One year ago this column discussed the state of confusion in Inheritance Tax laws. The Federal rules in 2009 were different from the rules in 2010, and there was yet another set of rules of rules for 2011. Congress finally took action just before Christmas and here is the present they delivered.
The last straw was when the kids found out mom was not taking her drugs. At least not on a daily basis. Being baby boomers, they knew what had to be done. An intervention was necessary to make sure mom stayed on her heart and blood pressure drugs.
Elder clients always ask, “Is it a good idea to pay for my funeral in advance?”, and “Won’t my life insurance take care of it?” This is a nationwide concern, and a 1998 AARP survey showed about 32% of Americans over fifty have made some prepayment arrangements.
Old Augie was a tough minded 93 year old with a very frail body. He had been living alone for nearly two decades after the death of his wife, and had no children or close family. His entire life he had been independent and self sufficient. When he fell, went to the hospital, and then spent two months rehabbing in a nursing home, he was determined to get out and never go back to an institution. Like many such people, he wanted to die in his own home.
Families with loved ones in slow decline, or suddenly faced with an emergency need for care because of a stroke or fall, are fearful of the costs of long-term care and losing their home and assets. This fear can lead some to act hastily on bad information, or poor advice obtained from a relative of a friend who knew someone who had a similar need for care.
The call woke me up at 3:15am. Everybody knows a call at that hour cannot be good news. The caller said, “Your mother’s lifeline alert went off and we did not receive a response to our return call to see if she was OK. Can you check on her?” “OK”, I answered.
