If you have grandparents or parents in their golden years, you are likely acutely aware of the importance of having a will or estate plan in place. Chances are good that your loved one has already taken the time to arrange for the disposition of their assets after they pass on.
If you've been reading our blog, then you know that there are many aspects to an estate plan. Oftentimes the focus is on physical assets, such as money, real estate, and personal property, but it can also include powers of attorney and health directives that can instruct other as to how to act in the event that incapacitation strikes. For New Yorkers who have children, there is a whole other consideration that must be considered when creating an estate plan.
Estate planning is the process through which individuals devise a plan for the distribution of their assets upon their passing. These assets can vary widely from person-to-person,and can encompass numerous asset types. Bank accounts, stocks and bonds, real estate, personal possessions and even intellectual property can be addressed in an estate plan. Yet, while creating an estate plan or when a loved one passes away, individuals are often left wondering how debts are handled after death.
The decision to place an elderly loved one in a nursing home is not an easy one to make. However, most New York residents comfort themselves with the thought that the home where their loved one has been placed is staffed by experienced, well-trained, caring and compassionate employees. While many of these homes adequately meet the needs of residents, too many times employees at these homes subject innocent residents to abuse and neglect.
As difficult as it may be, there could come a time when you have to help a loved one choose a nursing home. Regardless of where you live, there's a good chance you have a few options in the area.
Planning for the future can seem overwhelming, as we don't know what the future will bring. As we have discussed previously on this blog, Medicaid can be a great resource for those who may find themselves in need of long-term care down the line. However, not everyone qualifies for this government program because of its income restrictions. Those who have too much income will be deemed disqualified. Although that may seem like a black-and-white restriction, there are legal steps that can be taken to lessen one's "countable" income so that he or she can be rendered qualified to receive Medicaid benefits.
From an estate planning perspective, there are many ways to ensure that your loved ones receive your assets upon your death.