Serving as a trustee to a special needs trust (really, to any kind of trust) is a difficult undertaking. The trustee must administer the trust so all involved parties receive everything they are entitled to. A misstep on that front can result in legal liability on the trustee’s part.
With such a difficult job before them, it’s clear trustees should be compensated– but how does that happen? Does it come straight out of the beneficiary’s pocket, or is the trustee compensated some other way?
To help clear this up, West Palm Beach elder law firm, Shalloway & Shalloway, has outlined the process of trustee compensation on their latest post. With special needs trusts being one of the firm’s areas of practice, firm president Mark Shalloway is able to clearly and concisely describe the different types of trust management and how they are compensated.
Institutional Trustees: Trust companies and financial institutions have the experience and resources to keep track of a beneficiary’s money, how to follow trust documents, and how to follow the law. These companies usually charge a percentage or flat fee, depending on the size of the trust.
Private/Individual Trustees: Private/individual trustees bring a personal touch to trust management. The best options for this type of trustee are lawyers are accountants, as they understand finances and the law. These professionals usually charge an hourly fee that can change based on the size of the trust.
Thankfully, both of these trustee options do not rely on out-of-pocket payments from the family. Compensation for these trustees comes out of the trust itself. This takes one concern off the beneficiary and their family’s shoulders.
Work with a knowledgeable, experienced elder law attorney to ensure that your loved one has properly planned for their future. This will help maximize their chances for qualifying their Medicaid, Social Security, or other needs-based governmental programs, allowing them to live out their life in comfort.
Mark Shalloway, top West Palm Beach estate planning attorney, is pleased to announce his firm’s free, virtual seminars. Many think elder law is just wills & trusts, when in actuality the area of practice encompasses topics from Medicaid planning, estate planning, veterans benefits, and so much more. Always a proponent for education, Mark Shalloway knew he had to help the general public better understand the diverse area of practice so that when they finally require an elder law attorney, they know exactly what one can provide them. Thus, Shalloway’s free, virtual elder law seminars were born.
Audience members are encouraged to reserve their spots to get the most out of the seminar. This can be done by calling 561-686-6200, emailing email@example.com, or filling out this contact form. Those who attend are entitled to one free, private virtual estate planning strategy session by phone or video call. Don’t miss out on the great opportunity.
“The time you took out of your busy schedule was most appreciated,” one satisfied client says. “We all learned something new and valuable. Thank you for a very eye-opening session.”
For more information on Shalloway & Shalloway and their services, call 561-686-6200, or fill out this contact form.
1400 Centrepark Blvd. Suite #600, West Palm Beach, FL 33401
Caring for an elderly loved one is an essential step everyone must take at some point in life. As the middle class shrinks, this is unfortunately not a financially easy thing to do. Whether being the one to supervise an elderly loved one, hiring an at-home aide, or sending them to an assisted living facility, to ensure a beloved senior lives a high-quality life for the remainder of their years a families often must pay a fortune in medical and nursing care. Total costs can easily climb upwards of $100,000!
Even if the at-home aide is only there for a few hours a week, the hourly cost quickly adds up. With all the necessary fees, assisted living centers can easily cost several thousand dollars a month.
Every year, these costs increase, making it difficult for the average family to stay afloat and afford quality care for their loved ones. While many families may earn too much money to qualify for certain government benefits, they don’t make enough to cover these costs of living on their own. This is where guidance from elder and special needs lawyer can help by offering a roadmap to finding proper care and benefits for your family.
An Elder & Special Needs Attorney Can Save Your Family Thousands of Dollars
The worst thing to do is try to tackle these costs on your own. With so many different benefits and the legal jargon surrounding it, figuring out what works best for your loved one can be as difficult as deciphering an unfamiliar language. For those who aren’t quite to this point, but want to plan for their future, figuring out a financial plan might seem like it would only be a few steps when it is so far from that.
Don’t shoulder these important, financial decisions on your own. Unless you have a background in finance or law yourself, it is entirely possible that you will miss some detail that could have saved you even more money as incoming elder care costs.
Shalloway & Shalloway
Arnold Ruderman, a recent client of elder and special needs attorney Mark Shalloway spoke of his experience in looking for legal help for his estate and family law issues: I was in search of someone to help me with a will, financial and medical issue regarding my family and loved ones. We were in a position of trying to find the best financial options for our legal needs.” Mr. Ruderman described his experience with Mr. Shalloway thusly:
“Excellent, very professional, very thorough, easy, explained everything, transparent as far as the different options and we felt very comfortable with our attorney, Mark Shalloway, I felt he had valuable experience that I could trust and that could help me make the best legal and financial decisions for my family. He is very good at what he does.”
