Can I Give My Assets Away To Qualify for Medicaid?

Many individuals are forced to consider applying for Medicaid for a host of reasons, all mainly to help alleviate the cost of medical care. Medicaid is a joint federal and state public health insurance program for people with low income. The program covers 1 in 5 Americans, many with intricate and expensive needs for medical care. Medicaid is the principal source of long-term care coverage for many Americans. The majority of Medicaid enrollees lack access to other affordable health insurance. Medicaid covers a broad array of health services and helps limit out-of-pocket costs.

can-i-give-my-assets-away-for-medicaid-eligibility

There are many factors to consider when applying for Medicaid, and this is widely due to the eligibility requirements that Medicaid has. If an individual has too many assets, they won’t be able to qualify for Medicaid. However, there are many legal ways to move your assets, which can allow you or a loved one to be eligible for Medicaid.

1) What qualifications do you need to have to become eligible for Medicaid? 

To be eligible for New York Medicaid, you have to be a resident of New York State, a U.S. national, citizen, permanent resident, or legal alien, in need of health care/insurance assistance, whose financial situation would be characterized as low income or very low income. You must also be one of the following:

  • Pregnant, or
  • Be responsible for a child 18 years of age or younger, or
  • Blind, or
  • Have a disability or a family member in your household with a disability, or
  • Be 65 years of age or older.

But the primary concern regarding Medicaid qualifications for many Americans is what is considered low income.  

2) How does Medicaid know what assets you have?

When you are determining if you are eligible for Medicaid, the Department of Social Services (“DSS”) will evaluate the Medicaid applicant or recipient’s income and assets that actually or will potentially exist. However, only such income and/or assets that are actually found to be readily available to the applicant may be considered in determining eligibility for Medicaid. In 2021, an individual can have no more than $17,131 in income to be eligible for Medicaid. 

Can I Give My Assets Away As A “Gift” To Qualify for Medicaid?

In general, while determining the Medicaid eligibility, 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. Currently, the look-back period is five (5) years prior to the date of application.

Everyday common gifts can be considered by this vague word, “gift.” For example, paying for your grandchildren’s college education or contributing to your local church can all be considered gifts for purposes of determining Medicaid. A common myth is that you are allowed to gift $17,131 each year without incurring a penalty for Medicaid eligibility purposes. But as the word myth suggests, this is incorrect. In 2021, the annual gift tax exclusion for federal gift tax purposes is $15,000. That means that you can open the phone book and give everyone in the phone book $15,000 this year without filing a gift tax return. However, federal tax law has nothing to do with Medicaid eligibility rules. If you are gifting $15,000 each year, those gifts will still be evaluated for Medicaid eligibility purposes.

When is a gift not a gift (or in Medicaid terms a “transfer”) for Medicaid eligibility purposes? New York State law states that a person will not be ineligible for Medicaid if they transferred assets unless it was transferred exclusively for a purpose other than Medicaid eligibility. Ok, that seems easy enough. For example, you obviously didn’t pay for your grandchildren’s college education because you were specifically trying to qualify for Medicaid. However, as a matter of policy, DSS has historically been reluctant to accept this argument from applicants who have made significant gifts of assets like paying thousands of dollars for college. The result is that many individuals are denied Medicaid eligibility despite making regular (and necessary) gifts during the look-back period. However, there have been instances where applicants successfully argued that gifts made during the lookback period were for purposes other than to qualify for Medicaid and therefore, eligible for Medicaid. While determining the applicant’s intention, the DSS will consider things such as the applicant’s physical and mental condition at the time of the gift, the applicant’s use of the gifted funds, and the applicant’s financial security. The DSS may also evaluate whether the applicant gifted their own funds or if they received the funds through inheritance or windfall. To add, the DSS may check to make sure how much time passed between the gifting and the applicant’s institutionalization and whether this applicant lived alone when they made the gifts. Finally, the DSS may review whether the applicant had considered institutionalized care when the gifts were made.

3) Do assets disqualify you from having Medicaid?

No, not necessarily. Having assets won’t automatically disqualify you from having Medicaid. For example, in New York, a single applicant who is blind, disabled, or 65 and older is allowed to retain $15,900 in liquid assets. And for married couples, asset limits vary by the state, the Medicaid program, and if one or both spouses are applying for Medicaid.

However, just because a senior’s assets exceed the general limits listed above it does not mean they are automatically ineligible for Medicaid. States implement different rules and resource limits, and an elder can create a personalized asset spend-down plan to meet their state’s eligibility criteria. States also have varying laws regarding trusts and how they are counted, or not counted, when determining Medicaid eligibility. 

