Does My Estate Plan Need to Be Updated?

4/12/2013 @ 12:50:PM By Moynihan_Lyons

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Estate Planning Needs of Seniors, Part 2

2/5/2013 @ 11:11:AM By Maureen Lyons

While disability planning, retirement planning, and special needs planning can be ‘top of mind’ issues for boomers or older seniors, there are two additional essential estate planning needs that are not directly tied to the economy.

These two concerns, if not addressed adequately, are responsible for a lot of family discord and discontent, not to mention the dissipation of one’s assets and life savings. Lastly, failure to address these planning categories can  lead to potentially serious probate issues.

Beneficiary protection planning.

Protecting an inheritance from being lost in a divorce or to a beneficiary’s creditors is a serious concern of many individuals. Many from the older generation fear that their children and grandchildren lack  strong financial discipline and  decision-making skills. The potential for adverse creditor action or for beneficiary dissipation of an inheritance is greater during difficult economic times.

Also, divorce exceeds 50% nationally. Many individuals are concerned about their children and grandchildren divorcing. They do not want the assets they worked so hard to accumulate winding up in the hands of a former daughter-in-law, son-in-law, etc. Since divorce rates increase in difficult economic times, this planning is even more critical now than in better economic conditions.

Blended family planning.

More divorces lead to more second and subsequent marriages, each with a higher statistical probability of ending in another divorce. With blended families (in other words with potentially his, her, and their kids) it is important that each parent’s planning protect his or her children in the event that parent predeceases the subsequent spouse. Failure of blended-family parents to do this type of planning practically guarantees that somebody’s kids will be disinherited or a messy probate will result.

Carefully drafted estate plans protect beneficiaries from divorce, creditors, and themselves. Such plans can also provide for children from prior marriages, which is often the only way to ensure that these beneficiaries actually receive any inheritance.

Posted Under: Comprehensive Estate Planning, Estate Administration, Estate Planning
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VA Aid and Attendance Rates for 2013

12/11/2012 @ 5:40:PM By Moynihan_Lyons

The maximum amount that a Veteran or Surviving Spouse who is eligible for Aid & Attendance will receive a 1.7% cost of living increase in 2013.  Here are the new rates:

Posted Under: Estate Planning, Life Care Planning, Medi-Cal Benefits, Veteran Benefits
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California Elder Law Attorneys: HOW WILL THE NEW REGS AFFECT YOU?

10/26/2012 @ 11:49:AM By Moynihan_Lyons

California Elder Law attorneys – Don’t miss a special meeting of the Southern California Chapter of NAELA on November 2, 2012 from 8-4pm at the Marriott in Long Beach. A distinguished panel of experts will be discussing the pending regulation changes. You can register online at socalnaela.com.

We will be discussing the new draft regulations and how they will affect everyone in the elder care community. Our panel has been analyzing the language in the drafts and will explain what it means to us and what we can do to change it. It’s very important for us all to know how these regulations will affect our practice. We have a great panel lined up and they’ve been working hard to put this program together.

Posted Under: Estate Planning, Medi-Cal Benefits, Veteran Benefits
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National Academy of Elder Law Attorneys (NAELA) September Meeting

8/29/2012 @ 8:07:AM By maureen

If you are an elder law attorney in SoCal and want to learn more about the hows & whys of becoming accredited by the VA so that you can help your clients access critical long term care benefits, please join us at the Sept 5th meeting of SoCal NAELA in Long Beach. We are very excited to have as our speaker, @KarenMcIntyre longtime Veterans Advocate and co-founder of Veterans Information Services, Inc., creators of VisPro. Please feel free to contact me for more details.

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Increase in Veterans Aid & Attendance Benefits for 2012

12/29/2011 @ 3:10:PM By Moynihan_Lyons

We have just received notice of the amount of the 2012 increase to the Aid & Attendance benefit.  Starting in January, married Veterans can receive up to $2,019/mo. in reimbursement for unreimbursed medical expenses.  Single Veterans can receive up to $1,703/mo.  And Surviving Spouses may be eligible for up to $1,094/mo.

This is the first increase since 2009.  Those who are currently receiving Aid & Attendance should see this increase reflected in their January payments.

If you think that someone might benefit from accessing this benefit, please give us a call.  Too many people believe or have been told that “they can’t qualify” when that is just not true.

If you are interested in finding out more about planning for long-term disability and Safe Aging Now, please feel free to contact Terry Moynihan or Maureen Lyons, at (951) 781-1960.

Posted Under: Estate Planning, News, Veteran Benefits
Tags: , Aid & Attendance, long term care, VA, veterans benefits

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Merry Christmas & Happy Holidays

12/23/2011 @ 1:07:PM By Moynihan_Lyons

Wishing all of our clients, colleagues and friends the happiest of Holiday seasons!

- Terry, Maureen, Laura & Andrew

Seasons Greetings from MOYNIHAN LYONS

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Happy Veterans Day

11/11/2011 @ 2:55:PM By Moynihan_Lyons

Happy Veterans Day from everyone at Moynihan Lyons PC.

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Planning for Long-Term Disability

9/23/2011 @ 9:23:AM By Moynihan_Lyons

The California Partnership for Long-Term Care, an arm of the Department of Health Care Services, recently commissioned a Long-Term Care Survey by the Field Poll.  The poll discovered that more Californians than ever are aware of the potential need for long-term health care.  But, the poll also reveals that fewer are taking steps to prepare for that possibility.

Only 10 percent of Californians have purchased long-term care insurance, according to the poll.  The state Department of Insurance records show that sales of long-term care policies have fallen from more than 57,600 in 2000 to less than 35,900 in 2008.

Various reasons were offered as to why people had not bought policies.  Three out of five said it cost too much.  More than half said they had not thought about the subject.  One third expect family assets and income to take care of their needs.  One third expressed distrust of insurance companies.  A significant number expect their families or government to take care of them.

This poll reveals a puzzling disconnect between a basic understanding of long-term care realities and taking action against the enormous cost of long-term care.  Most adults underestimate the likelihood of needing help with daily living as they grow older and few are prepared to handle the potentially huge cost of that assistance – currently an average of $82,000 per year in California.

If you are interested in finding out more about planning for long-term disability and Safe Aging Now, please feel free to contact Terry Moynihan or Maureen Lyons, at (951) 781-1960.

Posted Under: Medi-Cal Benefits, Veteran Benefits
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Larry King’s Special on Alzheimer’s Disease

4/30/2011 @ 4:16:PM By admin

Larry King first special since his talk show went off the air will focus on Alzheimer’s Disease. The special airs at 8pm, Sunday, May 1, 2011 on CNN. I am looking forward to the special.

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