Annuities
Many seniors invest in fixed or variable annuities, because they often provide a better investment return than savings accounts or CD’s, and unlike bonds, are not subject to changes in value. However, annuities usually turn out to have been an imprudent investment if Medicaid planning is needed. Since the cash value of these annuities is […]
Read More
Transfers of Real Estate
For many clients, their home is their most valuable asset, and the one they are most anxious to protect. Sometimes these clients have heard “don’t worry, the home is exempt.” In fact, such statements are very misleading. When applying for Medicaid home care, your primary residence is not a “countable resource” if your equity in […]
Read More
Deeds
Elder Law strategies will often involve transferring real estate out of your name, so it will not be counted as one your “resources” for Medicaid eligibility purposes, or become subject to a Medicaid lien or claim. If you transfer your house, condo or co-op to someone else such as a child, or into a Trust, […]
Read More
House Sale Transfer
If you are elderly or disabled and need long-term care, and you live in a house in New York State, there are steps you can take to protect its value, and still obtain government benefits to pay for your care. If you are able to remain in the community, and your care will be in […]
Read More
Condo Sale Transfer
If you are elderly or disabled and need long-term care, and you live in a condominium in New York State, there are steps you can take to protect its value, and still obtain government benefits to pay for your care. If you are able to remain in the community, and your care will be in […]
Read More
Small Estate Proceeding
In New York, if a person dies with an estate that is worth less than $30,000, the estate can be administered in an abbreviated and less costly way, in a “small estate proceeding.” The small estate proceeding can be used whether or not the decedent had a Will. An “interested party” (someone who stands to […]
Read More
Estate Administration
When a person dies without a Will (“intestate”), his or her estate is handled in a court proceeding that is very similar to probate. It’s called “Administration.” Since there is no Will, the laws of each state, called laws of intestacy, govern how the estate will be administered, and who will benefit from the estate. […]
Read More
Probate Proceeding
Probate is a court proceeding initiated after the death of an individual, to collect his or her assets, pay any taxes or debts that may be due, and distribute the remaining assets in accordance with the deceased’s wishes as stated in his or her Will. In New York, the court that oversees the process of […]
Read More
DNR
A DNR order is a document that instructs medical personnel that the person listed on the document does not wish to receive CPR if his or her heart and/or breathing stops. It will only take effect if the person is not able to communicate his or her wishes. Medical personnel will automatically perform CPR for […]
Read More
Living Will
A Living Will is another vehicle for having your wishes carried out, but it can be problematic. With a Living Will, you spell out your instructions regarding end-of-life decision making in a formal written document. The difficulty is in its interpretation. Common phraseology such as “if there is little hope of recovery, I would not […]
Read More