We focus on elder law issues, and many people who are planning ahead for their senior years have questions about Social Security. You should certainly have a full understanding of this program when you are devising a long-term financial plan. Everyone does not automatically become eligible for Social Security. You obtain eligibility through FICA tax contributions that you make throughout your working career. These taxes are pesky, but you do get something in return if you are fortunate enough …
Will Medicare Cover All of My Medical Expenses?
Medicare is a government health insurance program that is primarily intended for senior citizens, though people who have not attained senior status can sometimes become eligible under very limited circumstances. If you have worked for a significant amount of time during your life, you will qualify for Medicare at the age of 65, because part of your tax contributions go toward future coverage. The Medicare program will certainly help with your health care costs when you reach the age of …
Healthy Lifestyles and Medicaid Planning
Long-term care is very expensive, and the majority of senior citizens will eventually need assistance with their activities of daily living. In fact, it is a significant majority. According to the United States Department of Health and Human Services, 70 percent of people who are reaching 65 will someday need help with their day-to-day needs. If you eventually reside in a nursing home or assisted living community, you are going to be facing some very significant expenses. In the greater New …
Is Estate Planning Still Important for New York Gay Couples?
Gay marriage is now legal in New York, and the subject of estate planning as it applies to same-sex couples has typically revolved around marriage. If you are in a committed relationship but you are not married, your partner would not enjoy certain rights that protect married couples. For example, if you passed away without any estate plan at all and you were married, your spouse would be in line for an inheritance. On the other hand, if you were in an unmarried relationship, your partner …
Who Can Act as an Agent Under a Power of Attorney?
The legal device known as the power of attorney is used for a number different purposes across different legal specialties. In the estate planning field, a particular type of power of attorney is used to account for the possibility of incapacity. With a power of attorney you name someone else who is legally empowered to act on your behalf. This person is referred to as the agent or attorney-in-fact. A power of attorney that is not specifically designated as durable would not remain in effect …
How Much Does a Special Needs Trust Cost?
In this post we will look at the costs that you may incur if you choose to create a special needs trust. Before we get into the expenses, we should explain the value of these trusts from an overview. Preserving Benefit Eligibility You would use a special needs trust to effectively provide resources for the benefit of a loved one who has a disability. Many people who have disabilities are unable to earn income, so they have very limited financial resources. If you can demonstrate significant …
Will a Living Trust Reduce My Income Taxes?
A revocable living trust is a very effective estate planning tool, and it can be a good alternative to a last will as a primary vehicle of asset transfer. The thing that many people don't understand about a last will is that a will must be admitted to probate, and the estate must be probated before the heirs can receive their inheritances. In New York, probate matters are handled by the Surrogate's Court. The simplest of cases can potentially pass through probate in around nine months, but it …
Do Elder Law Attorneys Practice in Other Areas?
There are specific legal issues that can potentially impact senior citizens. Elder law attorneys focus on these matters. One very pressing legal issue that seniors should be aware of is the growing problem of elder financial abuse. Sadly, a very significant percentage of seniors are taken advantage of in one way or another. Back in 2011 MetLife released a survey, and they estimated annual losses in the vicinity of $3 billion. However, the actual losses may be greater, because many instances of …
Medicaid, SSI, and Special Needs Trusts
You should consider the creation of a special needs trust if you want to provide for a loved one with a disability, because a direct gift or inheritance could impact government benefit eligibility. Let's look at the details. Medicaid Coverage Medicaid is a government health insurance program that is potentially available to people who have very limited financial assets. Many people with disabilities rely on Medicaid coverage. An improvement in financial status could result in a loss of …
How Do I Fund My Revocable Living Trust?
Some people never consider the utilization of a revocable living trust, because they do not understand all of the facts. They do not consider themselves to be wealthy, and they think that trusts are only for high net worth individuals. In fact, a revocable living trust can be a good choice for you even if you are not wealthy. These trusts facilitate smooth and efficient postmortem asset transfers, because the trustee that you name in the trust agreement can distribute assets outside of the …
What Advantages Do Trusts Provide?
There are various estate planning tools that you can use to bring your wishes to fruition. Trusts are very useful, and there are different types of trusts that serve different purposes. We will look at some of them in this post. Asset Protection If you want to protect assets from creditors and claimants, you could use an asset protection trust. Such a trust can be used to protect assets for your own purposes, but you can also protect assets that you are leaving to a loved one. For example, …
Am I Responsible for a Parent’s Nursing Home Expenses?
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