The Trust Lawyers Blog

Future Trends In Elder Law

Posted by Dave DePinto on Thu, Jun 30, 2016
A. Impact of the Baby Boomers’ Retirement

Anyone born between 1946 and 1964 is a Baby Boomer – the explosion in population during that time was the result of the homecoming of veterans after a five (5) year long WWII “male” absenteeism followed by the prosperity of the 50’s and 60’s.  The first of the boomer population just hit retirement age in 2011 and will over the next three decades be the new elderly and infirm.   

Half the population over age 85 currently needs some type of long term care for one or more chronic conditions so prevalent in contemporary societies.  These conditions are all unfortunately household words today:

Read More

Tags: Elder Law, Medicaid And Assets, Medicare, Health Care Reform, Guardianship

Asset Protection for the Elderly

Posted by Dave DePinto on Mon, Jun 13, 2016
I.PROTECTING THE RESIDENCE

           

a. Life Estates

 

            An estate is used to express the nature, duration or extent of an interest in land. A life estate is an estate which is measured by the life of a specified person, by the joint lives of two or more specified persons, of by the last survivor of two or more specified persons.[1] A right to use and occupy is not a life estate.[2]

 

Advantages of a Life Estate:

    1. Right to live in house.
    2. Removes remainder interest in the house from Medicaid estate after five (5) years of transfer. 
    3. Medicaid will only count the value of the remainder interest on transfer, which is a significantly lower value than if the whole were transferred. 
    4. Original owner still maintains full control of property and its management also retains Veterans and STAR tax exemptions.
    5. Full value is included in original owner’s estate for tax purposes, but remainderman still receive a full basis step up to fair market value upon death.[3]

Read More

Tags: Estate Law, Medicaid And Assets, Life Estates, Asset Protection, Advanced Elder Law, Elder Law, QTIP, Asset Protection for the Elderly

Elder Law Benefits

Posted by Dave DePinto on Fri, Jun 10, 2016

I. Impact of Medicaid Requirements in Drafting Trusts

Medicaid rules differ from the various types of trusts. Below are the three (3) different types of trusts and the impact of Medicaid requirements for each:

1. Revocable Trusts

According to 18 NYCRR §360-4.5(b)(2), the trust principal and income of a revocable trust must be considered an available resource. Payments made from a revocable trust to or for the benefit of the applicant/recipient must be considered to be available income in the month paid.

Read More

Tags: Estate Law, Medicaid And Assets, Elder Law, Elder Law Benefits

Advanced Elder Care

Posted by Dave DePinto on Fri, Jun 10, 2016

I. ABUSE BY RELATIVES, CAREGIVERS, POWERS OF ATTORNEY/GUARDIANS, OR TRUSTED OTHERS

1. Common Perpetrators  

Common perpetrators include "anybody" such as trustees/fiduciaries, children, family members, caretakers, home aides, nurses, attorneys, agents, neighbors, etc.

Read More

Tags: Estate Law, Medicaid And Assets, Estate Planning, Advanced Elder Law, Elder Law

Life Estates

Posted by Dave DePinto on Fri, Jun 10, 2016

I. LIFE ESTATES

1. Definition: 

    a. An estate is used to express the nature, duration or extent of an interest in land. A life estate is an estate which is measured by the life of a specified person, by the joint lives of two or more specified persons, of by the last survivor of two or more specified persons.[1]

    b. Right to use and occupy is not a life estate.[2]

Read More

Tags: Estate Law, Medicaid And Assets, Estate Planning, Asset Protection Trust, Life Estates, Asset Protection

Medicaid And Assets: 10 Questions To Ask Yourself

Posted by Dave DePinto on Tue, Mar 13, 2012

As you grow older, one of the most important things to think about is how you're going to handle long term care once you pass retirement age. This is especially important when considering if you're going to attempt to receive Medicaid to pay for these expenses.  

Read More

Tags: Estate Law, Medicaid And Assets, Asset Protection Trust, Asset Protection