8 Feb 2025
Transferring Property to Your Children: Risks and Considerations in Estate Planning
Here is FrankBruno’s daily dose of elder law.
ElderLaw attorneys help their clients facing incapacity, paying for long-term care,or settling an estate.
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What we do at ouroffices: Wills, Trusts, Estates, Powers of Attorney, Nursing Home Medicaid,Long Term Care Planning, Guardianship, Real Property transfers & Probate
Frank Bruno, Jr.is an Elder Law and Special Needs lawyer with years of experience handlingthese types of cases. He is extremely active in the Queens, New York Community,the Queens County Bar Association, and New York State Bar Association and isfrequently invited to speak at events about Elder Law. If you’d like to learnmore about Elder Law, Medicaid planning, Guardianship, Special Needs Trusts, orProbate law contact the Law Office of Frank Bruno, Jr. today at 718-418-5000.
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Eldercare law isreally an umbrella term encompassing multiple areas of law. Some elder careattorneys handle subjects that most people know something about, such asprobate, guardianship, estate planning. Other eldercare lawyers focus theirpractice on other areas of law such as special needs planning, VA benefitsplanning, and Medicaid planning. So, what is Medicaid planning? Medicaidplanning is a way to protect people’s assets from the threat of long-term careexpenses. Many clients are between 65 and 95, own their own homes, and havebetween $25,000 and $750,000 worth of assets in addition to the house. Whatmany people don’t realize is exactly how expensive long term care expenses canbe – In 2020 the average costs of a skilled nursing facility, in New York is$14,250.00 per month. Someone can be solidly middle class or upper-middleclass, have saved their whole life, and think that they’ll have plenty of moneyfor whatever happens only to suffer a stroke, major heart attack or get anAlzheimer’s or Parkinson’s diagnosis and need help with their activities ofdaily living. If they have this six-figure per year care expense, many peoplespend everything. Medicare does not pay skilled nursing home expenses after 100days. An elder care attorney, who handles Medicaid planning, is able to legallyand ethically protect people’s assets to get them qualified for Medicaid.Medicaid, unlike Medicare, has excellent long-term care benefits. This helpsthem supplement their lifestyle with their own assets (to improve the qualityof their life while alive) and make it more likely that they will havesomething to pass onto their heirs after they pass away. There are many mythsand much misinformation surrounding long-term care Medicaid in New York. Tolearn more please visit... https://www.frankbrunolaw.com (https://www.frankbrunolaw.com/)
