As we age, our physical, emotional, and financial needs change. Our legal needs change, too, and it is important to consult a well-practiced attorney for help understanding all the steps you need to take to prepare for the coming years both legally and financially.
The Melville elder law attorneys at Tully Law Group, PC, are committed to meeting your needs, whatever they are. We offer asset protection, estate planning, and Medicaid planning for families striving to ensure a loved one has access to the necessary healthcare they need while preserving as much of their accumulated assets as possible.
Estate planning is more than creating a will or buying life insurance. Instead, sound estate planning can minimize tax liabilities, protect many assets from creditors, and avoid the costly and time-consuming probate process, which happens when a deceased person leaves assets to distribute without a clear plan in place.
A will is an important part of an estate plan, but it is only one component. For many families, one or more trusts are also useful. For example, New York Estates, Powers, and Trusts Law § 7-1.12 allows the establishment of a supplemental needs trust to provide funds for a disabled loved one while maintaining their eligibility for government support and services. A Medicaid asset protection trust can ensure that a family will not need to dissipate its wealth to pay for a nursing home.
An effective estate plan is tailored to the family. Our Melville elder law attorneys could design an estate plan that furthers a family’s goals, mitigates risks, and is appropriate for their needs now with the flexibility to change as their situation evolves.
Everyone’s assets are vulnerable to certain risks. Many transactions and transfers of wealth have tax implications. Part of an attorney’s job is ascertaining the risks a family is most likely to encounter and taking steps to avoid or minimize them.
The structure and timing of property transfers can minimize tax liability. In addition, sometimes people are concerned that their children are not responsible with money or that a divorce might result in some of their wealth being acquired by an ex-spouse. Our elder law attorneys in Melville could suggest ways to keep wealth in the family and prevent a loved one from dissipating their inheritance.
Almost everyone who enters a nursing home on a permanent basis will need to apply for Medicaid benefits. Even the best private insurance combined with Medicare cannot provide enough to cover nursing home charges over the long term.
Proper planning can help a family limit or eliminate their out-of-pocket costs for long-term care. Establishing an irrevocable Medicaid asset protection trust can allow the family to retain their home and many assets as well as provide some luxuries to the nursing home resident. Even when the need to admit a family member to a nursing home is urgent, there are ways to help the family access care while preserving some of their assets. A Melville attorney from Tully Law Group, PC, could walk a family through all their available options for elder care so that they feel confident in their choices.
Life care planning is a holistic approach to elder advocacy that combines asset protection, Medicaid planning, and support for the infirm family member and caregivers. Our team approach includes legal professionals as well as geriatric social workers and a nurse who could help elders and their caregivers navigate the often-confusing healthcare landscape.
Our Melville legal team is available to help patients and family members make the emotional adjustment required when a loved one requires long-term elder care. They can also advocate on behalf of a patient to ensure they are treated well in the nursing home and receive quality services and support.
Aging can require a person and their family members to make difficult decisions. Having counsel from a team that is dedicated to improving the quality of life of older adults and preserving their assets can make the hard choices easier.
Contact a Melville elder law attorney when you need help planning for the future. We are available to talk about any questions you might have about this process during an initial consultation.
