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Potential Tax Problems When Elders Make Substantial Gifts Many people have tried to transfer assets outside of probate by giving them to their children outright. Unfortunately, there can be some serious problems with giving substantial assets to others. For example, if a parent's assets are squandered or the child decides not to use the money for parents benefit, those parents have no recourse. Another essential issue: the Medicaid look-back period may prevent you from being eligible for Medicaid if you have transferred assets to your children less than 5 years before you need Medicaid. We can help you protect your assets and make sure that any gifting you are considering addresses both your immediate and future needs. Contact us for a free consultation. | Elder law is an area of law that helps individuals and families take measures during their lifetimes to protect assets should they need extra care as they age. At Laidlaw Firm, LLC, we provide strategic counsel and advocacy to our clients as they take necessary legal action in estate planning, healthcare planning, and the transferring of assets. If you or your loved one needs assistance with asset protection, and financial planning or any elder law matter, please contact us for a free consultation. As an experienced elder law advocate and representative, we will: - Advise you about long-term health insurance and other options
- Set-up irrevocable trusts that allow you to use your assets during your lifetime and pass them with a minimum of taxation to your heirs
- Advise on strategies to protect your family home
- Explore all of your options and alternatives in estate planning, elder law, and retirement planning
- Appoint power of attorney to address your health care and financial needs should you become incapacitated
- Alert you to the Medicaid look back period that makes you ineligible for Medicaid if you transferred certain assets within the last 5 years
- Help plan asset transfers to minimize estate taxes and help you plan for the future
Healthcare Proxies and Financial Powers of AttorneyA healthcare proxy and financial power of attorney are essential for people as they age. Although these documents are available to create without a lawyer, New York banks are notoriously particular about accepting powers of attorney. We will take the time to build a relationship with your bank, review the POA they have drafted and make sure the bank will accept it when the time comes. Contact Laidlaw Firm, LLC for a free consultation with an experienced elder law attorney. Our office is located conveniently in downtown Katonah, New York and is easily accessible by car or train.
 | | Phone: (914) 767-0646 | Fax: (914) 767-0476 95 Katonah Avenue
Katonah, NY 10536-2152
Map and Directions | Katonah, New York, attorney Moira Laidlaw serves clients throughout Westchester County and Putnam County, in communities such as Katonah, Mount Kisco, Bedford, Pound Ridge, South Salem, North Salem, Yorktown Heights, Mahopac, Brewster, Chappaqua, Peekskill, Ossining, Briarcliff Manor, Pleasantville, White Plains, and New York City. | Printer Friendly View
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