-Marshall, Parker & Associates’ Annual Professional Update Set for May 7^th and May 8^th

-Purchasing a Life Estate in Your Child’s Home

-Medallion Signature Guarantee: What is It and Why Do I Need One?

-Marshall, Parker & Associates’ Welcomes Theresa McNulty as New Planning Specialist

-Learn How to Protect Your Family from Long Term Care Costs at our FREE Consumer Workshops in Williamsport and Scranton

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Marshall, Parker & Associates’ Annual Professional Update Set for May 7^th and May 8^th

Written By: Melissa Bottorf, Director of Education & Business Development  

Part of our mission at Marshall, Parker & Associates is to empower the senior advisor community through networking, communication and education. With this purpose, each year we invite experts, both local and from across the state and nation, to present at our annual Professional Update. This free, half-day conference provides local elder network professionals with information about the changes affecting their consumers and an opportunity to network with hundreds of their colleagues. It has become one of the region’s most widely-anticipated professional events of the year.  

This year’s Update will be held on Thursday, May 7, 2009 at the Williamsport Genetti Hotel and on Friday, May 8, 2009 at the Woodlands Inn and Resort in Wilkes-Barre. Registration and breakfast begins at 7:30 AM and the event concludes at 12:00 PM. If you are a professional who provides services to seniors, you can register to attend online or by calling 1-800-401-4552.  

At this year’s Update, you will learn what Federal legislation is in the pipeline under the new Obama Administration, learn how the Long Term Care Insurance industry is changing, and discover why special needs planning is something every professional needs to know about.  From a local perspective, topics for the morning will also include an overview of the changes taking place with our regional healthcare, right here where we live and work.    

In addition to our great line-up of speakers, and exhibitor tables, continuing education credits are available at little or no cost for Accountants, Attorneys, Social Workers, Personal Care Home Administrators, Nurses and Certified Financial Planners.  

A brochure with more information on the conference is available at www.paelderlaw.com/2009_Professional_Update.html.  

The support from this year’s sponsors is greatly appreciated. Please stop by and visit their exhibit tables at the conference.  

KBF Print Technologies

Elder Care Solutions

Interim Healthcare

Misercordia University Department of Social Work

Hospice of the Sacred Heart

Comfort Keepers –Williamsport & Hazleton

C&N Trust & Financial Management Group

Maxim Healthcare Services

Albright LIFE

LIFE Geisinger

Northcentral PA Estate Planner’s Council

Bloomsburg University Department of Nursing

Susquehanna Health Foundation

The Laurels

Mowery & Associates, Inc.

SouthernCare Hospice

Elmcroft Assisted Living of Loyalsock & Lewisburg

APCA

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Purchasing a Life Estate in Your Child’s Home  

Written By: Attorney Jeffrey A. Marshall, CELA*  

In the right circumstances, the purchase of a life estate can be an effective means to protect a parent’s assets and a child’s inheritance. For example, a parent may sell his or her home and move in with a child.  As part of the arrangement, the parent can purchase a life estate in the child’s home. This transfers cash to the child while giving the parent the legal right to reside in the home for the rest of the parent’s life. The care provided by the child may help the parent remain in a community setting. If a few requirements are met, the cash paid to the child will be protected from the cost of long term care that may be needed by the parent in the future.

Medicaid laws encourage this type of family caregiving arrangement. Federal law [42 U.S.C. § 1396p(c)(1)(J)] establishes the criteria under which this type of purchase of a life estate will avoid treatment as a penalized transfer of assets. A parent’s purchase of a life estate interest in a child’s home does not constitute a transfer of assets if the purchase price is fair and the parent resides in the home for at least one year af­ter the date of purchase.

This means that, in the right circumstances, a parent can use available funds to establish a caregiving arrangement, reward the caregiver, and protect a child’s inheritance from the parent’s nursing home costs. The child will be able to keep the funds the parent pays to the child to purchase the interest in the child’s home. Provided the purchase is for fair value and the purchaser moves into and lives in the home for at least a year, the purchase will not be deemed to involve a transfer of assets for less than fair consideration. This means it won’t affect the parent’s eligibility for Medicaid. The purchase price will be protected from the parent’s long term care costs.

At the death of the parent, the child will again become the sole owner of his or her home. The parent’s interest in the home will be extinguished without the need to go through probate or other legal proceeding. Estate recovery should also be avoided under current Pennsylvania rules. And Pennsylvania inheritance taxes may be reduced as well. 

Before you engage in this type of planning, be sure that it meets your family situation and needs. Also, be sure to carefully consider the tax and other non-Medicaid issues that may arise before you complete the transaction. 

