Medicaid and Long-Term Care Planning can be very confusing because of the extensive system of rules in place. To understand the significance of the question that we are focusing on here, some background information in helpful. The majority of people over the age of 65 will need living assistance eventually, and nearly 4 out of every 10 American senior citizens will someday reside in nursing homes. Additionally, the life expectancy for a 67-year-old man is 85 years, and that figure is 87 for a … [Read more...]
A Look at Medicaid Community Spouse Provisions
Before we get to the specific focus of this pointed post, we have to provide some background information so you know why any of this should matter to you. If you have never been financially needy, and you will qualify for Medicare when you reach the age of 65, you may wonder why Medicaid is relevant to you in any way. After all, you will already have health insurance, and you wouldn’t qualify for the program anyway, because you are going to retire with a sufficient store of financial … [Read more...]
Albany Medicaid Planning: All Assets Do Not Count
You are probably aware of the fact that Medicaid is a government health insurance program that is in place to provide a safety net for individuals that have little to no financial resources. A lot of people that have worked all their lives while saving for retirement wonder why this program would ever be relevant to them. If you are confused on this score, you should certainly understand some facts about nursing home care and the costs that go along with it. If you work for at least 10 … [Read more...]
Why Would Medicaid Planning Be Important If I’m Healthy?
Medicare will not pay for long-term care, but Medicaid will assist with these costs. Medicaid planning is important for many seniors, because long-term care is very expensive. This is something to take into consideration when you are looking ahead toward your elder years. Sometimes you can oversimplify things and wind up with a blind spot. If you have always been healthy, and you make good lifestyle choices, you may assume that you will never be in need of living assistance. However, there … [Read more...]
Preserve Resources With a Medicaid Trust
As elder law attorneys, we advise clients that have concerns about the eventualities of aging. One of the most pressing issues is the matter of long-term care and expenses that go along with it. Many people are under the assumption that Medicare will pay for in-home care or a stay in a nursing home or assisted living community. In fact, the program will not generally pay for long-term care. If you are thinking that it is likely that you will be able to take care of all your own day-to-day … [Read more...]
Veterans Aid and Attendance Special Pension Can Ease the Burden
Before we explain the Veterans Aid and Attendance special pension, we should look at some statistics that are quite relevant. When you have been able to handle all of your own activities of daily living throughout your life, it can be hard to imagine a time when you will have significant limitations. Unfortunately, nearly 3 out of every four senior citizens will someday need living assistance. Of course, it becomes more likely as you reach your mid-70s and 80s. Some people can get all the … [Read more...]
Report: Albany Nursing Home Costs Will Rise
If you are thinking that you have always been healthy, so it is unlikely that you will require nursing home care, you should understand some of the facts. Looking ahead toward your active retirement years that will be full of travel, leisure activities, and quality time with your family is a beautiful thing. Indeed, your golden years can be some of the best years of your life if you plan ahead carefully from a financial perspective so you have the resources that you need. This being stated, … [Read more...]
Address These Two Elder Law Issues
As the name would imply, elder law attorneys assist clients that are concerned about the issues that are typically faced by senior citizens. There are some things that you should understand if you want to be comprehensively prepared for the future. One of the elder law issues that is very pressing during our current era is the matter of long-term care. Medicare does not pay for living assistance, and the majority of senior citizens will need help with their day-to-day needs before all is said … [Read more...]
When Is an Estate Probated in New York?
Probate can be defined as the legal process of estate administration. In the state of New York, the Surrogate’s Court has jurisdiction over estate cases. If you were to use a last will to express your final wishes with regard to the way that you want your assets distributed, you would name an executor in the document. After your passing, the will would be admitted to probate. The executor would handle the estate administration tasks, and the court would provide supervision. Sometimes, a … [Read more...]
When is an Equal Inheritance Actually Unfair?
Estate planning attorneys work with you to understand what your goals are with regards to protecting your family and building your legacy. We can then help you to take steps — including making use of the right legal tools — to achieve the goals that you have set for yourself. Many people who work with estate planning attorneys indicate they want to make sure they are fair to their heirs or beneficiaries. For example, people may want to provide all of their children an equal inheritance. … [Read more...]
