A common misconception is that a community spouse must spend down all of his or her assets due to an institutionalized spouse requiring nursing home care before Medicaid benefits will be available. Medicaid is a means-test program that entitles individuals to benefits including Chronic Care Medicaid. Chronic Care Medicaid covers care that is provided in a skilled nursing facility. Because Medicaid is a need-based program, certain income and asset requirements must be met in order to be eligible for the benefits. Continue reading “Spousal Refusal”
Tag: estate planning
Plan Now For Your Supplemental Security Income
If you are concerned about a disabled child’s income, there are government benefits that he or she may be able to receive with proper planning. Supplemental Security Income (SSI) provides income for food and shelter to aged, blind and disabled persons with little or no income. In New York State, a person is automatically eligible for SSI if he or she is eligible for Medicaid. Continue reading “Plan Now For Your Supplemental Security Income”
Estate Planning to Protect Your Loved One’s Assets
If a family member or loved one is currently receiving Community Medicaid and has a home in his or her name, Medicaid is entitled to issue a claim against the property upon his or her death. In accordance with federal law, a person receiving benefits from the New York State Medicaid program is subject to estate recovery for assets passed through probate. This means that once a probate proceeding occurs, the Department of Social Services is entitled to recover for the services provided to the deceased through the Medicaid program because the assets were in their name alone. Continue reading “Estate Planning to Protect Your Loved One’s Assets”
Disinheriting A Spouse In A Will Or Estate Plan In New York State
Ordinarily, in New York State, a decedent is unable to disinherit his or her spouse. According to Section 5-1.1-A , Right of Election by a Surviving Spouse of the Estates, Powers and Trusts Law, a surviving spouse is required to receive a share of the decedent’s estate. It states that the share will be equal to the greater of $50,000 or one-third of the decedent’s estate. Continue reading “Disinheriting A Spouse In A Will Or Estate Plan In New York State”
Deducting Long-Term Care Costs On Income Tax Return
Long-term care includes the ongoing medical and social services that address the needs of those living with a chronic illness, disability or lack of mental capacity, such as Alzheimer’s disease. Long-term care involves assistance with daily tasks, such as bathing, dressing or eating. It may also include assistance with daily living activities, such as house cleaning and transportation. Continue reading “Deducting Long-Term Care Costs On Income Tax Return”
Will a Divorce Affect My Last Will and Testament?
After an individual executes a Last Will and Testament, there may be changes in their life that could affect the way their assets are distributed under their last will and testament. One of the more common changes that may affect a Will is a divorce. A divorce can be an overwhelming experience, and often times, people do not think about the important estate planning implications that a divorce may have. Continue reading “Will a Divorce Affect My Last Will and Testament?”
Estate Planning and Your Digital Assets
As our world becomes more virtual, so do the assets we own. Therefore, when making an estate plan, it is important not to overlook the digital assets you own as well. These assets include intellectual property, social media profiles, emails, credit card points, smartphones, or online storage and hardware. Most of these are locked using a password that only you know, so planning who will be able to gain access in the future is important. Continue reading “Estate Planning and Your Digital Assets”
Estate Planning for Business Owners
Owning a successful business takes years of hard work and dedication. But failing to establish an estate plan that accounts for your business, could place your business in jeopardy upon death. While many individuals shy away from estate planning because of the chilling thought of death, assuring your business remains viable upon death could mean the difference in providing for your family, employees, and loved ones in the long run. Proper estate planning can take into account various aspects of business ownership and help ensure that your business continues to operate as you see fit. Continue reading “Estate Planning for Business Owners”
Protecting Loved Ones Against Elder Financial Abuse
Elder financial abuse is a form of exploitation against seniors and older persons that may include, but is not limited to, taking money, property or assets. Older adults who suffer from physical or mental disabilities, such as dementia, or experience feelings of isolation, loneliness or loss may be more susceptible to elder financial abuse. Continue reading “Protecting Loved Ones Against Elder Financial Abuse”
How the Establishment of a Power of Attorney Can Benefit Loved Ones
With baby boomers entering retirement age, more adult children are undertaking the role of caregiver to meet their loved ones’ needs. According to the National Alliance for Caregiving and AARP, as many as 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months. Caregivers are often called upon to assist with a loved one’s estate plan to ensure that his or her wishes for assets and health are met. An important aspect of estate planning is power of attorney, a document that authorizes someone to make and implement financial and other important decisions.
Continue reading “How the Establishment of a Power of Attorney Can Benefit Loved Ones”
