Profile cover photo
Profile photo
Lamson & Cutner, P.C.
1 follower
1 follower
About
Posts

Post has attachment
Planning for the Disabled Child - If you have a disabled child, planning for their financial future is crucial. Disabled individuals are often eligible for Supplemental Security Income (SSI). Those on SSI are automatically eligible to receive Medicaid benefits.
If you pass away and leave an inheritance outright to your disabled child, this can be a serious mistake. Anyone who has more than $2,000 in resources (generally financial assets) is not eligible for SSI. Thus, the receipt of virtually any inheritance is likely to cause your child to lose all of their SSI benefits. http://www.cutner.com/blog-posts/planning-for-the-disabled-child
Add a comment...

Post has attachment
The Medicaid Look Back Period and What it Could Mean for You - When you apply for nursing home benefits, Medicaid will evaluate your financial data going back five years. This is called the look back period. If there has been any transfer of money or assets to someone other than your spouse (or minor, blind, or disabled child) within the look back period, Medicaid will impose a penalty period during which you will not be eligible to receive Medicaid http://www.cutner.com/blog-posts/the-medicaid-look-back-period-and-what-it-could-mean-for-you
Add a comment...

Post has attachment
It's Not Too Late for Elder Law Services to Help You - You can qualify for Medicaid assistance even if you are already in a nursing home. Even if you've been paying privately, there are probably still steps that can be taken to protect some of your remaining assets. You may be able to protect as much as 40%-50% of what you have. http://www.cutner.com/blog-posts/it-s-not-too-late-for-elder-law-services-to-help-you
If you are not in a nursing home but know that step is imminent for you or your spouse, a qualified Elder Law attorney may be able to help you take steps to protect your home and most, if not all, of your assets.
Add a comment...

Post has attachment
A Trust Is Often the Best Way to Keep Your Home - Trusts are legal structures often used by Elder Law attorneys to preserve income or assets that you would otherwise be forced to spend on your care. Trusts can be an excellent way to protect your home and preserve your equity from being exposed to Medicaid liens when you no longer live there, or estate recovery. http://www.cutner.com/blog-posts/a-trust-is-often-the-best-way-to-keep-your-home
Add a comment...

Post has attachment
Pooled Income Trusts Can Keep Your Income Available to You - When applying for Medicaid Home Care, the amount of your income will not affect your ability to qualify for benefits. However, Medicaid will not ignore your income. If you receive more than $845 in monthly income from any source, including Social Security, Medicaid will require you to contribute the amount in excess of $845 towards the cost of your care. Fortunately, there is a very effective solution to this problem: the Pooled Income Trust. http://www.cutner.com/blog-posts/pooled-income-trusts-can-keep-your-income-available-to-you
Add a comment...

Post has attachment
Designating a Trustee Is an Important Decision - In order for a trust to protect your assets from Medicaid, that trust must be irrevocable. Once the trust is funded, you no longer own or have control over the assets that are in the trust. As part of setting up your trust, you will need to appoint a trustee to manage the trust and make decisions regarding how the assets are invested and distributed. The trustee should be someone of integrity and good judgment, who will keep your best interests in mind.
Many people designate a family member or close friend as their trustee. Sometimes though, we encounter clients who either don’t have family or close friends available to help, don’t feel they can trust them with their money, or, their loved ones are not comfortable with the responsibility of being a trustee. In such cases, a good option might be to hire a professional as trustee or co-trustee to manage your trust. A professional trustee will charge a fee, of course, but this is appropriate for a professional with legal and fiduciary duties, whose responsibility it will be to oversee the management of the money and assets you will be putting into the trust. If a family member or a close friend can be involved as co-trustee, that is often the best solution. http://www.cutner.com/blog-posts/designating-a-trustee-is-an-important-decision
Add a comment...

Post has attachment
Help Provide for your Disabled Loved One with a Third Party Supplemental Needs Trust - In a recent blog post we discussed how disabled persons can protect their government benefits by putting their own assets into a First Party Supplemental Needs Trust. But what if you are disabled and a friend or family member wants to help provide for your care without endangering your Medicaid or SSI benefits?
The answer here is usually a Third Party Supplemental Needs Trust. The person providing the assets would put them directly into the trust, rather than transferring them to the disabled person directly. The beneficiary’s government benefits are not impacted by a properly drafted Third Party Supplemental Needs Trust. With this type of trust, there is no age limit for the beneficiary, and there is no “pay back” provision to Medicaid. The grantor of the trust is free to name contingent beneficiaries, who would benefit after the disabled person has passed on. http://www.cutner.com/blog-posts/help-provide-for-your-disabled-loved-one-with-a-third-party-supplemental-needs-trust
Add a comment...

Post has attachment
The Lump Sum Distribution of your Retirement Savings May Be your Best Option - In many cases, when you approach retirement and have retirement accounts, you may have a choice between receiving a lump sum payment or a stream of income from your pension or retirement account. It may sound better to have an ongoing stream of income, but sometimes it isn’t.
If you wind up needing long-term nursing home care, Medicaid will require you to use any available income you have to help pay for your care. If you take a lump sum payment, and you are able to transfer that money to another person or into a protective trust five or more years before you need nursing home care (thus avoiding the “look back” period), the entire lump sum payment will be protected and you may become eligible for Medicaid home care. Even if you need nursing home care within five years, you may still be able to save a large portion of the money (see Strategy No. 14). http://www.cutner.com/blog-posts/the-lump-sum-distribution-of-your-retirement-savings-may-be-your-best-option
Add a comment...

Post has attachment
Caregiver Agreements Can Help Keep Your Money Working Toward Your Quality of Life - A Caregiver Agreement is a contract between an individual who needs support services and the party who is to provide these services. The caregiver might be a family member, or it could be a professional, such as a geriatric care manager or a home care agency.
Caregiver Agreements can be very helpful in Elder Law planning and offer certain distinct advantages... http://www.cutner.com/blog-posts/caregiver-agreements-can-help-keep-your-money-working-toward-your-quality-of-life
Add a comment...

Post has attachment
Lamson & Cutner to Take Part in Westchester County Salute to Seniors Day - On May 4th, Lamson & Cutner will be sponsoring a booth at the 48th annual “Salute to Seniors” at the Westchester County Center in White Plains, NY. Attorneys and representatives from the firm will be available to speak with seniors and their family members. The event runs from 9:30 a.m. to 2:30 pm, and admission and parking are free. The event celebrates seniors in Westchester County and surrounding communities, and includes information, entertainment, and food. This is a huge event every year which draws thousands of seniors, caregivers and family members of seniors from all over the county. http://www.cutner.com/blog-posts/lamson-cutner-to-take-part-in-westchester-county-salute-to-seniors-day
Add a comment...
Wait while more posts are being loaded