Shows
BSPE Legal Marketing PodcastMedicaid vs. Medicare: A Critical Guide for New Yorkers - Seth SchlesselFrom Schlessel Law PLLC – Medicaid vs. Medicare: A Critical Guide for New Yorkers examines the crucial differences between these two programs and their real-world impact on individuals and families across the state. This episode explores how Medicare’s acute care focus and Medicaid’s role as the primary payer for long-term care shape retirement planning, asset protection, and access to essential health services in New York. Listeners will gain insight into eligibility rules, coverage limits, and why understanding these distinctions is a financial lifeline.We discuss the realities behind long-term care costs in places like Long Island, New Yo...
2025-08-1105 min
BSPE Legal Marketing PodcastCostly Medicaid Planning Myths New York Families Still Believe - Seth SchlesselFrom Schlessel Law PLLC – Costly Medicaid Planning Myths New York Families Still Believe unpacks the financial missteps that continue to jeopardize long-term care and estate protection for families across New York. This episode dives into the article's practical guidance and legal insights, helping listeners understand how misinformation can put assets, homes, and critical Medicaid benefits at risk.Join us as we explore why so many people mistakenly believe they have too much money to qualify for Medicaid under New York’s 2025 guidelines, and how overlooking tools like Medicaid Asset Protection Trusts (MAPTs) or improperly gifting property to chil...
2025-07-2803 min
BSPE Legal Marketing PodcastTrust vs. Estate in New York: Side by Side Comparison - Seth SchlesselFrom Schlessel Law PLLC – Trust vs. Estate in New York: Side by Side Comparison explores the fundamental distinctions between trusts and estate administration in New York. With clear insights on administration, control, privacy, and legal nuances, the episode helps listeners navigate whether a trust or a will-based estate plan aligns best with their goals.In the first segment, we define key terms—trusts (including revocable living trusts, irrevocable trusts, testamentary trusts, and specialized options) versus estates (testate, intestate, and small estates in New York). We’re joined by Schlessel Law attorneys admitted in both New York and New Jersey...
2025-06-1904 min
BSPE Legal Marketing PodcastHow Long Can You Keep an Estate Open After Death? - Seth SchlesselFrom Schlessel Law PLLC – How Long Can You Keep an Estate Open After Death? delves into the intricacies of estate administration timelines in New York. This episode provides valuable insights into the probate process, highlighting the factors that influence how long an estate can remain open after a person passes away.Listeners will gain an understanding of the legal requirements and responsibilities that executors face when managing an estate. The discussion covers critical steps in probate, such as obtaining Letters of Testamentary, settling outstanding debts, and distributing assets to rightful beneficiaries. Common challenges that may de...
2025-05-0704 min
BSPE Legal Marketing PodcastAre Wills Public Record in New York - Seth SchlesselFrom Schlessel Law PLLC – Are Wills Public Record in New York? examines the accessibility of wills during the probate process and offers strategies to maintain privacy in estate planning. The episode dives into what happens when a will enters the Surrogate’s Court system in New York, and how this legal step affects transparency, privacy, and legacy protection.In New York, once a will is filed for probate, it becomes a public record. This means that anyone—family members, creditors, or curious individuals—can request a copy and view its contents. While the system promotes transparency and ensures...
2025-03-3103 min
BSPE Legal Marketing PodcastHow Often Should You Update Your New York Estate Plan? - Seth SchlesselFrom Schlessel Law PLLC – How Often Should You Update Your New York Estate Plan? emphasizes the importance of regularly reviewing and updating your estate plan to reflect significant life changes. This ensures that your assets are distributed according to your current wishes and that your loved ones are adequately provided for.Life events such as the birth or adoption of a child necessitate updates to your estate plan to include new beneficiaries and establish guardianship arrangements. Similarly, changes in marital status, whether marriage or divorce, require revisions to add or remove spouses and address the inclusion of un...
2025-03-3103 min
BSPE Legal Marketing PodcastWhat is a Grantor Trust in New York? - Seth SchlesselFrom Schlessel Law PLLC – What is a Grantor Trust in New York? delves into the intricacies of how these trusts function within the state's legal framework. A grantor trust is a legal arrangement where the individual who establishes the trust, known as the grantor, retains certain powers or benefits, resulting in the trust's income being taxed to the grantor rather than the trust itself. This taxation approach can offer advantages, such as potentially lower tax rates compared to those applied to trusts.In New York, grantor trusts are commonly utilized in estate planning to maintain control over as...
