An Elder Law Attorney Can Help You Plan Today for Tomorrow
Elder law is a combination of numerous legal practice areas such as trusts, estates, estate administration, tax, long-term care planning, and special needs planning. An experienced lawyer can help you with all of the legal ramifications whether you are enjoying or about to enjoy your retirement.
An elder law attorney is instrumental in applying various asset protection techniques, assisting clients in preserving their assets in order to qualify for or maintain Medicaid and pay for long-term care costs. Without an adequate asset protection plan, long-term care costs may be cost prohibitive. An elder law attorney is not only for older generations, but is also an estate planning attorney and regularly crafts estate plans for all types of families whether for tax planning purposes, asset protection, or planning for disabled or minor children.
In many instances, the implementation of such techniques commands the experience of an attorney also knowledgeable with tax matters. For instance, it is impossible to prepare a Medicaid Trust for a client without also being able to advise the client of the tax consequences of creating such a trust. Proficiency in the tax law is also imperative where the client is being advised to transfer assets in order to qualify for Medicaid.
Our elder law attorneys are proficient in preparing Wills, Trusts, Powers of Attorney, Health Care Proxies, and other estate planning documents for various types of clients ranging from young adults to those in immediate need of a nursing home or in-home care.
Over the years, our attorneys have been providing information for elder law planning to our clients, providing them piece of mind, calming any fears they may have and more so that our clients may live out their later years safe in the knowledge they will be taken care of.
We can help develop the proper legal documents to deal with these possibilities and more, and we can provide the answers you need to protect you, your loved ones, and your nest egg.
Elder Law Changes Happen Constantly
Our attorneys ensure that the elder law legal advice they provide you is up to date and that their legal advice is based upon the latest elder law changes. Our attorneys can provide you and your loved ones with the most relevant advice for your situation.
We regularly practice in Westchester County, Rockland County, Putnam County, Dutchess County, Orange County, New York City (Manhattan, Queens, Brooklyn, Staten Island, Bronx), Nassau County, and Suffolk County.
Wills, Trusts and Estate Planning
You work hard all your life to save for your retirement, a rainy day, and to insure that you can pass your savings on to your loved ones. Worrying about estate taxes and ensuring that there is enough money to care for your family after you have gone and that the estate planning documents you created reflect your wishes properly should be the least of your worries.
An elder law and estate planning attorney can you help plan your estate through the use of wills and trusts so you feel confident that your wishes are executed properly and your family and loved ones are protected.
Protect Your Assets, Minimize your Taxes
Many people are unsure whether a Last Will and Testament (“Will”) is sufficient to accomplish their estate planning goals and objectives or if, for example, a Revocable Trust (“Trust”) is the more pertinent planning technique. A Will must be probated upon the death of an individual unless all of the assets of the decedent pass by operation of law (e.g. joint accounts or accounts having beneficiaries). A Trust does not need to be probated. However, it carries an administrative burden during your lifetime and for a Trust to be effective all of your assets must be transferred to the Trust during your lifetime such as your bank accounts, house, etc.
Whether you are planning your estate or want to create a Will or Trust, we use these tools...
Some of the Estate Planning tools at our disposal include:
- Revocable Living Trusts
- Irrevocable Life Insurance Trusts
- Irrevocable Medicaid Asset Protection Trusts
- Estate Administration
- Probate Proceedings
These are just a few of the estate planning tools at our disposal when addressing your planning and financial situation.
It is also important to understand that while protecting and preserving your savings are important, it is also important that your documents are in order to properly handle your health care and financial affairs.
Whether you currently have an Estate plan or have questions about your Estate plan, we have the experience and knowledge to help you choose the right plan to protect your assets and minimize your tax consequences.