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The complexities of real estate transactions can hardly be understated. Even those who have bought or sold a home in the past may feel overwhelmed when confronted with another real estate deal. Despite the complexities, however, it can be important to understand some of the basics.

Many rely on Medicaid to cover things like the often substantial cost of long-term care. A need-based program, Medicaid benefits are only available to those with limited assets and financial resources that fall below the qualification limits. With proper planning, a person can plan to qualify for Medicaid without having to spend down a lifetime of savings first. Medicaid planning, however, should also take into account Medicaid Payback as Medicaid will seek repayment for benefits distributed from a person’s estate.

Do You Have to Pay Back Medicaid in New York?

Family members morning the loss of a loved one may be more than surprised when they receive notice from the Medicaid Estate Recovery Program (MERP) that requests payment for benefits their deceased loved one received prior to passing away.

Selling, and buying, a home can be an emotional rollercoaster. The highs and lows and worries can really take you for a ride. When you finally get that offer on your house, you may be excited and relieved, but then worry may start to set in.

Most Americans will need long-term care at some point in their lives. Long-term care can be extremely expensive and not something most people will be able to pay for out of pocket. Take these two facts together and you will clearly see the benefit of engaging in long-term care planning.

It can be a difficult thing to watch an elderly parent struggle with memory issues. Unfortunately, it can advance to the point where it is safer for your parent to enter into memory care. Those seniors with memory issues, whether it be due to dementia, Alzheimer’s, or something else, can be best served in specialized facilities equipped to handle the complexities associated with caring for a person with memory issues. If you have concerns about when the right time to have your parent move to memory care, here are some signs you can watch for that may signal they are ready for the transition.

Signs Your Elderly Parent May Be Ready for Memory Care

As we age, we may struggle with memory problems.

For many older Americans, driving provides a much needed outlet to the outside world. It helps them remain connected to the community, go to the grocery store, and can come to represent what they may feel is dwindling freedom in their golden years. For these reasons, it can be difficult to talk to your elderly parent about the fact that it may be time for him or her to stop driving. There is likely to come a point where your elderly parent cannot safely operate a vehicle anymore. Despite how difficult giving up driving may be, the safety of your parent and others should be put first.

To many, gift giving is a love language. It can bring so much joy to give someone a gift. There are, of course, some added benefits of gift giving that you may get, such as tax benefits and reducing the size of your taxable estate, among other things. If you are planning for long-term care, even as far into the future as 5 years from now, however, gift giving should be thoughtfully done as it can have some serious consequences on your plans to cover the cost of long-term care through Medicaid benefits eligibility. The majority of people in the U.

Q: Should I give my children their inheritance before I die?

New York and New Jersey estate planning attorneys know that everyone loves their children and wants the best for them. It’s what drives many parents to leave them a nice inheritance after they’re gone.

But is that the best—or only--strategy?

Some parents — who are fortunate enough to have the means to do so — are embracing a novel approach to estate planning in response to a book by a former Wall Street trader who revealed that he plans to spend down his entire retirement fund and won’t leave any of it to his children as an inheritance.

People often are not aware that estate plans need to be reviewed and updated on occasion. Putting an estate plan is an important thing to do, but it is not a set it and forget it kind of thing. As your life changes, circumstances change, and laws change, so should you consider updating your estate plan to reflect such changes.

It can be difficult to watch our parents age. The ones that once cared for our every need may have developed care needs of their own. As parents advance in years, there are unique challenges that will need to be faced and you and your siblings may not be fully prepared to handle it all. It can sometimes feel as though the care demands of your parents seem to have come out of nowhere. When the caregiving demands of your parents escalate to a point where they need a more dedicated caretaker or more comprehensive care, such as moving to a nursing home, getting everybody on board with a decision can be more difficult than you think.