If you are at or over retirement age, you may have already had to consider whether your assets and retirement income would potentially impact your eligibility for Medicaid if you need it in the future. Medicaid requirements are much different than Medicare, and Medicaid also pays for more services, which means older adults may require Medicaid coverage as they age.
Trusts can help your loved ones and heirs receive state benefits
Know what you can't put in your will
When most people think of an estate plan, they automatically turn to a will. While this is the primary document that is used for many things, some points shouldn't be included in the will. One of the primary things you shouldn't put here is your funeral instructions. These should be included in a letter of instruction or something similar because your will won't be read immediately after your death. Chances are good that your funeral or memorial service will be done long before the will is read.
Maintain Medicaid eligibility with proper planning
As a person ages, they are likely going to accumulate assets. This is usually a good thing; however, if the person is going to need Medicaid to help pay for some of their expenses, it might not be such a good thing. Some individuals don't understand that they can't just give things away right before they need Medicaid. New York has a look-back period for Medicaid that spans five years.
