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Reverse Mortgages

estate planning attorneyA reverse mortgage is a means by which seniors utilize the equity in their homes. The equity is turned into cash. It can be used to supplement social security, pension payments, and 401K plan withdrawals. In most situations, the proceeds of a reverse mortgage are taken out in a lump sum. Arrangements can be made to have periodic payments over the period of your life, too.

The big benefit of a reverse mortgage is you don’t have to repay it during your lifetime. It gets repaid upon your death. The drawback of a reverse mortgage is it tends to have a higher interest rate than conventional mortgages. In addition to interest payments and an annual insurance charge, the Department of Housing and Urban Development’s home equity conversion reverse mortgage program level an initial one time insurance premium from 2% to .01% on your home’s value. It should be noted as with any mortgage, there will be closing costs regarding reverse mortgages.

New York Estate Planning Lawyers

Whether you take out a reverse mortgage or not is a complicated question. You should meet with an estate planning attorney. Discuss your finances and the consequences of a reverse mortgage before proceeding to take one out.assistance in planning for retirement

Investment Planning for Retirement

The Stock Market, in 2011, has been very volatile. Soon to be retired families are expressing concern as to what their appropriate investment strategy should be in retirement.

Thirty-year Retirement

If you’re retiring in your 60’s, it is important to plan for as long as thirty years of being retired (hopefully you have this type of longevity in your family). Financial planners discuss balancing short term and long term risks with your investments. T. Rowe Price recommends to its retired investors that they maintain 55% of their liquid assets in equities (stock), 35% of their liquid assets in bonds and the remaining 10% in cash. Putnam Institute suggests that retirees should have, at the most, a quarter of their liquid assets in stocks. Which is the correct approach?

Financial Planners

The best approach to deal with your assets when you’re either close to retirement or in retirement depends on a variety of circumstances concerning your lifestyle. The most informed method to make long term plans is to hire a financial planner. Financial planners can provide you with estimates of what your necessary income will be over time. They can also run “what if” scenarios concerning investment strategies. Investors who use financial planners are less likely to overreact to market fluctuations. Financial planners will help you develop an investment strategy dealing with issues concerning risk tolerance and financial goals. Expert advice in this situation is the way to go.

Estate Planning

Do you have a will? If you die without a will, the State of New York or the state you are living in at the time of your death will decide who inherits your assets. Since no one lives forever, estate planning is a good idea.

Issues involving wills, probate, executors, revocable trusts, irrevocable trusts and elder care concerns are the type of issues that an estate planning or elder care attorney can assist you with. The Law Offices of Schlissel DeCorpo has been assisting its clients for more than 30 years with estate planning issues. Feel free to give us a call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Nursing Home Expenses are Rising

nursing-150x150It now costs more than $400 a day to stay in a semi-private room in a nursing home in the Metropolitan New York area. The cost of nursing home care in the state of New York is rising at a fast pace. It is estimated that in ten years the rates for a semi-private room in a nursing home will be in excess of $600 a day.

High Cost of Nursing Home Care

An annual stay in a nursing home in a semi-private room on Long Island costs approximately $150,000. The cost of living in a one bedroom assisted living facility would be $52,000. Living in your home and having a health care aid for approximately 40 hours a week would cost approximately $50,000. With these high costs and anticipated higher costs in the future, Americans can’t afford to grow old unless they can take care of themselves.

Stay At Home

Although nursing homes try hard to provide comfortable living conditions for their residents, it is strongly recommended that you stay in your home and avoid nursing homes, if at all possible. Men and women feel more comfortable at their residences. Living in ones home provides a sense of security and self worth. Sometimes when men and women move into nursing homes, they become depressed at the loss of their freedom.

Medicaid and Nursing Homes

The large majority of men and women in nursing homes can’t afford to pay ten to twelve thousand dollars a month for their own care. The rely on medicaid to pay for the expenses of staying in a nursing home. Qualifying for medicaid is no longer simple.

Medicaid Planning

I am a member of the National Academy of Elder Law attorneys. I meet with men and women and their children on a regular basis to discuss long term planning. Unfortunately, many families come to me right on the eve of one of their parents requiring nursing home care. They are under the mistaken impression they can immediately transfer all of their assets out of their parents’ names and put one of their parents in a nursing home. Unfortunately, this is not the case. There is a five year look back rule in medicaid. This means the asset has to be completely out of the parents name for a period of five years prior to submitting a medicaid application. If the medicaid application is submitted during this five year period, the person requiring the medicaid benefits is subject to a penalty period in which the individual must self-pay for his or her nursing home care.

Estate Law – Wills & Trusts Lawyer

The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issuesfor more than thirty years. We draft wills and trusts. We probate wills. We litigate will contests. We draft special needs trusts for special needs children.

Elliot S. Schlissel is a member of The National Academy of Elder Law Attorneys. He handles elder care planning related to Medicare, Medicaid and nursing home issues. Call us for a free consultation.

Who Needs a Will? You Do!

last-will-and-testamentDo you have assets? Do you own a house? Have you been married more than once? Do you have children from more than one relationship? Are you concerned about what happens after your death to your spouse and/or your children? Are you single? All of the above individuals need a Will.

Estate contests often develop between children from the first marriage and the second wife. Issues arise when a man or a woman has children from more than one relationship. Sometimes loved ones have financial difficulty and the possibility of receiving assets in an estate brings out the worst in them.

There is a simple way to avoid unnecessary expensive litigation that can last from months or years. Write a Will! A Will states who your loved ones are, what your assets are and who will receive your assets at the time of your death. No one looks forward to dying. The thought of writing a Will is often an issue that individuals seek to put off. However, a Will should be written when you are competent and healthy not right before your death.

Attorneys that handle Wills & Estates prepare Wills. They are generally speaking inexpensive documents to have prepared. They simplify your end of life issues and allow your assets to pass in an orderly manner. Wills cut down on financial disagreements developing among your heirs and loved ones.

If you die without a Will your assets pass to your loved ones through administration proceedings. These proceedings can be time consuming and tedious. More than one person can request to be the Administrator of your estate. This can lead to arguments, bad feelings and increased attorney’s fees.

If you have assets or loved ones, you need a Will! Have it written by an attorney before you are too sick and old to deal with it.

Should you have questions regarding drafting a Will, feel free to call the Law Offices of Schlissel DeCorpo to discuss these issues at 1-800-344-6431 or email us at schlissel.law@att.net.

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