There are also many other guidelines for calculating income and figuring out one’s medical need for care and assistance. Also, different financial rules apply to married couples. It is recommended to familiarize yourself with these eligibility requirements early on in case you ever need to help an aging loved one apply for Medicaid (or file an application yourself).

4) How can an Elder Law Attorney help?

Given the economic environment, it is common for lawyers to encounter situations where applicants gift their children or grandchildren during the look-back period which makes the Medicaid application process more complicated. And in most cases, handling the application process without any professional assistance can result in a determination of ineligibility and even a costly Medicaid penalty period. The assistance of competent counsel practicing in the area of elder law is imperative. It is important to work with an experienced elder law attorney with Medicaid planning experience. 

For further Medicaid planning, please contact the Law Office of Inna Fershteyn at (718) 333-2395 to receive the most highly qualified legal advice.

What Should Loved Ones be Made Aware of When Seniors are Returning to Nursing Homes After a Hospital Stay?

When your elderly loved ones are returning to a nursing home from a hospital, there are a number of things that you should be made aware of. Understanding what documents are protecting their medical records and attaining healthcare authority or access to healthcare records is essential to managing a loved one’s care. The following information will help make sure that you’re fully prepared to answer any questions regarding the care of an elderly individual in your family.

returning to senior housing after a hospital stay

HIPAA, or the Health Insurance Portability and Accountability Act, has a significant influence on providing medical care for loved ones. This federal law was passed in 1996 to preserve the privacy of medical data about persons. It mandates that healthcare providers and insurance companies maintain medical information private and safe. Unless the patient gives explicit permission, this information cannot be shared. This gives individuals more control over their health information and the ability to regulate who has access to it.

With the public's interest in COVID-19 instances heightened, many people want to know if anyone in their neighborhood has tested positive. HIPAA's right to privacy clashes with this demand for knowledge. HIPAA protects patients' medical information even in the midst of a global epidemic.

HIPAA-protected information includes: 

- any and all confidential info in a patient's medical record 

- any discussions or information collected by a doctor or medical experts, and 

- information on medical billing

A patient can allow their caregiver access to patient data regarding their care by signing a HIPAA authorization form. In many cases, having access to this information allows a caregiver to make better judgments about the patient's treatment. This also enables caregivers to interact directly with a patient's doctor in coordinating treatment and care amongst medical organizations, as well as to negotiate and pay medical expenses on behalf of the patient.

Upon Discharge, Re-evaluation of Physical and Cognitive Abilities is Suggested

Although relatives may be under a lot of stress as discharge day approaches for their loved one, it's a good idea for them to discover how changes in their loved one's condition will affect whether their requirements can still be addressed in their present community and the expense of the nursing home. Reading the community's qualifying requirements for resident admittance is an excellent place to start.

A cognitive evaluation is usually performed upon initial admission and whenever a resident's health changes in order to evaluate their physical and mental skills and identify their care needs. Workers at a loved one's senior care facility should communicate with family members and hospital personnel, such as physicians, social workers, and therapy departments, to assess the patient's changing needs and whether or not the community can satisfy them. Caregivers should be proactive in ensuring that the care team communicates well.

In light of COVID-19, How Have Nursing Home Regulations Changed?

CMS released guidelines on how nursing homes should respond to the pandemic as the number of COVID-19 cases and fatalities rose. In a February 2020 informative bulletin, the Centers for Disease Control (CDC) encouraged health care institutions to evaluate the COVID-19 guidance and recommendations, as well as their own infection control policies. 

With the primary focus on the challenges confronting nursing homes and state survey agencies as they respond to the pandemic, legislators may reconsider whether federal Medicare and Medicaid requirements should be adapted to improve oversight and whether extra capital is required to support providers and agencies in ensuring adequate resources.

How Are The Federal Requirements for Nursing Home Oversight Enforced?

States usually conduct frequent inspections known as surveys to ensure nursing facility compliance with federal Medicare and/or Medicaid standards. States get 75 percent federal matching money for Medicaid nursing facility survey and certification activities, whereas Medicare SNF survey and certification activities are financed by a discretionary appropriation.

The penalties for institutions that are found to be outside of compliance with federal regulations differ based on whether the defect is considered to directly threaten the health or safety of patients.

