If you become incapacitated unexpectedly and your quality of living changes radically, your savings can dwindle within a few years. You may not qualify for Medicaid in New York if you have too many assets. As a result, your family may need to sell your home. You can...
Estate Planning
Will your estate plan affect the beneficiary’s Medicaid?
Medicaid is an important health insurance program that provides benefits to millions of low-income Americans. If you have a loved one who has a disability that interferes with his or her ability to work, Medicaid may pay for checkups, medical care and medications. To...
How should you direct your focus during an estate plan review?
An estate plan review can seem like a daunting task at first. After all, it took you lots of time and energy to get through the creation of your estate plan in the first place. It can feel overwhelming, especially if you follow expert advice to review every three...
How do I fund my trust?
You may set up a trust with high hopes that it will benefit your family, but some trust creators make a crucial mistake. They create a trust but neglect to fund it. As a result, the trust is not able to provide loved ones with an inheritance because the trust contains...
3 essential duties of a special needs trustee
If you have a disabled loved one, you may want to include a special needs trust in your overall estate plan. This type of trust provides the beneficiary with access to funds to use on supplemental expenses without harming his or her eligibility for means-tested...
What are some elements of establishing an estate plan?
An estate plan can serve several purposes, such as providing for your spouse and children in the event of an illness or incapacitation. As noted by Bankrate.com, not having a clear plan in place could result in the state making decisions based on its own judgment. ...
Medicaid planning and life estates
As people age, they may rely on Medicaid benefits to ensure they receive the care they need. However, eligibility for such assistance may come at the price of draining the assets they long worked for and hoped to pass on to their loved ones. Through estate planning...
Can estate taxes be avoided?
As you prepare the plan for transitioning your assets to your beneficiaries in Schenectady, a nagging thought likely lingers in the back of your mind: what you anticipate having to pass on to them is not a true amount, as a portion of those assets will almost...
Reforms could impact your Medicaid eligibility
Medicaid provides needed medical support for many families. It ensures that vulnerable people, the disabled, and low-income families get essential medical care. New York’s recent push to reform Medicaid could impact your eligibility - and your health. You need to...
How an ATP can help you prepare for long term care
Long term care is expensive in New York, and many people will require LTC in their later years. It is important that workers approaching retirement think about their financial plans for LTC. Medicaid can help ease the financial burden, but it can be difficult to...
