Frequently Ask Questions
Our Frequently Asked Questions (FAQ) page contains answers on how the Law Offices of Alice Reiter Feld can help you with your legal needs. Alice Reiter Feld is an expert in the legal field of elder law with special training and experience in the common legal issues affecting seniors in the State of Florida. This website is here to help you find the right answers for all of your Elder Law needs. If you do not see an answer for your questions below, or you simply would like additional information, please contact us today to learn more about how our South Florida Elder Law office can assist with your legal needs. Why are you on our site? Probably one of these 7 reasons
- I want my parents to plan ahead and be taken care of.
- I have a family member or friend who went through a rough time with parents/in-laws and I don’t want that for my family
- I have noticed changes in my physical and/or mental health or I have had a diagnosis of an illness (or of my family member) and I am concerned about what the future holds.
- I have had some life event that make me think it’s finally time to get this done!
- I am concerned about what happens if I get sick or die?
- There is a crisis in my family and I need to know what to do.
- I want to leave an inheritance for my family and don’t want my hard earned savings all spent down on a nursing home or other long term care costs.
What legal issues can the Law Office of Alice Reiter Feld assist me with?
Our firm handles most elder law and estate planning issues such as wills, trusts, probates, estate administration, Medicaid applications, Veteran’s Benefits applications…etc.
I did my estate plan 10 years ago. Is it still good? What if I come from another state?
These should be updated periodically to cover changes in your life, your family, your goals and the law. When a person moves to another state they should see an elder law attorney to make sure their documents conform to their state law. We generally suggest every 5 to 10 years, with older people reviewing them more often.
I want to do my estate planning? What issues do I want to make sure I address?
You should address at least the following:
- What are your goals?
- What keeps you up at night? What are you really curious about?
- Who are your intended beneficiaries?
- Are there any concerns with family members or inlaws? What are your family dynamics?
- What would happen if there were a sudden death with you or a beneficiary?
- Do you have enough money tocover the costs of long term care?
- Who do you want to make decisions for you if you become incapacitated? How are your assets held?
- Do you have retirement plans that must be addressed?
- How do I avoid a court guardianship or probate?
What documents do I need?
At a minimum everyone should have a will and a durable power of attorney and health care surrogate and living will. These should be updated periodically to cover changes in your life, your family, your goals and the law. Some people should also consider the flexibility of trusts in accomplishing their goals as well as deeds etc.What is the difference between a revocable trust and an irrevocable trust?With a revocable trustyou put assets in…and you can take the assets out.A revocable trust trust does the following:
- Avoids probate
- Can be changed
- Can be revoked
- You have full control
- Provides flexibility
- Provides protection from problem in-laws or others who may not be able to handle money.
An irrevocable trust is a “lock” box. You gift assets in…but youcan’t take them out.
- Avoids probate
- Cannot be changed
- Cannot be revoked
- You have no control
- Outlaw protection
- Asset protection
These trusts can be excellent asset protection tools for qualifying for Medicaid and Veterans benefits.
How do I pay for the crippling costs of long term care?
There are 6 main ways:
- Traditional long term care insurance
- Medicare which covers up to 100 days of rehabilitation in a rehab facility
- Veterans benefits for certain wartime veterans and their surviving spouse
- Private Pay which can cost over $80,000 per year in a nursing facility, $65,000+ for full time home health aids and $50,000+ per year for an assisted living facility
- Medicaid. Medicaid pays for most of the long term care costs in this country. It will cover the full cost of a nursing facility and some home health and assisted living costs. We help our clients qualify for these benefits since the rules for qualifying can be confusing and can cost you much money.
- Self insuring options using annuities and/or life insurance that include a long term care insurance rider. These are not traditional long term care insurance since in addition to coverage for Long Term Care costs(Home, Assisted Living and or Nursing care), like most annuities and life insurance they have death benefits and cash surrender provisions avoiding the traditional “use it or lose it” that occurs with traditional long term care insurance (SEE asset protection planning on website….link to this section on website). It’s your health, not money that buys these policies. These products generally have a Cash Value, Return of Premium and/or death benefit.
As a baby boomer, do I have any special concerns?
Yes! Your life expectancy continues to increase and many baby boomers have not planned for the costs of long term care in retirement. These costs can range from $5,000-$12,000 per month. Many baby boomers have limited family resources since families are smaller and spread all over. Some additional baby boomer issues include:
- How to leave a large IRA to beneficiaries without causing a large tax bill?
- How do I maintain my standard of living in retirement?
- How do I create a support system if I am single or have no children?
- How to I provide with families from multiple relationships? How do I protect my children If I’m in a second marriage?
Why work with the Law Offices of Alice Reiter Feld?
- We provide a relaxed, comfortable and knowledgeable environment.
- Ms. Feld is a Board Certified Elder Law Attorney by the American Bar Association and National Elder Law Foundation as well as AV Rated by Martindale Hubbell
- Alice is Veterans Administration Certified
- She has 30+years of experience
What does the Law Offices of Alice Reiter Feld focus on?
- Traditional and Senior Estate Planning
- Legacy and Long Term Care planning
- Veterans and Medicaid Benefits and planning
- Probate and trust administration
- Ongoing relationships and resources
- Client update events and newsletters
- The TEAM approach.
