The individual named as the executor in a Will is entrusted with the assets of the individual who drafted the Will after the individual dies. The executor has responsibilities with regard to administrating the estate, accounting for its assets, paying taxes, distributing the assets of the estate, and dealing with a variety of other issues. … [Read more...]
Medicaid and IRA’s
If you have an Individual Retirement Account (“IRA”) and you are applying for Medicaid there are certain rules and circumstances which affect your IRA. Your IRA cannot be transferred if you are married. The only way to transfer an IRA between a husband and a wife is to have them enter into a separation agreement or get divorced. If you are in an … [Read more...]
Medicaid In New York – Part I
Medicaid was established in 1965 by an act of Congress. Medicaid is designed to deal with healthcare issues for individuals and families who cannot afford healthcare. Individuals applying for medicaid must meet minimum coverage requirements. These requirements are the individual must be under 21 years of age or over 65 years of age or be eligible … [Read more...]
Medicaid in New York – Part II
Look Back Period for Institutionalized Medicaid There is a currently a 60 month (5 year) look back period for obtaining institutional Medicaid benefits. This means that the Medicaid recipient has a five year look back period where he or she may be subject to being a self-payer. Spousal Refusal If the community spouse has assets greater than … [Read more...]
Long Term Health Care Plans
Please click on the link below to watch today's video blog: https://youtu.be/U6ZbEa8kxDM Elliot S. Schlissel has more than 45 years experience representing clients in all aspects of estate and long term care planning. He and his associates are available for consultation at 516-561-6645, 718-350-2802 or by sending an email to … [Read more...]
Long Term Care Issues
As the population of America ages, there is a retirement issue many Americans don’t realize exists. This issue involves long term care. One of the ways of dealing with long term care issues is to purchase long term care insurance. Long Term Care Expenses In the Metropolitan New York area, nursing home expenses run between $10,000 to $12,000 per … [Read more...]
Long Term Care in America
The life expectancy of Americans continues to get longer. There are a variety of reasons for American’s increased life expectancies. Better medical care, more knowledge about nutrition are two of the more significant factors which have helped increase the life expectancy of Americans. Long Term Care Issues It is estimated more than 70% of all … [Read more...]
Litigating Issues Involving Wills And Other Assets Taking Advantage Of The Elderly and Infirm – Part III
Fraud involves a situation where there has been a material misstatement of facts that the individual preparing a document such as a will, a trust or opening a joint bank account believed to be true. In this situation even the acts of competent individuals can be tricked into transferring assets or changing the individuals named on bank accounts or … [Read more...]
Litigating Issues Involving Wills And Other Assets Taking Advantage Of The Elderly and Infirm – Part I
In some societies as parents and other loved ones grow older, the level of respect and help provided to them by their children and other loved ones increases. Sometimes, however, loved ones who are sickly or suffer from Alzheimer’s disease are taken advantage of for financial gain. Examples of inappropriate actions where individuals seek to enrich … [Read more...]
Issues to be Considered When Drafting a Will
If you are born, you will die. It is a fact of life. Writing a will is not something most individuals look forward to. However, responsible individuals who want to simplify the lives of their children and other loved ones write wills. A will can help you be sure your assets will go to the persons you want to receive them. A will can ensure if both … [Read more...]
