Over the last ten to fifteen years much has been written about the Revocable Living Trust (RLT) by estate and financial planners, some of which has been factually accurate and some of which has been purely fictional. In truth, there are a number of benefits as well as some drawbacks to a RLT. While many default to a last will and testament when planning the future of their estate, I urge seniors to consider the RLT as a potentially preferable option.
The Center for Medicare and Medicaid Services has recently reported that approximately thirty percent of nursing home residents are being medicated with anti-psychotic drugs to control their conduct and behavior. While the issues relevant to behavior are more prevalent in residents with cognitive impairment, these reports reinforce the need for attorneys, families and friends to know, understand and effectively advocate nursing home residents’ rights.
On April 21, 2014, the Uniform Guardianship Protective Proceedings Jurisdiction Act (“UAGPPJA”) will go into effect as Article 83 of Mental Hygiene Law of the State of New York. Signed into law by Governor Andrew Cuomo last October, the UAGPPJA will fill a significant gap relevant to jurisdictional issues between states in guardianship proceeds and help combat the elder abuse phenomenon commonly referred to as “granny snatching.”
Continuing from my last post, here are a few additional suggestions to ensure you're adequately prepared for the years ahead: