Littman Krooks Elder Law Attorneys Recommend Asset Protection Strategies

Added: (Thu Oct 29 2009)

Pressbox (Press Release) - Littman Krooks New York elder law attorneys are committed to helping families plan for the possibility of long-term care. Asset protection strategies recommended by the firm’s elder law and asset protection attorneys allow families to meet the costs of care by engaging in estate planning before the need arises.

Organizing an asset protection plan is a comprehensive task that involves a series of steps. The plan must be properly designed, implemented and funded to be of maximum benefit. Littman Krooks elder law and asset protection attorneys guide clients through the processes of information gathering and analysis, recommendation of a plan, and plan implementation.

Understanding the details of a person’s health, finances and family objectives is key to the information gathering phase. Based on these details, an experienced New York elder law attorney will create a plan tailored to a client’s individual situation. The planning processincludes a detailed of the options available to finance long-term care, as well as the process of Medicaid planning, if applicable. All Medicaid options are reviewed to determine what resources may be retained under Medicaid standards.

When recommending a plan, the primary objective is the protection of hard-earned assets. Understanding that each personal situation differs,, a variety of asset protection tools may be employed, such as gifting programs, funding of trusts, deed transfers, long-term care insurance, and gift-back programs. Income tax, estate tax and gift tax consequences of any recommendations are considered when creating a strategy.

Overall, an experienced Littman Krooks asset protection attorney will:

• Protect assets from estate taxes and the cost of long-term care
• Assist with application for Medicaid and SSI benefits
• Recommend asset protection tools
• Analyze tax consequences
• Draft appropriate legal documents
• Complete and submit Medicaid application, if appropriate

Once the plan and recommended strategy have been presented, Littman Krooks elder law attorneys will assist with plan implementation by drafting the appropriate legal documents and working with clients and other professional advisors. Planning early to protect assets in the event that long-term care becomes necessary is key to ensuring future stability and peace of mind.