The Federal Trade Commission issued a warning that nursing homes in several states are trying to require their Medicaid residents to sign over their stimulus checks. However, according to the CARES Act, these payments are tax credits, and tax credits do not count as “resources” for the purposes of federal benefits programs like Medicaid. Individuals who reside in long term care facilities typically manage their own money or appoint another person to handle their financial affairs. The stimulus funds are to be handled as any other resident benefits. Since stimulus payments do not count as income, they do not affect Medicaid eligibility or qualify as a Medicaid resource. The FTC…
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The Buzz About Aldrin’s Competency
On June 7, 2018, Buzz Aldrin, Presidential Medal of Freedom recipient and the second man to walk on the moon, filed a lawsuit against two of his children, Andrew and Janice Aldrin, and his former business manager, Christina Korp. The lawsuit responds to a May 2018 Florida Court filing in which Andrew Aldrin, Janice Aldrin, and Christina Korp requested appointment as Buzz Aldrin’s legal guardians due to Buzz’s “cognitive decline” and his recent episodes of paranoia and confusion. Buzz Aldrin’s lawsuit claims Andrew Aldrin and Christina Korp took control of his “personal credit cards, bank accounts, trust money, space memorabilia, space artifacts, social media accounts, and all elements of the…
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Elder Abuse: When Aging Relatives May Need Their Own Superhero
Elder abuse refers to intentional or neglectful acts by a caregiver or associate of an elderly individual, which causes harm.[1] Financial elder abuse occurs when a trusted friend or family member obtains access to a senior’s financial accounts and uses the assets therein for personal gain. Unfortunately, this abuse is widespread in the United States and can happen to anyone, even the legendary creator of Marvel Comics, Stan Lee. In December Stan Lee turned 95 years old. Although he remains in good physical health, Stan Lee, and his reported $50 million estate, became a prime target for elder abuse following the death of his wife, Joan Lee, last year.…
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Seven Rules for Being an Attorney-In-Fact
Your aging parents just appointed you as their attorney-in-fact– now what? It is important to keep in mind a few simple rules to stay within the bounds of the law. Rule #1: Act in the principal’s best interests. The principal is the person that appoints the attorney-in-fact and specifies the financial authority they possess. Acting in the principal’s best interest is the golden rule of being an attorney-in-fact. For every situation in which you may exercise your rights in that capacity, ask yourself these three (3) questions: Is taking this action in the best interest of the…
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Beware of the Summertime Grandparent Scams
With school out and college kids exploring the world, so-called “Grandparent Scams” are on the rise. These insidious scams prey on the reputation of grandparents as willing to help their grandchildren and the possibility that their memories might be weakened by age or illness. Elder abuse scams, like this one, result in over $35 billion lost each year. How they work: Scammers employ several methods to find their victims. Stereotypically old-fashioned names in a phone book are used as targets, as well as folks on lists for certain publications or services that cater to the elderly. Once the…
