Estate planning is all about anticipating the unexpected. Life insurance is all about protecting those you love when the unexpected occurs. Including a life insurance policy in your estate plan can provide financial support for your family and reduce tax burdens. Life Insurance Plan: How Can It Complement with Estate Planning? Incorporating life insurance into your estate plan offers...
Continue ReadingMedicaid is the single largest source of health coverage in the United States. About 80 million Americans are currently enrolled in Medicaid. If you are considering applying for Medicaid, you may be wondering, Can I pass the income assessment of a New York Medicaid? In this blog, we discuss the requirements for the income assessment for Medicaid in New...
Continue ReadingOf all the awkward conversations to have with your parents, discussing their death might top them all. However, talking about estate planning with parents and retirees is important and necessary. In this blog, we discuss the importance of an estate plan and share tips on having this important conversation with your mom and dad. If you need someone to...
Continue ReadingFor most people, probate is an unfamiliar process that they are suddenly faced with after losing a loved one. In the midst of grieving, you’re trying to navigate a legal proceeding that involves paperwork and deadlines. That’s where a probate lawyer comes in. At the Law Office of Andrew M. Lamkin, P.C., we help families in New York through probate...
Continue ReadingCaring for an aging parent can be emotional and bring up old, unresolved issues between family members. It is not uncommon for families to disagree on what their mom, dad, or grandparent needs. Everyone has a different opinion and solution. Not only can these disagreements damage family relationships, but they may be detrimental to the elderly person’s care. With...
Continue ReadingYou spend your whole life building wealth and gaining financial stability so you can breathe easier as you near retirement. Without protecting your assets, you might be left holding your breath instead. Asset protection planning uses financial and legal strategies to safeguard your assets from creditors, lawsuits, seizure, and taxation. When you create a solid asset protection plan, you...
Continue ReadingAs of September 2021, 3,703,618 New Yorkers were enrolled in Medicare, and 7,213,006 had Medicaid. While you’ve probably heard of both Medicare and Medicaid, they are two different programs that help you pay for healthcare. Each program provides different benefits and has different costs. Your attorney can help explain the advantages and disadvantages of each program based on your...
Continue ReadingNo one likes to talk about what will happen after they die. Still, knowing that your assets will be distributed the way you wish and that your family will be cared for after your death can be a massive weight off your shoulders. Although many people believe that estate planning is very important, only 40% of Americans had a...
Continue ReadingIf you want to afford doctor’s visits and hospital care as you get older, you should know about enrolling in a Medicare health plan. While the tax penalties for failing to have health insurance ended in 2019, it’s still important to have coverage to protect your savings, home, and other assets. One study found that a person who did...
Continue ReadingThe Medicaid program can help you pay for nursing home care or home healthcare as you grow older. Most people pay for care out of savings, then apply for Medicaid once their assets are “spent down.” Of the 294 surveyed Medicaid applicants approved in 2012, 14% had over $100,000 in total resources. Therefore, estate planning and Medicaid go hand...
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