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Elder Planning Isn't Just For The Elderly

White Plains Long-Term Care Planning Law Blog

Younger professionals should consider long-term care insurance

Long-term care can be ridiculously expensive. Nursing home facilities cost thousands of dollars a month, potentially more depending on the needs of the resident. Even the most wealthy individuals may struggle to cover that degree of expense at a time in their life when they no longer have a steady stream of income.

There are options available that help people cover those expenses. Those who qualify for Medicaid, for example, can receive assistance in covering nursing home care costs. However, Medicaid puts a very strict caps on both your income and what assets you may own. Those who own their own homes or have decent retirement income may not qualify for Medicaid without substantial penalties.

It is never too late to make a long-term care plan

Thanks in large part to advances in science and the benefits of modern medicine, Americans are living longer lives than they have in generations past. While these extra years can be wonderful for lengthening the time that grandparents have with their grandkids and allowing seniors to try new experiences and adventures, it also means that more and more adults are living to ages where they cannot take care of themselves.

Long-term care planning is the term given to what a person should do to ensure that they will be taken care of even if they cannot undertake those responsibilities themselves. New York residents may eventually need in-home care, which can involve having helpers come in to cook, clean and even help them get through their daily tasks like dressing and eating. Others may need more support and may opt to take residence in care or nursing home facilities. While some individuals may have family members who will help them in their efforts as they age, others may have to manage such matters on their own.

Protect the safety of loved ones by investigating nursing homes

Many New York residents feel the most comfortable when they are in their own homes. Though they may enjoy traveling to see new places, visit friends and family and experience new cultures, many reach the ends of their excursions with a longing to be in their own spaces. Out of a similar desire to be comfortable and confident in one's surroundings, nursing home residents may also desire to stay in their houses rather than move into new residential communities.

Nursing and care homes provide invaluable services to aging individuals. When the elderly can no longer provide for their own day to day needs or have extraordinary medical requirements, they may benefit from having trained individuals within their reach to support their unique needs. Though many nursing homes are staffed by caring, experienced individuals, others may be understaffed, poorly managed and actually dangerous to their residents.

What happens if a New Yorker dies without a will?

A will is an important document that directs the distribution of a decedent's end of life assets. It is through a will that a New York resident may stipulate how much money, if anything, they want to leave to their kids and grandchildren, whether they will bequeath property to relatives or charities and if they will recognize friends and other family members with distributions of wealth. When a person dies without having a will in place, their estate may be subject to the intestacy laws of the state.

Dying intestate means that a person has died without a will. If this happens, probate courts will look at what relatives the decedent has as a guide for how their assets should be distributed. If a decedent had a spouse and kids, for example, the spouse would get a $50,000 distribution in addition to one-half of the remainder of the estate. The other half of the estate would pass to the decedent's kids.

The role of powers of attorney in a long-term care plan

Most New Yorkers are familiar with some of the most basic estate planning tools. They may know that wills are important because they give information on how decedents want their assets distributed. They may also be familiar with trusts as devices that may protect decedents' wealth and help facilitate the transfer of assets to their loved ones. They may not know, though, of the importance of powers of attorney to their long-term care planning needs.

Powers of attorney give rights to named individuals to make important decisions for individuals when they cannot do so on their own. For example, if a person has executed a financial power of attorney and is incapacitated in an accident, the individual that they named could handle their bills, manage their investments and undertake other financial duties until the injured individual is recovered.

Planning ahead for nursing home care assistance

Financial planning for older Americans can be a challenge. Many think that they will rely on programs like Medicare or Medicaid to help them cover costly medical care needs as they age. What these individuals don't realize is that there are strict limitations to what these programs do cover.

Learning about the ways that you can shore up your finances and prepare for your needs as you age doesn't have to be a challenge. You can take small steps to make changes that will benefit you in the future.

Eligibility requirements to receive home care

Throughout people's lives in New York, many things can happen to one's body. People may suffer injuries or develop diseases and illnesses. In these situations, people may require trips to the doctor and the use of other healthcare professionals. As people get older though, they tend to experience more of these complications and require more extensive long-term medical care. People have options, though, depending on their needs.

They may need to go to a nursing home or assisted living facility, as they may require memory care and other types of cares as well that require them going to an outside facility. However, some people may also be able to receive home care for their issues. Not everyone is eligible to receive home care though. First they must meet certain requirements.

Care options for an aging loved one

Long-term care often centers around nursing homes. They offer a lot of assistance for an aging loved one, giving the family peace of mind. It's often not realistic to assume that the family can offer this type of intensive care on their own, and the nursing home makes sure that the person is properly watched by professionals who understand elderly needs, degenerative brain diseases, medication distribution tactics and much more.

That said, a nursing home is not right for everyone. It's important to consider other options as well to find the ideal fit. Here are a few such options:

How to choose an estate administrator

Planning for one's own long-term care and estate management can be a daunting task. The law firm of Enea, Scanlan & Sirignano offer estate planning legal services to New York residents who wish to secure legal assistance with these and other important undertakings. One of the most difficult decisions that individuals often have to make when it comes to estate planning is selecting who to choose as one's estate administrator.

An estate administrator is in charge of making sure that a person's testamentary plan is followed. They are responsible for finding assets, distributing them, paying bills and dealing with any challenges that may arise with regard to a person's will or other testamentary documents. It is a big job, and choosing the right person to hold it can be difficult.

Family fights for control of late director's estate

Director John Singleton was well-known for many Hollywood accomplishments, which included the movies "Boyz n the Hood" and "2 Fast 2 Furious". In the last several weeks, Singleton, who was only 51 years old, suffered a stroke that initially rendered him in a coma.

While he fought for his life in the hospital, Singleton's mother and children fought in court over the control of his affairs.

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