Elder Law

With our aging “baby boomers,” of which I am one, this is an area of the law which focuses on helping people plan for the possibility of having to have long term care, usually in a skilled nursing facility. Specifically it’s about designing legal strategies in dealing with the very high cost of this care, $11,000 or more per month, should you wish to be able to provide for a loved one upon your death without having to spend your entire life savings on these services. Planning well ahead of time is the best strategy of course but I can also help design a strategy to be able to provide for a loved one should you or your spouse suddenly need long term care. I can help you preserve approximately 1/2 of your estate with crisis planning.

Proper Planning requires understanding the following:

Long Term Care Insurance

  • Coverage amounts, elimination periods and duration
  • New York Partnership Insurance Policies

Medicaid Planning

  • Resource Exemption of $14,850
  • Income Allowance of $50 per mouth
  • Spousal allowances – Resources up to $119,220 and Monthly Income of $2,980.50

Transfer Rules

  • Permitted Transfers
  • Look-Back Period – up to 5 years prior to Medicaid qualification
  • Penalty Period – one month for every $11,145 gifted

Living Trusts

  • Allows you control over how your estate is handled , now, and after your death
  • Avoid probate
  • Protect children from a previous marriage
  • Protect assets in case of nursing home care or a Medicaid application.
  • Avoids guardianship proceedings in the event of incapacitation
  • Can protect assets from creditors