Do my retirement accounts go into my Trust?

Here is Frank Bruno’s daily dose of elder law.

Elder Law attorneys help their clients facing incapacity, paying for long term care or settling an estate.

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What we do at our offices: 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 handling these 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 is frequently invited to speak at events about Elder Law. If you’d like to learn more about Elder Law, Medicaid planning, Guardianship, Special Needs Trusts, or Probate law contact the Law Office of Frank Bruno, Jr. today at 718-418-5000.

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Eldercare law is really an umbrella term encompassing multiple areas of law. Some elder care attorneys handle subjects that most people know something about, such as probate, guardianship, estate planning. Other eldercare lawyers focus their practice on other areas of law such as special needs planning, VA benefits planning, and Medicaid planning. So what is Medicaid planning? Medicaid planning is a way to protect people’s assets from the threat of long-term care expenses. Many clients are between 65 and 95, own their own homes, and have between $25,000 and $750,000 worth of assets in addition to the house. What many people don’t realize is exactly how expensive long term care expenses can be – In 2020 the average costs of a skilled nursing facility, in New York is $14,250.00 per month. Someone can be solid middle class or upper middle class, have saved their whole life and think that they’ll have plenty of money for whatever happens only to suffer a stroke, major heart attack or get an Alzheimer’s or Parkinson’s diagnosis and need help with their activities of daily living. If they have this six-figure per year care expense, many people spend everything. Medicare does not pay skilled nursing home expenses after 100 days. An elder care attorney, who handles medicaid planning, is able to legally and ethically protect people’s assets to get them qualified for Medicaid. Medicaid, unlike Medicare, has an excellent long-term care benefit. This helps them supplement their lifestyle with their own assets (to improve the quality of their life while alive) and make it more likely that they will have something to pass onto their heirs after they pass away. There are many myths and much misinformation surrounding long-term care Medicaid in New York.

To know more about estate planning and elder law visit:
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