A life estate is created when you transfer ownership of your house to someone else (usually your children) but reserve the right to exclusive use and occupancy for the rest of your life. After Medicaid “look-backs” and penalties have run their course, the house is deemed protected from Medicaid, should …

The rate of return debate diverts attention from the fact that Social Security is much more than just a successful retirement program. Retired workers account for only 29,953,000, 62.8 percent of Social Security’s 47,688,000 beneficiaries. More than 3 million beneficiaries are spouses and minor or disabled children of retired workers, …

The Social Security Administration (SSA) will no longer count gifts of clothing as part of income or household goods as resouces in deciding whether a person can quality for Supplemental Security Income (SSI) benefits under final rules just issued.First, the agency is eliminating clothing gifts from the definition of income …

If we can all agree upon one thing, it is that similar situations can be avoided with advance planning and discussion with family members. Elder Law attorneys are uniquely qualified to assist individuals and their families when confronted with difficult decisions regarding medical treatment, or the withholding of medical treatment. …

If a resident must leave a Nursing Facility to be hospitalized for a specific medical condition, most states will authorize nursing facilities to hold a bed (hereinafter referred to as a bed hold) for a certain period of time. The bed hold can either be privately paid at the Nursing …

Late in 2004, the largest increase in Medicare insurance premiums in 15 years was announced. Most enrollees will pay a Part B premium of $78.20 per month beginning in January 2005, up from $66.60 in 2004. This represents a 17.5% increase in premiums. In addition, the the Part A deductible …

Americans are living longer than ever before, but many older Americans could better deal with their health problems, according to the Institute for Healthcare Advancement (IHA). To help the elderly stay healthier longer, the IHA has identified the 10 most common mistakes older Americans make in caring for their health. …

If you’re a baby boomer, you may already have had “the talk” with your growing children. But have you had “the talk” with your aging parents as well? That talk involves a frank discussion with parents about financial arrangements for the end of life. The discussion should include where the …

Elder law attorneys are a unique and specialized group of attorneys who focus on the legal needs of the elderly. The concentration of elder law evolved in the mid 80’s as the number of elders increased and their legal and financial needs became more complex. An Elder law attorney must …

Unfortunately, it is becoming more and more common to hear about unscrupulous companies stepping up their efforts to market costly living trusts to older Americans, resulting in the jeopardizing of the buyer’s economic security. According to the AARP, the Federal Trade Commission (FTC), and a number of state attorneys general, …

A recent Nassau County Supreme Court case highlights the importance of having a Health Care Proxy and a Living Will. A Health Care Proxy is the approved document in New York which appoints an agent to carry out your wishes for health care in the event you are not able …

If you think wills are only for the rich, you’re wrong. A will is an essential part of any estate plan. It is the primary document for transferring your wealth upon your death. If you die without a will, (intestate) state law controls the disposition of your property. Without a …

Saving the family home from the high cost of nursing homes and other long term care expenses is high on the set of priorities of most middle-class seniors. Elder law attorneys have educated clients on the various solutions to this problem over the years. Perhaps the most popular legal solution …

Life Estate Benefits A transfer of real property by deed with a retained life estate can protect the property from having to be consiered an available asset when seeking Medicaid coverage of long term care expenses. Subject to the look-back and transfer penalty rules, at a certain time in the …

SELLING THE HOUSE The problem with a life estate is that it can lead to disastrous consequences when the house is sold during the life of the life tenant. Assuming that there is no concern with the need to obtain the consent of the remaindermen children to sell the property, …

The Medicaid ramifications must also be considered when using a Life Estate. If the life tenant is not on Medicaid, then in the case we have been discussing in previous newsfaxes, 50 percent of the sales proceeds will be returned to the life tenant in an unprotected manner, necessitating a …

What is Elder Law? Elder Law is an area of the law that deals primarily with planning for incapacity. Many documents used in Estate Planning overlap with Elder Law planning such as Powers of Attorney, Health Care Proxies and Living wills. Do I need a power of attorney and a …

Many are covered by Medicare for home health services. To receive such services, each beneficiary must: 1. Require skilled nursing care on a periodic basis, physical or speech therapy or need to maintain occupational services after skilled nursing or therapy has stopped; 2. Be under the care plan of a …

Let’s start with the basics. A durable power of attorney is a document in which you can delegate certain powers over your financial life to another person or persons. While it takes effect immediately upon signing, it is most useful at a time when, for a variety of reasons, you …

Although this document starts with a bold faced warning, few read it, and those who do fail to understand its inherent legalese. In fact, it has been reported that many older principals sign their documents based only upon the limited information given to them by their “abuser agent”. It’s just …