Will and Estate Definitions

 Posted by on November 7, 2016
Nov 072016
 

Administration: Court proceeding to appoint a fiduciary, known as an administrator, when the deceased individual did not leave a last will and testament and left assets that were not otherwise provided for. Bequeath: an interest in an estate passed by Will (as opposed to an intestate share). Intestacy: when a decedent does not have a

READ MORE
Nov 072016
 

Definition: A fiduciary relationship where one party, known as the “Grantor” (or “Creator” or “Settlor”), gives another party, known as the “Trustee” property to be held for the benefit of the Grantor or a third party, known as the “Beneficiary”. Living Trust: a trust that is created during the Grantor’s lifetime. Testamentary Trust: a trust

READ MORE

Supplemental Needs Trusts

 Posted by on November 7, 2016
Nov 072016
 

Supplemental or Special Needs Trusts (“SNTs) are frequently used to receive an inheritance or the proceeds of a personal injury litigation on behalf of an individual with a disability, in order to allow the person to qualify for Medicaid and other government benefits. The assets and income of the SNT will not be counted as

READ MORE

Medicare Definitions

 Posted by on November 7, 2016
Nov 072016
 

Medicare is the primary insurance of most senior citizens in the United States. There are no financial requirements or limitations associated with Medicare. Medicare is broken down into Par ts A, B, C and D. Medicare Part A: Primarily covers inpatient hospital services. However, in limited circumstances it also covers certain skilled home health services,

READ MORE

Medicaid Definitions

 Posted by on November 7, 2016
Nov 072016
 

Community Spouse Resource Allowance: the amount of assets the spouse of a nursing home applicant may maintain without having to do a spousal refusal. May also be used in certain instances in homecare applications. Excess Resources/Excess income: countable assets/income above the permissible Medicaid level. Lookback period: The period of time Medicaid will “lookback” from the

READ MORE

Guardianship Definitions

 Posted by on November 7, 2016
Nov 072016
 

Guardianship AIP (Alleged Incapacitated Person): refers to the person in an Article 81 proceeding for whom a guardian is sought. The Court must determine that the person is unable to provide in some manner for himself/herself (i.e. incapacitated) for a guardian to be appointed. The person is referred to as the “alleged incapacitated person” until

READ MORE

Advanced Planning Documents

 Posted by on November 7, 2016
Nov 072016
 

The documents outlined below are the more common advance planning documents. They appoint another to act in the place of the maker, and more importantly, state the maker’s intentions in the event the maker becomes incapacitated and unable to state intent or to act. These documents can avoid litigation to appoint a guardian, to determine

READ MORE
Jan 082016
 

DUE TO THE COMPLEX AND EVER-CHANGING LAWS GOVERNING MEDICAID ELIGIBILITY, IT IS STRONGLY ADVISED THAT YOU CONSULT WITH AN ELDER LAW ATTORNEY PRIOR TO ANY PLANNING. Medicaid: Medicaid is a federal healthcare program administered by each state. Medicaid was intended to serve as the “payor of last resort.” Eligibility is based on financial need, and

READ MORE
Jun 072010
 

I know what you’re thinking: you’re young and healthy and you take care of yourself. So between the kids’ schedules, your job, and all the other demands in your life, why should legal planning be a priority? The reason is because incapacity or illness can happen to anyone, regardless of age. And if something should happen to you, who will raise your children?

READ MORE
Apr 152010
 

Approximately 25 percent of Americans are “sandwiched” between parenting their own children and caring for aging parents. These demands, in addition to meeting their own needs, not only push the limits of their time and money, but may also challenge their marriages, friendships and health.

READ MORE