Elder Law & Special Needs Practice of Felicia Pasculli, Esq.
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One Of New York's Most Recognized Legal Names in Medicaid Planning And Elder Law

October 2017 Archives

New York Medicaid planning and the caretaker child exception

As most adult children with aging parents in New York can likely attest, caring for a beloved elderly relative may sometimes feel like the equivalent of a full-time job. Of course, it's a job most loving family members are more than happy to do, but it can be a bit onerous nonetheless: rearranging or even leaving actual paying jobs, or spending time and money to ensure aging parents receive the best care possible. Thankfully, with Medicaid planning and legal guidance, there are ways seniors can help give back to their adult children.

Medicaid planning increasingly important as medical costs on rise

While aging – and the additional needs it inevitably brings – is an issue few residents of New York like to dwell on, experts are urging individuals to begin planning for the cost of long-term health care now. With expenses rising ever-higher on an annual basis, families with aging loved ones are well advised to start considering their options now, as issues like Medicaid planning are typically only beneficial when begun well in advance. Waiting too long often has unfortunate consequences, from a rushed spending down of assets to difficulty mustering resources and more.

Establishing powers of attorney before it's too late

For aging and elderly New York residents, there is a lot to think about when it comes to preparing for the future. Medicaid planning, asset protection and the like are a few of the issues that need to be addressed to make sure that family members and loved ones are cared for and not overburdened financially. But for the senior individuals themselves, one of the most important aspects may be that of establishing powers of attorney.

Powers of attorney -- better to be prepared

Your never know what curve balls life will throw in your direction. While it may be impossible to prepare for everything that may go wrong, there are some things you can do to protect yourself in the event anything happens to you. Assigning powers of attorney is a great place to start.

Medicaid planning: Costs of long-term care continue to rise

Many individuals in New York and elsewhere may find it somewhat intimidating to think about the future, let alone plan for it. However, with the ever-increasing costs of long-term treatment and care, not having a strategy in place could prove devastating. Those who wish to avoid such an outcome may be able to overcome any previous reservations by seeking guidance from an attorney with experience in Medicaid planning.

Rising long-term care costs show importance of Medicaid planning

Despite the seemingly ever-increasing cost of nursing home and home health care expenses both in New York and across the nation, few people like to think about an eventual need for long-term care, let alone prepare for it. Unfortunately, without such planning, the cost of such care for the elderly can be a crushing financial burden. Private health insurance and Medicare offers limited financial help, and without proper Medicaid planning with an attorney familiar with the complex system of rules and regulations, seniors may find themselves quickly depleting a lifetime of savings before they can even qualify for Medicaid.

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