Elder Law Attorneys in Brooklyn, NY

You have worked hard throughout your life to build up your estate, so it is important to do everything you can to protect what you have earned. Part of any good estate plan is going to be an evaluation of your exposure to creditor liabilities or litigation risks. There are many different threats to your assets, and planning for all of them can be difficult. Our team can help by analyzing your particular situation and taking steps to protect your family from the most likely risk that may present itself.

Asset protection strategies involve analyzing your exposure and coming up with the best plan to minimize loss of assets, when done properly, we’ll find the right balance between protecting your assets and still having them available to you when they are needed. We’ll also help ensure that these strategies can be updated over time to keep them in line with your needs.

Asset protection should go hand in hand with your overall estate planning. As you get older and your exposure risk increases, there will be more and more options available for protecting the assets you own. Once your initial estate plan and asset protection strategies are in place, you should make sure they are updated every few years.

For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits.
When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, it’s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home.
While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, it’s best to contact a New York Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met.

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Over the years, our legal practice has continued to rapidly expand into several additional complex and sophisticated areas in which we had advised many clients, including, but not limited to: international tax and wealth preservation planning; family business succession planning; tax and estate controversies; corporate and partnership business structuring; marital planning; and income tax planning for closely held businesses and real estate clients.

Additionally, some of our attorneys serve as legal advisors to many prominent charitable organizations and have developed a niche practice in the complicated area of charitable planning and the structuring and operations of nonprofit organizations under the federal and state laws dealing with complex issues including, lobbying, advocacy, unrelated business income tax, joint ventures, avoiding excise taxes and foreign charities.

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