FAQ
Elder Law Questions
Q: What is a Living Will? A: A Living Will is a document we refer to as a healthcare or advance directive. This document makes healthcare professional aware of your wishes regarding providing or withholding food and water via tubes if you have a terminal illness, are in a coma, or are in a persistent vegetative state.
Q: What is a Healthcare Power of Attorney? A: A HealthCare Power of Attorney is another healthcare directive, but it serves two purposes. First, it identifies for healthcare professionals the person you have chosen to make healthcare decisions on you behalf. Secondly, it allows you to express to healthcare professionals your wishes regarding medical procedures and the use of extraordinary measures to preserve your life. Like the Living Will, this document presumes that the person who created it is alive, but unable to communicate their wishes. However, while the Living will deals with the provision of food and water in specific situations, the Healthcare Power of Attorney addresses a wider variety of medical situations.
Q: What is a Durable Financial Power of Attorney?
A:This document allows you to designate the person you want to make financial decisions on you behalf, the scope of their decisions, and the conditions under which they are allowed to act on your behalf. For this document to be considered "durable", it must contain specific language regarding incapacity.
Q:What is the difference between a Guardianship and a Durable Financial Power of Attorney?
A:Guardianship is a court-controlled process in which the court determines if you are incapacitated, and, if so, appoints someone to make decisions on your behalf while overseeing that person's actions. A Durable Power of Attorney is one which remains active if you are incapacitated and allows you to appoint someone to make decisions on your behalf and thereby avoids the guardianship process. It sometimes combines both healthcare and financial decision making powers, but, if combined, is usually less specific then the separate Healthcare and Financial Powers of Attorney.
Q:What is Medicaid planning?
A:Medicaid planning involves using the laws established by Congress to help you qualify for Medicaid while preserving some of your assets. This planning is legal, moral, and ethical. Please be aware that Medicaid planning is very complex and requires a great deal of knowledge, so it is crucial that you and your family work with an experienced Elder Law Attorney who knows the rules and can advise you accordingly.
For additional elder law questions, please contact
REVERSE MORTGAGES
Q;What is a reverse mortgage?
A: It is a special type of loan that enables individuals aged 62 or older to convert some of their home's equity into tax-free cash. Unlike traditional equity loans, you receive payments instead of making them.
Q: Who is eligible?
A: Homeowners who are at least 62 years or age and occupy the property as their principal residence. Eligible properties include single-family homes, condominiums and townhomes, or a 2 to 4 unit dwelling. The home must be owned free and clear or can have a remaining balance that can be paid off with the reverse mortgage. No income, employoment or credit reqluired required.
A: The amount that can be borrowed is based on a HUD formula that factors in the age of the youngest homeowner, the interest rate, appraised value, and the county where the property is located.
Q:What are some of the benefits?
A:The reverse mortgage customer always retains ownership and lives in their home. Cash advances can be used for any purpose. Loan porceeds are not considered income and do nto affect Social Security, Medicare, SSI or Medicaid benefits.
Q:What are the tax-free cash options?
A:Lump sum advances make cash immediately available. Monthly cash advances comes as monthly checks to the homeowner. Lines of credit makes cash available upon request.
Q:What are the costs involved with a reverse mortgage?
A;There are closing costs which can be financed into the loan. These may include an origination fee, title insurance, attorney fee, appraisal and mortgage insurance premium. typiucally, the out-of-pocket expense required at closing is about $300. The homeowner is expectd to continue maintaining the property, paying the realestate taxes and hazard insurance premiums.
Q:How is the loan repaid?
A:You do not need to repay the loan as long as you or one of the borrowers continues to live in the house, keep the taxes and insurance current, and maintain the property to FHA standards. Any remaining home equity belongs to you or your heirs. None of your other assets will be affected by the reverse mortgage.
Stair Lifts
Q: What is a stair lift and how does it work? A: A stair lift is a motorized chair on a track that is secured to your staircase with a few sturdy screws. With a ThyssenKrupp Access stair lift, there are no structural changes made to your home and the stairlift glides along stairs without marring walls. With a push of a button, you are gently and securely carried over stairs. When not in use, the stairlift folds compactly against the wall. At Access, your comfort and safety are our top priority. That's why all of our stairlifts include a seat that swivels away from the stair, providing a safe and comfortable way to get on and off the lift. Our stairlifts are designed to ensure a smooth, comfortable ride that will let you confidently maintain your lifestyle and freely enjoy your whole house.
Q:How much space does a stairlift use?
A:When not in use, the seat and footrest of the stair lift can be folded up, maximizing space on the stairway for others. The stairlift typically takes up about 14" when folded. When in use, the stairlift typically opens to about 25".
Q:Will the stair lift work for someone who also uses a wheelchair?
A:Access stair lifts can be useful even for someone who has limited mobility. Convenience features built into some models include folding arms that push up and out of the way, adjustable seat heights, and soft, padded seats.
Q:How will the stairlift look in my house?
A: Access offers the widest variety of colors and fabrics to choose from - so you're sure to find a look that blends with your décor. Upholstery options include easy-care vinyl and plush fabrics. Or, on select stairlift models, you may choose to send in some of your own fabric for a truly customized look that will perfectly match your current furnishings.
Q:What about stair lift safety features?
A: All of ThyssenKrupp Access' stairlifts are engineered with multiple safety features for your peace of mind. Our multi-point safety system includes sensors that stop the stair lift if something blocks its path, a seatbelt for added security, and brakes that will stop the stair lift should something go wrong with the drive system. The swivel seats ensure an easier, safer transition from sitting to standing positions. And, the swivel seat locks your seat in place when it's swiveled away from the landing and ensure the seat swivels only at a landing and not during the ride. Add mechanisms that prevent the stairlift from traveling beyond the track, and you'll see a commitment to quality that ensures nothing will prevent a smooth ride. Even the controls are designed with your comfort in mind. Constant pressure controls make sure the stair lift will stop if you release your finger from the controls.
Q: Is the stairlift easy to care for?
A:Yes! ThyssenKrupp Access stair lifts are easy to maintain and designed to last for years. In fact, we back each stair liftwith the best guarantee in the business - a full five-year drive train and two-year parts warranty. That's years longer than the industry average! It says something about our commitment to quality and your peace of mind. We recommend a preventive maintenance check every six months by your local stair lift dealer.
For additional information: contact Mindy Garthe at 404-909-5558, Mindy.Garthe@tkaccess.com