May 2017 Archives

Guidance from a Long Island New York Medicaid planning attorney

While Medicare and Medicaid may sound similar, the two government programs are very different. For elderly residents of New York, Medicaid is a needs-based program intended to act as a safety net when they cannot afford to pay for their necessary health care or nursing home stays. However, the program is very complex, which is why many individuals find it beneficial to turn to a Long Island New York Medicaid planning attorney for guidance.

Prepare a living will and powers of attorney as early as possible

Responsible aging New York residents may believe they have completed their estate planning when they have drawn up a will and designated how their assets will be distributed. In truth, however, this is only part of planning for the future. Just as important is creating a plan for health care decisions and financial security in the unfortunate but all-too-real possibility that aging will result in a deterioration of mind or body or the equally possible chance that unforeseen tragedy will strike. This essential documentation is referred to as a living will and powers of attorney.

Ensuring a New York estate plan stays up-to-date can be crucial

For many aging New York residents, the biggest part of estate planning may not be creating it but rather in keeping it up-to-date. Often, if the documents have not been reviewed in a while, the information within ends up being outdated, but this fact is only discovered after it is too late. Frequent review of an estate plan is crucial to ensuring that an individual's most recent intentions are executed.

Which estate planning tools offer the help you need?

At some point in your life, you will likely have concerns about what will happen to your assets and your family in the event of your death. Whether a specific event sparks the concerns, such as the birth of a child or coming to terms with your eventual demise, taking the steps to address your needs could prevent issues in the future. However, deciding which planning options may work best for you could seem overwhelming.

New York Medicaid planning only works when done properly

Most aging residents of New York look forward to retirement as a time of relaxation after a long life of hard work. They may have spent a lifetime saving to be able to afford the so-called golden years. Problems typically arise, however, with the unforeseen health problems that often accompany aging and the resultant medical expenses for care that come along with them. Without proper Medicaid planning, a lifetime of retirement savings and assets can quickly dwindle to nothing.

Planning advance health care directives before it is too late

Aging residents of New York may believe, like most people, that there will always be time to plan for the future. Many know that preparing advance health care directives is important, but taking time out of the present to deal with potentially unpleasant issues of the future is not an inviting prospect. However, there will likely come a time when, if certain eventualities have not been carefully planned out ahead of time, that medical decisions may be made on the person's behalf that run contrary to what the individual would have wanted.

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