For many people who are new to estate planning, the big question of concern is whether they should have a will-based estate plan or a trust-based estate plan. Both a will and a trust provide someone control over how assets get distributed after his or her death, although they work in different ways.
Regardless of your age or health status, it can be smart to use a health care proxy to appoint an alternate decision-maker. The purpose of naming an alternate decision-maker, called a health care agent, is to control who makes medical decisions on your behalf when you are unable to make the decisions yourself. You should choose someone trustworthy who lives nearby and who will prioritize your wishes above his or her own wishes for you.
Medicaid is a healthcare coverage program that is administered jointly by the federal government and the Government of New York State. It provides coverage to adults, children, elderlies and those with disabilities. According to federal laws, states are required to cover certain groups of individuals under this health program, based on certain parameters, in addition to mandatory inclusions such as low income families, pregnant women, children and recipients of Supplemental Security Income.
Sometimes, people in New York and other states see that assets that were acquired and maintained through years of hard work end up in state coffers after the death of the owner of those assets. Oftentimes, that happens due to inadequate estate planning. As many people may already know, trusts can be a means of making sure that assets are protected.