Articles Tagged with new york medicaid lawyer

After taking the time to plan and execute a will, many people wonder what to do with the actual document to ensure it stays safe and can be found by the executor when the time comes. Without the original, executed copy of the last will and testament, the executor may be unable to pass the estate through probate and the court will consider the estate to be in intestacy.

Some of the most common places people keep their wills can include the office of the attorney who may have helped draft the will and advise the client, a safe deposit box in a bank, or in a fireproof safe at the individual’s home. Each of these scenarios have strengths and weaknesses and what may be the right fit for one person may not be the best for another. In any case, the executor’s access to the original copy of the last will and testament is crucial to the estate passing through probate.

Another less well known option is the register the original copy of the will with the appropriate Surrogate’s Court while the testator is still alive. Filing the will with your local probate court is a good plan in case the executor to your estate cannot find the original copy of the will or if you believe the document may be subject to tampering.

Medicaid is a safety net for millions of senior citizens across the country, providing funding to pay for home care, adult day care, or prescription drugs. However, the program is designed for low income individuals and can leave many on the fence financially over whether to choose to spend down assets or pay for these necessary services themselves.

Currently, the threshold to receive Medicaid services is only a few hundred dollars for individuals and just over $1,000 for married couples, which leaves these individuals with little income to pay rent, utilities, or buy groceries. Even financially secure seniors can find themselves needing vital Medicaid services like in-home or nursing home care in the event of a catastrophic health event, making planning for the future and keeping options open all the more vital.

One option that may be viable for certain individuals is joining a Pooled Supplemental Needs Trusts, also known as a Pooled Income Trust. Pooled income trusts work by the individual sending his or her income from Social Security, pensions, or annuities to non-profit organizations to pay bills and other expenses to stay below the Medicaid threshold. Any income left over after the individual passes away goes to the non-profit.

Many of the assets we own are held in joint ownership with another person, typically a spouse or other family members. Types of assets commonly held in joint ownership with others include homes, real estate, bank accounts, and other investments. When it comes time to writing a will and engaging in estate planning, asset holder need to understand the different types of joint ownership under New York law and how it can affect the outcome of passing an estate through probate.

One of the most familiar forms of joint ownership in New York is known as joint tenancy with rights of survivorship and is very common between married couples for joint checking accounts, homes, and other property. Under this type of arrangement, assets do not need to pass through probate since the surviving spouse or person automatically receives the deceased’s property rights.

Under joint tenancy with rights of survivorship, each person has an equal and undivided share of the assets and is entitled to sell his or her share to another party. If a sale occurs, the joint ownership agreement becomes a tenancy in common and the assets lose some of the protections they otherwise would have enjoyed under a joint tenancy with rights of survivorship.

It is often difficult for parents to determine whether to share details about an estate plan with their adult children. Unfortunately, there is no simple answer or easy solution to determining when to share this information with adult children. Fortunately, there is some advice to help parents decide when to disclose these details with adult children. This article will list some critical advice that parents should follow when discussing information about their estate plan with adult children.

Tip #1 – Be Certain to Make Personal Property Plans

It is very important that parents have a conversation with adult children about any personal property that multiple individual might want because personal property is one of the estate planning areas most likely to result in arguments between beneficiaries. To fully anticipate any arguments that might arise, parents should make sure to afford each adult child the opportunity to talk about their favorite items so that an agreement regarding how the personal property will be divided can be made.

It is important for individuals to properly plan the end of their lives. There are many critical estate planning tools that should potentially be used during this planning process. While an estate planning attorney can help individuals navigate each of these issues, it is important for people to understand what each of these documents are and why they are very important. This article will review four of the most important end of life documents that individuals should consider creating with the assistance of a strong estate planning attorney.

Document # 1 – Advance Care Directives

These documents place in writing the desires that a person has about their health care to make sure that their wishes are followed in the event that they become incapacitated or in any way are unable to communicate them. These documents are very important because they make sure that patients who are permanently unconscious or terminally ill receive the care they deserve.

The co-founder of Americans Against Abusive Probate Guardianship recently organized a town hall meeting about guardianship.  The topic of the meeting is the increasing number of guardianship cases occur in which guardians take money from a loved one’s estate. This concern comes at a time when other states like Nevada have made multiple arrests of guardians who were accused of abusing their relationship with an incapacitated individual.  In addition to a lack of enforcement by the law of elder abuse, the meeting discussed the other inequalities that are occurring in the system.

