Ilion, NY- For many of us, a time comes when the “writing is on the wall” regarding the need for long-term care. A spouse or parent begins to experience declining health or cognitive impairment. They are able to stay at home, at least for the time being, only because the other spouse or child is …
You have decided that an irrevocable trust is an appropriate choice for you for estate and long-term care planning. You have an idea of how much of your estate you want to transfer to your trust but are not sure what assets are the right ones. Although everyone’s circumstances and goals are unique, for most …
Caring for an elderly parent can be stressful for families. Siblings may disagree over how to provide care or where a parent will live, and if these squabbles escalate into a guardianship battle, it can cost the family thousands of dollars. To avoid this, lawyers have begun drafting sibling agreements (also called family care agreements). …
Avoid Sibling Disputes Over Caregiving By Putting It In Writing Read More »
When the time comes to qualifying for Medicaid there are many common mistakes. Knowing the medicaid mistakes to look out for is going make the process easier and much less stressful for you. Here are the top 8 mistakes people make with it comes to medicaid qualification: 1. IGNORING THE NEED TO PLAN WILL MAKE …
Eight Mistakes Made When Qualifying for Medicaid Read More »
IMPORTANT POINTS TO REMEMBER ABOUT MEDICAID NUMBERS :The Community Spouse (CS) Resource Allowance is calculated based on the value of the couple’s resources on the date Institutionalized Spouse (IS) becomes a permanent nursing home resident. (Example: Mr. Doe becomes a permanent nursing home resident (Example: Mr. Doe becomes a permanent nursing home resident on January 1, 2013. The …
Frequently Asked Questions About Medicaid Eligibility Do I have to give away everything I own to receive Medicaid? Medicaid eligibility allows for a maximum of $14,4000 in countable assets. The trick is to learn which resources are countable assets and which are exempt assets. The Medicaid planning process may allow you to convert your Countable …
Q. What is the Supplemental Needs Trust? A supplemental Needs Trust (SNT) is a Trust authorized by federal and state statutes specifically for a “disabled” beneficiary who is receiving or eligible for means tested public benefits. Q. What is a Trust? A Trust is an agreement involving three parties, Grantor, Beneficiary and Trustee. The Grantor creates …
What can be done to plan for long-term care, ensure that a health crisis or chronic illness will not erode an individual’s security and dignity, and provide for family and loved ones? As you might suspect, the answer is not simple. A careful analysis of each individual’s personal and financial situation must be done to formulate …
Many people consider transferring their home as part of the estate and/or long term care planning. When should the choice be transfer by deed to the children (with or without a reserved life estate) and when is the transfer to an irrevocable trust the better option? The short answer to the question is that …
Deed to Children or Trust – Options for Transferring the Home Read More »
Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out? Do read the trust document. It sets out the rules under which you will operate, so you need to understand it completely. Do create …
