The Medicaid program can help you pay for nursing home care or home healthcare as you grow older. Most people pay for care out of savings, then apply for Medicaid once their assets are “spent down.” Of the 294 surveyed Medicaid applicants approved in 2012, 14% had over $100,000 in total resources. Therefore, estate planning and Medicaid go hand...
Continue ReadingBefore a loved one passes, they may spend some time in the hospital. Hospital bills and treatment expenses can add up quickly, especially with a progressive illness like cancer that requires expensive care. Debt collectors may start calling you at all hours, even while experiencing bereavement. Rest assured that the law is in your favor. In most cases, spouses...
Continue ReadingIf you’re starting to worry about what will happen to you and your family as you age, it’s time to consider choosing a healthcare proxy. A healthcare proxy is an important part of any estate plan. A well-planned estate eases the burden on your family. It explains your wishes for after your death as well as for your medical...
Continue ReadingIt’s a common misconception that anyone with assets isn’t eligible for Medicaid. In reality, 14% of all nursing home Medicaid applicants in 2012 had assets totaling over $100,000. New York requires those over 65 to report their income and assets (or “resources”) when applying for Medicaid. However, only some resources count toward the limit, and it only takes a...
Continue ReadingEstate planning protects your property and assets if you become incapacitated or die. It guides your family about your wishes for health care and finances when you can’t make those decisions anymore. If you don’t have a written estate plan, the state may make these decisions for you. When you’re remarrying, it’s time to update your estate plan to...
Continue ReadingReceiving healthcare through a Medicaid-funded program can make a huge difference in your well-being, but qualifying for assistance can leave you with questions about how to pay for your other needs. Housing is one of those needs. As New Yorkers know, figuring out how to pay for housing in this great state can be a constant concern, especially on...
Continue ReadingIf you or a family member needs skilled nursing care, you have plenty of issues to tackle regarding medical care, costs, and protecting assets. What to do with the house when the elderly enter a nursing home is often a primary concern. When you are facing the issue of an elderly person moving into a nursing home you must...
Continue ReadingLast month, New York finally adopted regulations implementing budget cuts from the state’s 2020 budget. Several of these regulations imposed a major change in Medicaid eligibility. These regulations also introduced a “lookback” period into New York’s state’s Medicaid program. While many agree that reforms to New York state’s regulations were necessary, the reception to the new rules is mixed....
Continue ReadingSending your son or daughter off to college is an exciting milestone for both you and your child. There is so much to prepare during this time, from housing arrangements to class schedules to moving day. If estate planning for your child is not on the to do list, it should be. With certain estate planning documents in place,...
Continue ReadingIt is tempting to try to create a will on your own, outside of a lawyer’s office. Bookstores, online services, libraries, and even friends may present templates for you to create your will. Your goal may be to save money and time and create the will yourself. However, when you make your will without an attorney, you are taking...
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