New York Elder Law And Estate Planning Blog

Long-term care costs often blindside those in retirement. Because of this, many turn to Medicaid to alleviate some of the financial burden of long-term care. Medicaid is a government health care program that can help with paying costly care expenses. However, Medicaid is a needs-based program that only applies to people with a limited amount of assets.

Because the qualification requirements for Medicaid are complicated, many individuals and couples begin to make financial plans to qualify for Medicaid years before they need it. This process is sometimes referred to as “Medicaid planning”.

In addition to coping with the loss of a loved one, the surviving family members need to comply with certain legal and financial obligations related to the estate of the deceased individual. One such obligation is paying the taxes accrued against the estate of the deceased.

According to current rules, the estate of a New York resident who died on or after April 1, 2014 needs to pay estate tax if the amount of the deceased person's federal gross estate, plus the amount of includable gifts, exceeds the basic exclusion amount, or "BEA," that is applicable at the date of death. The estate of a non-resident who died on or after April 1, 2014 also needs to file estate tax based on the same terms and conditions if that deceased non-resident held any real or tangible property located in New York.

Medicaid is a program funded jointly by the federal and state governments. The federal government sets certain parameters that all states need to follow, but the actual administration of the program is managed by the state, which means that benefits and coverage for someone in New York may be different from the benefits and coverage of someone living in another state. The main purpose of Medicaid is to provide healthcare coverage for people with limited income.

The most important aspect of Medicaid coverage is income, so that only those people who really need the benefits are able to avail them. If some people have too much income, they may not be able to obtain Medicaid benefits. However, if those people spend their excess income on medical bills, they could possibly be eligible for Medicaid. This is known as Medicaid Spend-Down and every state, including New York, has its own set of laws that define the value of assets an applicant can hold, but still be eligible.

It can be hard to know who to trust in this life. When it comes to your health and healthcare, figuring out who to trust can become even more difficult. This means choosing a health care agent may be one of the most challenging decisions of your life.

Your health care agent is responsible for making medical decisions if you are unable to or otherwise incapacitated. This means they will have to make difficult and critical decisions about your health and life. It is incredibly important that you select someone you can depend on. But how can you know who is the best choice?