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In This Issue
Firm News
 Vote for Dana J. Finkelstein for Best Divorce Lawyer!
Legal News
Elderly Population and Financial Abuse
Limiting An Agent's Power In A Health Care Proxy
Stretch Benefit For Retirement Assets
Spousal Refusal
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Vote for Dana J. Finkelstein for Best Divorce Lawyer!
Dana J. Finkelstein, Of Counsel, Blodnick Fazio & Associates, has been nominated for the Long Island Press Bethpage Best of Long Island in the category of Divorce Lawyer. To cast your vote, click here, scroll down to Divorce Lawyer, and choose Dana J. Finkelstein. You can vote for one nominee in each category per day. Voting ends on December 15.
Elderly Population and Financial Abuse
Recent reports have found that elder financial abuse is on the rise and almost one million elderly people will be targeted this year. The elderly population in America is most vulnerable to financial abuse, scams, and investment fraud. Fifty-five percent of these cases involve family members or caregivers.
If you have an elderly family member or loved one, there are certain steps you can take to reduce the chances of him or her becoming victim to financial abuse, such as having more than one family member involved in their care and screening caregivers prior to their being hired.
Limiting An Agent's Power In A Health Care Proxy
A health care proxy is a written, signed document designating an agent who will make medical decisions for an individual in the event that a physician deems them incapacitated. The designated agent will then be authorized to make healthcare decisions on his or her behalf. When selecting an agent to make medical decisions, he or she should be someone that is trustworthy and will adhere to a person’s wishes.
Stretch Benefit For Retirement Assets
Today, many individuals have retirement assets in the form of a 401K, Traditional IRA, or 403(b). In terms of retirement assets, it is important that the best interests of the designated beneficiary be taken into consideration, especially when the named beneficiary is a minor child or grandchild. It is important to never directly name a minor as a beneficiary on retirement accounts, annuities, IRA accounts, bank accounts or insurance policies. Directly naming a minor beneficiary could have negative consequences. Instead, a trust must be created and named for the minor’s benefit.
Spousal Refusal
A common misconception is that a community spouse must spend down all of his or her assets due to an institutionalized spouse requiring nursing home care before Medicaid benefits will be available. Medicaid is a means-test program that entitles individuals to benefits including Chronic Care Medicaid. Chronic Care Medicaid covers care that is provided in a skilled nursing facility. Because Medicaid is a need-based program, certain income and asset requirements must be met in order to be eligible for the benefits.
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