Civil money penalties (CMPs) can be assessed for the number of days a facility is not in significant compliance or for each occurrence of noncompliance. CMPs can vary from $6,525 to $21,393 for inadequacies that provide an immediate threat, and from $107 to $6,417 for defects that do not pose an immediate threat but either caused actual harm or have the potential to create more than minor injury.

If the individual you are caring for does not have a Healthcare Power of Attorney, it is advised that you persuade them to sign a HIPAA release and maintain copies of these documents in their file. This enables you to contact medical experts as well as any other family members to whom the patient has provided permission. 

For more information on creating a POA for your loved ones please contact The Law Office of Inna Fershteyn (718) 333-2395 for an experienced and diligent elder attorney who can guide you through this process.

How Does A Medicaid Asset Protection Trust Work?

Today we are going to learn about what a Medicaid Asset Protection Trust is and how it works. We also going to discuss when it should be used, it’s benefits and how an elder law attorney can help you through the process.

What is a Medicaid Asset Protection Trust?

A Medicaid Asset Protection Trust, sometimes called Pooled Income Trust, is a tool to protect your assets and allow people to qualify for Medicaid long-term care.

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When should a Medicaid Asset Protection Trust be used?

To protect your assets, the trust has to be created 2.5 years before home care Medicaid is needed or 5 years before nursing home care is needed. This is because Medicaid inputs a “look-back” period when someone applies for Medicaid. The reason a certain period of time has to pass before your assets are protected is that the transfer of assets into a Medicaid Asset Protection Trust is considered a “gift.” Medicaid also enforces strict income and asset guidelines. In order to qualify for Medicaid, you cannot have more than $2,000 of liquid assets. Liquid assets are assets that can be easily converted to cash in a short amount of time. Examples include cash, checking accounts, and saving accounts. Once you meet the guidelines, Medicaid looks into what happened to your assets which is why you need to prepare years beforehand. The applicant still has to report the existence of the Medicaid Asset Protection Trust – it is not hidden from the government in any way.

How Does a Medicaid Trust Work?

A Medicaid Asset Protection Trust is an irrevocable trust which means once it has been made, it cannot be changed or terminated without the permission of the grantor’s beneficiary. Assets placed in the trust are considered gifts to the beneficiaries, which protects the assets from Medicaid. In New York, an irrevocable trust can be revoked as long as the beneficiaries and the grantor consent to it. But, beware that once a Medicaid Asset Protection Trust is revoked, the assets are no longer protected by this trust. 

The Grantor of a Medicaid Trust has to name someone other than themselves or their spouse as the Trustee. This means that the Grantor is giving up control. However, the Grantor still has the power to remove and change any trustee as well as the power to change the beneficiaries of the Trust. If the Grantor owns a home, they can maintain the right to live in that home rent-free for their entire life, and their spouse can do so too. This “life estate” lets the grantor continue to obtain any property tax exemptions.

The Grantor is not entitled to the principal of any assets placed in an Irrevocable Trust which means that they are not entitled to any of the property that can generate ordinary income.
However, they can receive all income (interest, dividends, rental income, etc.) that the Trust assets may generate. The Trustee’s role is to invest the assets held by the Trust. However, because the Grantor maintains some control over assets in the Medicaid Trust, it is considered a grantor trust, and they are still taxed on any income.

When an Irrevocable Trust is created, assets that the Grantor wants to protect will be retitled in the name of the Trust, which is known as “funding the trust.” Assets can include anything from a checking or brokerage account to property. However, Individual Retirement Accounts do not get retitled into the name of the Trust because they are already protected for Medicaid purposes by law – as long as the required minimum distribution is taken. 

Usually, Grantors will place their home and some liquid assets in the trust and name a child as trustee then not think about it for years. Most trusts provide that after the death of one of the spouses, the income interest continues for the surviving spouse. Then, after the death of the remaining spouse, the assets are distributed to beneficiaries as they would be in a will. 

What are the benefits?

The main benefit of a Medicaid Asset Protection Trust is the ability to receive Medicaid. In general, with trusts, you can protect your and your family’s assets and pass on any valuable assets, like property. Some other specific benefits have been mentioned above such as property tax exemptions, uninterrupted income, and the ability to still use the assets after the grantor’s death. Some other benefits include:
● Avoidance of probate court
● Maintenance of privacy
● Avoids the hassle of multi-state probate proceedings- in case trustees do not reside in the state that the grantor did
● Provides planning for mental disability- should the grantor ever not be sound of mind, they cannot amend the trust
● Keeps assets in the immediate family
● Keeps assets out of surviving children’s divorces
● Keeps money out of creditors’ reach

How can an elder law attorney help?

