In certain situations, beneficiaries of programs like Supplemental Security Income (SSI) and Medicaid may be at risk of losing their benefits. For example, if they come into an inheritance or receive money in their own name from an accident settlement, their income and assets may exceed the thresholds set by these government programs. SSI and/or Medicaid recipients in this situation may utilize a pooled income and asset trust to avoid becoming ineligible for these public benefits. What Is SSI? What Is Medicaid? Supplemental Security Income (SSI) is a federal program that provides funds to people living with disabilities and limited…

Pooled income trusts are a viable way to gain and maintain Medicaid eligibility for many seniors, people with disabilities, and others. But there are some misconceptions surrounding these trusts, which are valuable tools for those in need of long-term care when their income exceeds Medicaid’s limits. Here are some common misconceptions and corresponding facts about the pooled trust to help you gain a better understanding of what it can do for you or a loved one. #1 Misconception: Pooled trusts are only for rich people. The pooled trust is not solely for use by wealthy people. Quite to the contrary,…

Navigating the challenges of aging can be stressful for older adults and their caregivers. Geriatric care managers support and direct older adults and their family members as they plan and arrange care. These care managers are also sometimes known as aging life care managers. What Is a Geriatric Care Manager? Geriatric care managers can organize and manage care when family members are overwhelmed or live too far away to assist their loved ones. When family members live apart from their older loved ones, the geriatric care manager can check in on them and keep track of their ongoing needs. Aging…

A trust is a legal document establishing a legal relationship in which one person (trustee) holds title to property, subject to an obligation to keep or use the property for the benefit of another (beneficiary). Trusts can be revocable or irrevocable. If you (the grantor) choose to create a revocable trust, you can modify it at any point during your lifetime. With irrevocable trusts, however, you generally cannot make any changes once you establish this type of trust. Many individuals are therefore concerned when they hear the term “irrevocable” trust, as they equate the permanency of the term “irrevocable” with…

Trusts can be useful tools to protect your assets, save on estate taxes, or set aside money for a family member. You may be considering adding this kind of legal document to your own estate plan. Before you commit to establishing a trust, make sure you understand the differences between revocable and irrevocable trusts. Each type of trust offers its own advantages and downsides, depending on their purpose. These two main types of trusts differ in structure and with regard to taxes. However, both serve as tools for setting aside your hard-earned assets and then passing them on according to…

Guardianship of an adult is a court-supervised arrangement where one person assumes responsibility for an adult who is incapacitated. If a loved one starts experiencing memory loss or becomes unable to make decisions for themselves for any other reason (including accident or sudden illness), you may consider asking the court to appoint a guardian for them. In New York State, this petition can be brought to the Supreme Court under Article 81 of the NYS Mental Hygiene Law. Pursuing a guardianship is the remedy of last resort if less restrictive alternatives, such as a power of attorney and health care…

Medical aid-in-dying (MAID) involves having a physician prescribe a lethal dose of medication at the request of a competent patient with a terminal illness. While traditionally, assisted suicide has been viewed as a crime, a trend has been emerging with more states legalizing medical aid in dying. As of 2024, MAID is legal in the following 11 states: California Colorado Hawaii Maine Montana New Jersey New Mexico Oregon Vermont Washington Washington, D.C. Currently, several more states are considering legislation to make medically assisted death legal. This includes New York, with the New York State legislature considering the Medical Aid in…

Children with disabilities present a unique challenge for parents who are looking to engage in estate planning. For one, you will want to optimize your estate to use, enhance, and enrich assets for your child. At the same time, maintaining their enrollment in public benefits programs is no doubt going to be essential. To ensure you meet both of these objectives requires careful planning. The experienced attorneys at Kommer Bave & Ciccone LLP can prepare a special needs trust to accomplish these and other goals you may have for your child. How a Special Needs Trust Works Qualifying for means-tested assistance…

Choosing the right person to serve as trustee of a special needs trust (SNT) is a key task when creating such a trust. It may also prove to be one of the most challenging. Trustees are responsible for the following: managing the day-to-day operations of the SNT, making distributions to the trust’s beneficiary, investing the trust’s assets, and paying the trust’s bills. This, in turn, helps ensure that the special needs trust’s beneficiary remain eligible for public benefits programs. The law is not particularly strict about who may serve as trustee. The trustee must be over 18 years of age and…

Just as we create estate plans for our eventual demise, we also need to plan ahead for the possibility that we will become sick and unable to make our own medical decisions. Medical science has created many miracles, among them the technology to keep patients alive longer, sometimes indefinitely. As a result of many well-publicized “right to die” cases, states have made it possible for individuals to give detailed instructions regarding the kind of care they would like to receive should they become terminally ill or are in a permanently unconscious state. These instructions fall under the general category of…