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Eldercare
As we age, our priorities in life change. Long-term care planning with a view toward facilitating in-home care, where practical is often paramount. However family, quality care, money management, asst protection, and utilization of available government assistance programs are also important considerations.
Eldercare law is the integrative and holistic application of traditional legal principals of estate, trust, business and real estate law to specific emotional, logistical and financial needs of seniors. Eldercare clients seek planning to mitigate and control the inevitable lose of control during the “Golden years”; best utilize their financial resources to promote their independent living and enhance the legacy they leave to loved ones. Eldercare law facilitates the preservation of assets and family protection, however YOU define it.
Long-term care planning, which including in-home care where practical, money management, assets protection and utilization of available government assistance programs, is a critical component of Eldercare Law. At Danna & Associates, we look at each client individually and develop a strategic plan specifically geared towards specific needs, wants and goals. We use certain planning tools to achieve results.
Planning Tools
Durable Powers of Attorney - A Durable Power of Attorney is a legal document designed to appoint a person of your choosing who is often referred to as “your agent or your attorney-in-fact” to manage your financial affairs now or upon your inability to do so. The person designated should be a person who you trust and who is qualified to deal with financial matters. Honesty and fair dealing however, are the most important qualities of your attorney-in-fact.
Your Power of Attorney is an extremely important and powerful document and if drafted properly can allow your agent to perform all the financial tasks on your behalf that you would otherwise perform. This document survives your incapacity but terminates upon your demise. Your Durable Power of Attorney is a Guardianship substitute and can also facilitate the implementation of future Medicaid, Estate and Taxation planning strategies if you are unable to do so.
Living Wills and Health Care Proxies – A Living Will is your written instructions that outline your personal preferences with regard to health care decision-making. Such preferences are important should you be unable to communicate with your healthcare providers.
Although it may not be required in New York and some other states, this document is a tool that allows you set forth your health care instructions to assist your loved ones in carrying out your wishes without hesitation during what may be an emotional time.
Last Will & Testament - Your Will is a written instrument that directs how your property (also referred to as “your estate”) is to be distributed upon your demise. A Will is an important legal document to ensure that your property inures to those individuals and organization that you hold dear. A will may be a basic and uncomplicated estate planning tools. Should the circumstances dictate, a will might include tax planning, asset protection, special needs provisions and language to facilitate disinheritance of certain family members for reasons know all to well to you.
The drawback of relying upon a Will to implement your final wishes is that Wills are subject to authority of the Courts system and require probate.. Probate is a legal process that allows for the authentication of your Will and the opportunity for potential heirs to voice their concerns, should they choose to do so. There are techniques available to avoid probate. Not having a Will may avoid the probate process but ensures the parallel Court proceeding called Estate Administration, if you do not plan properly or fail to plan.
Trusts - A Trust is an entity created in law to hold assets for the benefit of designated persons or organizations. Living Trusts (also called “Inter Vivos” Trusts) are created during the creator’s or grantor’s lifetime. Testamentary Trusts are created during the probate process as directed by Will.
An individual such as a family member or trusted friend, or a professional such as a trust company manages your Trust. The Trust’s manager is called the “Trustee.” You may also serve as Trustee of your Living Trust.
A well-drafted Trust spells out the terms and conditions upon which the Trust assets will be managed. Certain Trusts can be changed at any time and are referred to as Revocable Trusts. Other Trusts are not changeable or may be changeable only upon the unanimous consent of all interested parties. These Trusts are referred to as Irrevocable Trusts.
The benefit of utilizing Trusts in your estate plan is that they avoid probate of your Last Will and Testament, the process of which can be time consuming and costly.
Revocable Trusts - A type of Trust that can be used as a Will substitute and thereby avoid the probate process. The trust remains under the complete control of the Grantor - the person who creates the Trust. The Grantor retains the power of enjoyment during his or her lifetime. The Grantor also retains the power to amend or revoke the Trust, and to change who the ultimate beneficiaries are to be. There is no income tax or estate tax benefits created by the utilization of a Revocable Trust.
Irrevocable Trusts - A type of Trust that allows the Grantor to give up or limit certain rights to amend or revoke the terms of the trust, thereby giving up some or all control of the Trust’s assets. In return, there are certain taxation benefits and certain asset protection benefits to be enjoyed.