The post Health Care Decision-Making appeared first on New York Estate Planning & Elder Law Blog.
]]>There are two ways to show that, in situations where there is no reasonable expectation of recovery from extreme disability, and there is no meaningful existence, you do not wish to be kept alive by artificial means. First, you may state in your health care proxy form that you have discussed your wishes regarding artificial life support with your proxy and they know what your wishes are or, secondly, you may execute a ‘living will’ which is essentially a statement that you do not wish to be kept alive in the circumstances discussed above.
The primary consideration in choosing an agent is who would be best suited to make these end-of-life decisions. Most people choose a spouse first and one of their children second. Nevertheless, there is no requirement that it be a family member. You may choose whoever you wish. We are often asked if the client can choose two or more of their children to act jointly. For good reason, the Public Health Law disallows this — if the joint agents didn’t agree, how would the doctor know what to do?
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]]>The post Planning for Those You Are Responsible For appeared first on New York Estate Planning & Elder Law Blog.
]]>One of the most overlooked areas in estate planning is the question of who you are responsible for. Do you have a friend or relative who you know will need to rely on you if something happens? Either they have no one else or everyone else is too far away. If you have the responsibility, then make sure that you have the documents you will need to carry out that responsibility. Otherwise, the challenges become of a magnitude greater.
Similarly, so many of our clients have adult children with young families. Do you know whether your children have wills, powers of attorney and health care proxies?
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]]>The post What is Elder Law Estate Planning? appeared first on New York Estate Planning & Elder Law Blog.
]]>Estate planning with trusts became popular starting in 1991 when AARP published “A Consumer Report on Probate” concluding that probate should be avoided and trusts should be used to transfer assets to heirs without the expense and delay of probate, a court proceeding on death. Trusts are also widely used today to avoid guardianship proceedings on disability, protect privacy, and reduce the chance of a will contest in court.
As the population aged, life expectancies increased, and the cost of care skyrocketed, the field of elder law emerged in the late 1980’s to help people protect assets from the cost of long-term care by using Medicaid asset protection strategies.
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]]>The post Medical Aid in Dying (MAID) appeared first on New York Estate Planning & Elder Law Blog.
]]>Protections in the proposed law include (1) a requirement that two physicians confirm the person is terminally ill with a prognosis of six months or less months to live, (2) the individual is informed of palliative care and hospice options, (3) there is a mandatory mental health evaluation if either physician has any concerns about the person’s mental capacity, (4) the request be in writing witnessed by two people, neither of whom stand to benefit from the person’s estate, and (5) anyone attempting to coerce a person will face criminal prosecution.
MAID is inextricably tied to hospice and palliative care, of which a core value is patient dignity and autonomy. New York ranks last in the country for hospice utilization due to health providers failing to provide information and counseling on these end of life options. Options will now be required to be discussed under a provision requiring “informed consent”.
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]]>The post Tax and Medicaid Law Changes for 2024 appeared first on New York Estate Planning & Elder Law Blog.
]]>For Medicaid, the house is an exempt asset so long as a spouse is residing there, up to $1,071,000 of equity for 2024. Seeing as over 80% of nursing home residents do not have a spouse, it is better to plan ahead with a Medicaid Asset Protection Trust (MAPT) to get the five year look-back for nursing facility care. In that case, the house would be protected by the trust rather than the unreliable spousal exemption. Unless your other assets have been protected by the MAPT, an individual may keep only $30,182 and a spouse can keep up to $154,140.
The major change to Medicaid is the often-delayed imposition of the new two and a half year look-back for home care, commencing April 1, 2024. Previously, there was no look-back for home care. This resulted in people not having to worry about getting home care until they actually needed it. With the law change, the MAPT now becomes far more important as a tool to qualify you for home care than to simply protect your assets from a nursing home. Assets will have to be moved into the MAPT years ahead of time if you want to be able to afford to stay in your own home and get home health aides for assistance with the activities of daily living, should the need arise.
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]]>The post Communications Devices for Older Adults appeared first on New York Estate Planning & Elder Law Blog.
]]>As discussed previously in this column, social engagement is the number one factor in maintaining one’s mental facilities as we age. It make sense then, that age-related hearing loss, also known as presbycusis, would diminish social engagement leading to social isolation, cognitive decline and anxiety. Quality hearing aids today may be obtained over-the-counter without a prescription. Check your hearing online by googling “free on-line hearing screening”, downloading the app Mimi, or visiting hearingnumber.org, sponsored by Johns Hopkins. A visit to an audiologist (covered by Medicare) is recommended, however, to rule out any physical causes.
Video calling, widely available today, gives you the benefit of seeing the speaker’s facial expressions and lip movements, helping listeners better understand what they’re hearing. On video you can watch the same show or movies together, even adding other parties. You can also virtually “attend” an event that you cannot make it to in-person.
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]]>The post The Attitude of Gratitude appeared first on New York Estate Planning & Elder Law Blog.
]]>“Gratitude interventions” is the term used for cultivating the attitude of gratitude in our lives. The father of positive psychology, Martin E. P. Seligman, suggests an exercise called “Three Good Things” whereby at the end of the day you write down three good things that happened to you and why. The “why” is very important.
An app called “Gratitude Plus” allows you to (1) share gratitude with your favorite people (2) easily reflect on the good in your life (3) create groups with friends and family (4) hear from people around the world (5) track progress and understand trends (6) use streaks to build a habit (7) get creative with a variety of prompts, and (8) stay positive with daily affirmations. As to the latter, your writer has found reading daily affirmations to be an invaluable resource for maintaining a positive mindset. The great motivational speaker Zig Ziglar notably said that “People say that motivation doesn’t last. Neither does bathing – that’s why we recommend it daily”. Daily positive affirmations may be found by googling “daily affirmations” and choosing one of the free services that appeals to you.
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]]>The post Planning Issues for Women appeared first on New York Estate Planning & Elder Law Blog.
]]>While women and men have many issues in common, some of these issues tend to affect women more deeply. For example, in the case of the death or disability of a spouse, it is more often the surviving wife who is unfamiliar with handling the family finances. In the course of planning for such a couple, it is wise to find a financial advisor that the wife can turn to. Ideally, this relationship should be developed over the years while the husband is living, so that there is a seamless transfer of decision-making. Where such a relationship with a financial advisor is absent, one of the financially savvy children may be named as a co-trustee with the surviving wife or, should none of the children be suitable for that role, the attorney as co-trustee may be considered.
Children from Prior Marriages
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]]>The post Gifting to Minors appeared first on New York Estate Planning & Elder Law Blog.
]]>The primary advantage of an UTMA account is that funds passed into it are exempt from paying a gift tax of up to $17,000 a year for 2023. This gift may be in the form of money, bonds or stocks. Any money earned on contributed funds is taxed at the minor’s rate. Given that a minor’s income is almost always lower than an older donor’s rate, this often results in income tax savings. One disadvantage to using an UTMA account is that it can make a recipient less eligible for needs based scholarship opportunities.
Whereas an UTMA account must pay out any unused balance to the minor at age 21, inheritances that involve substantial assets should be left to a trust instead which may extend the distribution to any age or “stagger” the distribution in a series of payments, or percentages, at stated ages.
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]]>The post A Baker’s Dozen Reasons to Use a Trust appeared first on New York Estate Planning & Elder Law Blog.
]]>The post A Baker’s Dozen Reasons to Use a Trust appeared first on New York Estate Planning & Elder Law Blog.
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