Not Just Any Power of Attorney
This is Strategy #17 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. A Durable Power of Attorney is a legal document that allows a trusted person to make decisions for you, even if you lose mental capacity. While many people already have a Power […]
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Analyze Whether to Take the Lump Sum Option
This is Strategy #12 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. If you are approaching retirement, and have an option to receive either a stream of income or a lump sum distribution from a pension or retirement account, it may be […]
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Evaluate Your 401k or IRA Carefully for Medicaid Purposes
This is Strategy #11 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Medicaid will count your IRA or 401k as an available source of funds to pay for your care unless it is in payout status. “Payout status” means that you are […]
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Cooperative Apartments Require Special Handling.
This is Strategy #10 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. If you currently reside in a co-op and want to implement an asset protection strategy that involves transferring it to a trust, you will need the co-op board’s approval. This […]
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Don’t Fill Out Your Own Medicaid Application
This is Strategy #7 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Some people think they can save money on legal fees by preparing their own Medicaid applications. However, the application is a complicated document, and a complete application may be thousands […]
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Only hire an Elder Law attorney for Medicaid and long-term care issues.
This is Strategy #6 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Medicaid has a maze of complex rules and regulations. Unless they’re Elder Law practitioners, attorneys are generally not well-equipped to provide accurate advice about the Medicaid system and the strategies […]
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It’s Not Too Late to Protect Your Assets
This is Strategy #5 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Even if you’re already in a nursing home and are paying for care privately, it’s not too late to initiate effective planning so that Medicaid covers your bills. In […]
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Make a Long-Term Care Plan While You’re Still in Good Condition
This is Strategy #3 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Even if your health is good right now, you’ll do yourself and your loved ones a big financial favor by planning for both home care and nursing home care. Also, […]
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Be clear on the downside – Without good planning you could lose everything.
This is Strategy #2 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. The thought of aging and potentially becoming sick can be frightening. Most of us hope for the best, but fail to plan for the worst. Who wants to think about […]
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Three Vital Benefits Estate Planning Trusts Provide For Your Family And Other Heirs
Federal estate and gift taxes are no longer a concern for all but the wealthiest people. The Federal exclusion (non-taxable) amounts currently (in 2020) are $11,580,000 for individuals and $23,160,000 for married couples. The New York State exclusion amount has increased as well, and is currently (in 2020) $5,850,000 per person. While the focus of […]
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