An integral part of our practice involves planning with the assets of individuals who are disabled or have special needs. These individuals are usually persons who have developmental disabilities, mental illnesses, or who suffer from other severe and chronic or persistent disabilities. We commonly refer to these individuals as supplemental needs beneficiaries and the primary…
At some point, most people experience that enlightening moment when they realize there is a risk of losing their assets if they fall ill and require long-term care. Some will contact an elder law attorney and receive sound advice; others will contact their friends and relatives, who after all, usually know more than most attorneys…
The look-back period is very different from the penalty period and as always the rules are different depending on whether you are seeking Medicaid to cover the cost of homecare or nursing home care. Conceptually, the look-back period is the period where asset transfers may impact your eligibility for Medicaid. The penalty period is the…
Estate planning documents need to be regularly reviewed. I often tell clients to review their estate plan every three to five years or upon the occurrence of a significant life event such as a birth, marriage, divorce or death. Documents should also be reviewed for changes in the law. One of the benefits to connecting…
Many people are unsure as to whether a Last Will and Testament (“Will”) is sufficient to accomplish their estate planning goals and objectives or if a Revocable Trust (“Trust”) is the more pertinent planning technique. Adding to the uncertainty is the plethora of propaganda disseminated by attorneys who promote trusts. Both serve a purpose but…
In Yorktown, NY and the surrounding community, I often see the homestead as the single most valuable asset of an estate. The “American Dream” is to own a home, create memories there, and one day, leave it to your children. However, without proper planning, the dream can soon turn into a nightmare if nursing home…
In a perfect world, everyone would craft an estate and elder care plan well in advance of having to implement it˗ but the world isn’t perfect! I have had the opportunity to work on a fair amount of cases where clients, who had no estate or elder can plan, fell ill or became disabled. In…
Over the years, I have found that one of the biggest obstacles preventing clients from pulling the trigger on a Medicaid Trust is the perception that all control is lost over the assets being transferred to the trust. While it is true that legal title to the assets must be transferred to the trustee, a…
PLANNING FOR THE NEEDS OF A DISABLED PERSON According to the Centers for Disease Control and Prevention (“CDC”), approximately 20% of U.S adults are disabled. A growing number of people between the ages of 45 and 64 are becoming disabled. Some argue that the recent economic downturn, coupled with caring for adult parents and young…
