One good reason to delay your social security payments

Powell: There aren’t many things good about a zero-interest-rate-policy world for retirees or those planning their retirement. But researchers say there is one bright spot.

There aren’t many things good about a zero-interest-rate-policy world for retirees or those planning their retirement. But researchers say there is one bright spot.

Most households benefit from waiting to claim Social Security when real interest rates are close to zero, as they are now, according to research just published by National Bureau of Economic Research.

That’s even true for households with mortality rates that are twice the average, according to the authors of the paper, John Shoven, an economics professor at Stanford University and Sita Nataraj Slavov, a researcher at the American Enterprise Institute.

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For more information on estate taxes or estate planning, please contact the elder law office of Browning, Meyer & Ball today.

InvestOhio: New Resource for Ohio Small Business & Investors

Our firm recently received a  Letter from Representative Mike Duffey, delineating the importance of InvestOhio encouraging small and medium-sized Ohio business to grow the Ohio workforce.  Our Ohio Elder Law Firm believes the information noted in his letter and below will be beneficial to many of our clients and friends.

What is InvestOhio?

InvestOhio is a new tool for helping Ohio small businesses gain the capital they need to succeed and create jobs. Through the program, individuals who invest up to $10 million in eligible small businesses
may receive a 10 percent income tax credit if the investment is held for two years.

Why is InvestOhio needed?

• The recent economic downturn has left many Ohio small businesses in need of capital to sustain and grow their business. Similarly, large amounts of private investments are sitting on the sideline waiting for the economic climate to improve. InvestOhio encourages investors to put this money back into the economy to spur job creation. (more…)

6 Tips to Young Caregivers Helping a Relative with Dementia

We saw this article and thought it would be helpful for our clients and others…

Written by Christine Kennard

Understanding dementia as a younger member of the family can be hard. This isn’t to say that teens and young adults do not understand the technical aspects of what dementia involves. Often, many a family member, friend and sometimes medical staff will have offered an explanation of the disease. However, the explanation and experiences of others are very difficult to take on board emotionally and without prior experience. My daughter and I have written this Sharepost together with tips we hope will help young people.

Whether the person suffering from dementia is a close family member or a distant family friend truly understanding which aspects of their personality remains the same and which have altered can be challenging. My daughter’s personal experience with an elderly member of the family (living with us) meant we built up a small but honest guide that we hope will help others and help them deal with the strain that can sometimes be placed on your emotions and understanding. (more…)

Why Ohio Repeal of the Estate Tax is Good News for Residents

On December 17, 2010, President Obama signed in to law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which among other things increased the federal estate tax credit to $5,000,000 per person, and also once again reunited the estate and gift tax credits such that an individual could gift $5,000,000 during his or her lifetime and pay no federal gift tax and/or transfer $5,000,000 at his or her death and pay no estate tax (or some combination of the two).  A more detailed outline was the subject of a memorandum issued by this office earlier this year.  If you would like a copy of such memorandum, please notify us and we will be pleased to forward one to your attention.

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Do it yourself Wills vs Hiring a Professional

Today’s economy has many people clipping coupons and watching every penny.  When it comes to estate planning and wills, however, going the “do it yourself” route could end up costly for your family.  Sure, there are some situations where creating your own legal documents may work and even save some cash.  But, whether you decide to do it on your own, you should always have your documents reviewed by an attorney.

If your assets are less than $50,000 including real estate, you can probably find legal software to suit you. But, if you fall into the category of  large estates, blended (second marriages) families, special bequests or disabled children, you may find the task daunting at best.    Creating your own legal documents may provide a false sense of security that will come to fruition when it may be too late.  (more…)

Medicaid Applications in Ohio

Won’t the caseworkers in the Ohio Department of Job and Family Services help me get through the Medicaid application?

There is no doubt that the caseworker will help you in the application process, but  caseworkers aren’t there to give you advice and if the caseworker makes a mistake or doesn’t tell you about a particular provision that might be to your benefit, the caseworker cannot be held liable.  The Medicaid rules and regulations are so complicated that one judge recently stated that these regulations were an assault on the English language.  Trying to do this yourself will cause you to feel like you are the one being assaulted.

To learn more about Elder Law  in Ohio,  contact  Elder Law Attorneys Browning, Meyer & Ball today.

What are some of the complicated legal issues facing the elderly?

As you are probably aware, laws and regulations relating to health care, long term care, Medicare and Medicaid are in a constant period of flux.  The attorneys of Browning, Meyer & Ball are committed to lead the their clients and the legal community in understanding these laws and providing creative cost effective legal services while also navigating on our client’s behalf through what can sometimes be very rough seas.

Besides dealing with health care issues, what else is involved in elder law?

Our experience, expertise and understanding of elder law enables us to advise and provide for the needs of our clients in areas such as real estate, wills, trusts, disabilities, nursing homes, probate, asset preservation, taxes and long term care.  This requires us to work closely with the family of our clients, social workers, psychologists, and other elder care providers to meet the needs of each individual.  For the planning to be effective, it usually must cover all of these facets of elder law, and through effective planning we can enable an elderly family member to enter a nursing home when needed without exhausting the family’s assets and with the desire to minimize the natural stresses that are a part of our client’s season of life.

To learn more about Elder Law  in Ohio,  contact  Elder Law Attorneys Browning, Meyer & Ball today.

What Is a Medicare Special Needs Plan?

Medicare Special Needs Plans (SNPs) are a type of Medicare Advantage Plan (like an HMO or PPO). Medicare SNPs limit membership to people with specific diseases or characteristics, and tailor their benefits, provider choices, and drug formularies (list of covered drugs) to best meet the specific needs of the groups they serve.

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