A quality elder law attorney will be able to take an unbiased approach to your case, opening doors for you that you never thought could be opened, and getting you exactly the results you require.
“When families reach out they are often middle-class– but not necessarily very wealthy,” according to Mark Shalloway, president of West Palm Beach elder law firm Shalloway & Shalloway says. “Some of our clients are pro-bono, but most are middle class. The middle class fall through the cracks because they don’t fit the requirements for benefits, and they are not quite wealthy enough to hire independent caregivers around the clock. They work hard—they could be teachers, or doctors, or journalists, or other good, hard working people who have saved and are facing Alzheimer’s, stroke, Parkinson’s, or have a spouse or child with special needs. They can face these diseases for years—for the rest of their lives—and that can impoverish you. If we can do Medicaid planning, that can help.”
For 30 years, Shalloway & Shalloway has been South Florida’s premiere firm for all things elder law. The umbrella of elder law is a wide one, and the firm will cover it all– elder care, veterans benefits, Medicaid planning, estate planning, wills & trusts, and more. Mark Shalloway is known for his “plain English” approach to law. He lays everything out on the table for clients, because he wants them to be absolutely confident in the decisions they make. During such a stressful time in one’s life, clients need an attorney who will be honest and transparent with them. Shalloway and his staff will do just that.
Free Consultations & Free Virtual Seminars
If a client wants to learn a little more about the world of elder law before scheduling an appointment with Shalloway, they can attend one of his monthly seminars. This virtual program occurs via Zoom, and can help clients more comfortably navigate any of the areas of practice elder law encompasses.
Nursing homes, assisted living, and homecare services for an elder in need are a difficult expense for many middle-class families to manage. Home health care can be anywhere from $2,000 to $12,000 a month. Assisted living can be anywhere from $3,000 to $8,000 a month. Nursing homes can be anywhere from $9,000 to $14,000 a month. The responsibility to help pay for these services falls on the shoulders of the elder’s children, and while it is a reality many don’t want to face, when their parent frequently falls, wanders, or drives when they should not be, it becomes exceedingly clear just how important extra care is to the elder’s wellbeing.
A few typical diseases that require long-term care versus short-term care are:
Medicare will not pay for care unless you specifically purchased “long-term care
insurance.” All other insurances, including the military Tri-care for Life, will not pay for so-called “unskilled” or “custodial” care. Medicare and its various Advantage Plans and Supplemental policies cover “short-term skilled” care and will not pay for care longer than about 100 days– be that in a nursing home, your personal residence, or anywhere else. The situation isn’t any better for veterans. Many veterans and their families mistakenly believe the VA will pay for at-home health aides, assisted living, and nursing home care because they use VA doctors and get their prescriptions from the VA. Typically, only service-connected disabled vets are an exception, but not for their spouse.
Medicaid is often the answer for those who need help. Financially, the demographics that benefit most from Medicaid planning are middle class married couples worried about impoverishment, a spouse due to the diseases and conditions above, a widow or widower, or an elder’s kids worried about running out of money for their parents and having to pay out of pocket.
Free home aids up to 5 hours a day. Medicaid will also pay for optional adult day care, diapers, prescriptions, medical transportation, physical and occupational therapy, and more. You can add or hire more hours a
day to this on your own if you need.
Care at the assisted living facility. You pay for room and board (rent and food), and Medicaid will pay the care portion of the monthly bill. For example, if the assisted living costs $3,200 a month, Medicaid will pay $1,200 for care, and you pay $2,000 for rent for the apartment and food for the month.
Medicaid Pays the entire nursing home bill after your personal monthly income copay. Your share of cost in a nursing home is never more than your personal monthly income.I f you are married, your spouse may be entitled to keep a portion of your income for his or her own living expenses, lowering your care costs even more.
There are many variables that go into one’s qualification for Medicaid, which is why an elder law attorneys is so crucial throughout the process. One wants a lawyer who can handle their particular legal situation and has expertise in the area of law relating to one’s legal needs. While all lawyers are allowed to advertise, only certified attorneys are allowed to identify themselves as “Bar Board Certified” or as a “specialist”. Certification is the highest level of recognition by the state Bar of the competency and experience of attorneys in the areas of law approved for certification by the state Supreme Court.
Certified Elder Law attorneys deal with legal issues involving health and personal care planning, including: advance directives, lifetime planning, family issues, fiduciary representation, capacity, guardianship, power of attorney, financial planning, public benefits and insurance, resident rights in long-term care facilities, housing opportunities and financing, employment and retirement matters, income, estate and gift tax
matters, estate planning, probate, nursing home claims, age or disability discrimination, and
To be certified, the lawyer was required to have substantial involvement in all aspects of planning for aging, illness, and incapacity in the five years preceding certification. Each certified lawyer has passed peer review, completed 60 hours of continuing legal education within the three years immediately preceding application, and has passed a written
examination demonstrating knowledge, skills, and proficiency in the field of elder law to justify the representation of special competence.
