What Should I Know About Elder Law?
If your loved one recently passed away or if you are looking to organize your estate for your family, you likely 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. Putting time and effort into planning for the future now will protect the people you love the most.
We Have Experts on Our Side
The Brooklyn elder law attorneys at Korsinsky & Klein, LLP handle all types of legal and financial issues pertaining to elder law. We created a list of frequently asked questions to understand what is considered a complex area of law. Please review the following questions to learn more about how our firm can take an active role in your elder law matters:
- How do I know if I qualify for Medicaid?
- How do I have a successful Medicaid fair hearing?
- Is it too early to consider estate planning?
- Why do I need to consider estate planning?
- How can I protect my heirs?
- How can I protect myself?
- How can I protect an elderly loved one from financial abuse?
- What is a guardianship?
- What is the best way to avoid estate taxes?
How Do I Know If I Qualify for Medicaid?
In order to qualify for Medicaid, New York outlines specific eligibility requirements that an individual must fulfill. Medicaid is typically reserved for low-income individuals with high medical demands as a result of 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 and speaking with a lawyer will help determine your eligibility.
How Do I Have a Successful Medicaid Fair Hearing?
A Medicaid fair hearing gives you the opportunity to appeal a decision that denied you coverage. You can show that your application cannot be completed properly, or you may explain that the case worker did not transcribe information from your application correctly. The state Medicaid agency may have found disqualifying transfers on your bank statements, or you may not have sent all the additional information the case worker needed. We will send one of our attorneys to your hearing, and we will represent you before the administrative judge. These hearings are successful only provide us with the denial letter, and remain truthful during the investigation.
Is It Too Early to Consider Estate Planning?
Estate planning is an excellent way to protect yourself if you want to organize your finances and help your family understand what to do when you pass away. Estate planning also includes a last will and testament. You can include special documentation that establishes trusts for your children, grandchildren, or loved ones. You can include instructions for managing your estate if you are ever incapacitated, and you can name your representatives.
If you create an estate plan when you are young and healthy, it is easy to adjust. This is much better than scrambling to create a will if you ever get sick. You can adjust the document as your children get older, and you can add or remove family members as needed.
Why Do I Need to Consider Estate Planning?
No one likes to think that, at some point, 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. You could leave your estate at the mercy of a probate judge who does not know you or your family.
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. For example, your family may not be able to pay for your funeral and a prolonged probate battle at the same time.
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 attorneys 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 ways 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 for both you and your heirs.
How Can I Protect Myself?
You can protect yourself using an estate plan or our elder law services. An estate plan will prevent someone new in your life from abusing you or stealing your money when you are mentally unfit to manage your finances. Your family will know what to do if you created a will that is appropriate for your situation, and you can protect yourself from abuse if you have shared that document with a trusted family member.
Family members who are aware of your wishes can protect you from elder abuse because they understand the way your will or estate plan was constructed. A will protects your family when you die, but an estate plan protects you while you are still alive. The estate plan may be used for decades if you require elder care, reside in an assisted living facility, or want trusts to be paid out to your children or grandchildren when they reach a certain age. The plan is still in effect even if your youngest grandchild turns 25 and has access to the trust.
How Can I Protect an Elderly Loved One from Financial Abuse?
You can protect elderly loved ones or friends from financial abuse if you know about their will or estate plan. The estate plan you created shows how you want to pay for your medical expenses, how you will pay your bills, and who has power of attorney to manage your accounts. Because elder financial abuse is common, you need to know what your elderly loved ones want to do when they are sick or incapacitated. If you were assigned to manage your loved one’s estate, you must obtain a copy of the document. You might need come to our office to sign of the document.
What is a Guardianship?
A guardianship is a legal arrangement that allows a family member or friend to manage your estate. Guardianships can be created to fit your situation, and you may want to write a guardian into your estate plan. You can assign a guardian who will handle everything, and you can sign off on the guardian at the time you create the estate plan. You may also change the guardian at any time. If you are trying to protect an elderly loved one, you may need to request an emergency guardianship. We can process emergency guardianships for our clients when they believe their loved one is currently being abused or used for money.
What is the Best Way to Avoid Estate Taxes?
There are different types of estate taxes in New York, including the federal and state estate tax. Because every case is different, there is not just 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 eliminate your estate tax liability. We will make certain that your estate plan adheres to local tax laws and meets all the requirements of the Internal Revenue Service (IRS) and other tax authorities.
Brooklyn Elder Law Attorneys at Korsinsky & Klein, LLP Answer Questions Regarding Elder Law Concerns
If you have more questions or concerns, do not hesitate to contact the Brooklyn elder law attorneys at Korsinsky & Klein, LLP. 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. Call us today at 212-495-8133 or contact us online for an initial consultation. 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 throughout New York and New Jersey from our offices in Brooklyn, Manhattan, and Lakewood, New Jersey.