Article by Nancy C. L. Stein, Esq., Staff Writer, PR4Lawyers

A durable power of attorney is an important and powerful planning tool for estate planning and should include consideration and inclusion of Medicaid and other entitlement programs. The person who assigns the right using the power of attorney is the principal. By signing a power of attorney, you are giving another person the power to act on your behalf to manage your assets and affairs. You can assign this agent virtually all powers to perform on your behalf except acts that are testamentary in nature, like the authority to make or revoke your will. New York further limits the power of attorney, requiring a separate healthcare power of attorney or healthcare proxy power to make healthcare decisions on your behalf.

By: Nancy C.L. Stein, Esq., Staff Writer, PR4Lawyers

A reverse mortgage enables homeowners, age 62 or older, to utilize the equity in their primary residence, whether a private house or condominium, to obtain a loan that does not require repayment until the homeowner moves, sells the home or dies. Reverse mortgages can turn home equity into ready cash for retirement planning purposes, at-home elder care or any other desired purpose.

By: John Positano, Esq., Staff Writer, PR4Lawyers

Control of your assets is more than a matter of money.  No one should control your assets for you. Living in your own house, providing for your disability or just old age, and upholding the life style of your children or spouse are very powerful incentives to control your assets and their eventual disposition. Proper estate planning is a sure way of maintaining your dignity, and the dignity of your loved ones.

This article seeks to answer the question: “Do I Need a Will?”  It describes what a will covers and what happens if you were to die without one.  It also goes on to describe several other tools, including powers of attorney, health care proxies and living wills.  As you read through its contents, please contact us with any questions you may have.

The Consumer Directed Personal Assistance Program (CDPAP) is an alternative to traditional Medicaid home care. It allows the Medicaid recipient or another responsible person to hire an aide who is independent of any home healthcare agency. Medicaid then pays the aide based on the hours of care it authorizes.