At what age should I start planning for my long-term care?
There are no hard and fast guidelines – because it depends on the state of your health as well as your age. The most important thing is to inform yourself about the risks you face and the options and solutions available to you. When you are in your 60’s, it is certainly a good time […]
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Doesn’t everyone over 65 get Medicare for free, and doesn’t Medicare cover my health care needs?
You qualify for Medicare benefits at age 65 or older if you are a U.S. citizen or are a permanent legal resident, and you or your spouse has worked long enough (usually 10 years or more) to be eligible for Social Security retirement benefits. Your payroll deductions cover Part A (hospital), but you must pay […]
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Advance Directives: Power of Attorney & Health Care Proxy
Whoever you are, and whatever your plan for the future, advance directives are extremely important. If your mental capacity were to decline, who would handle your financial affairs, and who would direct your medical care if you were unable to act for yourself? There are two key documents you can put in place that will […]
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Annuities
Many seniors invest in fixed or variable annuities, because they often provide a better investment return than savings accounts or CD’s, and unlike bonds, are not subject to changes in value. However, annuities usually turn out to have been an imprudent investment if Medicaid planning is needed. Since the cash value of these annuities is […]
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Transfers of Real Estate
For many clients, their home is their most valuable asset, and the one they are most anxious to protect. Sometimes these clients have heard “don’t worry, the home is exempt.” In fact, such statements are very misleading. When applying for Medicaid home care, your primary residence is not a “countable resource” if your equity in […]
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Deeds
Elder Law strategies will often involve transferring real estate out of your name, so it will not be counted as one your “resources” for Medicaid eligibility purposes, or become subject to a Medicaid lien or claim. If you transfer your house, condo or co-op to someone else such as a child, or into a Trust, […]
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House Sale Transfer
If you are elderly or disabled and need long-term care, and you live in a house in New York State, there are steps you can take to protect its value, and still obtain government benefits to pay for your care. If you are able to remain in the community, and your care will be in […]
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Condo Sale Transfer
If you are elderly or disabled and need long-term care, and you live in a condominium in New York State, there are steps you can take to protect its value, and still obtain government benefits to pay for your care. If you are able to remain in the community, and your care will be in […]
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Small Estate Proceeding
In New York, if a person dies with an estate that is worth less than $30,000, the estate can be administered in an abbreviated and less costly way, in a “small estate proceeding.” The small estate proceeding can be used whether or not the decedent had a Will. An “interested party” (someone who stands to […]
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Estate Administration
When a person dies without a Will (“intestate”), his or her estate is handled in a court proceeding that is very similar to probate. It’s called “Administration.” Since there is no Will, the laws of each state, called laws of intestacy, govern how the estate will be administered, and who will benefit from the estate. […]
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