ELDER LAW ISSUES

According to the March 2006 issue of The ElderLaw Report, it is estimated that 19% of all persons age 75 to 84 have some form of dementia and rises to 47% among those over 85.

On March 4, 2006, Dr. Linda Eagle of The Edcomm Group discussed the growing concerns of elder financial abuse. She stated that over 2 million seniors each year are victims of elder financial abuse and that approximately 84% of the cases are never reported. From over 36 years of estate planning experience, we have determined that such financial abuse comes from "trusted" family members, church members, neighbors, new-found friends, and, yes, even members of the legal and financial community.

The Deficit Reduction Act of 2005 imposed additional draconian Medicaid changes by limiting Medicaid eligibility for nursing home residents who have transferred assets during the prior five years. One goal of the proponents was to encourage the purchase of long-term care ("LTC") insurance.

Seniors should seriously discuss such issues with their children. The average cost of nursing home care is now over $72,000 per year.