Is It Legal To Put Assets Into Trusts In Order To Be Eligible For Medicaid In The Buffalo, NY Area? Yes, there are a number of legal, ethical ways for seniors to allocate their wealth so that if their health declines to the point of needing nursing home care or similar services, they won’t have…
How Long Do I Need My Income/Assets Reduced To Be Eligible For Medicaid-Paid Nursing Home Services In The Buffalo, NY Area? Medicaid eligibility is complex, but when a person applies for Medicaid for nursing home services in Buffalo, the Department of Social Services will review your financial transactions, and your spouse’s, going back a full…
How Do We Plan For Expenses Like Nursing Home Care As We Look At Retirement In The Buffalo, NY Area? Preparing for worst case scenarios, while not necessarily a pleasant use of your time, is something that can end up saving you and your spouse an enormous amount of money, stress, and heartache. It can…
I Reside In The Buffalo Area & I’m Well Off, But Have A Progressive Disease And Want To Protect My Family And Assets In Retirement American seniors are healthier than ever, but also live with chronic and progressive diseases that are often well controlled for decades. As you consider retirement, it’s absolutely justified to think…
How Can I Protect My Heirs From Excessive Tax Penalties When They Inherit My Estate In The Buffalo, NY Area? Estate planning is a key component of ensuring that your wealth passes to your loved ones with minimal interference from the IRS. There are as many approaches to estate planning as there estates, but in…
Who Inherits An Estate In The Buffalo, NY Area If There Is No Will To Guide The Transfer Of The Estate? When a person dies in Buffalo without a will, they are said to be “intestate,” and their property will be allocated according to New York’s laws of succession. A spouse will be the legal…
Medicaid has stringent rules for eligibility in Buffalo, and individuals and couples are well advised to begin Medicaid planning well in advance of any need they may have. Regardless of when you begin the process though, some assets are protected, or exempt, when it comes to determining net worth and income for the purposes of…
While jointly owning all assets and wealth insures that things stay within the couple should one of you pass away, joint ownership is no substitute for a will or prudent financial planning. For instance, if both of you should die at the same time without a will, you have no control in how your assets…
No, under the laws of the State of New York, a handwritten will (known as a “holographic” will) is only acceptable under very limited circumstances, such as military personnel or support staff who have been deployed during wartime, or mariners at sea. In both of these cases, holographic wills expire after a set period of…