For families trying to protect real estate while planning for long-term care or Medicaid eligibility, the internet is full of quick-fix advice:rnrn“Just put the house in your kids’ names.”rn“Do a life estate, it avoids probate.”rn“Use a Lady Bird Deed, it’s the best of both worlds.”rnrnBut in New York, these strategies are not always available or advisable. And more importantly, what sounds simple online can create complications that are hard to undo.rnrnLet’s take a closer look at the real risks of using deeds and life estates for Medicaid planning and what better alternatives may exist.
Reena Gulati Blog
Many people believe trusts are only for the ultra-wealthy, but they're actually valuable planning tools for many families. As a trust attorney serving clients throughout Long Island and New York, I often find that understanding trust income is a key concern for both trustees and beneficiaries.
Most people think a will is enough. It’s not, especially when your family is left sorting through court filings, unexpected delays, and costly legal fees after you're gone.rnrnA revocable living trust is one of the most powerful tools in estate planning, offering flexibility during your lifetime and simplicity after your death. Unlike a will, a revocable trust allows your chosen trustee to manage and distribute your assets without court intervention. That means no probate. No waiting. No confusion.
If all you needed for estate planning was a document, you could grab a will from Staples or download a form online. But estate planning isn’t about paperwork—it’s about protecting your family, your assets, and your legacy.rnrnThe Difference Between Documents and a Real Plan
Blended families bring love and connection but also introduce unique challenges when it comes to estate planning. If you have children from a previous relationship and want to ensure they receive their rightful inheritance, strategic planning is essential. Without a well-crafted estate plan, assets may not be distributed as you intended, potentially leading to disputes and legal complications.
