People who do not have children or other family members may be vulnerable to some of the pitfalls that may be associated with a guardianship. Proper planning, however, can help avoid problems with guardianships.
Discussing guardianship of a parent with your siblings and family
Family members are the ones that are there for you when things are difficult. Unfortunately, being a loving and supportive family member can sometimes require making hard decisions to protect the people whom you care about the most.
How does the Medicaid look-back period work?
Medicaid provides invaluable assistance for nursing home care. Dealing with the 5-year look-back rule is an important part of Medicaid planning and preserving assets for family members. Most asset transfers that are made within five years start a penalty period that disqualifies that person from coverage. This rule is intended to prevent an applicant from giving away their assets or selling them at discount prices to fall within Medicaid's asset limit. In New York, this rule applies only to nursing home coverage.
Don't trust yourself to write a will
People who write their own wills may save some money, but their estate and relatives may ultimately pay much greater costs for this false economy. Improperly drafted and self-prepared estate documents may not comply with New York's laws governing wills & trusts and could jeopardize a person's intentions over the inheritance of their estate's assets.
An elder law attorney can help you as a caregiver to a loved one
Filling the role of caretaker to an older adult who you love, such as a parent, can sometimes be a difficult job. Needs vary, but you might find yourself driving to medical appointments, handing out medication or even providing mobility assistance and daily grooming care.
