» Estate Planning

Life Estates Are No Longer an Effective Tool To Preserve Your Home From Medicaid Recovery

Craig A. Andreoli — Sat, 29 Oct 2011 16:11:20 +0000

Life Estates are no longer an effective tool to preserve your home from Medicaid. Due to a recent change in the law, Medicaid now has the power to recover part of the value of your home upon your death if you have a life estate. If a life estate was used in your planning to protect the value of your home, then your plan must be reviewed and maybe changed to avoid having New York State to be able to recover a portion of the value of the life estate. There are still effective alternative ways to keep your assets safe from Medicaid Recovery, but you should act now.

If you or a loved one finds themselves in this unfortunate predicament, then stay tuned to the site for further information or call us for a complimentary consultation about your situation.

Harvest Health Fair

Craig A. Andreoli — Wed, 12 Oct 2011 13:20:33 +0000

October 15, 2011
10:00 am	to	2:00 pm

Join us for the Mills Pond Nursing & Rehabilitation Center’s Harvest Health Fair on Saturday, October 15, 2011. In addition to Hay Rides, Face Painting, Pony Rides and Candy Apples, there will be several educational tables. One of which Craig A. Andreoli will be available to answer questions you may have about Elder Law.
So come on down, have some fun and walk away knowing a little more about Elder Care, Stroke Awareness and so much more.

New Year, New Tax Laws, Same Problems…How Will You Pay for Long Term Care and Still Preserve Your Assets?

Craig A. Andreoli — Sat, 05 Feb 2011 00:45:17 +0000

February 17, 2011
10:00 am	to	11:30 am
6:00 pm	to	7:30 pm

Medicaid Seminar

Irrevocable Vs. Revocable Trusts – A Brief Overview

Craig A. Andreoli — Sat, 06 Nov 2010 18:41:38 +0000

Gurwin Seminar on Medicaid

Craig A. Andreoli — Wed, 03 Nov 2010 01:07:01 +0000

November 17, 2010
7:00 pm	to	8:00 pm

3 Brief Trust Blogs – #2

Craig A. Andreoli — Wed, 06 Oct 2010 01:05:28 +0000

A Revocable Trust is not a good tool for Medicaid Planning. Medicaid is a form of creditor. Creditors can lien assets that are in control or owned by the Debtor. A Revocable Trust allows the Creator of the Trust to have absolute control over the Trust assets. They are free to revoke the Trust, withdraw assets and manage the funds (Usually by being the Trustee and Beneficiary). For this reason, a Revocable Trust is not useful for Medicaid Planning because the Trust property remains in the Creator’s control. A better reason to establish a Revocable Trust would be to avoid probate, preserve privacy, deter a contest or entrust asset management in the event the Creator becomes incapacitated.

If you wish to learn more about Trusts, think about attending this seminar on October 19^th. Seminar Info

3 Brief Trust Blogs – #3

Craig A. Andreoli — Wed, 06 Oct 2010 01:01:34 +0000

A Revocable Trust is useful when the Creator wants to have access to the assets during his or her life. This is made possible by making the Creator both the Trustee and the Beneficiary of the Trust. On the other hand, an Irrevocable Trust is used when the Creator chooses to give up the right to gain access to the Trust assets after the Irrevocable Trust has been created and funded. If the Creator has no access to the Trust, they have no legal way of giving that money to their creditors to pay debts. Therefore, having an Irrevocable Trust is useful for Medicaid Planning because it prevents Medicaid or other creditors from gaining access to the Trust funds. An Irrevocable Trust funded 5 years before the Creator applies for Medicaid can be a very successful tool in preserving the trust assets.

If you wish to learn more about Trusts, think about attending this seminar on October 19^th. Seminar Info

TRUST WARS II – Medicaid Strikes Back – Irrevocable vs. Revocable Trusts

Craig A. Andreoli — Tue, 05 Oct 2010 15:43:29 +0000

October 19, 2010
10:00 am	to	11:30 am
6:00 pm	to	7:30 pm

We met with such a positive response from our first Trust Wars seminar, that we decided to bring it back. And based upon our attendee’s comments, we have beefed up the agenda with even more Medicaid pre-planning advise, and whether or not these trusts can play an integral role in protecting your assets.

So please come and join us, but reserve your seat fast. We truly do have limited space.

Guest Speaking at Fairway Mortgage Corporation

Webmaster — Tue, 21 Sep 2010 17:46:49 +0000

September 25, 2010
10:00 am	to	11:00 am

On 9/25/10 I will be a guest speaker at an educational seminar on the advantages and disadvantages of a Reverse Mortgage. I will be discussing basic estate planning and the interplay between reverse mortgages and irrevocable trusts.

The event will be held at Fairway Independent Mortgage Corp.

1757 Veterans Memorial Hwy.

Suite 12

Islandia, NY 11749

Seminar starts at 10AM

Please call for a reservation (1-888-275-8268

Summer “Will” be Fun

Craig A. Andreoli — Tue, 20 Jul 2010 22:21:14 +0000

It’s a humid day in August, and you’re at the beach with your three kids. The scorching sun burns your shoulders; the spray bottle of water is not nearly enough to keep you cool. But as hot as it is outside you refuse to jump in the water because you fear your “still plump from the holidays” physique is not yet ready for the world to see; however, you know deep down that jumping in the cool ocean is inevitable.

In this way, jumping into the ocean is like creating a Last Will and Testament. We know that the time must come to create a Last Will and Testament, although we are never ready to take on the undesirable yet, imperative task.

It is obvious that you have, at one point in your life, heard that creating a Last Will and Testament is crucial, however to many, the reasons are ambiguous. So, to be unmistakable, here are just a few:

1. Protects your children: Having a Will allows you to determine who will be the guardian of your children immediately after death. Without a Will, your children may be reluctantly house-hopping for an extended period of time until an adequate guardian is identified. The ability to designate the guardian of your choice protects your children.

2. Keeps Family Sanity: When you pass away, you may not have given special instructions as to whom should receive your possessions and money. Unfortunately, this typically leads to family conflicts, even in the most stable families. With a Will, you can appoint which assets are passed on, to whom and when, thus avoiding any possible family uproar.

3. Potential Tax Advances: If your assets exceed Estate Tax exemption levels, having the right clauses in your Will and your spouse’s Will can help you avoid unnecessary taxes. Don’t let the IRS be one of you beneficiaries.

Get a Will this summer. It will give you the refreshing feeling of knowing your family will be protected, even if you are not there; so go ahead and take that plunge!