Rochester Estate Planning Law Blog
What can happen if you don’t have an estate plan?
No one knows when death will come, which is why so many attorneys push for people to put together their estate plans. Those plans have details on how to handle major assets and what a person wants to see happen if they’re badly hurt or unable to make decisions for...
When should you start Medicaid planning for yourself?
Medicaid is a needs-based health insurance program. Individuals with income below a certain level and without significant assets can turn to Medicaid to cover their costs for health care and medical treatment. Although all retired adults can potentially qualify for...
Guardianships for minors and adults differ, so be prepared
If you have a child who has a developmental disability, there is the potential that they may need ongoing support well into adulthood. Especially in the later teenage years and early adulthood, many teen and adult children with developmental disabilities rely on their...
Should your children attend estate planning meetings?
If you have adult children who are heirs to your estate, one thing you may want to consider is having them come to your estate planning meetings with your attorney. You may not want them there at every meeting, but having them attend one to go over the contents of...
Early Medicaid planning helps you protect your estate
Medicaid planning is important if you want to protect your assets. In the event that you need to move into a nursing home or to seek long-term medical care that relies on Medicaid for coverage, you’ll want to make sure you’ve taken the appropriate steps to protect...
How does the Medicaid look-back penalty work?
Many older Americans don't think that they will need Medicaid. They may already have Medicare and possibly supplemental insurance through their former employer. Unfortunately, Medicare is a more limited program than some people realize. The more intensive your care...
How much money do I need to have an estate plan?
People commonly think of trusts and estate planning as something that only the extremely wealthy can benefit from. This false belief may attribute to the fact that more than half of all American adults do not have a will. If planning for what happens when you have...
Is there a timeline for updating estate plans?
There are many times when people are told to update their estate plans. However, many of the timelines you see are simply suggestions. There are no specific guidelines that tell you when you have to update your estate plan. It’s a good idea to review it annually or...
3 things you will forget when developing an estate plan
Crafting a comprehensive estate plan can be a daunting undertaking. Numerous documents are involved, and a multitude of contingencies must be stipulated. Faced with these challenging circumstances, people are likely to tackle larger issues such as who gets the house,...
Guardianships: Not just for children
When you’re involved in estate planning, one of the things that comes up is the need for a guardianship. If you have children, then guardianships may be used to define who would take care of them if you could no longer do so. Guardianships aren’t just for children,...