An elder law attorney can help you decide whether a Medicaid Asset Protection Trust is right for you. A host of factors goes into the decision, such as the client’s available funds, relationship with intended beneficiaries, and timing. It is important to meet with a knowledgeable and experienced elder law attorney to assess which plan best achieves your goals and relieves any of your concerns.

For further Medicaid planning, please contact the Law Office of Inna Fershteyn at (718) 333-2395 to receive the most highly qualified legal advice.

Understanding the Medicaid Look-Back Period and Penalty Period

If you need help with paying for healthcare costs and have low-income and limited resources, you might qualify for Medicaid. Medicaid is a federal and state program that offers medical and health coverage for people with low incomes and limited assets who otherwise cannot afford paying for health care. In order to be eligible you must meet strict financial eligibility requirements both during the application process and after you have qualified.

medicaid look back penalty period

Financial Eligibility Requirements for Long-Term Care Medicaid 

Many low-income seniors find that their countable assets and/or income exceed the Medicaid restrictions in their state. They must carefully reduce or "spend down" extra funds on things like medical expenditures, house improvements, a prepaid funeral plan, and so on in order to meet the financial requirements. Gifting—giving away money or assets for less than market value—is not permitted as part of a Medicaid spend-down strategy.

The Centers for Medicare and Medicaid Services (CMS) devised a system for analyzing all applicants' financial histories to prevent seniors from simply giving away all of their assets to family and friends and then depending on Medicaid to pay for their long-term care. The following sections review the ins and outs of the Medicaid look-back period, as well as what happens when a senior decides to transfer assets.

The Medicaid Look-Back Period

Medicaid only looks at applicants' previous financial information for a limited period of time. This is known as the Medicaid Look-Back Period. Each state's Medicaid program has slightly different eligibility standards, but most states look at all of a person's financial transactions five years back (60 months) from the date of their qualifying application for long-term care Medicaid benefits. (This timeframe is only 30 months in California.)

There is no difference between the number of gifts an applicant made and to whom the gifts were given during the Medicaid Look-Back Period—barring a few exceptions, which will be discussed later on. If a senior's money or assets changed hands for less than FMV in the five years leading up to their application date, they will incur a penalty period during which they are ineligible for Medicaid.

The Medicaid Penalty Period

If a senior files for Medicaid and is found to be otherwise eligible, but has gifted assets within the five-year look-back period, they will be prohibited from receiving benefits for a specified amount of months. This is known as the Medicaid Penalty Period and there is no limit to how long a penalty period can be. 

For example, if you write a check to a family member for $14,000 and apply for Medicaid long-term care within five years of the date on the check, then Medicaid will delay covering the cost of your care because you could have used that money to pay for it yourself. The penalty period begins running on the date a senior applies for Medicaid coverage, not the date on which they gifted the money.

The length of the penalty period is determined by the total amount of assets gifted by the applicant and their state's specific "penalty divisor," which is the average monthly cost of a long-term care facility in that state. (The divisors may be the averaged daily expenses in some jurisdictions, and several states even employ divisors that are particular to nursing home costs in individual counties.) These figures are published annually by each state’s Medicaid program.

Who Pays During Medicaid Penalty Periods?

When a senior requires care but has spent down all of their assets (inadvertently) and is no longer covered, one might wonder who pays for their care. If a senior has gifted countable assets during the look-back period and needs nursing home care, they will have to pay for it out of pocket until the look-back period is over and the senior can apply for Medicaid without difficulty, or until the penalty period expires and they are eligible for coverage.

Exemptions and Exceptions to Medicaid Gifting Rules 

Medicaid penalties do not apply to all gifts.

One exemption you may receive is a “child caregiver exemption” for transferring assets to a child who has taken care of you for at least two full years. For example, if your daughter's care allowed you to put off moving into a nursing home, then transferring your home into her name for less than fair market value would not be penalized. Even if a senior applies for Medicaid within five years after the transfer, the "child caregiver exemption" still applies.

Another exception to the rule is a gift (or the creation and funding of a trust) for a kid who is blind or disabled under the Social Security Administration's standards. No penalty will be imposed on such a gift, regardless of its size.

Finally, gifts between spouses are never subject to any penalties. There is no need to impose a penalty on such transactions because both spouses' entire assets are counted when one spouse applies for long-term care Medicaid.

