This is, perhaps, my favorite issue of Elder Law Update. Why? We've gone multimedia! That means you'll learn more, and hopefully the newsletter will be more interesting. 

Hollywood!

Two great articles follow. First, the past few months I have dealt with a number of totally ineffective powers of attorney that caused some very real damage. So I wanted to carefully get folks as educated as possible. The article below will not take long to read, but if you REALLY want to learn something watch the video. What we did is borrow about a third of the Elder Law University video session on Powers of Attorney. When combined with a little bit of "gee whiz" technology you get a show. So pull up a chair and grab a Coke . . . .

Budget Battles and Medicaid

Over the next several months something really interesting (from our admittedly narrow perspective) is going to be happening. This week marks the opening scene. House Budget Committee Chair Paul Ryan is introducing the 2012 budget.  

As part of the multi-trillion dollar cost saving measure, changes to the way Medicaid will be run are being proposed. The budget picks up an earlier Congressional Budget Office suggestion to switch nursing home/long term Medicaid to a "waiver" or "block grant" system.  

Those are words you will be hearing a lot over the next several months . . . and you will know what they mean because you will have read the article below! I'll explain what those important terms mean, and then you can decide for yourself whether the proposal is great . . . or crazy. You decide.

One thing that possible changes DO mean: Now is not the time to be sitting around wondering whether to get some sort of plan together. Do that, and it may be too late.  

Thanks for reading . . . It's like applause!  

Certified by the National Elder Law Foundation, recognized by the American Bar Association as the certifying entity for specialization in  Elder Law.

Also certified in Elder Law by the North Carolina State Bar Board of Legal Specialization. 

POWERS OF ATTORNEY: INDISPENSIBLE AND MISUNDERSTOOD

A power of attorney is the most overlooked and under-loved document . . . but, oh, so important. Even then, a person with a power of attorney may not have all the fire power needed.

Also, I wrote earlier on how a power of attorney is an important way to avoid a common banking error. You can read about these make-or-break documents in less than 3 minutes right here . . . or if you want something a bit more in depth, just click on the video below and you can watch an excerpt from Elder Law University's session on powers of attorney (the video is about 20 minutes long).

What Is A Power of Attorney?

A power of attorney (or a POA) is an instrument in which a person called a "principal" appoints a person called an "agent" or an "attorney in fact" to manage some or all of the principal's financial affairs.

By the way, an "attorney in fact" need not be (and usually isn't) an attorney. The word "attorney" comes from the old French Norman word "attourne" meaning "one appointed."

What Can Mason Law Do For You?

You've worked hard all your life for what you have.  You're concerned about being left destitute by long term care costs.  You'd like to leave something of your hard work to your children.  You're tired of worrying about it all.

Maybe we've just described a parent. If so, you're concerned about your mother's or father's health care needs, you are busy and don't know where to start, your prime concern is making sure your parent's assets are used in the best way possible for their care.