The Elder Law Crash Course

Points 21 through 25

21. An estate plan may be an important part of your Elder Law plan. You need to plan for your own long-term care, but you may also need to plan for the needs of your spouse, or a disabled child, or others. Here’s where Elder Law and estate planning go hand in hand. Ask your attorney if he or she is able to devise a plan that satisfies all of your objectives.


22. Title to property and beneficiary designations can be critical. Errors are often made to the disadvantage of your intended beneficiaries in failing to name, or in unwisely naming, a beneficiary of financial assets, or in preparing the title to real estate. If the beneficiary designation or the title is mishandled, assets that could have passed directly may become subject to probate, or to the claims of creditors, including Medicaid. Be aware of the risks of joint ownership of property, "in trust for" accounts, and life estates. New York’s laws and regulations regarding Medicaid’s right to recover from your estate, including non-probate assets, have recently been expanded.


23. Don’t try to hide things. Never attempt to conceal assets or transfers from Medicaid that you’re required to disclose. It’s fraud, they’ll find it, and you’ll be in trouble. It’s also not a good idea to hide things from your spouse, which sometimes makes effective planning extremely difficult.


24. Organization is a blessing. If you need nursing home care, Medicaid will want to see your financial records for the past five years. If you keep your records organized, you’ll save time and money in preparing your application. Close any bank accounts you don’t have a good reason to keep open. Additional accounts require additional documentation, which may delay or complicate your application.


25. Make the choice that’s right for you. If for any reason you’re not happy with the service you get from one Elder Law firm, retain another. You don’t ever have to accept unsatisfactory representation, and you don’t need the extra stress that comes with it.

Click the following links for additional points contained in the Elder Law Crash Course:

1. Effective planning makes you eligible for benefits.
2. Know what you can lose.
3. Better to plan late than not at all.
4. Begin early for the best possible outcome.
5. Get the right lawyer.
6. Going it alone is frequently a mistake.
7. Medicaid and Medicare are different.
8. Use proven asset protection strategies.
9. A spouse can’t just say no.
10. Be careful with your 401k or IRA.
11. Don’t lock up your money.
12. Think about the house.
13. If you own a co-op, you’ll likely need professional help.
14. Think about hiring your kids.
15. Long-term care insurance doesn’t solve the problem in many cases.
16. Medicaid provides a lot.
17. Proper legal documents make good results possible.
18. Let your health care agent know precisely what you want.
19. Be smart about assigning critical responsibilities.
20. Guardianship proceedings are time-consuming and expensive, and can often be avoided.

See the above points 21 through 25

26. There are better benefits in New York.
27. Special plans for special needs.
28. Keep the aide you like.
29. Good relationships help make everything work out well.
30. You can move if you’re not happy.

Click the following links for the:

The Elder Law Crash Course Checklist or the PDF Version of the Checklist

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