Oakland Gardens Elder Law Attorney
Elder Law & Medicaid Planning Lawyers Serving Oakland Gardens
Residents of Oakland Gardens find it to be a wonderful place to live, raise kids, and to age in place. Oakland Gardens is a quiet and well kept neighborhood in Queens, New York. Its real estate is primarily comprised of single family homes and townhouses. There is a culturally diverse population in Oakland Gardens with a significant Greek and Asian demographic. The total population is about 24,000 residents and occupies about 2.24 square miles.
While public transportation to other parts of New York City to and from Oakland Gardens could use some improvement, Oakland Gardens still attracts both young and old singles, couples, and families and it is a desirable location to age in place.
The median household income in the area is higher than the national average and many Oakland Gardens residents are educated and hold executive, management, and professional occupations.
Oakland Gardens residents recognize the importance of preparing estate planning documents as well as planning in the event long term care is needed in the future.
While it is necessary for everyone that prepares an estate plan to prepare a trust as part of their plan, it is common for those that are concerned about the expense of long term care to include a trust in their plan.
If a resident of Oakland Gardens, or anywhere in the New York area is interested in preparing their estate plan, the attorneys at Esther Schwartz Zelmanovitz, PLLC’s law firm can review the individual’s specific circumstances and determine what is needed in their individual situation and whether a trust is appropriate for them.
Why Would a Trust be Needed?
There are many goals of a trust and avoiding probate is just one of them. It may be appropriate to set up a trust to protect your assets in light of the high cost of long term care. Or, you may wish to minimize potential estate or income taxes and a trust can achieve those goals. Another reason you may wish to set up a trust is to protect an inheritance from your children’s estate so that they can inherit and benefit from your legacy, without it becoming accessible to their potential creditors or ex-spouses, or part of their estate when they die. Another important reason a trust may be of significant benefit is when leaving an inheritance to a beneficiary that has special needs and/or is receiving government means-tested benefits.
Why is Funding a Trust So Important?
As mentioned, a trust is not always necessary, but if it is appropriate in a specific circumstance, the trust is only as effective as it is funded with the assets it is intended to control. Assets can be funded into a trust either during lifetime or as a designated beneficiary of an account. Assets that are not funded into a trust during lifetime or have the trust as a designated beneficiary will remain the property of the individual and will be subject to probate. Assets not already in trust for at least five years when a nursing home is needed will also risk exposure and not have the trust protection originally intended.
To further demonstrate this point, if you have set up a trust to protect your assets in light of the high cost of long term care and to become Medicaid eligible, you have to make sure that you have timely funded your trust with the assets you wish to shelter. If you created a trust but have not funded your trust, your trust will only be empty paper and the assets will still be considered yours resulting in possible Medicaid ineligibility. If your objective is to minimize estate taxes, then again, a trust that you have set up for this purpose will only be effective to the extent of the assets you have transferred to your trust. Additionally, if you have created a trust to protect your children’s inheritance, again, the inheritance will only be protected to the extent the inheritance is in the trust.
Our Values, Your Peace of Mind The Principles That Define Our Firm
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Compassionate, Relationship-Driven Service
We believe every client deserves to be treated with dignity, patience, and genuine care. Our firm fosters long-term relationships, guiding families with warmth and empathy through emotionally sensitive matters like elder care, estate planning, and loss.
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Clear, Respectful Communication
We prioritize honest, prompt, and respectful communication. Whether answering questions or guiding you through complex decisions, we're responsive, dependable, and committed to making the process as smooth and stress-free as possible.
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Serving with Integrity and Excellence
We hold ourselves to the highest standards of ethical practice and professional excellence. Clients can count on us not just for our legal knowledge, skill and experience, but for honesty, transparency, and unwavering advocacy on their behalf.
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Tailored Legal Guidance for Every Client
No two clients are the same. We take the time to truly understand each client’s concerns, goals, and values, crafting customized legal solutions that reflect what matters most to them.
How Do You Fund Your Trust?
If you wish to fund your trust with your real property, such as your home or vacation property, the transfer would be effectuated by signing and recording a deed in the county clerk’s office where the property is located. You should seek the assistance of an attorney to draft these legal documents and address any other issues such as real property tax exemptions or bank loans, as necessary.
If you wish to fund your trust with bank accounts, investment accounts, or life insurance policies, you can work with your financial advisor or the institution directly to assist you with the transfers. In some instances, depending on your goals, it may be preferable to name the trust as a beneficiary rather than funding the trust during lifetime.
You should not transfer retirement accounts, such as IRAs or 401(k)s into a trust. Doing so would be considered a withdrawal of the funds and be considered a taxable event. However, there are limited circumstances where it may be advisable to designate a trust as a beneficiary of a retirement account (such as a supplemental needs trust for a disabled beneficiary).
It may be beneficial to transfer your LLC membership interest or stock in a corporation to a trust. After consulting with your attorney regarding the advisability of this, he or she can help you with the transfer.
Finding an Elder Law Attorney
It is always advisable to seek the guidance of a knowledgeable attorney before funding a trust, and certainly recommended to check in every so often to confirm that your plan is up to date with current laws, your personal objectives, and evolving life circumstances.
The attorneys at Esther Schwartz Zelmanovitz, PLLC can help you with the process of determining whether a trust is right for you, assisting with the preparation of your trust, the funding of the trust and further, accessing Medicaid long term care when the time arrives that such care is needed.
Contact us today to begin the process of preparing your estate planning. Call (516) 347-7356 and we will be happy to help you.