The Durable Power of Attorney: Medicaid Planning Tool | Benjamin Katz
Betty Jones, a 75 year old suffering Alzheimer's, was recently hospitalized after a fall. She broke her hip and is no longer capable, either physically or mentally, of taking care of herself or her finances. Medicare has covered most of her hospitalization and medical bills but there is a balance of a few thousand dollars and the hospital wants to discharge her to a nursing home for her continued care. She owns a one-family home, has $150,000 in the bank and $300,000 in investments. She did no estate planning, has no Will, gave no one a Power of Attorney or a Health Care Proxy. Her husband passed away several years ago and she has two children, Bobby and Karen, who have no access to any of her accounts and do not have the personal resources to pay for her ongoing care. Unfortunately, this is not an uncommon situation. Under these circumstances, the only avenue that Betty's children have is to bring a petition in Court for Guardianship under Article 81 of the Mental Hygiene Law.
Post to Tumblr