We were delighted to have Aaron Millman, Esq., CPA as our guest speaker. Aaron is the founder of Millman Law Group, PLLC. After many years of practicing with large estate and elder care planning practices throughout South Florida, Aaron founded Millman Law Group in 2018 with a commitment to client service and satisfaction.
Aaron focuses his practice on the planning and administration of estates and trusts, and estate, gift and generation-skipping transfer taxation. In addition, Aaron guides his clients through Florida domicile planning and retirement planning, including strategies to reduce taxes and provide for future generations.
Aaron also devotes his practice to serving the needs of the elderly population as well as individuals with special needs. He guides clients through the intricacies of long-term care, disability planning, care management coordination, advance directives and Medicaid planning. Aaron is also an Accredited Attorney before the U.S. Department of Veteran Affairs.
Aaron is a graduate of the Florida Fellows Institute of the American College of Trust and Estate Counsel (ACTEC) and a frequent speaker and lecturer on estate planning, Florida domicile planning and elder law issues.
Active throughout the community, Aaron serves as a board member of the Adolph & Rose Levis Jewish Community Center of Boca Raton.
Aaron is a “Triple Gator,” graduating cum laude from the University of Florida Levin College of Law and receiving both his Bachelor and Master Degrees in Accounting from the University of Florida. He is admitted to the Florida Bar and is a Florida Certified Public Accountant.
Today, Aaron is going to discuss particularities of Elder Care Law which is one of his specialties.
Notes from His Presentation:
10,000 Americans turn 65 everyday – costs of long term care are rising:
- Average Cost of 24 Hour Home Care – $400+/day ($12,000/month)
- Average Cost of Skilled Nursing – $400+/day ($12,000/month)
- Average Social Security Retirement Income – $1,503/month (January 2020)
- Bringing up your own children and taking care of your aging parents
How to pay for long-term elderly care:
- Reimbursement to Policyholders with a daily amount to assist with activities of daily living
- Private insurance companies
- Every year policies get worse
- More expensive for women
- Ideal purchase age 50-60
- Veterans Pension Benefits
- Pension available to United States Veterans.
- 90 Days of Active Service, 1 Day of Wartime Conflict.
- Must have under $130,277 in countable assets (2021), includes one year of annual income.
- Three year look back for gifting – enacted October 2018.
- Over 65.
- Unreimbursed Medical Expenses Exceed Income.
- 2021 Maximum Aid and Attendance Pension $2,295/month – Not Income (Medical Reimbursement).
- Surviving Spouse $1,244 / month
- Medicare is an Insurance Program for Individuals over age 65 or recipients of Social Security Disability Insurance.
- Medicaid has an insurance component, but we are primarily concerned with payments for Long-Term Care Coverage.
- Medicare is not a means-based test, Medicaid is.
- Medicare Part A – Hospital and Rehabilitation Coverage
- Days 1-20 – No Charge
- Days 21-100 – Co-Pay ($185.50 / day – 2021) – unless picked up by supplement
- Federal Program administered through State Agencies (established 1965)
- Medicaid has numerous programs associated with it, but from an Elder Law attorney’s perspective the primary focuses are the:
- Statewide Medicaid Managed Care Program; and
- Medicaid Institutional Care Program
- Statewide Medicaid Managed Care Program
- At-Home Medicaid Services
- Services in a qualifying assisted living facility
- Medicaid Institutional Care Program
- Services in a long term / skilled care nursing facility
- Countable Assets – $2,000 (5 Year Look-back for Gifts)
- Income – $2,382/month (“income-cap”)
- Homestead – Up to $603,000 in equity;
- IRAs – Must be taking RMDs (treated as income);
- Medicaid Compliant Annuities;
- Income-producing rental properties (income counted);
- Assets transferred to a pooled trust or through a personal service contract;
- Prepaid Funeral Contracts; and
- Assets of Spouse
Elder Care Attorney
- Subset of Estate Planning and a highly specialized area of law which shifts the focus from one’s death to the Golden Years.
- Our focus is on educating individuals on care options, asset preservation and qualification for government benefits.
- Every Elder Law Plan will include an Estate Plan.
How Millman Law Group Works
- No Consultation Fees
- Traditionally bill on a flat fee basis for services, all inclusive legal and life care planning (as opposed to hourly)
- Complete review of assets, prior estate planning, future care needs and resources with guidance moving forward.