Meir and Chava, both in their late 70s, live in a large home on Crown Street. Meir is finding it difficult to manage the stairs and wonders what his options are for finding more accessible housing. Chava is worried about protecting their home ever since she heard about a friend that needed nursing home care but after she passed away, the state took her home. Meir and Chava had their wills drawn up in the 1970s while their children were minors.
After meeting Meir and Chava, I reviewed their wills and suggested updating them to reflect their current needs and stage in life. We also discussed asset protection, namely for their home which is their most valuable asset. What if either spouse needed long term care? How would they afford it? If they applied to Medicaid for medical coverage of long term care, would they be eligible? We discussed using a pooled income trusts to comply with Medicaid surplus income rules. Another trust they create could hold their home and other assets. This would avoid probate of their estates and provide protection for their beneficiaries’ inheritance.
Meir and Chava executed New York State Health Care Proxies and Powers of Attorney. These important advance directives appoint agents who could handle Meir and Chava’s financial matters and manage their affairs in the event they needed assistance or couldn’t communicate their wishes or medical decisions in the future.
We also discussed options available for outfitting the home with a lift, better handrails and other features to make the home safe and accessible.