New York Trust Administration Lawyers Ettinger Law Firm Home
New York Elder Law Attorneys
At Ettinger Law Firm, we combine elder law and estate planning to provide a comprehensive approach to the needs of each client and their family. Planning-wise, we usually recommend trusts to avoid probate proceedings at death and to provide for substitute decision-making in the event of disability.
On the elder law side, we plan ahead to protect assets from being lost to nursing home costs or, where no preplanning has been done, use our knowledge of the Medicaid rules to protect assets when the client is on the nursing home doorstep or even after they have already been placed in a nursing facility.
At Ettinger Law Firm, we use trusts for basic planning to avoid probate proceedings, save estate taxes and plan for disability. We add our experience in over ten thousand cases to advise on special situations we have seen come up time and again such as planning for a disabled child or grandchild, how to plan for couples in second marriages and what to do about spendthrift children.
What Is Elder Law Estate Planning?
This niche legal area combines elder law and estate planning to meet the needs of middle-class individuals. Specific aspects include:
- Long-term health care planning: Elder law estate planning includes making appropriate financial and legal arrangements if the individual eventually requires extended medical and personal assistance.
- Medicaid planning: Elder law attorneys help individuals structure and preserve their assets and income when qualifying for health insurance under Medicaid.
- Trust planning: This procedure uses legal arrangements to manage and distribute assets while avoiding probate, which is the process of transferring and transferring assets upon the individual's death.
- Asset protection: Appropriate planning can safeguard an individual's assets from creditors, nursing homes, lawsuits and other potential threats.
- Estate distribution: Planning can minimize legal fees, court costs and taxes when distributing the individual's assets to heirs.
Components of an Elder Law Estate Plan
An Ettinger Law Firm attorney will collaborate with you to craft a comprehensive elder law estate plan, which may include the following:
- Power of attorney: Designates a specific person or persons to handle the legal and financial affairs of an incapacitated individual
- Healthcare Proxy/Living Will: Appoints someone to make health care decisions for an incapacitated individual
- Revocable trust: Avoids probate and provides for who takes over on disability
- Irrevocable Medicaid asset protection trust: Protects assets when there is no long-term care insurance
- Deeds: Facilitates the transfer of real property into the name of the individual's trust
- Pour-over will: Directs assets not included in a living trust into that trust upon the individual's death
- Burial instructions: Provides written direction for the individual's funeral and burial preferences
- Final instructions: Provides specific instructions to the family for settling an individual's estate
- Personal effects memorandum: Indicates which valuables go to the individual's heirs via a handwritten list
- Asset transfer instructions: Provides written instructions regarding the transfer of assets in the individual's trust
- Monitoring and maintenance: Outlines a process for reviewing and updating the program — typically every three years
Why Choose Ettinger Law Firm?
At Ettinger Law Firm, our elder law lawyers focus on the needs of older adults in New York when protecting their families, assets and future. We recognize that many of our clients have minimal or no experience working with attorneys — our low-pressure approach enables you to make these crucial life decisions at your own pace. Trust our team to educate you and make the information you need accessible throughout the process.
Contact us today to learn more or schedule a free consultation for elder law estate planning.
- What is Elder Law Estate Planning?
- The Five Steps to an Elder Law Estate Plan
- The Two Biggest Mistakes in Elder Law Estate Planning
- Components of an Elder Law Estate Plan
- Inheritance Protection Trusts to Keep Assets in the Family
- Medicaid Asset Protection Trusts (MAPT's)
- Seven Myths About MAPT's
- Sheltering Income with a Pooled Trust
- Wealth Preservation Strategies
- Protecting Special Needs Children and Grandchildren with Trusts
- Legal Steps to Take with Alzheimer's
- Second Marriage Planning
- Special Needs Trust for Adults
- Planning for Singles and Couples Without Children
- Estate Planning for Young Parents in New York
- Elder Law Estate Planning Issues for Women
- Protecting Assets for Spendthrift Children
- Planning for Same-Sex Couples
- Major Reasons to Plan Your Estate
- Irrevocable Life Insurance Trusts in New York
- Business Succession Planning
- Prenuptial Agreements
- Glossary of Elder Law Estate Planning Terms
