Most people know that a will is a written document providing the last wishes of a person. It will detail how the person’s property will be given to his or her heirs. However, there are things many do not know about how a will is created or how it is used. 1. If a Person Dies Without a Will,...
Continue ReadingGovernor Cuomo recently accepted proposals from New York’s newly created Medicaid Redesign Team (“MRT”). While it is early in the process, and the proposals may not be implemented in their present form or at all, budgeting pressures at all levels of government make it likely that some changes in the Medicaid program will occur. Here are a few of...
Continue ReadingNote: Medicaid Law Update – October 2021 New York finally adopted several regulations that imposed a major change in Medicaid eligibility. These regulations also introduced a “look-back” period into New York’s state’s Medicaid program. A 30-month look-back provision gives the state the power to review the financial statements of anyone who is applying for home health care, private nurses,...
Continue ReadingThe cost of a Nursing Home in Long Island is generally $12,000 – $15,000 per month. This cost can deplete savings very quickly. As a result, proper planning is extremely important. There are three ways to pay for a Nursing Home. First, one can use their savings. Clearly not a great plan – especially if your spouse must rely...
Continue ReadingA Case Study in protecting your assets against the cost of long term care Mr. and Mrs. Watson are in their mid-seventies. Mr. Watson recently fell and injured his hip. He is home from re-hab and is doing better, but may require assistance in the coming years. Additionally, Mrs. Watson has just been diagnosed with the onset on Alzheimers....
Continue ReadingProbate is the process by which a Last Will & Testament is declared valid. When an individual passes away the named executor of the Will must file a Petition, along with the original Will, with Surrogates Court in the county where the decedent resided. Included with the Petition, the Executor must satisfy certain requirements. One such requirement is to...
Continue ReadingNew parents have many things to think about. Is it a boy or a girl? How do we decorate the nursery? Day care or a nanny? Some of the most important questions, however, are put on the back burner because most new parents either choose not to discuss them or can’t come to any conclusions with their spouse. Guardian...
Continue ReadingFor those in second marriages, Estate Planning can pose many different issues. This is because spouses may have to provide for their new spouse, their new spouse’s children, and their own children from the previous marriage. If you are marrying later in life and already have substantial assets, this can make the situation even more difficult and complex. One...
Continue ReadingHow to protect your excess income when receiving community Medicaid A Pooled Income Trust is an option for a disabled individual who has excess income while receiving Community Medicaid Benefits. Here is how it works: Recipients of Community Medicaid – those who receive the assistance of a home health aide – are allowed to keep $787 per month of...
Continue ReadingBy Andrew M. Lamkin, Esq. On January 27, 2009, Governor Patterson signed into law revisions to the New York laws which powers of attorney. The news laws became effective on September 1, 2009. Many of the changes substantially affect the power of attorney. It is not surprising that, during the execution ceremony, my clients have had many questions regarding...
Continue Reading