Asset Protection Lawyer Serving Long Island & NYC Areas

Tully Law Group is a Long Island law firm dedicated to elder law and elder care issues. Estate Planning, Asset Protection, LIfe Care Planning, and Medicaid benefits have been the focus of what we do for 25 years.

We are located at 532 Broadhollow Road, Melville NY 11747. Click below to call us to schedule a free consultation about your estate planning concerns, or use our Contact Form to email us.

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Asset Protection planning can ensure that you get the health care you need while preserving income for yourself and assets for your heirs.

Long-term health care is expensive, whether it is provided in the home or in a nursing home. For many people with a home and some assets, much or even all, of those assets might have to be used to pay for health care if those assets are not protected.

However, there are legal strategies that can protect your income and assets. The most important strategy is called the Irrevocable Asset Protection Trust. The purpose of this trust is to retain income for you while protecting the assets for your spouse, children or other beneficiaries should Medicaid be required to pay for long-term health care in the future.

Benefits of an Irrevocable Asset Protection Trust enable you to:

  • Qualify for Medicaid benefits to pay for long term health care
  • Put your primary residence in the trust while maintaining exclusive right to occupy and enjoy your home
  • Continue to enjoy income and capital gains tax benefits
  • Avoid probate
  • Change your beneficiaries
  • Maintain real estate tax exemptions
  • Sell assets of the trust – for example, the trust can sell your home and buy another one for you

When is the right time to consider an Irrevocable Asset Protection Trust?

If protecting your assets is important to you, the ideal time to plan your long-term care is at least five years prior to your anticipated need for care. Medicaid for nursing home care has a 5-year “look back” and Community Medicaid will soon have a 30 month "look back" so those who have established a Trust more recently might not qualify for Medicaid Benefits. The Irrevocable Asset Protection Trust is the cornerstone of our Elder Care Protection Plan services. We would be happy to consult with you to determine if an Elder Care Protection Plan would be appropriate for your needs and if so, the best timing to complete the plan.

What is the full scope of services for our Elder Care Protection Plan?

The implementation of our Elder Care Protection Plan would consist of estate and incapacity planning, asset protection with the Irrevocable Asset Protection Trust and finally, help the client and family prepare for long term health care in the future together with all of the advice and support from the team at Tully Law Group through the entire process.

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