• Trusts are used for a variety of reasons which include: asset preservation, estate tax minimization, and probate avoidance purposes.
• Trusts can be revocable or irrevocable. The best trust for the client is dependent upon the needs and goals of the client and his or her family.
• This special type of trust is designed to provide for the needs of disabled persons who are, or may be, entitled to receive governmental benefits. If properly drafted and administered, the trust funds can be used for the benefit of the disabled person without disqualifying him or her from receiving benefits from the federal, state, county, city or other governmental agency.
• Asset Preservation may be desired for a variety of reasons including: minimizing or avoiding estate tax upon death, to minimize out of pocket expense for long term care, to provide for a beneficiary or beneficiaries over extended periods of time, to shield inheritance from creditors or to provide for future generations of heirs to name a few. The appropriate technique used is dependent upon the primary goal or goals of our client.
• Medicaid is a health insurance program funded by the federal and state government and is designed to provide financial assistance to people with low income and minimal resources (assets).
• The eligibility requirements for Medicaid are complex. It’s important to seek legal advice from an attorney experienced in Medicaid planning and application prior to transferring assets, spending-down your assets and submitting an application.
• Let our firm assist you with Medicaid planning and application.
• Depending on the size of your estate at the time of your death, your estate may owe Federal and/or State estate tax. Proper planning both pre- and post-death may reduce or eliminate estate tax.
• A Power of Attorney form is used to give another person or persons (the agent) the authority to act on your behalf for financial matters when you are unable to do so. The power of attorney does not give your agent the ability to make health care decisions for you.
• Regardless of age or current health, every adult should consider executing a power of attorney. By doing so, you can rest assured that your financial matters will be managed in the event of an unexpected and/or prolonged illness or prolonged absence from the area.
• A health care proxy is a person designated by you to make health decisions on your behalf in the event you are unable to make these decisions for yourself. Appointing a proxy gives you the power to choose the person you believe is most likely to carry out your wishes for treatment, particularly in situations where life-sustaining measures may be discussed. If you do not appoint a proxy, New York State Statute sets forth who can speak on your behalf. This person may not be the best choice for you.
• A living will informs healthcare providers as well as your health care proxy of your wishes concerning treatment in the event you are unable to speak for yourself.
• A guardianship proceeding may be necessary if a person becomes incapacitated, incompetent or is otherwise unable to make sound decisions for themselves and they have not previously appointed an attorney in fact.
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The team at Meier Law Firm, PLLC provides legal representation that you can rely on to the areas around Albany, NY. Call us today to schedule an appointment for your elder law lawyer needs.