May 2018 Archives

What assets are considered for Medicaid eligibility?

Some New York residents may not think about the fact that they may one day need long-term care. However, it is common for individuals to need such care after reaching retirement age, and sudden accidents could take place that result in people of any age needing care. For this reason, it is important to consider long-term care options and information regarding Medicaid.

Estate plans can address property division, long-term care

A plan can help in many different scenarios. When New York residents want to make sure that their affairs are in order, creating an estate plan could prove immensely beneficial. Not only could this plan help them when it comes to distributing their property after death, but it could also allow them to make arrangements in the event that they need long-term care.

Estate planning should create benefits not burdens

The reasons people choose to create an estate plan can differ from person to person. In many cases, individuals want to leave behind certain assets for their family members or other loved ones and work to have their affairs in order. However, it may be prudent to know that even after estate planning, issues with the execution of the plan could occur.

Choosing trusts and trustees are important planning decisions

Because there are many options for estate planning, New York residents may want to ensure that they give these various tools their due consideration. For instance, some parties may find that trusts could greatly help their plans in numerous ways. Of course, after deciding on a trust, individuals also need to make additional decisions, such as who should be named as trustee.

Overcoming misconceptions about powers of attorney

No one likes to think that there may come a time when he or she is unable to do routine tasks such as paying bills or making purchases. You may imagine a complete loss of control over your own life, leaving someone else, perhaps a stranger, to handle the money you worked so hard to earn and save. In fact, like many in New York, you may find it easier to convince yourself that such incapacitation will never happen to you.

Long-term care planning could help get finances in order

Whether planning for oneself or trying to help a parent plan, considering long-term care options can have many benefits. Starting early could allow individuals to consider what area services exist and which ones may suit their potential needs. Long-term care planning can also help New York residents determine how they may pay for the necessary expenses associated with this care.

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