Ask Jaleh: Using Long-Term Care Insurance in Planning for Incapacity.
Video Summary
Using long-term care insurance and planning for incapacity. Long-term care insurance, available through private salesmen or through union and employment sources can be an essential planning consideration in advance of incapacity. There are three main types of coverage available in long-term care insurance – home healthcare insurance, assisted living care insurance and skilled nursing care insurance. The cost of medically necessary skilled intermediate and custodial care nursing, home residency will be covered if policy considerations are met. This may be crucial to affording care if you are not eligible for Medicaid as the average cost of skilled nursing care, currently in New Port Richey, Florida, is approximately $7,000.00 per month.
In-home care – the cost of a doctor prescribed home healthcare aide furnished by a home healthcare agency will be covered if policy conditions are met in the right circumstances. This may be crucial to some, as without coverage, the average cost of a home healthcare aide in New Port Richey, Florida is approximately $100.00 per day.
Assisted living care insurance – the cost of assisted living care insurance are increasingly covered by modern policies. Some policies are equating assisted living care coverage with home healthcare coverage for insurance policies and either one of them will be covered under the benefits of your policy if you have home healthcare insurance. The average cost of the assisted living care facility for a monthly basis in New Port Richey, Florida currently is approximately $2,000.00 per month.
There are some considerations that you need to make prior to purchasing long-term care insurance. The younger the purchaser, the less expensive the policy premium is going to be. For the desired coverage, it is recommended that a person at age 75 would pay approximately $5,000.00 to $6,000.00 per year in premiums for long-term care insurance. Additionally, another benefit is a tax deduction that you may make when you file your income taxes. The tax deduction that you may make would need to be for an itemized tax return for long-term care insurance, but the premium must be at least or more than seven percent (7%) of your adjusted gross income.
Also, very few companies will write policies for people who are over the age of 82 years old. To be very honest, most insurance companies won’t write them at all. That’s why it’s very important to take these considerations into your estate planning when you’re at age 70 and older. As you get older, as I stated it’s increasingly difficult to get this sort of insurance coverage.
Most important to consider in planning for long-term care insurance is the quality of your insurer. Dealing with the fly-by-night insurance company may save you costs in the interim, but it will surely mean more grief when the time is come to collect the benefits that you crucially need at that time. Most important to consider is the stability of the company, it’s management skills, it’s payment history, and the investor practices of the specific company.
These are the most important evaluations to consider with long-term care insurance. If you have any questions or need assistance in involving incapacity of your loved one, please give me a call here at Waller and Mitchell at 727-847-2288.
- Published in Medicaid Planning, Videos
What Happens to Personal Property if There is No Will?
Video Summary
What happens to personal property if there is no will? I am assuming that the question presupposes or supposes that the person has passed away and has personal property.
And so what usually happens is, whoever gets to the personal property first, if it is untitled, is the one that takes advantage of it and does whatever they want to with it.
What should happen is that an estate proceeding should be established, although rarely it is, and the children or heirs of the decedent agree as to who is going to be the executor or personal representative of the estate. The personal representative then would inventory and list all the personal property and then sell it.
Now there is an exemption against the claims of creditors for personal property in a probate proceeding so that it goes to the children as far as that is concerned.
So my experience has been that if their only asset that the decedent has is personal property, usually the relatives or the caregiver or whomever is close to the decedent, takes care of disposing of the property and sometimes that creates some problems with the other heirs or relatives whenever they do not share it. But rarely is an estate opened unless there is titled personal property other than an automobile.
So if you have any questions about an estate, give me a call at 727-847-2288.
The Property I Rent is in Foreclosure, What Are My Options?
Video Summary
The property I rent is in foreclosure. What are my options?
Well, until the foreclosure is completed, the person who is being foreclosed upon owns the property so you are obligated to continue to pay your landlord under the Landlord Tenant Act and under any kind of lease or rental arrangements. So you would continue to pay them unless you receive a Pleading or Notice from the Court that says that you are to pay your rent into the Registry of the Court or to the bank’s attorney.
Also, there is an action that can be filed by a Homeowner’s Association or a Condominium Association that can require you to pay your rent to the Condominium or Homeowner’s Association if the owner is not paying the rent.
But because the property is in foreclosure does not excuse you from paying rent to your landlord. If you do not pay the rent to the landlord, then he has a right to evict you.
So your options are pay your rent or you may be evicted from your property.
If you have any questions give me a call at 727-847-2288.
- Published in Real Estate - Foreclosure, Videos