A Person May Execute a First-Party Supplemental Needs Trust

Nassau County estate planning lawyerA person under 65 years old may create a first-party supplemental needs trust for income in excess of the monthly amount allowed by Medicaid. A person is entitled to fund this trust until the age of 65 years old and will be entitled to the resources in the trust until he or she dies. Furthermore, a first-party supplemental needs trust allows a person to designate a trustee to make payments on his or her behalf. It is worth noting that a trustee may be limited to the powers enumerated in the trust’s terms and conditions. Therefore, a person may choose to expand a trustee’s power or limit his or her power by setting forth specific guidelines.

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Establishing a Pet Trust Will Protect Your Furry Friend

pet trust lawyer Long IslandToday, furry friends have become part of the family. Recently, more pet owners are looking to ensure that their pets are taken care of in the event he or she becomes incapacitated or dies. One way to ensure that a beloved pet is taken care is to establish a comprehensive pet trust. A pet trust is a valid legal directive that provides protections to ensure that a pet is well taken care of in accordance with the owner’s wishes. Continue reading “Establishing a Pet Trust Will Protect Your Furry Friend”

Creating a Trust May be in Your Best Interest

Garden City estate planning lawyerA Last Will and Testament addresses how a person wishes his or her assets to be distributed upon their death. A Will sets forth detailed information regarding the distribution of any real property, vehicles, boats, tangible and intangible belongings, and often life insurance, among others. In addition, it may also designate certain assets to charitable institutions. It is worth noting that a Will can be revoked or replaced at any time and should be reviewed on a regular basis to reflect any life changes. Continue reading “Creating a Trust May be in Your Best Interest”

Duties and Responsibilities of a Trustee

Garden City estate planning lawyerIt is important for a named trustee to understand his or her duties and responsibilities. A trustee is responsible for safeguarding the trust assets for the settlor and his or her beneficiaries. A trustee has a fiduciary responsibility, which holds an individual to a higher ethical standard. A trustee shall adhere to the trust documents in order to remain compliant with the settlor’s wishes. In addition, a trustee should be aware that the failure to follow the terms of a trust document could result in their discharge and the forfeiture of commissions. Continue reading “Duties and Responsibilities of a Trustee”

Stretch Benefit For Retirement Assets

stretch benefit for retirement assetsToday, many individuals have retirement assets in the form of a 401K, Traditional IRA, or 403(b). In terms of retirement assets, it is important that the best interests of the designated beneficiary be taken into consideration, especially when the named beneficiary is a minor child or grandchild. It is important to never directly name a minor as a beneficiary on retirement accounts, annuities, IRA accounts, bank accounts or insurance policies. Directly naming a minor beneficiary could have negative consequences. Instead, a trust must be created and named for the minor’s benefit. Continue reading “Stretch Benefit For Retirement Assets”

Estate Planning to Protect Your Loved One’s Assets

Garden City estate planning lawyerIf a family member or loved one is currently receiving Community Medicaid and has a home in his or her name, Medicaid is entitled to issue a claim against the property upon his or her death. In accordance with federal law, a person receiving benefits from the New York State Medicaid program is subject to estate recovery for assets passed through probate. This means that once a probate proceeding occurs, the Department of Social Services is entitled to recover for the services provided to the deceased through the Medicaid program because the assets were in their name alone. Continue reading “Estate Planning to Protect Your Loved One’s Assets”

Mortgaging A Property In A Trust

Many individuals wonder if they can obtain a mortgage on real property that is owned by a Medicaid trust. Unfortunately, a bank will not likely offer a mortgage or home equity line of credit for property that is in an irrevocable trust. However, in New York State, a Medicaid trust that is irrevocable can be revoked. This means that an individual has the ability to remove the real property from the trust in order to receive a mortgage or home equity line of credit on the property. However, consent must be obtained from the beneficiaries of the trust. Obtain consent from those who are beneficially interested must comply with strict requirements. For this reason, it is important to have an experienced attorney provide assistance. Continue reading “Mortgaging A Property In A Trust”

Selecting A Trustee For A Special Needs Trust

special needs trust lawyer Long IslandA Special Needs Trust (SNT) preserves the assets of a person with special needs to support his or her lifestyle. An SNT allows the person to receive supplemental resources without jeopardizing his or her public benefits. Public benefits include Supplemental Security Income (SSI) and Medicaid benefits. An SNT is usually created by a parent or loved one for a child with special needs. Oftentimes, parents may find it difficult to select a trustee for the SNT that he or she is funding. A trustee is responsible for overseeing administrative decisions, including any distributions. Continue reading “Selecting A Trustee For A Special Needs Trust”

Protecting Loved Ones Against Elder Financial Abuse

Elder financial abuse is a form of exploitation against seniors and older persons that may include, but is not limited to, taking money, property or assets. Older adults who suffer from physical or mental disabilities, such as dementia, or experience feelings of isolation, loneliness or loss may be more susceptible to elder financial abuse. Continue reading “Protecting Loved Ones Against Elder Financial Abuse”