White Plains Long-Term Care Planning Law Blog

New York residents who own their own homes may plan to stay in their residences for as long as possible before making the decision to move into a nursing home or other assisted living facility. It can be difficult to uproot one's life and move to a strange new place, as a person must leave behind the home and memories on which they have built their life. For that reason, it is good for individuals to begin planning for their long-term care long before it becomes necessary.

Long-term care in nursing and assisted living facilities can be costly, and not everyone can afford the care they may need when the day comes to move out of their home. According to one report, nursing home care in New York can cost more than $10,000 per month. Individuals who wish to secure private rooms in their facilities may pay closer to $11,000 or $12,000 each month, while those who live in semi-private rooms may find lower cost options.

Too many people have a negative reaction to the idea of power of attorney documents. While it is true that predatory individuals can, theoretically, use a power of attorney as a means to gain control over or manipulate someone else, in reality, these documents primarily serve the critical purpose of protecting people who experienced severe medical events.

A power of attorney only has authority if the individual who signs the document becomes incapable of acting on their own behalf. Whether they have a severe illness that forces them into a coma or suffer a head injury in a car crash, a person who executes a power of attorney does not have to worry about its authority getting used by the other individual until they wind up temporarily incapacitated.

A large number of Americans will ultimately need long-term care financed through Medicaid. Their Medicaid planning should assure that one of them can continue to live in their home and safeguard their ownership. Medicaid is a federal and state health insurance program that gives benefits to needy individuals and is the biggest payer for long-term costs such as nursing home care. An individual and their spouse must meet financial eligibility requirements.

Some assets are excluded from the calculation of assets for financial eligibility. A primary residence that has an equity value below $585,000 in 2019 is excluded if a spouse still resides in the home. Even though the home is an excluded asset, changing its ownership from joint ownership to the sole ownership of the spouse who remains helps prevent the state from placing a lien on it. This may also assure that the spouse who stays in the home can keep all the sale proceeds if it is sold.

Information about the location of important estate documents and access cannot die with the people who executed the documents. Storing information about estate matters such as wills & trusts and significant passwords is a vital part of estate planning.

It may be possible to secure a will with the Surrogate Court in some New York counties or register it with a private service. But family members should know about the location these documents and important financial documents such as life insurance policies, divorce records and deeds. The physical document must be kept secure. A safety deposit box or a secure location at home may be possibilities for keeping them safe.