The Benefits of Creating a Will in New York

As a New York resident creating a will can be one of the most important decisions of your life. 

But first, how can you make a will?

When you create a will you must be in good health and recognize what you are doing. It can be edited as well but an experienced estate attorney can help to advise you on the details.

A legal will can only be made by someone who is at least 18 years old. If you are married or in a domestic partnership, your spouse or domestic partner must sign it. If you are not married, in a domestic partnership, or the father of the child being named as a beneficiary you need to have someone 18 years old who is willing to sign as a witness.

Benefits:

  1. The main benefit of creating a will is that it gives individuals the ability to leave property and possessions to the people of their choice. An individual who dies without a will is considered to have died intestate. An intestate estate can be a nightmare for family members to deal with because of the lengthy court process that is involved in these cases. Before a will is accepted it must go through the process called probate, to authenticate it and ensure it is valid according to the law.
  2. You can also name a legal guardian for your children in your will. This can help to spare your children from being separated from each other if their legal guardian predeceases them. If you have a spouse or immediate family you cannot always assume that they will automatically gain guardianship of your minor children. Many complications can arise if there are divorces, step parents, or other active adults in the children life
  3. Preventing unnecessary estate taxes. An estate tax is a tax in New York that requires your estate to pay a certain percentage of what you leave behind when you die. Not only can it be a lot of money but it can cause the probate process to go longer to ensure all taxes and debts are paid, but having a will can simplify this process.
  4. Preventing your estate from being contested can also be avoided with a will. Imagine if there was no will left behind, how will your loved ones determine who handles which aspect of your estate. Even aside from inheritance, there are many matters like closing down bank accounts, receiving unpaid bills, and all of these responsibilities can be assigned in a will.

 


To get help with creating a will, living trust, power or attorney or anything else contact:

Law Offices Of Roman Aminov 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/queens-ny-estate-lawyer

Benefits of Setting Up A Medicaid Trust In Queens

Long term medical care and end of life care consume easily the largest medical expenditures in your life. Planning for these expenses takes time and careful consideration.

There are long term care insurance policies that you can start paying, and like any insurance the earlier you start the cheaper it will be. But the biggest issue is that it can be expensive, very expensive. You can easily end up digging into your assets that you were trying to protect and leaving your loved ones even less.

A far cheaper option is to create a Medicaid Trust. No, a trust is not an easy thing easy to set up on your own, but with an experienced Queens elder law and estate attorney the trust can be no problem at all.

How does a Medicaid Trust work?

A Trust, in general, requires a settlor, who is the individual transferring their own assets into the possession of the trust.

A trust, unlike corporations, has no shareholders and is considered its own owner. Once the assets are in the trust, they are not considered for taxes and eligibility qualifications for Medicaid.

A trustee is a third party who is responsible for carrying out the trust and managing it, with the ultimate goal of paying out the assets to a beneficiary, the person decided in advance to receive the assets, usually at a given time or after certain prerequisites are completed.

In the case of a Medicaid Trust. The elderly owners who plan to enter a nursing home are the ones that settle the trust (or create it). In order to comply with regulations, they must do it at least 5 years before the plan to benefit from Medicaid nursing home long term care.

The adult children in most cases are considered the beneficiaries (who will receive the money upon the death of the settlor). Local lawyers that specialize in Medicaid trust know all the guidelines and regulations surround trust so with their assistance they can be set up in no time.

What counts towards Medicaid long term care eligibility?

  • Bank accounts (i.e checking)
  • Investments (i.e Stocks)
  • CD investment
  • Any real estate other than your primary residence
  • Any cars above and beyond the first one.

This means that you can continue to own and drive your car, live in and own your home, have some minor cash funds, and keep some personal possessions. Other than that anything you might own can contribute towards disqualifying you from Medicaid.

A well-rounded estate attorney in Queens can also assist with protecting assets in wills, power of attorney, healthcare proxies, and more. Don’t wait to plan for your future!!


Sponsored by one of the finest probate and elder law lawyers we have in Queens NY, free consultation to anyone in our community:

Law Offices Of Roman Aminov 147-17 Union Tpke, Queens, NY 11367 (347) 766 2685 https://www.aminovlaw.com/queens-ny-estate-lawyer/

Estate & Elder Law: Securing Medicaid Coverage in Flushing, Queens

As the senior residents of Flushing, Queens get older, making sure that they receive the medical care they need is of vital importance. Paying for long term care can cost up to $15,000 per month, so planning ahead is crucial. Some seniors have purchased long term care insurance. Others have sufficient savings to afford in home care or even nursing home care. However, for the majority of Flushing residents who have not purchased long term care insurance or who can not (or do not wish to) spend thousands of dollars a month for long term care, Medicaid may become necessary at some point. If you have never thought enough about your long term healthcare options, it’s probably a good time to discuss the matter with a medicaid or elder lawyer. For now, I will try to share some valuable information regarding qualifying for medicaid in NY and help get you going.

       Medicaid is a joint state and federal program which provides medical and long term care coverage for residents below certain income and asset levels. More about qualifying for Medicaid can be found by clicking here. What New York residents may not know is that while Medicaid doesn’t count your home as a resource if you reside there, they will come after your home when you pass away, leaving your children with the bill. As such, it is important to consider the various options available in order to effectively protect your home from Medicaid liens and recovery. If planned properly, seniors can receive the car they need while protecting the assets they worked so hard for.  Such planning options include trusts and life estates, and should only be implemented in consultation with a qualified Queens elder lawyer.

Contributed by Roman Aminov:

Law Offices of Roman Aminov 147-17 Union Tpke, Flushing, NY 11367 (347) 766-2685 aminovlaw.com

Flushing Estate Lawyer: Contributor Profile

 

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