In the advanced stages of life, home care, nursing home care and living assistance are some of the various realities that many individuals and families need to deal with. These services are often expensive, which means that many people usually rely on federal and state government assistance to make sure that the final years of life are spent comfortably and respectfully. One such assistance program that people in New York should know about is the New York State Partnership for Long-Term Care.
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.
As many of our readers know, advance health care directives are legal documents meant to ensure that a person's wishes are fulfilled even when they are unable to make an independent decision due to advanced age or poor health. Three types of advance heath care directives are recognized in New York State: the New York State Health Care Proxy; a living will; and a Do Not Resuscitate Order.
There are many reasons to consider including a trust in your estate plan. However, some of the benefits and drawbacks of a trust will depend on the type of trust you choose. Typically, trusts will be either revocable or irrevocable, and if you are considering including a trust in your estate plan, it can be helpful to understand how the two types of trust differ.