Elder Law
The field of Elder law is a unique specialty in its combination of Trust and Estate Planning, Medicaid and Asset Protection Planning, legal guidance regarding capacity issues and Guardianships, Tax issues and Estate Administration.
Guardianships
A Guardianship is a legal proceeding whereby a person seeking the appointment of a Guardian (the Petitioner), submits an Order to show cause and petition to the Court, alleging that someone is in need of a Guardian (commonly referred to as an alleged incapacitated person-AIP).
Real Estate
Whether selling your own home or the home of a loved one who has died, it is a good idea to have an experienced real estate attorney involved from the beginning of the process. Issues may arise during the course of a sale that can significantly prolong or impede the process.
Estate Administration
Our attorneys handle all aspects of settling an estate, including guiding our clients through the probate or administration process, assisting fiduciaries in identifying and collecting assets, preparing all necessary estate, income and gift tax returns, and addressing the need for post-mortem tax planning, where appropriate.
Medicaid and Asset Protection Planning
Qualifying for Medicaid is the cornerstone of asset protection planning. It is essential to work with a qualified and experienced elder law attorney, capable of effectuating and implementing the best asset protection plan to assure the best results.
Medicare
If an individual is hospitalized for at least three of the thirty days preceding admission to a nursing home, Medicare may cover the expenses of the nursing home or rehabilitation center for the first 100 days.
Home Care
Most home care that is to be covered by Medicaid must be from a Medicaid-approved agency. Also, Medicaid's evaluation may result in approval of a lesser level of care or fewer hours of coverage than needed. The decision can be accepted in full, with private payment for the extra care needed, or the decision can be appealed.
Gift Taxes
Each individual is allowed to give another up to $11,000 per year without any gift tax liability. Anything over and above that amount per person accumulates during one's lifetime and once $1 million has been gifted away, there is gift tax liability.
Joint Bank Accounts
There is a presumption in New York that each joint tenant is the lawful owner of one-half of his/her share of the account.
Capital Gains Taxes
When an asset, such as a house appreciates in value, upon its sale, there can be a capital gain for which taxes will be due.
Asset Transfer With A Retained Life Estate
Retaining a life estate in real property reduces the value of the transfer for Medicaid purposes and, since the penalty period is based upon the value of the asset that is transferred, this would accordingly change the penalty period.
Estate Planning
Our experienced attorneys handle all aspects of estate planning, giving careful attention to the complex myriad of tax and financial issues that must be considered in planning an individual's estate.
Supplemental Needs Trusts
The purpose of all Supplemental Needs Trusts is to provide assets and income for the disabled person without causing that person to lose any government benefits such as Medicaid and Supplemental Security Income (SSI).
Skilled Nursing Facility Placement
As a result of our years of experience, we have developed a close working relationship with medical and elder care service providers. This relationship is based on our mutual understanding that experience and expertise in elder care and elder law are vital.
Personal Injury
Medical Malpractice
| To receive a free copy of A Simple Guide to Understanding the Complexities of Elder Law - a helpful booklet we distribute to our clients which contains definitions and explanations of some important terms - please contact us. |
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