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The New York Power of Attorney form, which is widely used to enable someone else to handle your financial and legal affairs when you are unable to, should be revamped by the New York State Legislature. This is the recommendation of the New York State Bar Association which feels that this complicated document needs to be simplified.

“New York State’s current Power of Attorney form is far too complex, expensive and inconvenient, leading to potential pitfalls, which may not become clear until the ill or incapacitated family member needs the help a Power of Attorney provides,” said New York State Bar Association President Claire P. Gutekunst. Continue Reading Power of Attorney Form Needs to be Simplified

Are you concerned about protecting your assets if you need Medicaid for nursing home care  in New York?

Do you have questions about the Medicaid assets limits and the Medicaid look-back?

“14 Ways to Preserve Your Assets with the New York  Medicaid Laws” seminar will be presented for free  at the Clarence Senior Center, 4600 Thompson Rd, Clarence, NY 14031 on Thursday, April 6, 2017 at 1:30 PM .

Have your Medicaid questions answered by Robert Friedman, Attorney and Jeff Vastola, CLU of M&T Securities who will discuss: Continue Reading Medicaid Planning Seminar

As part of your estate planning, you should have “A Playbook for Managing Problems In The Last Chapter of Your Life” as described here by Judith Graham in Kaiser Health News. You can take steps to avoid a crisis in the remaining years of  your life.

CHICAGO — At least once a day, Dr. Lee Ann Lindquist gets an urgent phone call.

“Mom fell and is in the hospital,” a concerned middle-aged son might report.

“Dad got lost with the car, and we need to stop him from driving,” a distraught middle-aged daughter may explain.

“We don’t know what to do.”

Lindquist, chief of geriatrics at Northwestern University’s Feinberg School of Medicine, wondered if people could become better prepared for such emergencies, and so she designed a research project to find out.

The result is a unique website, www.planyourlifespan.org, which helps older adults plan for predictable problems during what Lindquist calls the “last quarter of life” — roughly, from age 75 on.

Continue Reading Managing Problems: Last Chapter of Your Life

The soaring cost and prevalence of Alzheimer’s disease has a tremendous impact on our nation’s families and economy. This is according to a disturbing 2017 report released yesterday by the Alzheimer’s Association.

The statistics in the report emphasize the need for estate and Medicaid planning for disability.  390,000 New York residents 65 and older suffered from Alzheimer’s disease last year.

Total annual payments for health care, long-term care and hospice care for people with Alzheimer’s and other dementias exceed  a quarter of a trillion dollars. $175 billion of Continue Reading Devastating Costs of Alzheimer’s Dementia Care

Are you concerned about losing your assets if you need Medicaid for nursing home care  in New York?

“14 Ways to Preserve Your Assets with the New York  Medicaid Laws” seminar will be presented for free  at the:

Have your Medicaid questions answered by Robert Friedman, Attorney and Jeff Vastola, CLU of M&T Securities who will discuss: Continue Reading 14 Ways to Preserve Your Assets

 

Mary sold her Buffalo, New York home to her daughter, Donna, in 2015 for $50,000, although it was actually worth $150,780. Mary is in a nursing home now and wants to know if she will qualify for Medicaid since she has no assets. Mary, like many senior citizens, is concerned about the New York  Medicaid Nursing Home “look-back”.
A period of Medicaid (not Medicare) ineligibility or delay in qualification (“penalty period”) is imposed on donors for any transfers of assets for less than fair market value (gifts) for the past five years. Any asset transferred for the purpose of qualifying for Medicaid is considered an impermissible transfer of assets for which a penalty is imposed. Continue Reading 2017 Nursing Home Medicaid Penalty Rates

 

Many people are procrastinators and afraid to face their own mortality. They often fail to properly plan for death, disability and retirement. Clients often tell me that if they knew estate planning was so easy, that they would have done it years ago.

Estate planning is often neither complicated nor costly. However, failure to plan is very costly, complicated and stressful.

Over the past thirty-eight years of practicing Elder and Estate Law, I have observed my clients make these common estate planning and Medicaid planning mistakes: Continue Reading 20 Most Common Estate Planning Mistakes