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If your parent’s spouse needs nursing home care, you may worry about losing the family home. New York Medicaid offers important protections for married couples, but they do not guarantee the home will always be safe from future claims. How does New York Medicaid treat...
Nursing home care in New York can be costly with a typical range between $13,000 to $18,000. If you need long-term care, these bills can force your family to sell your house. You have legal ways under state law to keep your home safe for your children. Use statutory...
New York Medicaid usually imposes a penalty when someone transfers property for less than fair market value during the five-year lookback period. In limited situations, however, a parent may transfer a primary home to an adult son or daughter without triggering that...
If you have minor children, one of the most important decisions in your estate plan is who would care for them if you were gone. A will allows you to name the person you want to serve as guardian. If both parents die, or if no surviving parent is able to care for the...
A missing beneficiary can make probate more complicated. A will may name someone whom the executor cannot currently locate. Additional steps may be necessary to protect that person's interests. The beneficiary does not lose an inheritance simply because no one can...
Planning for long-term care can feel overwhelming, especially when nursing home costs in New York often exceed $15,000 per month. Many families assume they can simply give their assets to their children right before applying for Medicaid. However, state law prevents...
Long-term care can quickly drain family savings. A Medicaid-compliant annuity (MCA) can turn excess assets into a steady income stream while helping an applicant meet Medicaid's financial limits. But not every annuity qualifies. Its terms, payments and beneficiary...
Creating a will may not require retaining a professional, but it does require strict compliance with specific statutory rules. In New York, wills are subject to “execution formalities” that you must follow precisely. If you do not adhere to these requirements, the...
A trust can be an important part of your estate plan. You can put funds into a trust and then leave instructions for the trustee regarding how they can use those funds for your specified beneficiary. There are many different ways that you can do this, and every...
Modern estate planning involves much more than deciding who will receive your home, bank account or family heirlooms. The realities of the Digital Age have driven a pressing need for all adults – yourself included – to consider their digital footprint when estate...
