Hudson Valley, New York, Long-Term Health Care Attorney
Making plans for your long-term health care is a critical component of estate planning. Whether you are interested in asset protection or Medicaid planning, it is important to consider the financial and legal implications of your planning decisions. At Francello & Van Benschoten, we offer support and guidance to clients interested in estate planning and long-term health care.
Making arrangements now for long-term health care can protect your financial future and access to medical care. Contact us for a free consultation regarding nursing home costs, patient rights and health care proxies.
Many of our clients come to us wondering how they will cover the expense of a nursing home or other medical care needs such as assisted living. Our job is to work with your assets to make them work for you. Our elder law attorney is experienced in rearranging the finances of our clients to ensure medical care after retirement and protecting remaining assets for any children.
There are a number of estate planning tools available to individuals and couples interested in long-term health care planning. At your initial consultation we will provide you with the information you need to make important planning decisions, and will explore all of your options and alternatives as we guide you though the planning process.
Some of the tools available to you include:
Durable powers of attorney: A DPOA is a health care proxy that allows another person to make financial decisions during your lifetime should you be unable to handle your own business affairs. A power of attorney can also handle your medical decisions.
Health care directives: You can make legal determinations now to determine what medical care you would like to receive should you become incapacitated.
Guardianship: A guardianship is similar to a DPOA, but it may result in significant legal fees. A guardianship may cost upwards of $4000, while DPOA may be as low as $50. It is always better to explore your options now and plan ahead to prevent disputes or excessive legal costs.
Transfer of house with retained life estate: You can transfer the title of your home now while retaining its use during your lifetime. Your children will not be able to take over the property while you are still alive and with this option, you can get tax exemption benefits. This will transfer the property automatically at the time of death and prevent future disputes or difficulties in the transfer of title.
Medicaid planning: Medicaid planning is simply the rearranging of assets to ensure that your finances are secured before you start to receive any Medicaid benefits. We can assist you in creating necessary trusts or transferring real property to ensure sufficient Medicaid benefits.
Our lawyer and staff are available for evening or weekend appointments and can make home, hospital or nursing home visits as necessary. Contact us today for a free consultation with an experienced Hudson Valley, New York, attorney.
