ELDER LAW PLANNING (Co-Chair of the Elder Law Committee for the NCBA)
The LEVY LAW FIRM assists Clients with long term planning regarding the management of their assets during their lifetime and upon death. Custom plans are designed to meet the goals and objectives of each family, according to their specific needs.
Some common Client goals and objectives include:
• Which children should have the Power of Attorney of the Client’s assets.
• If Chronic or Community Medicaid planning is necessary.
• If a Revocable Trust versus an Irrevocable Trust should be created.
• Whether the Client hold assets in Trust for their children for lifetime, for a limited time or gift outright.
• Are any of Client’s children planning on divorcing, and if so, how to protect the inheritance.
• How to protect assets from capital gain taxes.
• Is it important to keep the Client’s assets in the family bloodline.
• What age should an Irrevocable Trust for Medicaid be created.
• What assets should be transferred to a Medicaid Asset Protection Trust (MAPT).
• What assets are not counted as a resource for the purposes of determining a Medicaid lien.
• How much income is too much income when determining if Medicaid planning is worthwhile.
• Analysis of a client’s assets to determine which should be liquidated and transferred to the MAPT to limit capital gains taxes and income taxes consequences.
• How to maximizing spend down options.
Some common Client goals and objectives include:
• Which children should have the Power of Attorney of the Client’s assets.
• If Chronic or Community Medicaid planning is necessary.
• If a Revocable Trust versus an Irrevocable Trust should be created.
• Whether the Client hold assets in Trust for their children for lifetime, for a limited time or gift outright.
• Are any of Client’s children planning on divorcing, and if so, how to protect the inheritance.
• How to protect assets from capital gain taxes.
• Is it important to keep the Client’s assets in the family bloodline.
• What age should an Irrevocable Trust for Medicaid be created.
• What assets should be transferred to a Medicaid Asset Protection Trust (MAPT).
• What assets are not counted as a resource for the purposes of determining a Medicaid lien.
• How much income is too much income when determining if Medicaid planning is worthwhile.
• Analysis of a client’s assets to determine which should be liquidated and transferred to the MAPT to limit capital gains taxes and income taxes consequences.
• How to maximizing spend down options.