Understanding Medicaid requirements is important because the majority of seniors who get nursing home care throughout the country turn to Medicaid to pay for nursing home bills. A Hauppauge Medicaid planning lawyer can help you to understand NY requirements What are Medicaid Requirements for Nursing Home Coverage? Medicaid requirements, and the Medicaid application process, differ when you apply once you are 65 or older as compared with younger people who are applying. While non-pregnant …
A Living Trust Is Not a Cure-All
When you consider the subject of estate planning, if you haven't looked into the it extensively, you are naturally going to think about wills and trusts. You could get the idea that it is an either/or proposition. A will is a will, and a trust is a trust; it's as simple as that. In fact, this is a misguided perception. There are numerous different types of trusts that are used in the field of estate planning, and there are actually multiple different types of wills. A single type of trust …
Estate Planning Attorneys Preserve Legacies
You may look at estate planning as a shuffling of paperwork. There are those who adopt this perspective, but as estate planning attorneys, we look at things a different way. While it is true that we help clients through the creation of certain types of documents, the human element is what it is all about to us. Estate planning attorneys protect families, and we preserve legacies. This is done in various different ways, and there are different approaches that can be taken, because each …
Medicaid Planning Can Provide Peace of Mind
If you are like most people, you have envisioned the spare time you will have during retirement to do all the things that you have been dreaming about throughout your working career. Without question, if you take the right financial steps along the way, you can enjoy your active retirement years to the fullest. These years can actually be some of the best years of your life. All of this is well and good, but the period of time that will follow the active years is something that you should …
Gift Tax Exclusion Won’t Go Up Next Year
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Free Report: Does Medicare Pay for Long-Term Care in New York
Since Medicare is designed to help seniors address medical costs that they will invariably face, you would assume that it is set up to assist with long-term care expenses. The United States Department of Health and Human Services states that seven out of every 10 seniors will someday need living assistance, so this is a likelihood for most of us. Whether it makes sense or not, Medicare does not pay for long-term care, because it is considered to be custodial care. The program will pay for …
Pet Planning Can Facilitate Pet Ownership for Seniors
There are challenges that many senior citizens face as the years pass. Loneliness is certainly one of them. When you are retired, you do not have regular interactions with coworkers on a daily basis. Your children, and at some point even your grandchildren, will be busy adults, and they may not even live in your area. Of course, you will invariably lose older family members and friends along the way, and at some point you may even lose your spouse. Obviously, there is no way to replace …
Three Facts That Will Impact Your Retirement Plan
When you envision retirement, you probably think about the spare time that you will have to enjoy all the things that you have been putting on the back burner throughout your working career. As you are devising a retirement plan, you may be thinking about travel, leisure activities, and the things that you will be able to do for your family. This is well and good, and you should certainly do everything possible to prepare yourself for an enjoyable retirement. At the same time, you may not be …
Is a Revocable Trust Safer Than an Irrevocable Trust?
Sometimes people hear estate planning terms, and because they do not know much about the subject, they make assumptions that seem logical. However, in reality, they trip over themselves to some extent because they have not done enough research. If someone was to ask you if you would like to use a revocable trust or an irrevocable trust, you may automatically prefer a revocable trust, because it sounds "safer." The idea would be that you get all the benefits that you would get with any trust, …
What Is a Springing Durable Power of Attorney?
A power of attorney is created by a principal to give authority to a person who is designated as an agent. The agent, or attorney in fact has the ability to take actions on behalf of the principal. The agent essentially acts as if he was the principal. If the agent enters into a contract, for example, it is as if the principal has signed the contract himself. Power of attorneys serve many different purposes. For example, if you plan to be out of town when closing on a house, you can give …
Why Is Nursing Home Asset Protection Important?
As you raise your own children, your parents are probably fully capable of handling all of their own activities, and they may even help you out with your children. People are well aware of the value of healthy lifestyle choices at this point in time, and a lot of Americans live very active lives, even when they are in their forties, fifties, and sometimes beyond. However, at some point in time, many folks start to slow down. As a parent in your own right, you may find yourself standing among …
Is a Living Trust Right for You?
A living trust is a revocable trust that you create and transfer assets into. You can change the terms of the trust at any time and you can even decide to terminate the trust. It is an alternative to an irrevocable trust, which once created cannot be modified. Living trusts have many advantages but they also have some important limitations that you need to be aware of. When you make decisions about whether you need a trust- and what type of trust you need- it is important to understand what …
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