________________________ City, State, Zip:_________________________________________________ Home Phone:__________________________________________________ Cell Phone:____________________________________________________ Date of Appointment:__________________________________________ Date of Retirement:____________________________________________ Email:_________________________________________________________ BPPA Retired Patrolmen’s Division News Protecting our parents, protecting ourselves What is Elder Law? Directors of the Retired Patrolmen’s Division of the BPPA: John Murphy David Mackin Joe Vannelli Joe O’Malley Billy Flippin E lder Law is defined as the practice of law with a concentration in issues that affect senior citizens and their families. An Elder LawAttorney handles a range of issues that focus on the needs of the elderly, working with tools and techniques to meet specific goals and objectives. This holistic approach includes: • Estate planning and asset preservation • Long term care and Medicaid planning • Accessing various benefits and programs to pay for care options • Preparing and executing living documents that prepares for pos- sible incapacity and allow for seniors to choose trusted alterna- tive decision makers • Addressing and locating appropriate types of care services, coordinating private and public funding resources to finance the cost of care • Advocating for clients’ rights to quality care What is Estate Planning? F or the purpose of this article, the Estate planning discussion is limited to those doing “preemptive” planning based on relative younger age (50 – 70), good health, retired or about to retire and with financial stability. Planning for individuals with advanced age (71- 100 +), underlying current care needs or existing medical conditions and relative financial stability or in need of financial assistance is discussed below under “What is Medicaid Planning?” As to preemptive estate planning, it is wise to “plan for the worse, hope for the best”, “get your ducks in order” and or “put your affairs in order” should an unfortunate scenario of an unexpected tragedy occur, be it major illness, stroke or other long term diagnosis or unexpected death. Pre-emp- tively the following documents should have been contemplated, customized and created so that a trusted family member or friend could legally, financially and or care wise “step into your shoes” and carry out your stated goals and wishes. Proper Legal Documents: • Health Care Proxy • Durable Power of Attorney • Will • Deed(s) with Retained Life Estate • Trust(s) • Medi-Will with Testamentary Trust What is Medicaid Planning? T he following situations require immediate action and are an impetus to Medicaid planning and sometimes are addressed in pre-emptive estate planning as well. Especially the “pre-emptive” asset protection plans with a 5 year look back. • Family member transferred to rehab or nursing home • Diagnosis of long term illness (Alzheimer’s, Parkinson’s, M.S.) • Passing of a parent /spouse and a parent/spouse survives • Pre-emptiveAsset Protection Plan needing 5yr look back Financial planning to plan for nursing home stay F inancial planning for emergency nursing home cases involves two major disciplines: legal and financial. Variables, such as the in- come of a nursing home resident, the cost of nursing home expenses, the amount of assets available and the determination of any special circumstances to obtain exemptions are needed to formulate a plan to protect the maximum amount of assets. The laws for single people and married people are structured differently. In either case, a plan is needed to avoid spending all of your assets before you begin to get funding fromMedicaid. Senior Resource Center’s (SRC*) and Falco andAssociates, P.C.’s (F&A) holistic, multidisciplinary approach includes… (Article submitted by Anthony S. Falco, Esq., CEO & President of Senior Resource Center Inc. (SRC) and the Law Firm of Falco &As- sociates P.C. (F&A). Mr. Falco may be reached at afalco@helping elders.com, 617-472-6600 at SRC or 617-472-3341 at F&A.) Care Coordination Registered Nurse Case Managers Client Advocacy Case Management Benefits Programs Home Care Service Assisted Living Nursing Home Financial Protection Strategies** Certified Financial Planner Financial Guidance Asset Preservation Medicaid Benefits Veterans Benefits Long Term Care Insurance Annuity Strategies Legal Overview* Elder Law Attorneys Wills Power of Attorney Health Care Proxies Medical Records Release Forms (HIPAA) Revocable Trust/Irrevocable Trust Special Needs Agent BPPA RETIRED PATROLMEN’S DIVISION MEMBERSHIP APPLICATION Annual Dues are $24.00. The year runs from March to March. Please mail this application and $24.00 annual dues to the: BPPA Retired Patrolmen’s Division 9-11 Shetland Street, Boston, MA 02119