February 2017 Archives

Planning for home health care expenses for aging New York parent

Every year across America, more than 43 million people act as unpaid caregivers for a family member, usually an aging parent; residents of New York are no exception. Sometimes, this is as simple as an adult child overseeing issues like finances and medical care. Other times, though, the care extends well beyond this and has a marked financial impact on the lives of caregivers. The good news is that – from home health care expenses to eventual nursing home stays -- there are ways to create legal agreements like a Personal Care Agreement that help protect caregivers legally and financially.

Careful New York estate planning can help save the family home

Many individuals have worked hard their entire lives to save money for retirement, hoping to have an inheritance to pass along to their children. They plan to leave their home and other assets to their loved ones, and have created a will or trust to that effect. Unfortunately, an unplanned stay in a New York nursing home may also be in the cards, and if that is the case, careful and complex estate planning with a knowledgeable attorney may be necessary if the individual hopes to avoid the loss of all of his or her assets.

Good News for Surviving Heirs: Higher Standards Imposed on Mortgage Lenders

New guidelines have been promulgated by the Consumer Financial Protection Bureau ("CFPB") to make it easier to modify or assume an existing mortgage on a decedent's home. The goals of these guidelines are to reduce unnecessary foreclosures on homes after a borrower dies and to promote home retention.

An advance healthcare directive can offer peace of mind

When an elderly parent or loved one is in need of hospitalization, it can be stressful for everyone involved. Seniors may be faced with difficult medical decisions they are no longer capable of making for themselves. Planning in advance for such an eventuality can help remove some of the uncertainty that inevitably accompanies a situation of this type, which is why many families in New York often choose to consult with an elder law attorney and prepare an advance health care directive.

Motivating your heirs with their inheritance

Through hard work and careful planning, you have built a life of which you can be proud. One of the great things about a bountiful estate is being able to create a legacy for your children and grandchildren. However, like many, you probably have certain family members who might appreciate an inheritance more if it helped them achieve what they otherwise may have put off.

New Nursing Home Rules Give Residents More Power

Families who need to place a loved one in a nursing home or assisted living facility undertake a significant burden as they try to decide which facility is right for their relative or friend. Elder abuse is far too common throughout the country, and the complex agreements between nursing homes and their clients can be difficult to understand and manage. Recently, however, new federal regulations were introduced that are designed to improve a patient's understanding of their care while also giving them more control over their treatment plan.

New York elder care: estate planning just one issue to consider

People are living longer. While this is a blessing, it also means that, as an elderly parent or loved one ages in New York, there are a lot of arrangements to make, both legal and personal. From estate planning to Medicaid planning to power of attorney documentation, caregivers have many legal options contemplate and plan.

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