2025-03-2504 min
BSPE Legal Marketing PodcastWhat Is a Dynasty Trust? - Seth SchlesselFrom Schlessel Law PLLC – What Is a Dynasty Trust? delves into the intricacies of dynasty trusts, a strategic tool for preserving wealth across multiple generations. This article elucidates how such trusts can offer tax advantages, asset protection, and sustained financial support for descendants.A dynasty trust is an irrevocable trust designed to pass wealth through multiple generations while minimizing or avoiding transfer taxes, such as estate, gift, and generation-skipping transfer taxes. Unlike traditional trusts that eventually distribute assets and terminate, a dynasty trust can continue for many generations, potentially over a century, providing financial stability to descendants wh...
2025-03-1204 min
BSPE Legal Marketing PodcastWhat are Letters of Testamentary in New York? - Seth SchlesselFrom Schlessel Law PLLC – "What are Letters of Testamentary in New York?" delves into the essential role these legal documents play in estate management. When an individual passes away leaving a valid will, the appointed executor must secure Letters of Testamentary from the Surrogate’s Court to gain legal authority over the deceased's assets. This authorization enables the executor to settle debts, manage financial accounts, and distribute property to beneficiaries, ensuring the decedent's wishes are honored.The process of obtaining Letters of Testamentary involves several critical steps. Initially, the executor must gather all necessary documents, including the orig...
2025-02-1703 min
BSPE Legal Marketing PodcastWhat is a Child Entitled to When a Parent Dies Without a Will in New York? - Seth SchlesselFrom Schlessel Law PLLC – "What is a Child Entitled to When a Parent Dies Without a Will in New York?" delves into the complexities of intestate succession laws in the state. When a parent passes away without a will, New York's intestacy laws determine the distribution of assets among surviving family members.In such scenarios, if the deceased is survived by a spouse and children, the spouse inherits the first $50,000 plus half of the remaining estate, while the children equally share the other half. If there is no surviving spouse, the entire estate is divided equally among th...
2025-02-1202 min
BSPE Legal Marketing PodcastWhat Happens to Your Assets If You Go Into a Nursing Home? - Seth SchlesselFrom Schlessel Law PLLC - In the podcast episode based on the article What Happens to Your Assets If You Go Into a Nursing Home?, we discuss the financial impact of nursing home care in Long Island and New York. With annual costs potentially exceeding $176,000 for a private room, these expenses can quickly deplete savings and assets. Medicaid provides essential support for eligible individuals, covering significant portions of these costs. However, navigating Medicaid’s income and asset limits requires careful planning to preserve financial stability.The episode explores how Long Island Medicaid planning attorneys at Schlessel Law PL...
2024-11-1305 min
BSPE Legal Marketing PodcastCan a Life Estate Deed Shield My Home From Medicaid in New York? - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we explore the question, "Can a Life Estate Deed Shield My Home From Medicaid in New York?" focusing on how life estate deeds fit into Medicaid planning in New York. For those seeking to preserve homeownership while meeting Medicaid eligibility, a life estate deed can be a strategic tool. By allowing homeowners to retain the right to live in their property while transferring ownership to a remainderman, life estates can potentially exclude the home from being counted as an asset during Medicaid’s eligibility assessment, provided the transfer satisfies the state’s lo...
2024-10-3004 min
BSPE Legal Marketing PodcastGifting Money Prior to Nursing Home: Medicaid Qualification Effect - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we explore the topic "Gifting Money Prior to Nursing Home: Medicaid Qualification Effect" and how asset transfers can impact Medicaid eligibility in New York. Gifting money or assets might seem like a good strategy for managing your estate, but it can lead to complications if not done in accordance with Medicaid regulations. The five-year look-back period in New York is a critical factor to consider, as any transfers made within this timeframe could result in penalties and delays in eligibility. We dive into what counts as gifting under Medicaid rules and...
2024-10-2405 min
BSPE Legal Marketing PodcastWhat is a Medicaid-Compliant Annuity? - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we explore the article, "What is a Medicaid-Compliant Annuity?" and its significance in Medicaid planning for Long Island residents. Medicaid-Compliant Annuities (MCAs) play a vital role in long-term care planning, particularly in New York where high costs and strict Medicaid eligibility requirements make strategic asset management essential. We explain how these annuities work, transforming assets into a steady income stream that aligns with Medicaid regulations. This approach can help individuals qualify for Medicaid while preserving their financial resources, ensuring that both their care needs and family support goals are met.
2024-10-2104 min
BSPE Legal Marketing PodcastHow Long Does Medicaid Pay for Nursing Home Care? - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we explore the intricacies of Medicaid coverage for nursing home care in New York, based on the article, "How Long Does Medicaid Pay for Nursing Home Care?". Medicaid serves as a vital lifeline for many families on Long Island, offering extensive support for long-term healthcare needs. We break down how the program covers essential services such as skilled nursing care, physical therapy, and medical social services, ensuring that eligible individuals receive the support they need. Understanding the duration and conditions of this coverage is crucial for those planning for elderly or...
