Nuts and Bolts of Trusts, Part 1 What are trusts and how do they work? We’ve all heard of trusts, but they often seem unapproachable to the average person. Despite their reputation, trusts can be beneficial to people from all walks of life. Though they can be complex in nature, with the assistance of an […]
I’ve met with many clients over the years who love the asset protection and probate avoidance of a Medicaid Asset Protection Trust (MAPT), but who get very nervous when they see that the trust is irrevocable. The good news is that you can get the best of both worlds with the MAPT, that is, get […]
Using Spendthrift Trusts in New York To what extent is a beneficiary’s trust fund available to his or her creditors? Most elder law attorneys are very well versed in how trusts can be used to protect assets from claims by Medicaid, but it has been noticed, at least in my own experience, that the broader rules […]
I recently gave a series of talks in which I explained that every stage of life offers an opportunity for estate and elder law planning. What source better than the Bard himself, to help to organize these talks. Here is a brief summary of my presentation. The play “As You Like It” includes a beautiful […]
One of the most common things that people tend to confuse is Medicare and Medicaid. These are very different government programs despite the similar name! Understanding the differences is an important step in leveraging these resources for one’s own benefit or those of a spouse, parent or family member. Medicaid is a joint Federal, State […]
ABLE accounts are savings accounts for individuals with disabilities and their families. These accounts are a newer kind of financial plan, which emerged as a result of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014, also referred to as the ABLE act of 2014. ABLE accounts are a type of tax-advantaged […]
Having children changes one’s life, and gives it profound new meaning. As parents and grandparents, you always want what’s best for your children and grandchildren. You want to instill in them a hope about the future, which comes with a need to give them everything you can. Many aspirations in life come at a cost, […]