It is ideal to put a plan in place well before any health crisis. The proper documentation and planning should be done, both to protect assets, and to make sure the appropriate people in your life are authorized and able to act on your behalf.
Are you prepared? Do you have the proper documents in place such as a living will, trust, a durable general power of attorney, or health care proxy? We can help and provide the clarity and peace of mind you need to get through these prospective challenges.
At Ely J. Rosenzveig & Associates, we are committed to helping our clients develop plans tailored to their particular needs and concerns, and that draw on the most innovative, cutting-edge legal strategies available to protect from the overwhelming costs associated with long term care and income, gift, and federal and state estate taxes.
Our firm offers unrelenting advocacy and a completely personalized, full-service approach to the entire range of elder law issues. We hold ourselves to the highest standards of professional competence and integrity in the field and do our utmost to ensure that we are completely responsive to our clients’ needs.
We boast an impressive record of success. Our clients come to us for a variety of matters including long-term care planning, asset protection, and transfer, nursing home placement, securing Medicaid home care, institutional benefits, negotiating Medicaid claims, and non-institutionalized or “community” spouse recovery.
For elder care legal advice and planning services, please contact Ely J. Rosenzveig & Associates, P.C. for a consultation.
Unlike Medicare, which is primarily for individuals aged 65 and older or those with specific disabilities, Medicaid is a need-based program. This means that individuals must meet specific income and resource limits in order to be eligible for Medicaid coverage. For nursing home residents, this often requires families to spend down their own resources on nursing home costs before finally qualifying for Medicaid.
However, it’s important to note that there are ways to be eligible for Medicaid and still preserve your family’s assets. This is where Medicaid planning plays a crucial role. Medicaid’s financial regulations can be complex, and it can be beneficial to seek guidance from experienced professionals, such as Ely J. Rosenzveig & Associates, who have decades of experience helping families navigate the Medicaid planning process.
By understanding and following Medicaid’s guidelines for nursing home care, families can ensure that their loved ones receive the necessary long-term care without depleting all of their financial resources. Medicaid coverage is a vital resource for nursing home residents, and exploring options for Medicaid planning can help families manage the financial aspects of nursing home care effectively.
The “look-back” period for Medicaid eligibility refers to a span of five years prior to the application date. During this period, any assets that have been transferred for less than their market value can lead to a period of ineligibility.
Ely J. Rosenzveig & Associates will consider strategies such as spousal refusal, disinheritance, or a gift-back program as they design an asset protection strategy for you. These strategies can help you avoid the Medicaid “look-back” period for transferring assets to family members.
Can Ely J. Rosenzveig & Associates provide personalized assistance in long-term care planning?
Yes, Ely J. Rosenzveig & Associates offers personalized assistance in long-term care planning. They can help you navigate the complexities of elder law issues, including long-term care planning, asset protection, nursing home placement, securing Medicaid benefits, and negotiating Medicaid claims. When planning for long-term care, Ely J. Rosenzveig & Associates helps you take stock of critical factors such as your health, your finances, and your objectives. Considering these factors is essential in designing an asset protection strategy tailored to your family’s needs.
How can assets be protected while qualifying for Medicaid benefits for nursing home care?
Ely J. Rosenzveig & Associates can craft asset protection strategies to meet your family’s unique needs, preserving significant assets while still qualifying for the Medicaid benefits that most families rely on for nursing home care.
Importance of Having a Will: In New York, if you pass away without a will, the state’s intestacy laws will determine how your assets are distributed. This may not align with your specific wishes, making it essential to create a will that clearly outlines your desired distribution of assets.
Impact of State Laws: Dividing assets in New York involves various factors and can be a complex process. State laws govern the distribution of assets, and without proper planning, it may not be straightforward to ensure your assets are distributed how you intend them to be.
Utilizing Trusts: Trusts are valuable tools for estate planning in New York. By creating a trust, you can protect your assets and ensure they are distributed according to your wishes. Trusts may be used for various purposes, such as protecting assets for beneficiaries with special needs or for minors.
Revocable Living Trust: A revocable living trust allows you to appoint a trusted individual to manage your affairs during your lifetime and distribute your significant assets to beneficiaries after your death, bypassing the probate process. This type of trust provides flexibility and control over the distribution of assets.
Avoiding Probate: Probate is a time-consuming and potentially costly process in which the court oversees the distribution of assets after death. By utilizing trusts in your estate plan, you can potentially avoid probate, allowing for a more efficient and private transfer of assets to your chosen beneficiaries.
Protecting Assets for Beneficiaries: If you have beneficiaries who may not be capable of managing their inheritances, such as minors or individuals with disabilities, trusts can protect and manage these assets on their behalf. This ensures that the assets are used in a manner that best supports the beneficiaries’ needs and safeguards their long-term financial well-being.
Regularly Reviewing and Updating Your Estate Plan: It is important to review and update your estate plan regularly, especially if significant life events occur, such as marriage, divorce, the birth of children, or changes in financial circumstances. Regular reviews ensure that your estate plan accurately reflects your current wishes and circumstances.
What are some non-probate assets that need to be considered in estate planning?
In estate planning, it is crucial to consider non-probate assets. These may include accounts with designated beneficiaries, such as retirement accounts and life insurance policies, which pass directly to the named beneficiaries outside of the probate process. These assets should be reviewed and accounted for in your estate plan to ensure they align with your overall distribution wishes.
Will the lack of an effective estate plan effect my family?
The lack of an effective estate plan can lead to disputes among heirs, causing unnecessary strife and expense for your family. Without clear instructions and guidelines, different family members may have conflicting interpretations of your intentions, leading to conflicts and legal battles.
What factors should be considered when creating a will?
When creating a will, it is important to carefully consider various factors. This is particularly crucial when there are children from a prior marriage. Additionally, you must take into account accounts with designated beneficiaries that do not pass through probate and assess the fair market value of assets such as real estate.
What happens if you die without a will?
If you die without a will, state law will determine how your resources are divided among family members. This may not align with your preferences and wishes regarding the distribution of your assets.
In conclusion, estate planning in New York involves considering the importance of having a will, understanding state laws that govern asset distribution, utilizing trusts for various purposes, such as avoiding probate and protecting assets for beneficiaries, and regularly reviewing and updating your estate plan to reflect changes in circumstances.
By engaging in thoughtful estate planning, you can ensure that your assets are distributed according to your wishes and provide for the well-being of your loved ones.