Happy New Year’s Eve! For those of you thinking about your New Year’s Resolutions for 2013, I recommending getting your estate planning in order. Kudos goes out to Daniel Timins, a law school classmate of mine, for putting together some excellent New York estate planning and medicaid presentations.
This presentation gives a nice overview of New York Medicaid. The presentation discusses Medicaid qualifications, the look-back periods for Home/Community Care vs. Institutional (Nurising Home) care, and the various trusts that can be established including Supplemental Needs Trusts (individual trusts, pooled trusts, and third-party trusts) and Income Only Trusts. They also have some nice presentations giving a cursory overview of trusts, discussing typical problems with estate contests, elements of a comprehensive estate plan,and an overview of wills, trusts and advanced directives.
Estate planning, succession planning and elder law are important topics for everyone but it is of paramount importance to family farms who hope to pass down the operation to future generations. Family farms need to prudently consider available options for the older generations as they reach retirement age. Put estate planning down on your list of New Year’s resolutions for 2013 and don’t put it off another year.
Wishing you a safe, happy and magical New Year!