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…

Spousal Refusal To Get Medicaid In The Buffalo, NY Area?

When it comes to the types of healthcare that many Buffalo seniors will require, even a well-off couple can be devastated by the associated costs. Medicaid is one way for a family to be able to access nursing home care for a spouse, while leaving the other with the resources required to live their life…

Should I Set Up Medicaid Planning As I Look Toward Retirement In The Buffalo Area?

For many seniors in Buffalo, retirement represents a time of life where they can finally enjoy the accomplishments of a lifetime of work and raising a family. But one thing people nearing retirement should consider is what happens to their legacy – the assets and wealth they intended to be left for their heirs –…

MY SPOUSE DIED OWNING A CAR. HOW DO I TRANSFER IT INTO MY NAME IN BUFFALO, NEW YORK?

In New York, the ownership of one motor vehicle having a value of $25,000 or less automatically transfers to the surviving spouse (or to the surviving children under the age of 21 if there is no surviving spouse or the spouse is disqualified). For surviving spouses to transfer ownership, they must print the deceased spouse’s…