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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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Hazing is an issue which has been addressed in various ways by nearly all states, and at every college and university throughout New York. Because Hazing can pose a significant risk to a person’s health and safety, NY PL 120.16 specifically defines hazing, and prohibits it. Hazing is intentionally or recklessly engaging in conduct which […]