One of the most consequential decisions you will make when you are considering a will, trust or a power of attorney is who will be your fiduciary. A fiduciary may be an executor, who administers a will; a trustee, who administers a trust; or an agent on a power of attorney. They all have the … Continue reading “Things to Consider When Appointing an Executor, Trustee, etc.”
Category: Estate Planning
Some More Thoughts on Medicaid Asset Protection Trusts
John and Mary have a house worth about $500,000.00 and about $300,000.00 in a bank account. Paul & Sue also have a house worth about $500,000.00 and about $300,000.00 in a bank account. Neither couple have long-term care insurance. Thus, they start off in the same place. However, Paul and Sue decided to place their … Continue reading “Some More Thoughts on Medicaid Asset Protection Trusts”
Who Will Make Your Healthcare Decisions
By Guest Blogger, Nicole Christensen. “We have to talk” can bring dread to many (especially spouses or partners). We also know talking brings joy, understanding and peace of mind. The Spring season brings family and friends closer together. So let’s take this season to talk about what happens if we get really sick and can’t … Continue reading “Who Will Make Your Healthcare Decisions”
Why You Should Consider Long-Term Care or Medicaid Planning Now
Long-term care costs on Long Island are ruinous for a middle-class family. Nursing home costs are north of $150,000 a year and 24/7 home care could cost you over $118,000 year. We are seeing increasing challenges with respect to obtaining Medicaid for our clients. Medicaid applications are subject to heightened scrutiny. New York State has … Continue reading “Why You Should Consider Long-Term Care or Medicaid Planning Now”
Can Someone Who Has Dementia Sign Legal Documents?
Maybe. In order to sign legal documents in New York, the individual must have legal capacity. Being able to sign one’s name is not sufficient to have legal capacity. The person must understand the document that he or she is signing. As you will see below, different documents have different criteria for the determination of … Continue reading “Can Someone Who Has Dementia Sign Legal Documents?”
MEDICAID AND THE 5-YEAR LOOKBACK RULE
Everyone has heard of the 5-year lookback rule for Medicaid. Some people think that the lookback period is 7 years; some think it is 10 years. It is actually 5 years under present law. Regardless of the actual lookback period, one thing is certain: even if you are on the threshold of needing Medicaid, there … Continue reading “MEDICAID AND THE 5-YEAR LOOKBACK RULE”
Should You Trust in a Trust?
Trusts have various uses. Some trusts are created for tax planning, others protect assets should the individual need nursing home or home care and still others protect people with special needs. Trusts may be testamentary trusts – trusts set up through your will – or living trusts – trusts set up while you are alive. … Continue reading “Should You Trust in a Trust?”
Five Biggest Mistakes Seniors Make With Their Legal Documents
On Monday, May 16th at 1:30PM at Shelter Rock Public Library, Pfeifer will speak about avoiding the five most common mistakes seniors make with their elder law, long-term care planning legal documents and advance directives. This program will explain: (1) common misunderstandings about Living Wills and Last Wills; (2) why advance directives are needed in a medical … Continue reading “Five Biggest Mistakes Seniors Make With Their Legal Documents”
Five Major Mistakes That People Make regarding Their Estate Plans
Doing Nothing John and Mary were happily married for 30 years. John loved Mary very much and he intended to draw up a Last Will and Testament. Unfortunately, he never got around to it and passed away without having one. John had an account in his sole name worth $300,000. If John had had a … Continue reading “Five Major Mistakes That People Make regarding Their Estate Plans”
