Schlessel Law PLLC

Seth Schlessel

Seth Schlessel is a New York estate planning attorney and founder of Schlessel Law PLLC, with offices in Mineola, Nassau County and Suffolk County on Long Island. read less

Medicaid planning attorney Garden City -  Schlessel Law PLLC - (516) 574-9630
Aug 29 2023
Medicaid planning attorney Garden City - Schlessel Law PLLC - (516) 574-9630
Schlessel Law PLLC, nestled in Garden City, New York, is a law firm committed to aiding clients in managing their legal affairs. We concentrate on elder law, estate planning, and Medicaid planning, striving to ensure our clients' futures are well-secured.Q: What assets does New York's Medicaid program exempt?A: In New York, Medicaid exempts certain assets for eligibility determination. These usually encompass your main residence, personal items, household goods, one automobile, burial funds up to $1,500, a life insurance policy with a cash value up to $1,500, non-refundable prepaid funeral agreements, and IRA's and 401K's in payout status.Q: How can I secure my assets from Medicaid implications in NY?A: Consider establishing a Medicaid Asset Protection Trust (MAPT) to secure your assets from Medicaid in NY. It's an irrevocable trust, so once assets are moved into it, they typically cannot be moved back. However, once your assets are held in the trust, Medicaid no longer views them as your personal property or as assets that could potentially be used to cover your expenses.Q: Is it a must to repay Medicaid in NY?A: Yes, Medicaid does require repayment from any residual assets upon the death of a benefits recipient. As a federal program administered at the state level, Medicaid requires repayment in all states, though the process and specifics can differ from state to state.Schlessel Law PLLC34 Willis Ave Suite 300, Mineola, NY 11501, United States(516) 574-9630 Services we are known for:Asset ProtectionElder LawEstate PlanningMedicaid PlanningWills and TrustsGuardianshipGBP categoriesEstate planning attorneyElder law attorneyAreas we serve:Eastern SectionCentral SectionWestern SectionEstates SectionMott SectionOpen Hours24/7Related topicslawlaw firmlawyercourtpersonal injury lawyerestate planningelder lawstartupassetpersonal injuryMineolaNassau CountyLong IslandNew Yorklawslawyersattorneyattorneyscourtsexperiencepersonal injury attorneystartups
Pros and Cons of Irrevocable Trust Vs. a Life Estate - Seth Schlessel
Aug 8 2023
Pros and Cons of Irrevocable Trust Vs. a Life Estate - Seth Schlessel
From Schlessel Law PLLC | Medicaid Lawyer - In this episode, we delve into the pros and cons of irrevocable trusts versus life estates, based on the insightful article 'Pros and Cons of Irrevocable Trust Vs. a Life Estate' by Schlessel Law PLLC. Estate planning can be a complex journey, but understanding these two important tools can make all the difference. Join us as we explore the benefits and drawbacks of each option, helping you make informed decisions for your future and the well-being of your loved ones.Estate planning involves making critical decisions about the transfer and protection of your assets. An irrevocable trust offers a means to safeguard your assets while potentially avoiding exorbitant estate taxes or protecting them from lawsuits by creditors. Contrary to common misconceptions, an irrevocable trust allows you to retain ownership and control over your property, ensuring it benefits the right person at the right time. On the other hand, a life estate provides the security of using and owning a property for your lifetime, allowing for the seamless transfer of ownership to your chosen beneficiaries without lengthy probate procedures.Join us as we navigate the intricacies of estate planning with the guidance of Seth Schlessel, a highly experienced estate planning lawyer from Schlessel Law PLLC. Seth's expertise in Suffolk County and Nassau County, Long Island, can help you understand the nuances of irrevocable trusts and life estates, ensuring your estate plan aligns with your unique financial situation and goals.Don't miss this informative podcast episode as we explore the complexities, benefits, and drawbacks of irrevocable trusts and life estates. Gain valuable insights into estate taxes, creditor protection, Medicaid eligibility, and capital gains tax. Tune in to make informed decisions about the best options for securing your assets and preserving your legacy.Schlessel Law PLLC | Medicaid Lawyer | Elder Law Attorney34 Willis Ave Suite 300, Mineola, NY 11501, United States(516) 574-9630