It's not necessary for anyone in New York weighing their estate-related options to have substantial assets to benefit from this type of proactive planning. Yet, according to the American Association of Retired Persons (AARP), more than half of all adults and millennials do not have basic documents like a will or living trust.
Many New Yorkers will need long-term care at some point in their lives. Unfortunately, it is prohibitively expensive for most people and can cost thousands of dollars per month. It is possible for some older adults to qualify for Medicaid to pay for the cost, however. One way that middle- and upper-income adults can potentially qualify for Medicaid for long-term care is through Medicaid trusts.