Asset Protection Strategies
With proper planning you may receive the medical and custodial care you need while receiving government entitlement benefits such as Medicaid, and preserving assets for your spouse. In most cases, the earlier you start planning, the better.
At Raskin & Makofsky, LLP, our Certified Elder Law Attorneys* have handled asset protection and Medicaid issues for clients on Long Island and throughout New York State since 1991. We will take the time necessary to thoroughly review your case and determine the best legal strategy for you and your family.
To schedule an initial consultation to discuss asset protection with a lawyer at our firm call (516) 228-6522 today or contact us online.
Protecting Assets from Medicaid and Taxes
Without proper planning the need for long-term health care and burdensome estate taxes can potentially reduce your assets. We can choose from a variety of asset protection tools to find the strategy that fits you best:
- Protecting Your Assets: You may be able to protect your assets, including your home, in the event you need long-term care; trusts, including irrevocable living trusts, promissory notes, special types of annuities; the right of spousal refusal; deeds with retained life estates and other creative planning techniques. These may all be part of an effective Medicaid planning strategy.
- Reducing Taxes: We may be able to help you avoid or minimize state and federal estate taxes, capital gains taxes, gift taxes and others, maximizing the inheritance left for your children. We commonly use a number of different types of trusts, including credit shelter trusts, life insurance trusts, qualified personal residence trusts (QPRT) and others.
Every client is unique. At Raskin & Makofsky, LLP, we will take the time to learn about you and get to know you so that we can help you achieve your goals. We provide experienced, caring and devoted legal service. To schedule an appointment call (516) 228-6522 or contact our offices online.
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*Certified by the National Elder Law Foundation.
The National Elder Law Foundation is not affiliated with any governmental authority. Certification is not a requirement for the practice of law in the State of New York and does not necessarily indicate greater competence than other attorneys experienced in this field of law.