Successfully applying for Medicaid is a complicated and difficult process, and is rarely something you do on your own. Mistakes can have long-term financial consequences for a family. If you or someone you know plans to apply for long-term care Medicaid, please contact the best elder lawyer who can guide you through the application process at the Law Office of Inna Fershteyn at (718) 333-1233. 

Can You Transfer Your Medicare and Medicaid Plans When You Move to Another State?

Life is a mystery filled with the unknown, you may have lived in a certain state for almost the entirety of your life and now decided to move to a new state. Regardless of the reasoning behind your residence movement, whether it be required by your job, to be closer to your family members, or just to try out a new location, you should consider the necessary steps of transferring your healthcare plans to your new residence. Depending on which medical insurance plan you have, there are different actions that can be taken to ensure that you have access and coverage to insurance when you relocate.Your ability to take your insurance with you depends on the type of insurance you have, whether it is Medicaid, Medicare, or Medicare Advantage. An esteemed attorney can assist you in discovering if you can bring your insurance with you by providing guidance on the best plan of action to take in relation to your specific situation.

Transferring healthcare insurance plans when you move to another state

In the case of Medicaid it is important to note that Medicaid has its own eligibility qualifications in each state. That being said, just because you are eligible for Medicaid in NY does not automatically guarantee that you will remain eligible for Medicaid in another state, such as Florida or Texas. Unfortunately, you will not be able to keep your Medicaid plan upon relocating to a new state. This is not devastational and does not bar you from having Medicaid coverage. It simply means that you will have to apply for Medicaid in whichever state you move to. An attorney can assist you in the process of reapplying for Medicaid by first calling the Medicaid office located in the state you are planning on moving to and then filling out all of the appropriate forms and applications. Prior to applying for benefits in the new state, you must first cancel the benefits you are receiving from the previous state you lived in. You are encouraged to complete your Medicaid applications for the new state as soon as possible in order to avoid paying for health insurance out of pocket. Even in the case that you have to pay out of pocket for a short period of time, Medicaid will reimburse you as long as you have a detailed and accurate record or receipts of all health care service costs.

If you have the original Medicare provider, then you have much less to worry about when it comes to relocating to a different state. Plans A and B ensure that you will remain covered regardless of which state you move to. This is due to the fact that Medicare is a federal program that is run by the government. As long as your medical provider accepts your Medicare insurance plan, you are all set for healthcare coverage. The only drastic difference that may impact your coverage would be the cost of your premiums, as they may increase or decrease depending on the state you move from and the new state you are moving to. Additionally, your Medigap plan is expected to cover your healthcare costs even if you move across the country. The only exception to the Medigap coverage would be if you moved to the specific states of Massechusttes, Minnesota, or Wisconsin because these states have their own individual Medigap plans. If you have any questions or concerns regarding transferring your original Medicare Plan A or B to a new state, you should contact an attorney to answer any of your inquiries.

Medicare Advantage and Part D of Medicare are a different story than the original Medicare plan. This is because these plans have a specified service area, which means that there is no guarantee that it will provide coverage for more than one state. You may contact an attorney to help you determine if your new state falls within the specified service location of the Medicare Advantage and Part D plans. Moving into a new specified area may be complex due to the fact that you have a limited enrollment period during which you may change plans outside of the typical annual enrollment period. The annual enrollment date is between October 25th and December 7th. You should make your current plan aware of your intention to move to a new state. This will allow your special enrollment period to begin the month prior to your move and continue for a two month period after you move. However, if you make your plan aware of your relocation after you move, then your opportunity to switch plans begins the month that the plan becomes aware of your relocation. Afterwards, you will have two full months as part of the special enrollment period. 

For further healthcare eligibility information please contact the Law Office of Inna Fershteyn at 718-333-2394 to effectively maintain coverage even when you move to a new state.

Why Elder Law Attorneys Aren’t Just For Seniors?

