When it comes to protecting your assets from the costs of a long-term illness, such as a nursing home, the Medicaid Asset Protection Trust is a staple planning technique. It is an effective way to protect your home (and other…
Our partners Vincent J. Russo and Marie Elena Puma have once again been named “Super Lawyers” on the “New York Metro Super Lawyers” list. This is Vincent’s 11th year being recognized as a Super Lawyer and Marie Elena’s 2nd year receiving…
In order to be eligible for Community (“at home”) Medicaid benefits, you must meet strict financial eligibility standards. One component of the financial eligibility standard is meeting resource eligibility. To qualify for benefits, you must not have over $14,850 (2017)…
Long-term care insurance (LTCI) is an option for individuals who want to ensure coverage for long term care in the event of a catastrophic illness. There are basically three (3) ways to pay for long term care— (i) out of…
A living will is a document that sets forth your wishes concerning the extent of medical care you want to receive. It operates during your lifetime if you become unable to communicate your wishes at the time a healthcare decision…
Many times when I meet with clients to discuss Medicaid, their children come along with them. One of the most frequent questions I get asked by children is, "Well, mom put me on her checking account, so half of that is…
Recently, I was helping a couple with planning. Unfortunately, the husband passed away about two weeks ago. After he died, the family realized that he had one bank account that was in his name alone, with about $3,000 in it. They did not realize this before he passed, otherwise they would have taken care of it.
Many clients frequently come to me and ask if they should have a trust. Sometimes they are not even sure what a trust is and, more often than not, they do not understand how a trust works.
Although my mother always told me to never answer a question with a question (sorry mom!), my initial response is a question – what are you looking to accomplish by having a trust?
