Contact:
Tom@TCMurphylaw.com
(716) 745-3048
www.TCMurphylaw.com
Helping to Navigate Your Family's Future
Why Estate Planning?
Talking or even thinking about what happens after we’re gone can be uncomfortable. Yet many people find that, when they take the time to plan and make arrangements now, the peace of mind – both for you and for your family – is well worth it. Your Estate Plan can begin with a will and a trust, the transfer and re-titling of certain assets, together with other strategies, and of course no one should be without the protections of an up-to-date Health Care Proxy and Power of Attorney.
Schedule a Free Consultation
(716) 745-3048 / Tom@TCMurphylaw.com
Estate Planning Services
Your estate planning goals may require some or all of the following services:
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Revocable Living Trusts
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Medicaid Asset Protection Trusts
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Supplemental Needs Trusts
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Probate Avoidance
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Simple Wills
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Powers of Attorney
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Healthcare Proxies
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Re-titling of Assets
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Medical Records Authorizations and Health Care Proxies
for Parents of College Students -
Notary Services
Why a Trust?
Can't I just make a Will?
Some people hear the word "Trust" and think it is for very wealthy families only - but it's not. Trusts can provide benefits - especially Probate avoidance - for people of all circumstances.
A trust is just a set of instructions by which you direct what happens to your assets, both during your life and after. Even a simple trust can provide you and your survivors with tax benefits, creditor protection and other advantages. A Will gets your survivors only as far as Probate, which can be costly, time-consuming and stressful for your loved ones. Probate often takes more than a year, and can unfortunately become a forum for disputes which could have been defused in advance by prudent planning. We owe it to our loved ones to take steps now to avoid letting our affairs go into Probate.
Why Medicaid Planning?
Are you concerned about future unreimbursed long-term care costs? Though we may be physically healthy now, we all face the possibility of needing nursing home care at some point in our lives
The Medicare programs which help fund medical treatment costs do not cover the costs of long-term nursing home residence and treatment. To fund nursing home care, New York offers generous Medicaid programs, but their benefits are only available if a person in care owns assets and receives income below strict limits. If you or a loved one need nursing home care and you/they don’t meet those limits, Medicaid will require you to pay for a nursing home out of your own pocket until your assets are depleted below the levels set by law. That’s why proactive Medicaid Planning is so important.
The 5-Year Medicaid
"Look-Back"
Transferring away assets to satisfy the Medicaid asset limits triggers a “Look-Back” by Medicaid – if the transfers occurred in the 5-year period before you apply for long-term care benefits, Medicaid will impose a Penalty Period during which you will be required to privately pay the full costs of the nursing home.
These days, the cost of nursing home care in Western New York can easily exceed $10,000 per month. At that rate, the assets we might have hoped to leave to our loved ones can quickly be drained away before Medicaid will contribute at all. If that thought is unpleasant to you, then it’s time to talk about proactive Medicaid Planning.
Medicaid Crisis Strategies
Many people find themselves in this scenario: An elderly loved one suddenly needs to go to a nursing home for long-term care, but they own assets in excess of the Medicaid limits. There’s no time left to plan for the 5-year Medicaid “Look-Back”. We call this a Medicaid Crisis. Does this mean that the family’s assets must be consumed by the costs of the nursing home for 5 years? No, it does not need to work out that way.
Depending on each family’s specific circumstances, a Medicaid Crisis Plan can be tailored to preserve as much of the family’s assets as possible, while providing for nursing home costs during a shortened Medicaid Penalty Period. So if you find yourself in a Medicaid Crisis, don’t panic. Let’s make the best possible Crisis Plan and preserve as many of your family’s assets as possible.
About Tom
Tom is a graduate of the U.S. Merchant Marine Academy at Kings Point, New York (B. Sci. Marine Engineering, 1988) and of St. Johns University School of Law in Queens, New York (J.D. 1991). He has practiced in federal and state court litigation and contract matters for more than 30 years and is a member in good standing of the New York State Bar and the U.S. Western, Southern and Eastern District Courts in New York. Tom is a resident of the Village of Youngstown, where he serves as Chair of the Zoning Board of Appeals and is a member of the Niagara County Bar Association and St. Bernard’s Church.
Contact me to learn how you can secure your family's future:
By Appointment Only
765 Cayuga Street Suite 4
Lewiston, New York 14092
(716)745-3048