An Elder Law Attorney serves as an advocate for the elderly and their loved ones when it comes to the legal issues related to healthcare and financial assets. Individuals who have reached an old age or are approaching the 65 benchmark should consider hiring an Elder Law attorney to assist them with the matter of retirement, social security, Medicaid, long term care planning, guardianship, disability, etc. An Elder Care Attorney will address the importance of creating an estate plan composed of a will, trust, health care proxy, power of attorney, and letter of intent in order to effectively prepare for the future. There are numerous benefits to hiring an Elder Law attorney, some of which include guidance in long term care planning, assistance in creating a durable power of attorney, aid in receiving Social Security benefits, and protection against elder abuse. Elder Law Attorneys are specialists in their field, as they have much experience handling similar cases related to the specific needs of seniors. The attorney will utilize a holistic approach in ensuring that the key issues pertaining to long-term care, housing, well-being, and financial asset protection adhere to the wishes of the elderly individual. In terms of requiring assistance in creating trusts and wills for an elderly loved one, an esteemed Elder Attorney will be able to guarantee that the documents have the individual’s best interests at heart. The lawyer will work with you to protect your assets in the best manner possible to ensure that necessary payments are made on the home and other personal costs, while making sure that there is no form of financial exploitation of assets that could harm your loved ones.

Elder Law Attorneys Aren't Just for the Elderly

Benefits to Hiring and Elder Care Attorney:

1)Guidance in long term care planning

In the case that an individual’s physical and mental health declines, a long-term care facility is typically the most effective plan of care for the individual. When considering which long-term care facility is most effective for your loved one’s needs be sure to also note that the payment plan for this facility is within your price range. An Elder Care Attorney can assist you in obtaining long-term care insurance that will help cover the expenses of care, as prices are on the rise in NY. In the case that long-term care insurance is out of your financial budget, an Elder Care Attorney can assist in qualifying for Medicaid. You are guaranteed to make the best long term care decision possible for your loved one if you seek proper instruction and assistance from an experienced attorney.

2)Assistance in creating a durable power of attorney

A durable power of attorney serves to grant a third party the ability to make decisions and take actions on behalf of the individual who has become incapacitated, as they are no longer able to make decisions independently. An Elder Care Attorney prefers a durable power of attorney rather than just the typical power of attorney because the durable document remains functional even after the individual loses the ability to make decisions for themselves. On the contrary, the typical document would only function if the individual has not become mentally incapacitated. An attorney will guide you through the process of filling out this document to ensure that your future is well planned for. 

3) Aid in receiving Social Security Benefits

An Elder Care Attorney works to guarantee that you are receiving all of the benefits you deserve based on your current age and overall health. Once you reach the age of 67 you are subject to receive the full Social Security benefits. If you have reached this age and are not receiving your full benefits, an attorney will advocate on your behalf and work to grant you your benefits. If you have a disability and are subject to receive disability benefits, then the attorney will assist you in obtaining those benefits by following a similar legal procedure. According to NY State regulations, Social Security Disability Insurance (SSDI) guarantees that you may begin collecting benefits after 6 months since the start of your disability. With the support of an esteemed Elder Care Attorney, you will certainly receive all of the benefits you rightfully deserve.

4)Protection against elder abuse

With the current foundation, research has shown that many elderly residents in nursing homes are facing unjust treatment. An Elder Care Attorney will work with you by representing your loved ones who have been the victims of physical violence, emotional mistreatment, or financial fraud. The attorney will not just provide guidance on the following steps, but will ensure that justice is served and your loved one will never be treated in this manner ever again. The attorney will advocate for the rights of your loved one to guarantee that they are being properly cared for and looked after, especially during these troubling and challenging times.

So, In Sum, Why Elder Law Attorneys Aren’t Just For Seniors?

Elder Law Attorneys work to assist individuals in creating a plan for their future to ensure that the individuals interests and best wishes are clearly declared. These individuals are not always seniors. As a matter of fact, it is recommended that you hire an Elder Care Attorney prior to the age of 65. It is always better to be prepared for anything, rather than procrastinate on preparing for your future. Many individuals fall victim to the assumption that they have an unlimited period of time left to get all of their assets and legal information together. The unfortunate truth is that life is inexplicable and unexpected events can occur at any point in time. In the case that an individual does not have an elder care in place prior to the point in time when they biome incapacitated, then their loved ones must embark in the costly and lengthy process of earning the legal authority to act on their loved one’s behalf. It is encouraged that you avoid waiting because the guardianship legal procedures associated with waiting too long to create an elder care plan are very complex and expensive. If individuals do not take the time to create a will, then they will not be able to decide how they would like their assets to be distributed or how their minor children would be cared for. The court would then be responsible for distributing your assets and estates, which may not align with your wishes. It is certainly better to be well prepared ahead of time, rather than at a loss when the time comes. Make the decision today to protect yourself and your loved ones by hiring an Elder Care Attorney to draft all of your legal documents and create a plan for the future. 

For Elder Care inquiries please contact the Law Office of Inna Fershteyn at 718-333-2394 to best prepare your legal documents for the future.