Stenger, Roberts, Davis & Diamond, LLP, (SRDD Law) helps clients to protect their assets from the obstacles that face us as we age, whether it be taxes, long term care expenses, family disagreement, a property related issue or special needs. With two offices in Dutchess county, one in Wappingers Falls and one in Poughkeepsie, we assist clients throughout the Hudson Valley and surrounding areas as well as in Florida. Our firm offers a full range of elder law and estate planning options that will make sure you are covered in the event of an emergency medical concern.
Elder Law Planning
More and more people are turning to outside care when it comes to their elders. If you and your family decide that it is time to obtain nursing assistance for loved ones, whether at home or in a nursing home, you should be prepared to pay the cost. In the State of New York a nursing home can cost more than $14,000 a month. At this rate, you can quickly drain all your loved one’s life savings, as well as your own.
Most people do not have insurance that covers this expense. It takes a Hudson Valley elder law attorney who knows how to strategically protect your assets and qualify for Medicaid benefits to cover the cost of long term care. Call the nursing home planning attorneys at Stenger, Roberts, Davis & Diamond, LLP to find out how we can help you and your family as they face long term care.
“It is never too late. There are many things we utilize to protect assets even if you or your parents are already in a nursing home. However, the sooner you begin to plan, the better. You can be protected at the current time but should be aware of the five-year look-back rule,” says Partner Steve Diamond.
From wills and trusts, to powers of attorney and health care directives, an estate plan can help to ensure that your wishes are followed and your rights are protected. It can also protect you from excessive taxes, maximizing what you leave behind to your loved ones.
We all have an estate (things that belong to us that have value). Have you thought about what will happen to these things down the road? If you haven’t started thinking about this, the estate planning attorneys at SRDD Law can help.
When it comes to planning for the future, consider the following things: your possessions, the people in your life, and decision-making capacity. There are many questions that need to be considered to ensure that these three things will be taken care of when you cannot be here to take care of them.
- Your possessions
Your estate is comprised of everything that you own. Perhaps you own a home; this property is known as real property. Even if you don’t own a home, however, you still have personal property that is part of your estate. Anything that is not real estate is considered personal property. Right now, you are the owner and caregiver of these assets. However, keep in mind that one of these days you will no longer be around to take care of them. What do you want to happen to them?
- The people in your life
There are other things that you should be thinking about as well, like the people in your life. If you have children under the age of 18, what will happen to them if you are incapacitated and unable to care for them? What are their special needs that should be taken into account? For instance, does your child have a disease or disability that will require specialized care and attention? These are the kinds of questions that only an experienced estate planning attorney can know to ask.
- Decision-making capacity
In addition to your assets and the people in your life, you need to appoint someone to make both financial and medical decisions on your behalf when you can no longer do so. You can do what you can to make as many decisions as possible before it is too late, but it is critical that you give someone else the legal right to make decisions that involve you and your affairs.
- Extended Family
Today, the family dynamics include multiple marriages, children from prior marriages and extended families that are still relying on their parents. You need to have an attorney with the experience and dedication to make sure your parents’ wishes and needs are met.
It’s true that there are many do-it-yourself tools out there that walk you through the process, but they miss the mark in many ways. Each person has his or her own set of unique complications that must be factored into the equation when determining which estate planning option is right. The elder law attorneys at SRDD Law will look at your situation and ask you the appropriate questions to help pinpoint exactly what is best for you, so that you don’t pass on your complications to your heirs.