Are Retirement Accounts Exempt For The Purposes Of Medicaid Planning For Buffalo, NY Area Residents?

As with almost everything related to Medicaid planning, how your retirement accounts are handled will depend on several factors. If the account is currently paying out, then you may only be responsible for reporting it as income. On the other hand, some accounts may be tallied in total, so an account valued at $100,000 may…

What Is The “Look Back Period” In Medicaid Planning For Buffalo, NY Area Residents?

Medicaid’s “look back period” in Buffalo is a 60-month (five year) window during which financial transactions will be scrutinized in order to determine a person’s eligibility for benefits like nursing home care. Medicaid has strict income and asset requirements, and financial transfers made during the look back period may be considered as part of your…

Using An Irrevocable Trust For Medicaid Planning In The Buffalo, NY Area.

An Irrevocable Trust, also known as an income-only trust, is a financial instrument that can be established to “own” your assets, paying you income each month. For the purposes of Medicaid planning, an IT can be used to ensure that your assets are protected from nursing homes, should you require care. By adjusting the amount…

Springing Power Of Attorney For Estate Planning In The Buffalo, NY Area?

Powers of attorney are agreements where a person is empowered to act on your behalf in matters of your estate, insurance, taxation, and other specified tasks. There are two types of power of attorney agreements, immediate powers of attorney and springing powers of attorney. With an immediate power of attorney, you give another person, often…

What Are The Advantages Of Using A Trust Instead Of A Will To Handle My Estate In Buffalo?

Individuals and families in Buffalo are increasingly turning to the use of trusts to secure their estates and futures rather than relying on wills. There are many advantages both to the owners of the trusts and their heirs. First, use of trusts prevents a potentially lengthy probate process or the risk of a contested will…

Do I Retain The Right To Manage My Affairs In The Buffalo, NY Area If A Power Of Attorney Is In Place?

Yes, a properly drafted Power of Attorney agreement allows a trusted relative or advisor to manage your affairs in the event that you become incapacitated. Short of that, you retain your rights to handle your day to day matters as much as you like, unless certain actions are stipulated in the agreement. For instance, if…

Medicaid & Nursing Home Care Eligibility In The Buffalo, NY Area

Technically, Medicaid is available to everyone in Buffalo, but the benefits are scaled to provide more help to those with fewer resources. But in the modern healthcare era, where seniors can live a long life but may require costly expenditures for care at home or in nursing homes, even those with substantial assets and wealth…

My Spouse Was Put In A Nursing Home In The Buffalo, NY Area – Is It Too Late To Protect Assets From Medicaid’s Eligibility Rules?

When emergencies arise with a loved one and they require residential care in a nursing home facility, it may still be possible to protect their assets and receive the support they need through Medicaid. The use of promissory notes coupled with a gift of assets has been approved in some cases in creating eligibility for…

Is Medicaid Available For Those With High Assets And Savings In The Buffalo, NY Area

Medicaid eligibility is based on a number of factors, and having high value assets, substantial savings, or a monthly income above a modest threshold is usually disqualifying. However, many seniors are able to create eligibility for themselves through the use of instruments like trusts, promissory notes, and other fiduciary arrangements that allow the owner to…