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 about what the future might hold for any ongoing health condition, and take reasonable steps to protect your wealth and your family should additional care […]
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 […]
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 […]
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 […]
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 […]
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 […]