Many people are unaware that creating a Medicaid planning trust in NYC, Westchester or the NY Metro area can help them protect the assets they have accumulated over a lifetime of hard work. A trust, as used in Elder Law planning, is a legal entity that allows you to preserve income or assets that you would otherwise be forced to spend on your care, to make your financial resources last as long as possible and ultimately fulfill your estate plan. Trusts are among the main workhorses of Elder Law planning, and some of its most powerful tools. They can be used to protect your home or any other property you hold.
The first step in creating a Medicaid Planning Trust generally involves meeting with a trust lawyer who will review your assets, income, goals, and objectives. Then, he or she will create the legal trust agreement and help you “fund” the trust. The experienced attorneys at Lamson & Cutner have the knowledge, skills, and experience in elder law trusts to help you preserve your assets and income to the greatest extent possible.
The types of trusts for the elderly typically used in Elder Law planning include:
- Medicaid Trust (Irrevocable Grantor Trust)
- Revocable or “Living” Trust (estate planning only)
- Pooled Income Trust
- Supplemental Needs Trust
- Placing a Co-op in a Trust
Every case is individual and unique, and you’ll need proper advice on what trust configuration will deliver the maximum advantage. Different trust strategies apply to various economic and family situations, and depend on whether you need home or nursing facility care. The bottom line is that in order to qualify for Medicaid benefits, money and assets have to be moved out of your name. Trusts are the most effective way to do it, and they’re fully authorized for this purpose under Federal and New York State laws.
If you already have a trust created for estate planning purposes, your trust should be evaluated by an Elder Law attorney. Typically, this type of trust will be a revocable trust, or a so-called “living trust.” These trusts work well if the only goal is estate planning. However, they are not asset protection trusts, and the assets held in such trusts will be counted as your own resources for Medicaid eligibility purposes.
When you need a trust attorney, choose the legal professionals at Lamson & Cutner. With offices in both NYC and Westchester County, we are conveniently located and prepared to help you create or update elder law trusts. In addition, we have been using video conferencing very successfully for consultations and the execution of documents, with both existing and new clients. So you can speak to us from the comfort of your own home, if you prefer. To learn more about your options or to schedule a consultation with an experienced living trust attorney, contact us today.