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Asset Protection and New York Elder Law
Each Littman Krooks New York, Westchester and Dutchess Asset Protection attorney will help your family plan, for the possibility that a family member may need long term care. Each Littman Krooks Manhattan,Westchester and Dutchess Asset Protection attorney will recommend an Asset Protection strategy to meet the costs of long-term care while protecting your assets.
- Information Gathering
During your Littman Krooks planning session, our Asset Protection attorneys will gather information from you regarding your (and if applicable, your spouse’s) health, finances and family objectives.Based on the information, our experienced New York,Westchester and Dutchess Asset Protection attorneys will create a Plan tailored specifically to you and your situation. The Plan reviews in detail the options available to you to finance long-term care. During this stage, our experienced New York,Westchester and DutchessAsset Protection attorneys review with you Medicaid Law and explain how your assets will be counted for Medicaid eligibility purposes. At this stage, a Littman Krooks Asset Protection attorney will review any financial transfers affected by the ‘look-back’ period and the impact on you.
- Analysis
Based on your individual situation, a Littman Krooks Asset Protection attorney will review certain asset protection tools, including:- right of spousal refusal;
- disinheriting an ill spouse;
- commencing a gift-back program.
- A Littman Krooks Asset Protection attorney will also review the benefits and income you would be entitled to if you apply for Medicaid benefits. A Littman Krooks Asset Protection attorney will review all Medicaid options and determine the amount of resources you are entitled to retain under Medicaid standards.
- Recommendations
The primary objective of the Plan is to protect your hard-earned assets. Of course, we will also take into consideration the income tax consequences as well as the estate and gift tax consequences of any recommendations. We will create a strategy to protect your assets from the costs of long-term care.Each situation is different, but recommendations may include:
- gifting programs;
- funding certain trusts;
- deed transfers.
They can also include:
- pre-paid funeral accounts which spend down your assets and allow you to qualify for Medicaid benefits; or
- private pay of long-term care through long-term care insurance.
- Implementation
Once we have presented the plan and our recommended strategy, we will help you implement the plan by drafting the appropriate legal documents, completing and submitting a Medicaid application, if appropriate, and working together with you and your other professional advisors.
How a Littman Krooks New York Elder Law Attorney can help
An experienced Littman Krooks Asset Protection attorney will:
- Protect assets from estate taxes and cost of long term care
- Assist you with application for Medicaid and SSI benefits
- Recommend asset protection tools, i.e., Right of Spousal Refusal; commencing a gift-back program
- Analyze tax consequences
- Draft appropriate legal documents
- Complete and submit Medicaid application, if appropriate