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Protecting Your Family, Assets, and Future
Preparing for your own future is an important aspect of estate planning. While it can be a difficult subject to address, it is crucial that you make provisions for yourself and your family should you or your spouse become unable to make these decisions or even to care for yourselves at home. Medicaid planning is one of the main focuses of elder law. Other sensitive aspects of elder law include financial planning, making healthcare provisions, and choosing a guardian for yourself should you become incompetent or incapacitated.
Financial Matters for the Elderly
There are many estate planning tools available to enable you to plan for your financial future. If you are 65 years of age or older, it may be particularly beneficial to have a will. Having a will allows you to distribute your property and real estate to your future heirs as well as appoint an executor to administer the estate. Trusts are also excellent estate planning devices that enable you to pass down property to heirs either while you are living or in the future. One of the most important aspects of financial planning is designating a Power of Attorney, which will allow another individual to make financial decisions for you.
There are three different types of powers of attorney including:
- "Nondurable" Power of Attorney: used for specific transactions
- "Durable" Power of Attorney: may be effective immediately and is used until you revoke it or pass away
- "Springing" Power of Attorney: takes effect when you are deemed no longer competent to handle your affairs
If you would like to receive more advice and guidance concerning estate planning tools, a Long Island elder law attorney at Adler Law would love to assist you today!
Using Advance Directives, including powers-of-attorneys, health care proxies, and living wills, our legal team can help you create a plan that ensures you receive the best possible care should you no longer be able to make decisions. The state of New York allows you to appoint another individual to serve as your agent and make healthcare choices on your behalf, if necessary, through the Health Care Proxy Law.
In your health care proxy, you can determine how you would like your agent to act on your behalf and you can give them as much or as little control as you would like. A living will also allows you to specify what kind of medical treatments you would like should you be unable to provide instructions at the time the decision must be made.
Contact a Long Island elder law attorney from our team to discuss your unique circumstances. Call (516) 740-1184 today.
Medicaid is a government program that provides funding for medical and health-related services for people with low income and resources. In order to qualify for Medicaid, you must meet certain income and resource requirements based on your marital status, age, and disability status. We can help you qualify for Medicaid for home care and for nursing home care through careful elder law planning. The "lookback" period for transfers of assets in the state of New York for Medicaid is 5 years for nursing home care and effective October 1, 2020, the lookback period will be 2 1/2 years for community Medicaid,, so you should start planning to qualify for Medicaid as early as possible.
Elder law matters can be complicated and, if incorrectly completed, can lead to serious negative consequences and even criminal penalties, which is why you should obtain the guidance of a knowledgeable attorney. The Long Island estate planning lawyer at Adler Law can assist you with all areas of elder law to ensure your rights and interests are protected.
We are a boutique firm that handles each case personally, instead of passing it off to paralegals or legal secretaries. With over 50 years of experience in elder law, estate planning, and probate matters, you can trust that we will provide the excellent legal counsel you need and deserve.
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