Elder Law is the area of law relating to issues relevant to elderly individuals and their family members. Our Iselin elder law attorneys focus on legal issues that affect a large percentage of senior citizens, their spouses, and children. You can call us today at 516-494-7373 to schedule a free consultation and get legal advice from our team on:
- Last Will & Testament ($750)
- Living Trust ($3,000)
- Estate Planning ($3,995)
- Will Package ($1,250)
- Estate Planning Package ($3,995)
- Asset Protection
- Power of Attorney (aka Financial POA) ($150)
- Medicaid Planning
- Medicaid Asset Protection Trust ($3,000)
- Pooled Income Trust ($1,000)
- Apply for Medicaid ($3,000)
- Medicaid Package ($5,000)
- Medicaid Spousal Refusal Letter ($500)
- Healthcare Proxy (aka Medical POA) ($375)
- Advance Directive (aka Living Will) ($375)
- Adult Guardianship (uncontested) ($3,500)
Matters Related to Deceased Individuals
- Will Probate (uncontested) ($2,500)
- Estate Administration (uncontested) ($2,500)
Elder Law Planning Can Help
- Plan, qualify and apply for Medicaid
- Distribute your assets according to your wishes
- Minimize family disputes
- Avoid Probate & Estate Administration
- Assign an agent to make financial decisions
- Assign an agent to make healthcare decisions
- Designate a legal guardian
Many individuals use “do it yourself” services to prepare certain legal elder law documents. While these services are generally cheaper in the short term, they are often done incorrectly. The end result could mean that either the legal document will not be accepted (such as a Healthcare Proxy, Living Will or Power of Attorney) or your Last Will & Testament or Living Trust will be thrown out of court. So why not pay a few extra dollars and have it done correctly?
Last Will & Testament
A “Last Will & Testament” is a legal document that allows an individual (the testator) to appoint one or more persons (the executor(s)) to manage his or her estate plan and distribute his or her assets to other designated individuals. Each Will is prepared by an attorney (and not a paralegal or secretary). We charge $750 to prepare a Will or $1,000 to prepare reciprocal wills for a married couple.
What Information Does a Will Contain?
A will contains the following information
- A list of all of your assets;
- Names of family, friends and/or charities that will receive your assets;
- Guardianship information for minor children;
- Guardianship information for pets;
- Selection of an Executor (person that will manage your affairs after death);
- Burial or cremation instructions;
How Much Does a Will Cost?
We charge $750 for a Will or $1,000 for reciprocal wills for married couples.
What is the Will Package?
A Will Package includes the following documents and costs $1,250 for an individual and $1,500 for a married couple.
- Last Will & Testament
- Living Will
- Healthcare Proxy
- Power of Attorney
Last Will vs Living Will
A Last Will allows you to express your desires regarding assets, dependents, and pets. A Living Will is an Advance Directive or a DNR and allows you to express your desires regarding medical care and end-of-life treatment decisions.
Do I Need an Attorney to Draft the Last Will?
You do not need legal representation to draft a last will. However, in order for the last will to be legally valid, it has to follow the exact specifications of the law. Failure to follow the exact statutory requirements will result in the Last Will not being accepted by the Surrogate’s Court. If that happens, it’s as if the Last Will never existed.
Is the small amount of money you may save worth the risk of not having a valid last will?
Estate Planning Package
Designating who will receive your assets and handle your responsibilities after your death or incapacitation and ensuring beneficiaries receive assets in a way that is tax efficient is part of estate planning.
What's Included in the Estate Planning Process?
The following documents are included in our estate planning process:
- Living Trust
- Last Will
- Advance Directive (aka Living Will)
- Healthcare Proxy (aka Medical POA)
- Power of Attorney (aka Financial POA)
How Much is the Estate Planning Package?
We charge $3,995 for an Estate Planning Package. The price is the same for an individual or a married couple.
What is Medicaid Planning?
Medicaid planning involves the structuring of financial resources and the movement of assets in order to qualify for Medicaid.
Who Needs Medicaid Planning
The following individuals may benefit from Medicaid planning:
- Senior citizens who are considering nursing home care either now or in the future. With few exceptions, Medicare will not pay for long term care; thus Medicaid is required for those considering such care.
- Any individual that is considering applying for Medicaid and has assets or income exceeding the allowable limits.
- Any individual that is physically or mentally disabled or a family member upon whom such disabled individual depends.
What Are the Options For Medicaid Planning?
Medicaid planning should be discussed with an attorney, but generally, the following options are considered:
- Transferring of disallowed assets to family members,
- Setting up a Medicaid Asset Protection Trust for disallowed assets,
- Setting up a Pooled Income Trust for disallowed income,
- Setting up a special needs Trust for those with physical or mental incapacity.
How Can I Qualify For Medicaid?
In order to qualify for Medicaid, an individual must meet the following criteria:
- Limitation of assets an individual can own,
- Limitation on income an individual can have,
- When transferring assets, must comply with the five year look-back period.
What is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust (aka MAPT) is an irrevocable trust where the assets of the Medicaid applicant are placed into the Trust.
What is the Purpose of a Medicaid Asset Protection Trust
A Medicaid Trust accomplishes the following:
- The assets placed into the Trust do not count as the individual’s assets for purposes of Medicaid eligibility (subject to the 5-year look-back period, as described below).
- The assets placed into the Trust are not subject to a Medicaid Lien after the death of the Medicaid recipient.
How Much is a Medicaid Protection Trust?
At The Law Office of Jason A. Dennis, we charge a flat fee of $3,000.00 for the creation of a Medicaid Trust.
Is the Medicaid Protection Trust the Same as the Pooled Income Trust?
No. Medicaid eligibility has two financial requirements. The first requirement is that the assets of the Medicaid applicant not exceed a certain monetary limit (the limit changes from time to time). The Medicaid Asset Protection Trust assists with this first requirement. The second requirement is that the income of the Medicaid application be under a certain amount every month (the amount changes from time to time). The Pooled Income Trust assists with this second requirement.
What is the Five-Year Lookback Period?
There are two Medicaid programs: Community Medicaid and Chronic Medicaid. Chronic Medicaid covers nursing home care; Community Medicaid does not. The 5-year look-back period applies to Chronic Medicaid only. The look-back period provides that if during the past 5 years from the date of the Medicaid application, there has been any transfer of assets from the Medicaid applicant, he or she will be ineligible for Medicaid for a period of time calculated using a complicated calculation based on the value of the assets transferred.