• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Eghrari-Logo

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

What Is the Definition of Elder Law?

elder lawElder law is the area of legal specialization that is focused on the interests of senior citizens. There are a number of different elder law issues that are pressing at the present time, and one of them is the matter of elder financial abuse. It is difficult for experts put an exact number on the amount of the losses, because the vast majority of cases go unreported. This being stated, we are talking about billions of dollars each and every year.

Why do so many instances of elder abuse take place in the shadows? There are a couple of different reasons. Sadly, family members and other people that are close to the victims are often the perpetrators. The people that are abused do not say anything because they do not want to get the abusers into trouble.

In other instances, they are physically afraid, or concerned that the care that is being given by the abusers will be withheld. Dementia is not uncommon among individuals that reach an advanced age. Sometimes, people that are being financially exploited simply do not know about it. This can be because of a diagnosed condition, but it can also come about through a simple lack of awareness.

The acts of financial abuse that are perpetrated by individuals that know the victims could be described as crimes of opportunity. However, there are other types of exploitation. There are door-to-door scam artists out there that can target senior citizens. Telephone-based scams are not uncommon, and email con artists are ubiquitous. There is also the matter of identity theft.

As elder law attorneys, we endeavor to raise awareness about elder financial abuse. We can also help you take legal steps to prepare yourself in advance, and our doors are always open if you would like to have a discussion with one of our lawyers.

Nursing Home Expenses

Elder law attorneys help clients devise nursing home asset protection strategies. Most people will eventually need help with their day-to-day needs, and many will reside in nursing homes. These facilities are extremely expensive. Here on Long Island where we practice law, you are looking at $120,000 a year for a private room in a nursing home.

If you are thinking that you are not too concerned because you will qualify for Medicare coverage when you reach the age of 65, we have some bad news for you. This program will pay for convalescent care after an injury or illness, but it does not pay for custodial care. This is the form of care that nursing homes provide for their residents.

When you evaluate these nursing home expenses, in many cases, you have to multiply them by two for married couples. Paying for significant stays in a nursing home out of pocket could potentially consume all or most of the legacy that you intended to leave for your loved ones.

Medicaid Planning

There is a way to preserve resources for the benefit of your family members if you act intelligently in advance. Medicaid is another health insurance program, and it does pay for nursing home care if you can gain eligibility. However, there is a low asset limit, so you cannot qualify if you are a person of reasonably solid means.

To qualify for Medicaid to pay for nursing home care, you could essentially give your children their inheritances in advance. It would also be possible to establish and fund an irrevocable, income-only Medicaid trust. If you go the latter route, you would not be able to touch the principal, but you would be able to receive income that is earned by assets in the trust until you apply for Medicaid.

This can seem like a simple solution, but timing is everything, because there is a five-year look back period. You have to complete all gift giving at least five years before you apply for Medicaid coverage. If you violate this rule, you will not be able to qualify.

A penalty would be imposed that would be based on the amount of the divestitures as they compare to the cost of nursing home care in New York. For example, if you gave away enough to pay for a three-year nursing home stay, your eligibility would be delayed by three years.

Reserve Your Seminar Seat Today!

If you would like to learn more about elder law issues, attend one of our free seminars. There are a number of dates coming up in the near future, and you can click this link to see the schedule.

  • Author
  • Recent Posts
Eghrari Wealth Training Law Firm
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Eghrari Wealth Training Law Firm (see all)
  • Are You Entitled to Veterans Aid & Attendance? - May 24, 2023
  • Top 10 Retirement Planning Tips - May 17, 2023
  • What Can I Do to Prevent Sibling Disputes? - May 3, 2023

About Eghrari Wealth Training Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: «living trust Consolidate Assets With a Living Trust
Next Post: Does a Living Trust Provide Asset Protection? living trust»

Primary Sidebar

Blog subscription

Subscribe to our Blog for the latest estate planning news and updates!

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Where We Are

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Map

map for Eghrari Wealth Training Law Firm office

Footer

Office Location

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

ATTORNEY ADVERTISEMENT

Copyright © 2023 American Academy of Estate Planning Attorneys · All Rights Reserved