By creating a special needs trust, you can establish a firm financial future for someone with disability. If you currently provide financial support for a child, grandchild or other individual who needs special assistance, you have the option of transferring assets, such as real property and funds into a special needs trust. It will secure long-term support for your...
Continue ReadingMost people know that a will is a written document providing the last wishes of a person. It will detail how the person’s property will be given to his or her heirs. However, there are things many do not know about how a will is created or how it is used. 1. If a Person Dies Without a Will,...
Continue ReadingGovernor Cuomo recently accepted proposals from New York’s newly created Medicaid Redesign Team (“MRT”). While it is early in the process, and the proposals may not be implemented in their present form or at all, budgeting pressures at all levels of government make it likely that some changes in the Medicaid program will occur. Here are a few of...
Continue ReadingNote: Medicaid Law Update – October 2021 New York finally adopted several regulations that imposed a major change in Medicaid eligibility. These regulations also introduced a “look-back” period into New York’s state’s Medicaid program. A 30-month look-back provision gives the state the power to review the financial statements of anyone who is applying for home health care, private nurses,...
Continue ReadingThe cost of a Nursing Home in Long Island is generally $12,000 – $15,000 per month. This cost can deplete savings very quickly. As a result, proper planning is extremely important. There are three ways to pay for a Nursing Home. First, one can use their savings. Clearly not a great plan – especially if your spouse must rely...
Continue ReadingA Case Study in protecting your assets against the cost of long term care Mr. and Mrs. Watson are in their mid-seventies. Mr. Watson recently fell and injured his hip. He is home from re-hab and is doing better, but may require assistance in the coming years. Additionally, Mrs. Watson has just been diagnosed with the onset on Alzheimers....
Continue ReadingProbate is the process by which a Last Will & Testament is declared valid. When an individual passes away the named executor of the Will must file a Petition, along with the original Will, with Surrogates Court in the county where the decedent resided. Included with the Petition, the Executor must satisfy certain requirements. One such requirement is to...
Continue ReadingNew parents have many things to think about. Is it a boy or a girl? How do we decorate the nursery? Day care or a nanny? Some of the most important questions, however, are put on the back burner because most new parents either choose not to discuss them or can’t come to any conclusions with their spouse. Guardian...
Continue ReadingFor those in second marriages, Estate Planning can pose many different issues. This is because spouses may have to provide for their new spouse, their new spouse’s children, and their own children from the previous marriage. If you are marrying later in life and already have substantial assets, this can make the situation even more difficult and complex. One...
Continue ReadingHow to protect your excess income when receiving community Medicaid A Pooled Income Trust is an option for a disabled individual who has excess income while receiving Community Medicaid Benefits. Here is how it works: Recipients of Community Medicaid – those who receive the assistance of a home health aide – are allowed to keep $787 per month of...
Continue ReadingBy Andrew M. Lamkin, Esq. On January 27, 2009, Governor Patterson signed into law revisions to the New York laws which powers of attorney. The news laws became effective on September 1, 2009. Many of the changes substantially affect the power of attorney. It is not surprising that, during the execution ceremony, my clients have had many questions regarding...
Continue ReadingAn additional pension for qualifying veterans Recently I have had many clients come to my office with a similar problem. They have had to hire a home health aide for their parents or place them into an assisted living facility. The problem that my clients, typically the adult children of a disabled senior, have is that their parent’s income...
Continue ReadingBy Andrew M. Lamkin, Esq. Clients came to my office for advice on how to make arrangements for their 5-year-old son. Their son is autistic and their situation is common to parents who have children with disabilities. Two major problems exist. First, when a disabled child turns 18, the parent loses the ability to make medical and financial decisions...
Continue ReadingBy Andrew M. Lamkin, Esq. On February 8, 2006, President Bush signed into law the Deficit Reduction Act of 2005 (DRA). The Act reduces federal entitlement spending for Medicaid, among other federal programs. The Medicaid program pays for services for disabled seniors who meet the eligibility requirements. Most commonly, Medicaid pays for the cost of home health aides and...
Continue ReadingThe International Network for the Prevention of Elder Abuse (INPEA) has announced that World Elder Abuse Day 2010 is June 15. According to INPEA somewhere between 4% and 6% of the elder population suffer some form of abuse in the home and even more at risk of abuse in institutions such hospitals and nursing home. Risk factors for elder...
Continue ReadingGrantor Trusts Any Trust which is created by an individual and where the individual transfers assets to the trust and the assets remain in the trust for the lifetime enjoyment of that individual. The Individual is referred to as the Grantor. Examples of Grantor Trusts and the various Tax implications of each Revocable Trust – Trust whereby the Grantor...
Continue ReadingA few months ago, I met with a client who wished to update his Last Will and Testament and learn how to protect his assets against the cost of Long Term Care. He was widowed, had a partner of 10 years and two children from his previous marriage. He was 85 years old. His assets included his primary residence...
Continue Readingby Rosemarie Davidson One of the challenges people face when moving to a smaller space is trying to figure out the best way to downsize their homes. Today, there are more options than ever, including online auction sites, charitable donations, traditional garage sales and estate sales. “The way individuals choose to get rid of their possessions can be a...
Continue ReadingFor many of us, every day is a chance to promote Down syndrome awareness—advocating for our children to be included in school and community activities, highlighting their talents, giving them opportunities to show just how much they have to share. The calendar, however, provides us with one month during the year when we can really step up those efforts....
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