2024-10-2105 min
BSPE Legal Marketing PodcastHow to Avoid Medicaid’s 5-Year Lookback Period - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we explore the key points from the article How to Avoid Medicaid’s 5-Year Lookback Period. Understanding Medicaid's 5-Year Lookback Period is essential for anyone planning for long-term care or considering Medicaid benefits. The lookback period refers to the review of financial transactions made within five years of a Medicaid application to ensure no assets were transferred for less than market value. Violating these rules can lead to penalties such as a penalty period or delays in eligibility, making careful asset management crucial.We discuss the various strategies that ca...
2024-10-0905 min
BSPE Legal Marketing PodcastWho Needs a Trust Instead of a Will - Seth SchlesselFrom Schlessel Law PLLC - In the article "Who Needs a Trust Instead of a Will," the benefits and distinctions between trusts and wills in estate planning are thoroughly explored. The article highlights that while both tools serve critical roles, a trust can offer enhanced privacy, avoid probate, and provide more control over how assets are distributed to beneficiaries. This is particularly valuable for individuals in New York who have complex family situations, own significant assets, or wish to ensure financial support for loved ones with special needs.The article discusses different types of trusts available in...
2024-10-0704 min
BSPE Legal Marketing PodcastCan an Executor Decide Who Gets What? - Seth SchlesselFrom Schlessel Law PLLC – In this episode, we tackle the important question, "Can an Executor Decide Who Gets What?" and provide an in-depth look at the executor’s role during the probate process. Contrary to common belief, executors do not have the freedom to decide how assets are distributed among beneficiaries. Under New York estate laws, executors are bound by the terms of the will, which dictate exactly how the deceased’s assets should be handled. This episode explores the legal boundaries of an executor’s authority and explains why it’s crucial to follow the will’s directives to ensure a...
2024-09-1705 min
BSPE Legal Marketing PodcastEstate Tax Exemption Sunset 2026 - Seth SchlesselFrom Schlessel Law PLLC - As the Estate Tax Exemption Sunset 2026 approaches, the landscape of estate planning is set to undergo significant changes that will impact New York residents. In this episode, we delve into the implications of the Tax Cuts and Jobs Act of 2017, which temporarily increased the federal estate tax exemption but is now slated to revert to its pre-2018 levels. With these adjustments on the horizon, many estates that were previously exempt from federal estate taxes may face new tax burdens, making it essential to revisit and revise estate planning strategies.Our discussion highlights...
2024-08-2704 min
BSPE Legal Marketing PodcastWhat is an Affidavit of Heirship in New York? - Seth SchlesselFrom Schlessel Law PLLC - In our latest episode, we dive into the intricacies of estate planning in New York with a focus on the topic "What is an Affidavit of Heirship in New York?" Join us as we explore the vital role affidavits of heirship play in confirming rightful heirs, particularly when the lineage or inheritance path isn't clear. We'll discuss the essential function these documents serve in the New York estate probate and administration process, ensuring fair distribution of a decedent's assets.We’ll highlight the comprehensive support provided by New York estate planning attorneys at...
2024-08-0806 min
BSPE Legal Marketing PodcastWhat is a Spousal Lifetime Access Trust? - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we delve into the intricacies of ‘What is a Spousal Lifetime Access Trust?’, a potent estate planning tool designed to provide financial security for your spouse while preserving wealth for future generations. Our discussion covers how a SLAT allows the grantor to transfer assets into an irrevocable trust, benefiting the non-grantor spouse during their lifetime. This strategic move leverages gift tax exemptions and reduces the taxable estate, ultimately minimizing estate taxes and protecting assets from creditors.We'll explore the advantages of establishing a SLAT under New York trust laws, incl...
2024-07-3104 min
BSPE Legal Marketing PodcastHow Long Does Medicaid Pay for Nursing Home Care? - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we tackle the critical question, "How Long Does Medicaid Pay for Nursing Home Care?" This discussion is vital for Long Island residents facing the complexities of Medicaid eligibility and long-term healthcare planning. Attorney Seth Schlessel and the team at Schlessel Law PLLC offer insights into navigating Medicaid's intricate rules, ensuring that families understand how to maintain eligibility and protect their assets while securing necessary care.We delve into the specifics of Medicaid coverage in New York, including the absence of a set time limit for nursing home care as...
2024-07-3009 min
BSPE Legal Marketing PodcastWhat is a Credit Shelter Trust? - Seth SchlesselFrom Schlessel Law PLLC - In this episode, we explore the benefits and intricacies of a credit shelter trust, drawing insights from our article 'What is a Credit Shelter Trust?' A credit shelter trust, also known as a bypass or family trust, is a powerful tool designed to help minimize estate taxes and efficiently transfer assets to beneficiaries. This type of trust allows you to pass a specific amount of assets separate from your surviving spouse's estate, providing long-term financial benefits for your family.Understanding how credit shelter trusts function is crucial for effective estate planning...
2024-07-0109 min