For more information on Medicaid benefits see Marshall, Parker’s Nursing Home Guide booklet. For information on Medicaid estate recovery see Marshall, Parker’s booklet The Medicaid Death Tax.

 

Attorney Marshall can be contacted at webmail@paelderlaw.com or at 1-800-401-4552. More information about Attorney Marshall is available on our website at www.paelderlaw.com/staff.html

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Medallion Signature Guarantee: What Is It and Why Do I Need It?  

Written By:  Josephine Reviello, Planning Specialist  

If you have stock certificates in your safe deposit box and you want to transfer or sell them, you will have to sign the certificates or a document called a securities power. But, did you know that you will probably also need to get your signature "guaranteed" before the stock can be transferred to another owner?  

A Medallion Signature Guarantee is a stamp or imprint that can be provided by many financial institutions (banks, broker dealers, credit unions, and savings associations).  The medallion stamp indicates that the financial institution is a participant or member of one or more of the three Medallion Signature Guarantee programs: Securities Transfer Agents Medallion Program (STAMP); Stock Exchanges Medallion Program (SEMP); and New York Stock Exchange Medallion Signature Program (MSP).  Participating financial institutions can guarantee the authenticity of their customers’ signatures.   

The reasoning behind obtaining a Medallion Signature Guarantee stamp is to protect the customer against forgery of his or her signature and limit the liability of institutions who process these forms, i.e., transfer agents.  Although it is an inconvenience, the stamp protects the stock owner by making it hard for other people to forge a signature that could result in the owner losing money.  And transfer agents require Medallion Signature Guarantees to limit their liabilities and losses if the signature does turn out to be forged.  That liability lies on the financial institution that accepted that signature and put the Medallion Signature Guarantee stamp on the paperwork.  

Usually, the cost for this type of stamp is minimal and it may even be free of charge if you are already a customer of the participating financial institution.  If you are not an existing customer and do not have a relationship with the participating financial institution, they may choose not to provide this service. 

A notary stamp or seal is NOT the same as a Medallion Signature Guarantee stamp.  Nor is a notary stamp or seal a substitute for a Medallion Signature Guarantee. Notaries are state government officials who verify the identity of signers and witnesses to documents.  A notary cannot take financial responsibility like a financial institution does when providing a Medallion Signature Guarantee.  

Josephine can be contacted at webmail@paelderlaw.com or at 1-800-401-4552. More information about Josephine is available on our website at www.paelderlaw.com/staff.html

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Marshall, Parker & Associates Welcomes Theresa McNulty as new Planning Specialist

Marshall, Parker & Associates is pleased to announce the addition of Theresa McNulty as a Planning Specialist in the firm’s Long Term Care Services Department in the Scranton and Wilkes-Barre offices. 

Theresa is a social worker with more than 25 years of experience in health care including acute, rehabilitation and skilled nursing levels of care.  “We are so pleased to have someone with Theresa’s background and ability join our staff,” commented managing attorney Jeff Marshall.

Theresa is a graduate of Millersville University where she obtained a Bachelor of Arts degree in Social Work.

In her new position at Marshall, Parker & Associates, Theresa will assist seniors and their families with long term care planning issues, including Medicaid eligibility and home care options.

Theresa can be contacted at 570-969-2127 or at webmail@paelderlaw.com

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Learn How To Protect Your Family from Long Term Care Costs 

at our FREE Consumer Workshops  

-Saturday, May 16, 2009 from 10:00 AM until 12:00 PM at The Holiday Inn Downtown, 100 Pine Street in Williamsport, PA 17701  Register Here  

-Saturday, May 16, 2009 from 10:00 AM until 12:00 PM at The Hilton Hotel & Conference Center at 100 Adams Avenue in Scranton, PA 18504   Register Here  

 More information available on our website at www.paelderlaw.com/workshops.html

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Contacting Marshall, Parker & Associates for Assistance

Marshall, Parker & Associates is a nationally recognized law firm which provides long-term care planning, estate planning & estate administration services to Pennsylvania clients from our offices in Jersey Shore, Williamsport, Wilkes-Barre and Scranton.

If you or someone you know needs assistance with estate planning or with qualification for Medicaid benefits for nursing home or home care, please call us toll free at 1-800-401-4552.

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*Attorneys Marshall, Parker & Grebas are certified as Elder Law Attorneys by the National Elder Law Foundation under authorization from the Pennsylvania Supreme Court

**In addition to her law degree, Attorney Colbert holds an advanced legal degree (LLM) in Estate Planning from the University of Miami School of Law.

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