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Estate Planning and Asset Protection Seminar presented by Michael Wagner

Throughout the Hudson Valley, J&G provides counsel to individuals, families, and businesses for a wide range of legal issues. For over 50 years, the law firm of Jacobowitz and Gubits, LLP, has combined sophisticated legal remedies with the highest quality client service in New York.Jacobowitz and Gubits has a strong commitment to its clients and brings substantial experience, legal knowledge and effective resources to both simple and complex legal matters. We have helped clients achieve short-term and long-term goals while keeping a realistic assessment of what to expect in the future. Our clients appreciate the accessibility of our firm and the effectiveness with which we handle their matters.

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Michael Wagner focuses on estate planning at J&G.He has drafted hundreds of wills and trusts for clients with varying objectives and net worth’s.Michael strives for a transparent approach that values each client and keeps them well-informed about every step of the planning process.He enjoys getting to know clients and their families and helping them design the most effective estate plans.

Part I: Estate Administration

Part II: Keeping Assets in the Family

Part III: Medicaid Asset Protection

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Wills name an executor to act and distribute the

estate at death Executors have to be formally appointed by the

Surrogate’s Court in order to act – a process called probate

Wills become public record after death

What is a Will?

Trusts are estate plans created and

funded during your lifetime Trusts name backup trustees to act in

the event of death or disability, and the transition is seamless

Trusts are settled privately, outside of the court

What is a Trust?

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Probate The Estate is settled in Surrogate’s Court The Executor or Administrator must be appointed by

a Judge The time from date of death to completion of the court

proceeding can be weeks or months, and the legal fees may add up

All next-of-kin members must sign off on the probate, regardless of whether they are mentioned in the Will

When someone owns property outside New York, Estate must go through probate multiple times

Estate Administration

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Trusts are settled outside

court, with efficiency and privacy

Settlement of trusts avoids the legal fees encountered at probate

Trusts do not require involvement from next-of-kin

Trusts

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Wills can use language (“per stir-

pes”) to plan for what happens if your beneficiaries predecease you, but they cannot stipulate what happens in the more likely event that the beneficiary is alive to inherit the money

When money is inherited from a Will, it can later end up with a son or daughter-in-law, or other unintended parties

Wills & Bloodline

Many people choose to leave their

assets in trust for their children Protect assets from in-laws, and

make sure they stay in the bloodline for grandchildren

If a beneficiary dies without children, then the trust assets pass to the siblings

Protect inheritance from beneficiaries’ creditors, lawsuits, and divorces

Bloodline Planning with Trusts

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Place age restrictions on bequests, or hold them in trust for educational purposes

Add co-trustee and other regulatory devices to prevent spendthrift heirs from blowing through their inheritance

Protect Assets FROM the Beneficiaries

Couples in second marriage who

embark on estate planning can use trusts to make sure that the survivor of them has money to live on, but not the ability to alter the plan and freeze out family members on one side

Children or attorneys can act as co-trustees upon first death

Prenuptial Agreements can provide further security

Second Marriages

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The average cost of long-term care in

the Hudson Valley is $409/day or $149,136/year per the New York State Department of Health

People can lose their homes and life savings in a few short years

The three ways to attack the problem are paying out of pocket, long-term care insurance, or protecting assets to qualify

Disability & Long-Term Care

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Irrevocable trusts can shield assets

from long-term care and nursing home costs

Trusts can hold real property or investments

Income-only Trusts: Income, interest and dividends flow out, but principal stays in the trust

IRA’s, 401(k)’s, and all other qualified retirement accounts are exempt from Medicaid by New York State Law

Medicaid Asset Protection Trust (MAPT)

The trust preserves property tax

exemptions like STAR, and allows for the house to be sold at any time

Beneficiaries can be changed and trustees can be removed and replaced

Under New York State law, an Irrevocable Trust CAN be revoked if all parties consent

Advantages & Flexibility of (MAPT)

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Under New York State law, an Irrevocable

Trust CAN be revoked if all parties consent

There is a five-year look-back period on asset transfers such as those to Medicaid Asset Protection Trusts

Community Medicaid (care in the home) does not have this look-back period

It is often worth trying to start the trust even for those who are elderly or not in perfect health

There are numerous strategies to save a portion of the money, even on the nursing home doorstep

Medicaid Eligibility

FREE Consultations Feel free to bring in your current estate plan if you have one We’ll make recommendations to you, and you can decide,

without obligation, if you are ready to move forward Execution of the Estate Plan Our pro’s make the “legalese” crystal clear as we explain and

go over the documents prior to signing We can adjust the documents so that you are 100% comfortable

Reviews of the Plan Our fees are flat, and our services are inclusive of all related

telephone calls, emails, on an ongoing basis We’ll contact you to offer a complimentary review of your plan

every four years

The J&G Method

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Please complete the contact

form at www.jacobowitz.com/webinar

Please provide us your name, email address, and other contact information

All consultations are FREE and confidential

Please Allow Us To Reach Out to You

Disclaimer: This publication contains the opinions and ideas of its creator. It is intended to be informative. The distribution of this publication does not create an attorney-client relationship. Estate Planning should always be done with an attorney. The contents herein is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation. Attorney Advertising.