From Schlessel Law PLLC - In this episode, we delve into the intricacies of Medicaid planning with Long Island Medicaid planning attorney Seth Schlessel from Schlessel Law PLLC. We explore the key concept of "What Is a Medicaid Asset Protection Trust?" and how it plays a crucial role in securing a stable financial future for families in New York facing the daunting costs of long-term medical care.
Seth Schlessel, a top-rated attorney at Schlessel Law PLLC, guides us through the complexities of Medicaid asset protection trusts (MAPTs) and their benefits for New York residents. We discuss the process of establishing a MAPT under New York law, including the look-back period and the significance of timing in Medicaid eligibility. Understanding the differences between irrevocable and revocable MAPTs and the role of the trustee is essential for anyone considering these trusts.
We also address the potential tax consequences of MAPTs, including income tax considerations for both settlors and beneficiaries, and the importance of integrating trust planning with your overall financial strategy. Lastly, we explore how to make revisions and amendments to a MAPT when life's circumstances change, all while ensuring compliance with New York's regulations.
Tune in to gain valuable insights into Medicaid planning and discover how Schlessel Law PLLC can help you navigate the complexities of the Medicaid landscape in New York. Whether you're safeguarding assets, ensuring Medicaid eligibility, or seeking advice on tax implications, this episode provides valuable guidance for securing your financial well-being.
Schlessel Law PLLC | Medicaid Lawyer | Elder Law Attorney
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