Pat Bloom-McDonald on Womens Radio Network by Open Forum with Marcus Edwards

Marcus Edwards: And we are back here on Open Forum presented by the Womens Radio Network. I’m your host, Marcus Edwards, and it’s my pleasure today to introduce everybody to my next guest.  I’m now joined by attorney Patricia Bloom from Patricia Bloom-McDonald‘s Attorney at Law. Mrs. Bloom, thank you for joining me today.

Attorney Bloom-McDonald: Hi, this is Attorney Bloom-McDonald.

Marcus Edwards: Let’s talk about how you got started, um, Patricia. If you would, give us some insight on the inspiration behind your work as an attorney. What was it that led you into law?

Attorney Bloom-McDonald: Well, I like helping people, especially the retired person, or older, and I find that I work well with that age group, where a lot of people don’t have patience (throat clear). I love listening to their stories, and I love being able to help them in their, uh, later years, so they can retire comfortably, and or get long term care.

Marcus Edwards: Excellent. And, now, you’re involved in several different aspects of law. When it comes to estate planning, probates, as well as residential real estate, um, talk to us about this type of law …

Attorney Bloom-McDonald: And elder law.

Marcus Edwards: … Mm-hmm (affirmative), and Elder Law as well, which, uh, which is new to me. Talk to us about Elder Law, what does entitle?

Attorney Bloom-McDonald: Elder Law is a combination of all of the other fields, because it works with the retired individual in preparing for their twilight years. So, we put together an estate plan that they, um, grow with as their health and age changes. And then, um, once they have, um, taken care of their estate, and they don’t have any money any longer, then I help them apply for Medicaid if they qualify. And, um, I also help them sell their home if they are going to relocate to an assisted living, or into a nursing home, and they need those funds to help pay for those.

Marcus Edwards: Understood, and, so, you’re able to help them put together a plan for the best sus, best set for their needs, and help them succeed, uh, in the latter part of life there, through retirement and such.

Um, I also know that in this regard, in many ways there are different options that are available to those of a certain age group, is that right?

Attorney Bloom-McDonald: That’s right.

As we age, uh, life happens to all of us, you know, we, at one point, um, maybe in their sixties, they might name, um, their brother to be the estate planning, uh, the executor, or the personal representative. Um, and then later, as their brother ages, they may find that that’s maybe not the great, greatest idea, and, so, maybe in their seventies they might state that they want one of their children to do it, or, a younger cousin.

So, there’s always, um, changes that take place. Um, usually if there’s one, if a married couple, and one is ill, then we can do some transfer of assets from one healthy spouse, um, from the sick spouse to the healthy spouse, so that we can shelter those assets for future use.

Marcus Edwards: Understood.

For the listeners who are joining us today, um, many of them are perhaps aware, and have the, uh, understanding about what they call reverse mortgages. Does any of that have to do with the work that you’re involved in?

Attorney Bloom-McDonald: Yes, many times my clients, um, choose to do a reverse mortgage so that they don’t have to pay their forward mortgage any longer, so they can pay for their medicines instead, or, um, visit their grandchildren that, you know, may live out of state, or, um, help to even pay some of their longer term care. For instance, help the home aid worker so they can live in their home longer.

Marcus Edwards: Absolutely, and that’s exactly what it comes down to; making a way for them to be able to sustain their quality of life. Whether it has to do with down, down sizing a bit, or preparing in some sort of other way, uh, so they can continue to, um, you know, have the freedom and luxuries that they, uh, need and enjoy.

Uh, with this being the case, how important is it when it comes to preparing a head of time? We’re speaking about, obviously, once you’ve, you know, reached your senior citizen age, or age of retirement, sixty-five, or what have you, but how much of the work that you’re involved does it take place with those prior to, uh, getting to that point?

Attorney Bloom-McDonald: Well, I like to, um, work with a client as young as possible, uh, as long as their over the age of eighteen years old, but typically I get a client who’s, um, in their fifties, because their thinking about retiring, retiring.

Um, they want to know what to do with their 401K’s or the IRA’s. They want to think about maybe, possibly, um, getting long term care insurance. So that, if, you know, as they get older they have, uh, while they’re still healthy, um, they can get them insurance, and help pay for, uh, in home health aid.

There’s also a five year look back period when you’re applying for Medicaid. So there’s also, so you want to shelter those assets as soon as possible, get past that look back period. But most importantly you want to sign documents while you have the mental capacity, because once you have, um, a lower mental capacity, or you don’t understand your documents, or you don’t even know who your heirs are any longer, then you don’t have the right to make those decisions any longer, the court will appoint somebody instead.

So, it’s important that you appoint somebody while your cognisance of what’s happening in your life, so then you can appoint your children, and know who your heirs are, and know what assets you have, and who you want them to go to.

Marcus Edwards: Understood.
Well, you’re helping your folks, helping your clients rather in an outstanding way, and we want to encourage those who are in your area to definitely take advantage of all the sources that you’re providing there, at your firm. They can do so by reaching you through your, uh, website, is that right.

Attorney Bloom-McDonald: Yes, they can, yep …

Marcus Edwards: Wonderful.

Attorney Bloom-McDonald: … and that is at www.mcbloomlaw.com. It’s m-c-b-l-o-o-m-l-a-w.com. I love my work, I love my clients, and I look forward to meeting anybody who needs help.

Marcus Edwards: Wonderful.
Thank you again for coming on the show today and speaking with me, it’s been a pleasure having you on Open Forum.

Attorney Bloom-McDonald: Thank you for inviting me.

Marcus Edwards: Your welcome.

Listeners, stick around. We’ll be back here on Open Forum with another special guest right after this quick commercial break, and a quick station mention.

Everyone who’s joining us today, please do not forget that Womens Radio Network is pleased to be working the Avon Foundation, and visit avonfoundation.org to learn about the Speak Out Against Domestic Violence campaign.

I’m Marcus Edwards, stick around. You’re listening to WRNW1.com.

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