I often meet grandparents who want to financially support their grandchildren while ensuring their generosity doesn't inadvertently create complications. Whether considering college funding or creating a lasting financial legacy, strategic planning can help maximize your gift's impact.Read More
We’re tackling a situation many families face with little warning: what to do when a family member unexpectedly enters a nursing home. If you’re in this situation, you may be overwhelmed by questions about costs, eligibility for assistance, and protecting family assets. This is where crisis planning becomes essential. The Financial Reality of Nursing Home...Read More
Understanding the tools available for managing your estate is crucial when planning for the future. Two common tools in estate planning are revocable and irrevocable trusts. Both types of trusts help individuals manage their assets during their lifetimes and provide for the distribution of these assets after death. However, each type of trust serves different...Read More
Regarding long-term care in a nursing home, Medicaid is often the primary payer for individuals who require such services. However, qualifying for Medicaid isn’t as simple as filling out an application. A crucial eligibility factor is the “Medicaid Lookback Period.” Specifically, Medicaid applicants for institutional care need to be aware of the five-year lookback period,...Read More
A Pooled Income Trust is a valuable financial tool for individuals who need to qualify for Medicaid in New York while still maintaining control over their excess income. As of 2024, Medicaid eligibility in New York is determined based on the applicant’s assets and income. There is a set income limit for eligibility, and if...Read More
The decision to place a parent in a nursing home rarely comes easily. Apart from the emotional toll, significant financial and legal adjustments are often necessary. While immediate well-being takes priority, it’s vital to safeguard your parent’s assets and long-term care needs with proactive estate planning. Questions to Guide Your Consultation Elder law attorneys focus...Read More
Navigating the complexities of Medicaid eligibility can be a daunting task, especially when it involves the protection of your hard-earned assets. One effective tool in this arena is the Medicaid Asset Protection Trust (MAPT). In this blog, we’ll explore what MAPTs are, how they work, and provide real-life examples to illustrate their benefits. What is...Read More
When the time comes to consider assisted living for a loved one, families often find themselves with a list of questions and concerns. It’s a big transition, and understanding the financial implications is crucial. Here’s where an elder lawyer can offer clarity and guidance to help you make informed decisions. Will Assisted Living Force the...Read More
For those who have served in the military, estate planning takes on unique considerations. Veterans have earned specific benefits and honors due to their service, and it’s essential that these are incorporated into an estate and long-term care plan. Here are some key points veterans should consider: Safeguarding Your DD214 Your DD214, or Certificate of...Read More
When navigating the intricacies of Medicaid, particularly when planning for long-term care, you’ll encounter terms that might be unfamiliar yet profoundly influential. One such term is “community spouse.” I’m here to demystify this concept and its implications for Medicaid eligibility and benefits. What is a ‘Community Spouse’? A “community spouse,” sometimes referred to as the...Read More