The Types of Elder Abuse

Financial abuse is just one type of elder abuse. The Center for Disease Control and Prevention consider elder abuse to include any intentional act that has the potential to harm a person who is 60 years of age or older. 1 in 10 senior citizens are reported by the Center for Disease Control to be subject to elder abuse. Some of the common types of elder abuse are:

Your last will and testament is an incredibly important legal document needed to ensure New York probate courts carry out your final wishes and ensure your heirs receive the portion of your estate so delegated. After going through all of the careful considerations of consulting with family, speaking to an estate attorney, and drafting a will, testators need to take care in storing the original copy of the document to ensure the estate passes as swiftly as possible through probate courts and make the process easy on the executor.

Testators have numerous options to keep the original executed copy of their will safe. Often times, the last will and testament remains in the office of the probate attorney who helped craft the document. Other times, testators may choose to keep the document in a safety deposit box at a bank or another custodian of records. In any case, the executor of the estate needs to know the will’s location to pass the estate through probate.

Under New York probate laws, if the original copy of the last will and testament cannot be found, the court presumes the testator intended to destroy and revoke the document. Proving anything to the contrary can be extremely difficult and time consuming and the court may order an executor take custody of the will in keeping the chain of succession in New York state law. Furthermore, the Surrogate Court hearing the case will most likely not enter a copy of the will.

When planning for our later years, forward thinking individuals often wonder what is the best way to spend down their assets to qualify for Medicaid but still live a comfortable and dignified life until services like nursing care are absolutely needed. With the value of real estate skyrocketing over recent decades, homes that were just a few thousands dollars may put homeowners in a financially difficult spot now that the property is worth many times the initial investment.

Under federal Medicaid laws, individuals may only have a net worth below a certain level, including things like homes and automobiles in some cases. Often times, seniors need to “spend down” their assets to qualify for the invaluable services Medicaid provides and many individuals may attempt to give away homes or spend down savings accounts to qualify. However, Medicaid has a “look back” period that can last a few months, meaning seniors may be penalized for recently giving away assets or spending bank accounts before applying for coverage.

One solution which may be effective for some is to create a “life estate” with their home. By doing so, seniors can own, live in, and exercise full control over their home and simply pass it on to a beneficiary like a child once they pass. With the help of an estate planning attorney, individuals can create the life estate with the deed to their property and create a “remainder interest” for the person who will receive the property, known as the remainderman, upon the deceased’s passing.

Most folks never believe they or their elders could be the victim of financial exploitation by a family member or a caretaker but the truth is that every year, millions of well meaning or vulnerable individuals find themselves taken advantage of. Even independent and acute elders can find themselves fleeced by scammers over the phone or a seemingly trusted individual charged with ensuring their wellbeing.

However, with some careful planning and vigilance we can help safeguard ourselves and our loved ones from the malicious intentions of someone pretending to be someone they are not. Often times, warning signs pop up that can alert us to foul play and give us the opportunity to intervene before unscrupulous individuals unjustly enrich themselves.

Many situations of financial exploitation against elders involve family members such as adult children or another close person engaged in life care. Sometimes, these caretakers feel entitled to large portions of an individual’s wealth for rendering the care and attention needed for the elder to live a comfortable and dignified life. While there is nothing wrong with someone rewarding a child or a close individual for watching over them when needed most, some individuals may take matters into their own hands to see their inclinations through.

Individuals with disabled family members understand the many obstacles life can put in front of them and their family, especially when it comes to finances. For many, having a permanent disability can mean being unable to provide for oneself and that can mean relying on benefits from social welfare programs to get by. However, many of these programs have strict income thresholds that can exclude potential beneficiaries if they earn too much money or have too much capital.

Fortunately, New York is one of several states that allow disabled persons and their families to create special savings accounts to help maintain the person’s health, independence, and quality of life. The New York Achieving a Better Life Experience (NY ABLE) helps supplement but not supplant benefits provided through Medicaid, SSI, SSDI, private insurance and other sources and is exempt from om tax on its earnings and distributions, provided the funds are used to pay for qualified disability expenses.

The laws creating the ABLE statute was signed into law by Gov. Andrew Cuomo in December 2015 and is federally authorized by the federal Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act enacted on December 19, 2014, as Section 529A of the Internal Revenue Code. The NY ABLE program is administered by Office of the State Comptroller in consultation with specific State agencies and individuals appointed by legislative leaders, as specified in the NY ABLE statute.

Contact Information