Asset Protection and Security Against Creditors: Maintain control over your assets in a manner that protects them from creditors and ensures that your heirs will receive what you wish them to. Consider an Irrevocable Trust to remove your assets from your estate. Even though you will lose some control of your assets, the result is that your creditors, including Medicaid, also may not include it as an asset, when determining whether you can receive services, for free! This method of asset protection gives you assistance when you need while also ensuring that long term illness doesn't eat up your assets before you and your family can enjoy them. The key is planning early so that your assets are protected.
Power of Attorney, Health Care Proxy, Living Will and Dementia Advanced Directive:With your Power of Attorney, your agent can act on your behalf financially. Your Agent can sign admission paperwork for hospitals and rehabilitation facilities without risking liability for failure to pay for services.
By utilizing a Health Care Proxy, your Agent can ensure that you will receive proper medical care, based on your clearly expressed wishes, by assigning an agent to make health care decisions should you become incapacitated or disabled. Through your agent, you can direct health care providers as to what level of assistance you would like, and when, if ever, you would like treatment to cease. Becoming a senior does not mean a loss of dignity nor the right to enjoy your life in the way that you wish.
Special Needs Planning: Provide security for loved ones with disabilities by creating Special Needs Trust to protect their assets. Your loved one can then receive free assistance through the Medicaid system while also using their funds that are placed in trust to supplement any government assistance they receive.
Estate Planning for Singles, whether they live together, are together, or not: There are laws protecting married couples but there is less protection for those that are not married. Make sure that if you have children but are not married, that your heirs, whether they be your partner or your children, or a mixture thereof, receive what you both intend. Without planning, your assets will follow the State laws of intestacy which may not be what you intended.
These are a few of the issues that you need to think about when creating an Estate Plan. While you are clear headed and healthy, ensure that your assets go to whomever you choose, for the amounts that you designate and at the time that you wish them to benefit. Planning can save time, lower expenses, alleviate anxiety associated with death and probate and importantly, achieve the goals that you desire.
Disclaimer: This site is provided for informational purposes only. While legal issues are discussed, it is not legal advice or legal representation. We make no warranties or guarantees as to the accuracy and authenticity of the information provided herein and suggest that you contact an attorney to discuss your particular situation.
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Disclaimer: This site is provided for informational purposes only. While legal issues are discussed, it is not legal advice or legal representation. We make no warranties or guarantees as to the accuracy and authenticity of the information provided herein and suggest that you speak to an attorney to discuss your particular situation.
Iris Bikel, Esq.
309 West 86th Street, Unit 6B
New York, NY 10024