Frequently Asked Questions About Elder Law
Answers From New York Elder Law Attorneys
If your loved one has recently passed away, or if you are looking to put your estate in order for your family, you probably have pressing concerns and questions. We know that there are few things more overwhelming than thinking about the day that you will no longer be around to provide for your family. By putting time and effort into planning for the future now, you can ultimately protect the people you love the most.
The New York elder law attorneys at Korsinsky & Klein, LLP handle all types of legal and financial issues pertaining to elder law. We have created a compilation of frequently asked questions to shed some light on what is considered to be a complex area of law. We welcome you to look through the following questions and answers to learn more about how our firm can take an active role in your elder law matters!
Below are answers to common questions, including:
Q: How do I know if I qualify for Medicaid?
Q: Why do I need to consider estate planning?
Q: How can I protect my heirs?
Q: What is the best way to avoid estate taxes?
Providing Clients With Effective Legal Solutions
How do I know if I qualify for Medicaid?
In order to qualify for Medicaid, the state of New York outlines specific eligibility requirements that an individual must fulfill. Medicaid is typically reserved for low-income individuals with high medical demands due to disability, disease, illness, age or other factors. You may be covered by Medicaid if you have high medical bills, receive Supplemental Security Income or meet the income and asset test. There may be certain exceptions, so speaking with a lawyer will help determine your eligibility for Medicaid based on your particular circumstances.
Why do I need to consider estate planning?
No one likes to dwell on the fact that, at some time, they will pass away. If you or a loved one delays the process of planning for the future, you run the risk of putting your life’s investments in danger, and the ones whom you love the most will be directly impacted by the losses. An estate plan ensures that your assets, property and other belongings will be passed on to the next generation. Not only will this protect your assets, but it will contribute to the long-standing financial health of your family. When you fail to coordinate your wishes for property distribution, potential problems and probate disputes could put unnecessary strain on your loved ones after you pass away.
How can I protect my heirs?
There are many ways that you can protect your heirs and offer them peace of mind for the future. Our lawyers are skilled in comprehensive and strategic approaches to future planning. Through establishing directives for guardianship or estate planning with wills and trusts, there are numerous possibilities for you to protect your loved ones. We would be happy to consult with you, get to know your personal circumstances, and create a plan of action that will help you secure the best possible outcome that protects both you and your heirs.
What is the best way to avoid estate taxes?
There are different types of estate taxes in the State of New York, including the federal and state estate tax. Because every case is different, there is no one way to avoid paying estate taxes. While creating a comprehensive estate plan, we will determine if establishing a trust, planning for Medicaid, or dividing your assets will reduce or avoid your estate taxes. We will make certain that your estate plan adheres to tax laws and meets all the requirements by the Internal Revenue Service and other tax authorities.
Contact Korsinsky & Klein, LLP With any Questions Regarding Elder Law
If you have more questions or concerns, do not hesitate to contact the Brooklyn elder law attorneys at Korsinsky & Klein, LLP. We would be happy to provide our honest and ethical legal opinion for any of your elder law or estate planning concerns. Because many of the decisions that you make during the development of an estate plan will have an impact on your future, we take extra care in listening to your goals and concerns. We will offer you advice that will empower you to make proactive decisions that are backed by our supportive legal team.
Contact us online or call 212-495-8133, our professional team is ready to take on your legal matters. We encourage you to browse through our website to learn more about the endless possibilities that our firm offers for your future planning needs. We provide legal counsel to clients in the states of New York and New Jersey.