The term asset protection trust is generally used to describe a type of trust that is created for the purpose of providing protection for money, personal property, and/or real property. A trust of any type is created through the use of a legal document that follows formalities established under state law. The trust becomes the legal owner of property that is transferred into it. That property is managed by a trustee and used to provide for beneficiaries. Ownership and possession is bifurcated, … [Read more...]
What Do I Need to Apply for Medicaid?
What do I need to apply for Medicaid? This is a very important question, as you want to be prepared to submit your Medicaid application and you want to ensure your application is comprehensive so you can maximize your chances of approval. Medicaid can be one of the only options for getting medical services if you have low income, and Medicaid can be your only option for getting nursing home care covered if you need routine care, rather than specialized medical help. You don't want to have … [Read more...]
What Counts as Resources When Considering Requirements for Medicaid?
There are many requirements for Medicaid eligibility that you must understand, both when you are applying for Medicaid coverage and when you are making a nursing home plan or asset protection plan. One of the important requirements that you must consider when assessing eligibility for Medicaid is the requirement that you have few resources in order to get benefits.While resource limits were lifted as of 2010 for certain people applying for Medicaid, such as lower income pregnant women, these … [Read more...]
Tasks a New York Probate Attorney Helps With
A New York probate attorney provides invaluable assistance with the probate process. The probate process occurs after most deaths and is a necessary process to ensure the wishes of the deceased are followed if a will is being used to pass on the deceased person’s assets. The deceased is called the decedent during probate proceedings, and the probate process is usually overseen by an executor of an estate or personal administrator who has a lot of responsibility in moving forward with court … [Read more...]
What if I Don’t Want to be the Executor of Estate?
If you are named executor of estate in someone's will, you need to be aware that serving as an executor is a big deal. Being executor isn't just a nice title that is given to you in order to honor the relationship you had with the person who died. The deceased person, called the decedent, entrusts the executor with a tremendous amount of responsibility and that executor has to fulfill all of the obligations imposed upon him or her by the will and by New York State law. You should think … [Read more...]
