This article will discuss the basics of a New York State Partnership Plan Long Term Care Insurance Policy. According to statistics, at least 70 percent of people over age 65 will require some long-term care services at some point in their lives. Furthermore, Medicare and health insurance do not fully cover the long-term care services that most individuals need.

         A partnership program is a partnership between an insurance company, a state and residents of the state who buy a long-term care partnership insurance policy. Depending on the partnership policy, an individual could apply for Medicaid, even if he or she had sufficient assets to pay for his or her...

           This article will discuss the differences between a Medicaid Trust and a life estate deed to protect real property from long-term care costs.

         A Medicaid Trust allows individuals to transfer their home (or other assets) into an irrevocable trust. The grantor of the trust may appoint a Trustee, a person who manages the trust assets. Once assets are transferred to the trust, the grantor gives up the right to remove the trust’s principal [1] but retains the right to receive trust income. Generally, the most common asset transferred into this type of trust is real property—specifically, the home; this is because a person’s residence is usually not an i...

          Probate is the legal process that takes place after a person’s death. The process may include collecting assets, identifying which property is to be distributed by the Will, obtaining appraisals of estate property and paying off debts, taxes or other liabilities of the deceased individual. The final phase is to distribute the remaining property according to the terms of the Will or in accordance with New York State intestacy law, if there is no Will.

         Typically, probate involves filing a Petition with the Surrogate’s Court within the County where the decedent was domiciled (where the decedent resided). This Petition is called a Probate Petition (if there...