Why You Should NOT HIRE the Nursing Home Attorney to File a Medicaid Application

Why You Should NOT HIRE the Nursing Home Attorney to File a Medicaid Application

Why You Should NOT HIRE the Nursing Home Attorney to File a Medicaid ApplicationFor most seniors, obtaining Medicaid to pay for nursing home care is a must. Very few people can afford to pay privately for extended long-term care, which is not covered by Medicare.

The nursing home may provide you with a list of attorneys to assist with the filing of a Medicaid application. It is suggested that you obtain three attorney references in writing.

A key question for the family to ask is: Do any of the attorneys on the list currently represent the nursing home?

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Leaving Money in a Charitable Trust or Will (Part 2)

Leaving Money in a Charitable Trust or Will (Part 2)Why should you contact the charity that you are planning to name as beneficiary?

People often wish to leave money to charities. This blog contains real-world scenarios in which individuals leave assets to charities:

Example #1: Tom has no children and no living relatives. His net worth is about 10 million dollars. Realizing his estate would be taxable, he wanted to strategically make a bequest to his alma mater, the church that he attends, and a hospital that he credits with saving his life.

He contacted his alma mater to inform them of his intentions. He signed a letter of intent specifying the dollar amount of the gift he intended to leave. As a result, the college named an endowment after him, with the funds to be used to create a scholarship.

He spoke with the pastor at his church about his intentions, and he was able to hear about the good work that the church will be able to do as a result of his gift.

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Advance Directives: Planning for the Unexpected

Are You Prepared for the Unexpected? Avoid Stress & Cost by Planning AheadAre you and your family prepared for the unexpected? In the event of a sudden illness or injury, advanced directives can save you and your family time, money, and emotional distress.

The three advanced directives everyone should consider are health care proxies, living wills, and powers of attorney, yet these precautions are often overlooked by married couples.

This year I have had the pleasure of working with a married couple who suffered an unforeseen and life-changing event: the wife suffered a debilitating stroke while undergoing a simple medical procedure, and she needed the type of care that is only available in nursing homes.

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Is Your Life Insurance Still Fulfilling Its Objective?

Is Your Life Insurance Still Fulfilling Its Objective?

Henry Montag,  CFP, CLTC, is a guest author for the Russo Law Group P.C. blog. 

Do you want to establish a trust? There are many different reasons people do so:

  • Some people do it for the management aspects to make sure their assets will be properly invested and not squandered away by a spendthrift child or spouse. Other people want to make sure that, if sued, their assets are protected from the claims of a creditor – and others do it for tax purposes.
  • A parent or grandparent may establish a life insurance trust to provide an inheritance earmarked for the next generation, or to make certain that their child’s assets are protected in the event of a divorce.
  • Trusts can also be set up to provide for the welfare of a child with or without special needs for a variety of reasons such as providing for their educational fund or giving birthday, graduation or wedding gift even after the grantor has passed away.
  • A trust is also an excellent way to make a charitable bequest to assure your legacy and what is important to you will always be remembered.

While there are many factors for an individual or family to consider the benefits of establishing a trust, it is equally important that grantor’s/parents review the trusts they have chosen and make certain that the trustees are knowledgeable about their duties and are continuously still operating in the beneficiary’s best interest.

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What is a Pet Trust?

What is a Pet Trust?Most pet owners think of their pet as a member of the family.  

You love your pet and want to make sure that he will be taken care of after you pass away. After reaching that decision, most people are still unsure of what arrangements need to be made.  

What is a pet trust?

A pet trust is a legal agreement to provide for the care of one or more pets in the event that the pet owner dies or becomes unable to care for them. New York State gives statutory authority for the benefit of pets under Estates, Powers, and Trusts Law, Chapter 17-B.

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Preparing for the Winter: Legal Documents for Peace of Mind

You Don’t Need to Travel to Our Office to Get HelpUnless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf.  Additionally, in order to ensure that your assets are passed on to your loved ones without problems, high legal fees and time delays, it is important to start your planning today.

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