We have an office in Pittsford, New York, so people that live in Farmington have easy access to our location. This Ontario County town is a rich repository of history, because it was originally formed all the way back in 1789. A major point of interest is the Farmington Quaker Crossroads Historic District.
Horse racing enthusiasts are well aware of that fact that Farmington is the home of Finger Lakes Gaming & Racetrack. It is a venerable, privately owned facility that opened its doors in 1962. The most important race there is the New York Derby that offers a purse of more than $100,000.
Live racing is seasonal, but there is off track wagering and video gaming terminals that people enjoy all year around. Given the relatively small population of Farmington, there is not a great deal of commerce, so the Finger Lakes facility is an important local employer.
Our attorneys have assisted many people from Farmington over the years, and we look forward to developing new relationships as time goes on. If you are currently going through life without an estate plan, action is required. And if you know that your estate plan needs an update, we would more than glad to review it with you and make the necessary changes.
The Importance of Personalized Attention
There is no cookie cutter, one size fits all estate plan that is right for everyone. You have options, and the right approach will depend upon the circumstances. One common misconception is the notion that a last will is the estate planning document to use if you are not a multimillionaire.
In fact, the revocable living trust as an estate planning tool that can be a better choice for a wide range of families. If you were to establish this type of trust, you could act as the trustee and the beneficiary while you are living. In the trust declaration, you would name successors to assume these roles after you are gone.
One major advantage of a living trust over a last will is that fact that the trustee would be able to follow the instructions that you include and distribute the assets to the beneficiaries outside of probate. When a will is used, the executor would be forced to admit it to probate, and the court would provide supervision.
This process is time consuming, and there are also expenses that pile up during probate. It should be noted that probate avoidance is just one of the reasons why you may want to consider a living trust. Though this device is widely utilized, there are other types of trusts that can satisfy more advanced estate planning aims.
Nursing Home Asset Protection
There is a rather harsh reality that we have to explain to many of our clients. The vast majority of senior citizens will need long-term care eventually, and many will reside in nursing homes. It may sound counterintuitive because Medicare exists to address the health care needs of seniors, but the program doesn’t pay for long-term care.
Nursing home costs are very high all around the country, but here in the Farmington area, the typical charge for a year in a nursing home is well in excess of the national average. People in our area are paying $177,000 per year and sometimes more, and costs have been rising. The impact can be doubled for married couples.
If you do not take steps to protect your assets, everything that you have always intended to leave to your loved ones could be absorbed by nursing home costs. Fortunately, there is a solution. Medicaid will pay for long-term care, and most people in nursing homes are enrolled in the program. However, Medicaid eligibility planning is quite complex, and one wrong move can spell disaster. Our firm is well versed in Medicaid eligibility planning, and we can help guide you through the maze of rules and regulations to achieve the optimal level of asset protection for you and your family.
Schedule an Estate Planning Consultation Today!
As you can see, there are some very serious things to take into consideration when you are looking ahead toward your golden years and the twilight years that will follow. If you are a resident of Farmington, New York, one of our estate planning attorneys would be glad to provide you with a consultation.
We can be reached by phone right now at 585-374-5210, and there’s a contact form on this website that you can use to send us a message.