Yes, a trust can buy a house. Many Brooklyn residents use this powerful estate planning tool to protect their assets, streamline the inheritance process, and maintain privacy. In this way, by holding title to real estate in trust, a person can ensure that the property will be managed according to their wishes and passed down...Read More
A Medicaid Asset Protection Trust, or MAPT, is a specialized trust designed to preserve assets for loved ones rather than spending them on nursing home care or home health aide services. Think of a MAPT as a safe with an instruction manual and a countdown timer. How Does a Medicaid Asset Protection Trust Work? Let’s...Read More
You’ve spent a lifetime building your legacy, but now you’re tossing and turning at night, worried about how your heirs might handle it. As an elder lawyer, I’ve sat across the desk from countless clients who share these concerns. They wonder: Will my wishes be respected? Could one of my children challenge my decisions? Might...Read More
Understanding what is the purpose of a trust account is essential for individuals setting up an estate plan. A trust account allows assets to be securely managed according to specific legal instructions, ensuring they are distributed properly to beneficiaries. For those establishing a trust in NYC, setting up a dedicated bank account in the trust’s...Read More
As an elder lawyer in New York, I’ve noticed a recurring theme when helping families navigate the downsizing process. Parents often struggle to part with possessions because they hope to pass them down to their children. Yet when meeting with adult children after their parents’ passing, we frequently hear a different perspective: they feel overwhelmed...Read More
I often meet grandparents who want to financially support their grandchildren while ensuring their generosity doesn't inadvertently create complications. Whether considering college funding or creating a lasting financial legacy, strategic planning can help maximize your gift's impact.Read More
We’re tackling a situation many families face with little warning: what to do when a family member unexpectedly enters a nursing home. If you’re in this situation, you may be overwhelmed by questions about costs, eligibility for assistance, and protecting family assets. This is where crisis planning becomes essential. The Financial Reality of Nursing Home...Read More
A Pooled Income Trust is a valuable financial tool for individuals who need to qualify for Medicaid in New York while still maintaining control over their excess income. As of 2024, Medicaid eligibility in New York is determined based on the applicant’s assets and income. There is a set income limit for eligibility, and if...Read More
As a grandparent, you’ve probably spent countless hours doting on your grandchildren, showering them with love, and creating precious memories. But have you considered how you can continue to support and protect them long after you’re gone? As an estate planning lawyer, I’ve seen firsthand how grandparents can play a crucial role in securing their...Read More
The decision to place a parent in a nursing home rarely comes easily. Apart from the emotional toll, significant financial and legal adjustments are often necessary. While immediate well-being takes priority, it’s vital to safeguard your parent’s assets and long-term care needs with proactive estate planning. Questions to Guide Your Consultation Elder law attorneys focus...Read More
