NAELA in the News
Posted: Saturday, June 30, 2007
MARKETPLACE MONEY -- June 29, 2007 -- When clicking link, click "Listen to the show," and then fast forward the clip to 21:10. Segment aired on more than 250 public radio stations in the United States, along with Sirius and XM radio, reaching a 5.5 million listening audience.
Marketplace's Chris Farrell -- "First, consult and work with what's called an elder law attorney. There is a National Academy of Elder Law Attorneys and they specialize in this kind of situation and their website is NAELA.com....One of the reasons why I am saying work with an elder law attorney is that with Medicaid, there are are a lot of restrictions with assets and income."
USA TODAY -- June 25, 2007 -- "You can avoid going to court if you have the proper legal documents"
Most couples grant power of attorney to their spouses or partners. But your parents should also designate a backup agent in case the other spouse dies or becomes incapacitated, says Mark Shalloway, president of the National Academy of Elder Law Attorneys. Make sure your power of attorney for finances provides you with enough authority to manage your parent's financial affairs. Craig Reaves, an elder-law attorney in Kansas City, Mo., says a power-of-attorney document that lacks specific instructions might not be honored by financial institutions. Store the documents in a safe, accessible place. If your parents keep the documents in a safe-deposit box, you probably won't be able to open it without their permission -- a problem if they're incapacitated. Just make sure you know how to get the documents quickly, Shalloway says: "A perfectly well-drafted document is useless if we can't get our hands on it."
USA TODAY -- June 28, 2007 -- "Research is essential in selection of right policy"
"There's no sense in buying long-term care insurance if you're not paying your bills or funding your retirement," says Gregory French, an elder law attorney in Cincinnati.