July 2017 Archives

New York City advance health care directive can help prevent pain

Anyone can potentially benefit from a living will. However, having one is especially important for aging residents of New York City. A living will, which is a type of advance health care directive, communicates an individual's preferences regarding medical treatment in the event that he or she becomes incapable of expressing those wishes.

New York Medicaid planning now to prevent ineligibility later

Individuals with aging parents or relatives in New York may have considered the eventuality of a nursing home stay for their loved ones. Thinking about it and actually planning for it are two very different things, however. Unfortunately for many, the exorbitant costs of a nursing home stay, especially when long-term care is needed, can be prohibitive, which is why many families hope to rely on Medicaid to help cover these expenses. Without adequate Medicaid planning, though, this could be more complicated than many initially believe.

The varied aspects of estate planning for New York seniors

As residents of New York grow older, they develop a different set of concerns and issues than they may have when they were younger. Some of those issues involve subjects like planning for Medicaid and advanced health care matters, like durable powers of attorney and living wills. However, even estate planning takes on whole new aspects for the elderly.

Is a revocable living trust right for you?

Are you like other New York residents who think that only the rich and famous benefit from trusts? If so, you need to know that just about anyone can benefit from a trust. As you ponder how you want to structure your estate plan, don't discount using a trust.

Why Medicaid planning is almost a necessity in New York

Even though no one likes to think about it, aging is an inevitable part of life. Along with it typically comes a gradual – or sometimes sudden – decrease in functionality and independence and increased health care needs. In fact, the Urban Institute and U.S. Department of Health & Human Services estimates a 52 percent chance that the average 65-year-old, whether living in New York or elsewhere, will need some type of long-term care services. Such care is expensive, and without proper Medicaid planning, qualifying to receive benefits can be difficult.

Without proper Medicaid planning, assets are often lost

Many aging residents of New York may already be familiar with (or even dreading) the complex preparations often required to receive Medicaid benefits for nursing homes. Unfortunately, one aspect some may not be aware of is that some preparation for eligibility only effectively protects assets during their lifetime. They are allowed to receive Medicaid benefits, but after their death, without careful Medicaid planning with a knowledgeable attorney, certain previously-excluded assets are claimed by the state.

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