Your estate planning attorney can help you draft a special needs trust for the benefit of your special needs child or other family member. After you select a trusted individual that will serve as your trustee, you need to make sure your special needs trust complies with New York State law. Your attorney must make sure that the trustee will use your assets within your special needs trust only for a limited purpose. Because you may not want your special needs trust property to pay for necessary … [Read more...] about Special Needs Planning: Part III of III
Medicaid
Special Needs Planning: Part II of III
Why would you want to draft a special needs trust for your disabled child? By creating a special needs trust or supplemental needs trust, you may be able to ensure that your dependent child or family member is able to avoid becoming inadvertently disqualified from receiving financial support from the state and federal governments. In other words, by creating a special needs trust, you can help your special needs child or family member continue receiving monetary and medical government benefits … [Read more...] about Special Needs Planning: Part II of III
Special Needs Planning: Part I of III
Special needs planning is often a part of a parent or other family member’s estate planning considerations. To ensure that you make adequate financial arrangements through proper estate planning to protect your loved ones with special needs, you may need to draft special estate planning documents. Because of the legal nuances involved in estate planning, setting up a time to discuss your estate plans with our office may be a wise investment. Setting up a special needs trust may be necessary … [Read more...] about Special Needs Planning: Part I of III
Medicaid Eligibility and Federal Tax Programs
Did you know that you may qualify for no-cost tax assistance through the Internal Revenue Service's Volunteer Income Tax Assistance programs? Known as VITA, the federal Volunteer Income Tax Assistance program allows you to visit a local tax assistance center to receive free tax assistance. IRS tax volunteers receive certified tax assistance training to help you file your annual federal income taxes. Offered during certain times of the tax season, you may be able to visit a VITA tax clinic and … [Read more...] about Medicaid Eligibility and Federal Tax Programs
Discussing Long Term Care Before a Crisis Occurs
Many seniors and their families begin evaluating their long-term care needs, after a crisis occurs. This is usually because the senior, and his or her family finally, realize that there are additional care needs that must be met. By discussing long-term care ahead of time, you can have a better and, likely, less expensive plan in place for your loved one. Take a look at the following information, to better understand the importance of long-term care planning. We acknowledge, discussing … [Read more...] about Discussing Long Term Care Before a Crisis Occurs
Will My Loved One Qualify for Medicaid?
If your loved one is without health insurance or has many medical bills insurance doesn’t pay, you may be wondering if Medicaid can help. It’s important to note that this beneficial tool is only offered to those who financially or medically qualify for the assistance. We’ve taken the time to outline information on the use of Medicaid, so that you can get your loved one the help that he or she needs. If you have any additional questions, or if you’d like to explore Medicaid and what it has to … [Read more...] about Will My Loved One Qualify for Medicaid?
Medicaid Law: What is a Caregiver’s Agreement?
Have you ever considered paying a family member to care for you in your later years when you need assistance with your daily activities? Caring for a family member is a responsibility many people bear in this day and age, and it allows an aging loved one to stay in the home longer and avoid the stress and expense of moving to an assisted living facility. It can also become a source of income for the caregiver, but the arrangement needs to be documented in a formal agreement. A “caregiver … [Read more...] about Medicaid Law: What is a Caregiver’s Agreement?
Handling the High Cost of Healthcare
Frequent doctor visits, extended hospital stays and prescription after expensive prescription can cause panic and anxiety in the elderly. With the rising costs of healthcare and an increase in the number of prescriptions needed in later years, the elderly often consider compromising their health in order to save a few dollars. Many delay treatment for serious medical conditions. Others limit their prescription expenses by cutting pills in half, taking pills every other day or every two days and … [Read more...] about Handling the High Cost of Healthcare
Medicaid Law: Paying for In Home Care
It is estimated that over 35 million Americans are providing unpaid caregiving for a loved one. The time and energy toll is enormous, but there is also the financial toll to consider. The caregiver must often cut back on work hours or give up their job completely. In fact, it is often those burdens that force caregivers to consider long-term care options for an elderly loved one, such as a nursing home. Knowing that loved ones often make the best caregivers and recognizing that professional … [Read more...] about Medicaid Law: Paying for In Home Care
Why You May Need Medicaid Planning
Medicaid, the need-based, state-run program that provides medical assistance for those with limited income and resources, often enters the lives of senior citizens when it comes to paying for nursing home care. Why would anyone need Medicaid planning? Many believe that Medicare and private insurance will pay for long term care. This is not the case, and Medicaid has become the major source of financing for long-term care; in fact, it pays nearly half of all nursing-home bills after residents … [Read more...] about Why You May Need Medicaid Planning
