Co-authored by Joanna C. Feldman As Monday, April 16, 2018, was Health Care Decision Day, your question is timely.  In New York, a Health Care Proxy allows you to appoint someone to make health care decisions for you should you become mentally incapacitated.  You can even appoint a successor should the primary person be unable…

Co-authored by Joanna C. Feldman The truth is that very often, “elder law” attorney is a misnomer as it pertains to many of our clients.  For example, nearly everyone should have a comprehensive Power of Attorney. Some of our youngest clients have just become adults who come to us for a Power of Attorney before…

A 529 plan is a very common planning technique used by grandparents to fund a grandchild’s college education.  Simply stated, contributions to a 529 plan grow tax-free over the life of the plan and if used for qualified tuition costs, the distributions from the plan are also tax-free. Notwithstanding the beneficial tax treatment of a…

Contrary to popular belief, it is never too late.  An elder law attorney can work to implement many different techniques even at the 11th hour to preserve assets.  What is important is that you have a relationship with an elder law attorney.  An elder law attorney can relieve some of the anxiety natural to this time…

Special Needs Trusts are an integral part of almost every estate plan.  I use them in most of my estate planning documents.  There are two types of Special Needs Trusts: First Party and Third Party. A First Party Special Needs Trust is a trust created with the assets of a disabled person who is under…

You are never too young to draft your estate planning documents.  I am sure you would agree that anything can happen to anyone at any time.  There are several cases in my office that can be used for illustrative purposes. A few months ago, I was retained by the family of a 43-year-old male who…

Annuities are very complicated and often sold to individuals without considering their interplay with Medicaid eligibility.  While there are various forms of annuity contracts, an annuity is either qualified or non-qualified. A qualified annuity is like an individual retirement account in that Medicaid will not take the principal balance of the annuity so long as…

Generally, in determining the Medicaid eligibility of a person receiving nursing facility services, any gifting of assets made by the applicant within the “look back period” will render the person ineligible for Medicaid for a period of time equal to the value of the gift divided by the regional rate.  Under current law, the look…

Your spouse might be able to access your bank accounts but he will be very limited in doing much else. A properly drafted power of attorney and statutory gifts rider is an absolute necessity. When an elder law attorney prepares a power of attorney and statutory gifts rider, powers are included that are not readily…

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