Aging comes with unpleasant worries that seniors must face in order to secure their future. Even if they have already completed their estate plans, that is not the end of the process. Any time there is a significant change in life circumstances, seniors must update the plans for the best outcome for themselves and their loved ones.
Aging New Yorkers may have significant concerns about how to protect their assets that come hand in hand with planning for their medical futures. When older people are considering or need to access the long-term care provisions of Medicaid, including nursing homes and other types of residential facilities for people dealing with serious disabilities or major health needs, the Medicaid rules about assets can come into play. Married couples in particular may be concerned about how to deal with Medicaid rules when only one of the partners needs to access long-term care or a nursing facility.
New York residents who are creating or reviewing their estate plan might also want to think about long-term care planning. People may have planned carefully for retirement, but there might still be unexpected costs associated with long-term care. It is estimated that more than two-thirds of people who are now 65 will require long-term care at some point in their lives.
One of the difficult issues people in New York may have to address after the death or incapacitation of a loved one is how to manage the digital property they owned. This is particularly difficult if the deceased or disabled person made no legal provisions regarding who would be authorized to manage those assets, which may include domain names, email accounts, online storage accounts or social media accounts. Individuals can take certain steps to ensure that their digital property is handled according to their wishes if they are no longer able to so themselves.
In order to be valid, a New York will must meet certain legal requirements. One of the most important issues is the testator's mental capacity.
While Medicare may provide many services to New York residents, it will generally not pay for care in a nursing facility. This is important because as many as 70 percent of people aged 65 and older may eventually need such care. Whether or not Medicare will pay for a service depends on if the needs are considered to be custodial care.
Older veterans and the surviving spouses in New York and the rest of the country may be entitled to certain long-term care benefits to which they may not be aware. These Veterans Administration benefits could help to alleviate some the financial burden brought on by long-term care expenses.
During your later years, your pets have been a great source of love and comfort. The last thing you would want for your beloved dog or cat is to have to surrender it to an animal shelter if you are unexpectedly unable to care for it.