The Rochester Elder Law Blog
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Dive into Practical legal and financial tips to help you achieve your goals in the Rochester Elder Law Blog. Discover recent posts discussing Planning needs, Medicaid, Intellectual property, and other topics. The Rochester Elder Law firm helps seniors and families take control of their personal and financial well-being in an effective manner.
The Rochester Elder Law Blog
6d ago
Many of us know the importance of having a will as part of a comprehensive estate plan. After all, a will is a legally binding document that states who will receive your property after you pass away. Without one, the state gets to decide how to distribute your assets, which may go against your wishes. However, while a will is undoubtedly a crucial tool, it's also important to understand what it can't do. Let's dive in and explore the limitations of a will.
What a Will Can't Cover
Although a will is a primary way to transfer property upon death, there are several types of property and situat ..read more
The Rochester Elder Law Blog
1w ago
When faced with the daunting prospect of paying for nursing home care out of pocket, many people consider gifting their assets to their children as a way to qualify for Medicaid. However, this strategy is not only flawed but can also lead to penalties and put your loved ones at risk. In this post, we'll explore the dangers of giving away assets to qualify for Medicaid and discuss a better alternative: creating a Medicaid Asset Protection Trust.
The Medicaid Lookback Period and Its Consequences
Medicaid closely examines your spending and gift history during the five years before you apply fo ..read more
The Rochester Elder Law Blog
3w ago
In the midst of life's busy pace, it's easy to overlook the critical task of organizing your financial information. However, taking the time to prepare and arrange your financial details can provide immense peace of mind for you and your loved ones. By ensuring that your financial situation is properly managed, you maintain control over your end-of-life decisions and legacy. This blog post will guide you through the process of organizing your financial records, highlighting the benefits and offering practical tips to make the task more manageable.
Why Organizing Your Financial Information Ma ..read more
The Rochester Elder Law Blog
1M ago
As a young professional living in Rochester, NY, you've got a bright future ahead of you. Maybe you're working at one of our city's top employers like the University of Rochester, Wegmans, or Paychex. Perhaps you're making waves in Rochester's fast-growing tech startup scene. Regardless of your career path, one thing is certain - you've got a lot of life left to live and many milestones still to come.
Why Estate Planning Matters for Young Adults
With everything on your plate, estate planning has likely been the last thing on your mind. After all, you're only in your 20s or 30s - isn't estat ..read more
The Rochester Elder Law Blog
1M ago
Medicaid is a joint federal and state program that provides vital assistance to seniors with limited assets and income to afford necessary long-term healthcare. With the rising costs of extended care, which can range from $60,000 to over $100,000 annually, many individuals will require Medicaid support at some point. While the specific timing and level of care needs are unpredictable, proactive Medicaid planning is crucial to protect your hard-earned assets, home, retirement savings, and legacy for loved ones.
A common misconception is that "spending down" assets is the only path to Medicaid ..read more
The Rochester Elder Law Blog
1M ago
This six-week series helps participants learn more about living with early-stage Alzheimer's or another dementia, meet others affected by the disease, and connect with local resources.
Topics Include:
Understanding Alzheimer's and Dementia
Living with Alzheimer's
Talking to Your Doctor
Legal and Financial Planning (presented by Rochester Elder Law attorney, Miles P. Zatkowsky)
Space is limited.
A pre-screening is required to register for this program.
Call 1-800-272-3900 for more information.
This program is supported (in part) by a grant from the New York State Department of Health ..read more
The Rochester Elder Law Blog
1M ago
As we age, countless questions and concerns can start weighing on our minds - How will I pay for long-term care? What happens to my assets and life savings when I'm gone? Who will make important financial and medical decisions for me if I become incapacitated? Trying to figure it all out on your own can be daunting and stressful.
That's where an experienced elder law attorney can step in to be your trusted guide and advisor. These legal professionals specialize in the very issues that come up during our later years in life. They have an in-depth understanding of elder law and can help you ca ..read more
The Rochester Elder Law Blog
1M ago
When someone passes away, their assets often have to go through the costly, time-consuming, and public legal process known as probate before being distributed to heirs. However, using trusts as part of an estate plan can help avoid the probate nightmare.
There are two main types of trusts used in estate planning - revocable trusts and irrevocable trusts.
Revocable Trusts
With a revocable trust, you maintain control of the assets during your lifetime. You can modify or terminate the trust at any time. Typically, you name yourself as the trustee initially, with successor trustees lined up to ..read more
The Rochester Elder Law Blog
2M ago
Assisted living communities provide essential care and a sense of calm and peace of mind for your aging parents. Identifying the suitable facility “fit” for your loved one is a journey requiring matching your parents’ needs, budget, and lifestyle with desirable locations. Research and preparation yield the best results when all parties participate by asking questions and engaging in open and honest conversations about expectations.
When your elderly parents need more help than an in-home caregiver can provide, A Place for Mom recommends taking these six steps to learn about assisted living b ..read more
The Rochester Elder Law Blog
2M ago
The cost of long-term care in the United States continues to rise at an alarming rate. According to the most recent data, the median annual cost of a semi-private room in a nursing home is now over $100,000. With costs this high, many retirees are rightfully concerned about how they will pay for care if and when it becomes necessary.
Fortunately, Medicaid can provide a critical safety net to help cover these expenses. Medicaid is a needs-based program that provides health coverage to eligible seniors and disabled individuals, including payment for long-term care services like nursing h ..read more