When scheduling a board-certified elder law attorney, clients can rest easy knowing they are working with a professional who not only knows what they are doing, but cares about their clients’ well-being. To those going through such a hard time, this is a relief.
Months ago, when people needed legal advice, the answer was simple. Look up an attorney who practices whatever legal needs one might have, and stop by their office for a consultation. Some attorneys, like Mark Shalloway of Shalloway & Shalloway in West Palm Beach, go a step further and offer free legal seminars to his community monthly. This allows anyone in Palm Beach County to learn about applying for Medicaid, asset protection, avoiding the cost of probate, and many more topics that are covered under the wide umbrella that is elder law.
However, given our current public health crisis, holding seminars in person that are designed to facilitate large groups of people is not exactly feasible. Large gatherings are to be cancelled or postponed until a later date, which unfortunately cuts off these learning opportunities for potential clients who want this valuable, free resource before scheduling a consultation with an attorney.
But some law firms fight to perpetuate the spread of knowledge. The staff at Shalloway & Shalloway still offer these seminars, but virtually. These seminars still take place monthly on three different days to accommodate the most people possible, but instead of being packed in a conference or meeting room, the “audience” can now attend via video or call. All an attendee has to do is reserve their free spot by calling (888) 366-0062. The next set of virtual seminars, or webinars, are May 12th, May 13th, and May 14th from two in the afternoon to four in the afternoon. Now, present and future clients can learn about all things elder law from the comfort and safety of their home.
Even legal conferences are still occurring in a webinar format. The annual Fundamentals of Special Needs Trusts Administration Event, an event hosted by Stetson University, took place virtually on April 24. Speakers at this event— including the likes of Attorney Robert Fleming, Chief Fiduciary Officer Gentry Byrnes, and Mark Shalloway— discussed administrative issues trustees, attorneys, financial planners and others involved in Special Needs Trust administration regularly face. It was a fantastic resource for attendees who wanted to learn more about the SECURE Act, examining the use of SNT, and much more. In this virtual setting, everyone was able to stay safe.
The internet and the technology legal professionals have at their disposal allows them to keep in contact with their current and future clients while keeping everyone safe. Not only can clients learn more about elder law and the surrounding areas of practice, but once they know they need an elder law attorney, they can contact the firm. Remote consultations via video of phone call get clients the same legal help they need from the attorneys they trust.
For more information on Mark Shalloway and his firm, call 561-686-6200, or fill out this contact form.
1400 Centrepark Blvd. Suite #600, West Palm Beach, FL 33401
For some, 30 years of work at a particular job—or even in a particular field—is an unimaginable feat. How could someone work the same job day in and day out, and still be passionate about their work? For West Palm Beach elder law attorney, Mark Shalloway, it’s easy: passion.
From a young age, Mark Shalloway was fascinated by the world of law. Through watching his father practice, he discovered how the work of attorneys can help through such a diverse number of fields. He always knew he wanted to be social engaged. While continuing his education, a group of panelists came to one of his classes in search of people who were willing to serve as advocates for elder communities.
It was there he realized just how unfairly priced care at these facilities often are. He noticed how the middle class struggled to keep up with the expenses many homes charge, and knew that wasn’t right.
“Elder care lawyers look into these problems to find ways to benefit others,” Mark Shalloway says. “That is the heart and soul of elder law.”
When Shalloway decided he found his calling, the field of elder law was still growing. It started with a focus on wills and trusts, but as time went on, shifted in include incapacitation, guardianship, and Medicaid. Shalloway served in the charter class of board certified elder law attorneys by the Florida Bar, and has continued to be a trailblazer ever since.
Shalloway has served as member, chairman, and president of a number of organizations dedicated to protecting and serving the elder community. Locally, Mark Shalloway is the founding chairperson of the Palm Beach County Bar Association Elder Law Committee. On a state level, he served as president of the Academy of Florida Elder Law Attorneys. Nationally, Shalloway served as president of the National Academy of Elder Law Attorneys (NAELA). These are just three of his many achievements.
But title isn’t everything. What keeps a man fighting for the rights of others is a dedication to his work. Shalloway and his staff of outstanding elder law attorneys each wish to see the elder community receive the respect and care the deserve. No matter how big or small a case, that staff at Shalloway & Shalloway will do everything in their power to ensure their clients’ needs are met, because at the end of the day, it is client satisfaction that is most important to these professionals.
For more information about Mark Shalloway and his firm, call (561) 686-6200 or visit the Shalloway & Shalloway office.
1400 Centrepark Blvd, Suite #600, West Palm Beach, FL 33401