For more information on reverse mortgage scams, investment schemes and other types of fraud targeting the elderly, be sure to visit our Resources page to receive a free copy of our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones.
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.
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In a perfect world, most adults begin saving and planning for their retirement well before they are actually able to retire. This careful planning and management of funds can make seniors susceptible targets of investment schemes. Investment schemes can come in many forms. Everybody knows about the infamous Ponzi scheme – a pyramid scheme that gives the appearance of earnings and profits when they really do not exist. Then you hear crazy stories about a Nigerian prince needing an heir to share in his newly discovered inheritance or other similarly concocted nonsense. Regardless of the type of investment scheme, they are a way for scammers and con artists to get rich quick off elderly and vulnerable individuals.
Who is eligible for Medicare? Generally Medicare is available to people 65 or over, younger people with disabilities and people with end stage renal disease (www.hhs.gov). Medicare has two parts: Part A (hospital insurance) and Part B (Medicare insurance). There are eligibility requirements; which you can find online at www.hhs.gov (U.S. Department of Health & Human Services).
There’s no denying the fact that the Internet is a huge part of daily life for millions of people in today’s society. For younger adults and children, learning to navigate the complexities of the world wide web is easier and is part of daily routines. This familiarity with using the Internet consistently and regularly leads to the belief that younger people are more likely to recognize internet scams or fraud and avoid them. The same may not be said for seniors and the elderly. Since some older adults tend to have limited access to the Internet, they unknowingly become easier targets for scammers when they do start going online more frequently.
seniors, according to the Federal Bureau of Investigation.
The unfortunate truth of today’s society is that each and every person is expected to be young, vibrant, and beautiful 24 hours a day, seven days a week. Think about how many different anti-aging products you see commercials for everyday. Even people who don’t seem to actually need anti-aging products are using them! So, is it really any surprise that unsuspecting older adults and seniors can become easy targets for scammers promising the newest and best in anti-aging products? After all, there are some who may feel it is necessary to hide their true age via “miracle” products in order to feel more accepted in social circles or society in general.
The unfortunate truth is that seniors and the elderly are often easy targets when it comes to financial scams. The reason for this is because financial scams against the elderly go unreported for a number of reasons, not the least of which is simple embarrassment. In fact, financial scams are so prevalent among the elderly for the simple reason that seniors and the elderly are often thought to have a large sum of money in their bank account. Oftentimes, financial scams and crimes can be difficult to prosecute, and, as such, are considered to be “low-risk” crimes. However, this is simply not the case, as financial scams can leave anyone (but especially the elderly) incredibly vulnerable with not much (if any) time to get back all the money they lost.
Just like a great many things in life, there are both advantages and disadvantages to having a funeral trust, so let’s look at them now.
The following expenses are paid for via a Funeral Trust:
Trust?
money back in the form of what is known as a Medicaid lien. For individuals aged 55 and up, states are required to recover payments via the person’s estate for things like nursing facility services, home and community-based services, and any and all related hospital and prescription drug services.
It is vital to begin preparing for any potential long-term care needs now, even if the need is not imminent. When it comes to planning for long-term care, there’s a lot to consider. You’ll want to make decisions on things like:
Financial issues are a sore spot for a lot of folks, and many of them often have trouble in planning out their finances and properly managing a budget. You might not even know there’s a difference between the two, but in fact there is:
Thanks to the pension program provided to veterans by Veterans’ Affairs, those wartime veterans (and their survivors) who need financial help can receive benefit payments every month. Let’s look at some vital information both veterans and survivors should know regarding the pension program. But first, let’s answer this question:
As much as we might like to think otherwise, sometimes we just aren’t able to do everything ourselves. Caring for an elderly loved one means trying to meet a multitude of ever-growing needs, and it can all be more than a little overwhelming.
As a caregiver or family member, if you’re thinking of putting your loved one in the care of a long-term care facility, it is a great idea to make a point to tour any prospective facilities. Doing so is a vital step in ensuring your loved one gets the right care for his or her own specific needs. Many people may even recommend multiple visits to facilities when you’re making decisions. For the first visit, however, you’re going to want to make an appointment through the admissions director to tour the facility during the weekday. The best times to see what daily life is like at the facility is in the late morning or midday hours.
Miller Trust, and any money that goes into the trust is not considered when it comes to determining eligibility for Medicaid. The Qualified Income Trust can be used to qualify for ANY area of Medicaid, but most use it to qualify for the provision of long-term care.
There are a multitude of different things that need to be considered when it comes to caring for an elderly loved one. Just the thought of having to care for someone to that degree can seem more than a little overwhelming, especially when you’re not only having to consider an individual’s present needs, but also those that they may have in the future as well. That’s why it’s so important that you have a roadmap of sorts to help guide you along this journey together.
A lot of grown children often worry about what their aging parents are going to do when a need arises and they aren’t there to help because they have moved away. After all, we all want to take care of our parents and make sure they’re being taken care of in our stead if we can’t be there ourselves. So, what are some things you can do to help take care of your parent(s) if you don’t live close by?
be of great assistance in helping ease any burdens at-home caregivers might face, as well as helping them to find the right services that will best benefit them and their unique situation. If you are able, the services of a geriatric care manager should not be missed out on. Even so, many families don’t, but hiring a care manager can certainly be a great help to those family members having to tread the confusing, deep waters of elderly care—maybe for the first time. A care manager has often experienced this many times and can either expertly handle each situation or quickly adapt, whichever is necessary.
Oftentimes, people want to protect their money with the (good) intention of passing it on to family after they pass away. However, due to the eligibility requirements put in place by Medicaid, this is generally impossible to do. This is because Medicaid wants you to spend your money before they will spend their own to help you cover costs of long-term care. If someone tries to gift money or any other assets in an effort to qualify for eligibility, Medicaid will find out during the “look-back” period and then serve the applicant a penalty period—a time in which he or she will be unable to retain eligibility. To try and avoid this, let us now look at some strategies to help families and individuals meet their needs while also protecting their money from Medicaid.
Many people will try to give away some or much of their assets in an effort to qualify for Medicaid. However, if done within five years of applying for coverage for long-term care, Medicaid will count this as a gift given in attempt of qualifying for Medicaid benefits. Thus, a period of ineligibility will begin, as Medicaid will think that those assets could have been used to pay for care.
Obtaining emergency medical transportation is one of a number of things that Medicaid will cover for eligible parties. Obviously, an emergency is defined as any time medical needs are immediate, like having a heart attack or being severely injured in a car accident. In these situations, you might require being taken to the emergency room via ambulance or medical flight and prior approval is not required to receive this type of transportation.