We are here to help whenever you need estate planning assistance as a Geneseo, New York resident. All responsible adults should have a plan in place, and this is true even if you are a relatively young adult. When you choose our firm, you will receive personalized attention from an attorney that sincerely cares about members of this fine community.
Finger Lakes Beauty
Geneseo is a Livingston County town with a modest population of just over 10,000 people. It is a physically beautiful place that is nestled in the Finger Lakes region of upstate New York. There is a distinctly rural quality, and the soil is quite fertile, so agriculture fuels the local economy to a large extent. It offers residents a very high quality of life, and everything that the greater Rochester area has to offer is within easy reach.
The town has a rich history, because it was originally established in 1789. It is the home of the National Warplane Museum, and there are two notable sites that are listed on the National Register of Historic Places. Sweet Brier, an interesting old farmhouse, is one of them, and the other is Wadsworth Fort.
State University of New York at Geneseo
In addition to the agriculture industry, the other major driving force in town is the State University of New York at Geneseo. It is a venerable liberal arts college that opened its doors in 1871. The school has actually made a list of the best places to get an undergraduate education in the United States. There are about 5000 students at any given time, and this makes Geneseo a full-fledged college town.
Geneseo Senior Population
Though there is a youthful vibrancy that is always present because of the university, Geneseo has its fair share of senior citizens. In addition to estate planning, we also focus on elder law, and there is a particular matter that is of interest to seniors that you should definitely understand.
It can be hard to imagine a time when you will need help with your activities of daily living, but in fact, most seniors will eventually need long-term care. Some will be able to get the assistance that they need in their own homes at first. This being stated, many people ultimately reside in nursing homes.
Medicare is the source of health care insurance for most elders. Since it exists to satisfy the needs of senior citizens, it would be logical to assume that it would pay for living assistance, since most elders will need it. Unfortunately, for whatever reason, Medicare will not pay for the custodial care that you would receive in a nursing home.
This is a significant gap, because long-term care is very expensive around the country, and the costs in Livingston County exceed the national averages. According to the state, the estimated average cost for a year in a nursing home in our area is just over $140,000. When you evaluate the impact of this potential expense, you can double it if you are married.
There is a widely embraced solution in the form of Medicaid. This jointly administered federal/state government program will pay for custodial care if you can gain eligibility. Since it is intended for people with very sparse monetary resources, there is a low asset limit.
To qualify for Medicaid to pay for long-term care, you could give gifts to your loved ones. This is commonly referred to as a “Medicaid spend down.” Advance planning is key, because your eligibility is delayed if you give away assets within 60 months of the date of your application submission.
Attend a Free Estate Planning Workshop
If you are a Geneseo resident, we invite you to attend one of our upcoming estate planning and elder law workshops. The sessions are absolutely free to attend, and you can obtain a great deal of knowledge if you sit in on the session that works for you. You can visit our workshop schedule page to get all the details.
Schedule a Consultation!
Our attorneys are ready to help if you would like to discuss your estate planning objectives with a professional. We offer no obligation consultations, and we assure you that you will feel completely comfortable from the first moment that you walk through our doors. To set the wheels in motion, send us a message through our contact page or call us at (585) 546-1734.