What is a Power of Attorney?
A power of attorney covers matters like legal and financial decisionmaking during the principal’s disability or absence. Granting power of attorney gives the appointed person the ability to handle financial matters like bills, banking, rent/mortgage, or other business that might need managing on your behalf if you’re unable.
What is a Health Care Proxy?
A legal document that allows you to designate someone to make health care decisions and end-of-life medical decisions on your behalf if you can no longer do so. Reach out to J&G for assistance.
Medicare versus Medicaid
Medicare and Medicaid are two separate, government-run programs. They are operated and funded by different parts of the government and primarily serve different groups. •
Medicare is a federal program that provides health coverage if you are 65+ or under 65 and have a disability, no matter your income.
•
Medicaid is a state and federal program that provides health coverage if you have a very low income.
•
If you are eligible for both Medicare and Medicaid (dually eligible), you can have both. They will work together to provide you with health coverage and lower your costs.
What is an Estate Plan?
Estate Planning is making a plan in advance and naming whom you want to receive the things you own after you die. Your estate is comprised of everything you own including but not limited to your car, home(s), other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. It is recommended that you control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. We can help you plan to incur the least amount paid in taxes, legal fees, and court costs.
What is a Trust?
A trust is a legal contract between at least two parties: a grantor and one or more trustees. The grantor is the person who has assets like real estate, money, and collectibles they would like a trustee to hold for the benefit of one or more beneficiaries. A trustee is appointed in the trust document and manages the trust. The beneficiary is often a child or another relative, but a grantor can choose multiple beneficiaries or institutions such as charities or schools. There can be current beneficiaries who are entitled to payments from the trust now, and future beneficiaries who are entitled to benefit from the trust in the future. If the trustee is a bank, lawyer, or other financial institution, a trust administrator will generally be assigned to your trust account to ensure proper administration. The trust administrator is also often called a trust officer. This option is not subject to probate like a will is.
Documents and tasks you may need when a loved one passes away: 1. 2.
Consult with an attorney Last Will and Testament, Living Will, Living Trust and other estate planning documents 3. Provide cemetery deed or proof of ownership 4. Copy of Birth Certificate 5. Several copies of the Death Certificate 6. Notify Social Security Administration 1-800-772-1213 7. Social Security number may be needed 8. Proof of Citizenship papers 9. Proof of Marriage Certificate 10. Insurance Claim Forms
11. 12. 13. 14. 15. 16.
Veteran’s Discharge Certificate DD-214 Veteran Financial Benefits Cease Social Security Settle ownership of investment statements Request copies of property deeds from the County Clerk Transfer auto titles or bills of sale from local Department of Motor Vehicle 17. File final income tax returns 18. Pay outstanding bills and cancel accounts for household 19. File claims for pension plans, credit unions and union death benefits
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation. Jacobowitz & Gubits, LLP offers legal services in over 30 areas of law including Estate Planning, Wills, Trust, Estate Litigation and Probate and Elder Law.
845-764-8828 jacobowitz.com 158 Orange Avenue, Walden, NY 12586 548 Broadway, Monticello, NY 12701
2022 SENIOR RESOURCE GUIDE ORANGE & SULLIVAN COUNTY