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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

Retirement Mistakes

retirement-150x150 Don’t make mistakes regarding your retirement. Your senior years should be enjoyable, relaxed and stimulating. They should not be frustrating and worrisome times.

Have Sufficient Assets and Cash Flow

You should not retire unless you have enough savings, pension, funds or 401K funds to support your lifestyle. Social Security alone will not be sufficient to fund your retirement goals. Social Security pays approximately $14,000 a year to retirees. This is simply not enough money to live on!

Be Active In Your Retirement

Researchers show that retirees who maintain an active lifestyle have a longer life expectancy. Exercise is important to seniors. Stimulating your body and your mind will keep you healthy, happy and extend your life.

Stay Close With Friends and Family Members

Don’t retire to your room. Have an outgoing social life and lifestyle. Stay in touch with the people you love and whose company you enjoy.

Alzheimer’s Disease and Dementia

Studies indicate that approximately 14% of all Americans over the age of sixty-five suffer from some form of dementia or Alzheimer’s disease. In the long run. Alzheimer’s disease and dementia negatively impact your brain, which in turn has a negative impact on your life and may land you in a nursing home. Medicare will not cover nursing home stays. Nursing homes can cost as much as ten to twelve-thousand dollars per month. To avoid the potential of an uncovered stay at a nursing home from impoverishing you, you should consult with an attorney who handles elder care work.

Elder Care Lawyer

The Law Offices of Schlissel DeCorpo provides elder care legal services to our clients. We draft wills and trusts. We probate wills. We deal with Medicaid planning issues. We assist our clients with nursing home issues. We provide all types of elder care legal representation. We also draft special needs trusts and supplemental needs trustsfor our clients. Should you need a will, trust or an elder care attorney, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Good Will Hunting

If you have assets, young children, and/or a house you should have a will. So you have a will. That’s great! Have you updated your will within the last two decades? If your will is more than 10 years old, you should consider updating it.

Changes In Your Life

As you grow older, the reasons for writing a will may have changed. You initially may have written a will to deal with who will raise your children in the event both parents die. You may have assisted one or more of your children with financial issues and seek to even things out when you pass. There are numerous reasons for updating your will. Your will should be up to date. An outdated will runs the risk of  not serving you or your family’s needs.

Will Evaluation

The American Bar Association maintains a guide entitled “Guide to Wills and Estates.” This guide discusses a variety of situations that may require a will to be reevaluated. The first is the death of your spouse. Divorce or death of some of your beneficiaries would also be a significant reason to update your will.

Grandchildren

Do you have grandchildren? You can make financial arrangements for your grandchildren in your will. If your grandchildren were born after you wrote your will, your will needs to be updated.

Tax Issues

At the time you wrote your will, you may not have had a significant estate. Your financial situation may have changed. You may need a more sophisticated estate plan to avoid estate tax issues.

A Significant Other

If you have a significant other and you are not married to this person, they will not be able to live in your house, or your apartment if you do not have a will. The best way to determine whether your will is adequate is to meet with an estate planning attorney and discuss all of the issues raised in this article.

Wills and Trusts Lawyer

The Law Offices of Schlissel DeCorpo has been assisting our clients for more than 30 years in dealing with wills, probate, contesting wills, issues involving executors, revocable trusts, irrevocable trusts, elder law issues, as well as Medicaid issues and Medicaid planning techniques.

Should you have questions concerning any or the aforementioned items, feel free to give us a call at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Is Social Security a Ponzi Scheme?

perry-150x150Republican politicians have recently referred to Social Security as a “Ponzi scheme”. This is an absurd misrepresentation of a program that has helped keep many of America’s senior citizens out of poverty. Rick Perry, the governor of Texas, in a recent debate, stated “it is a Ponzi scheme to tell our kids that are 25 or 30 years old today, you’re paying into a program that’s going to be there. Anybody that’s for the status quo with Social Security today is involved with a monstrous lie to our kids, and that’s not right.” What’s not right is that Governor Rick Perry is clueless as to the nature and makeup of the Social Security system!

Ponzi Scheme
Ponzi Schemes are swindles where early investors are paid with money invested by later investors. The later investors never receive a return on their investments or their principal back. Ponzi schemes involve investors who are lied to about their eventual payouts. The Social Security system in the United States is an open system. Annual reports are prepared by trustees. These trustees project the future of the program 75 years in advance. Social Security has been paying benefits to seniors for decades. It has never missed a payment to recipients. The program is currently fully funded to pay all benefits for seniors through the year 2036.

Governor Rick Perry

Perry’s comments about Social Security are inexcusable nonsense! Social Security is an entitlement program because Americans pay into Social Security during the course of their working lives. Entitlement programs are a type of insurance. Social Security is not a form of welfare! It is a social insurance policy. During the course of each American’s working life, he or she pays into a pool, so when he or she reaches retirement age, they will be able to receive the benefits from this pool.
Social Security Trust Funds

The Social Security Trust Fund will have a surplus that will reach it’s peak in the year 2022. At that time, the surplus in the fund will be 3.7 trillion dollars. Social Security is a program that has worked for more than 50 years. Politicians shouldn’t mess with a system that already works well.

elder.bmp
Elliot S. Schlissel, Esq. has been helping seniors with regard to elder law matters for three decades. Our Law Office prepares wills and trusts. We handle medicaid planning, nursing home abuse and all estate related problems. We also draft revocable living trusts and irrevocable trusts for our clients. We have extensive experience in preparing special needs trusts for our clients who have children with special needs. Call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Easing Into Retirement

retire-150x1501

When Is The Right Time to Retire?

It’s hard to say when it’s right time to retire; however, it is easy to say it is the wrong time to retire. You shouldn’t retire unless you have sufficient funds to carry you through your golden years. In the past, most people retired in their sixties. With declining savings and living costs going up, many Americans will have to wait till they’re in their seventies.

Retirement Suggestions

Instead of quitting your job, you may be able to negotiate reducing your working days or working hours. This will allow you to live without drawing on your savings. Downscale your life style. If you want to retire, you need to try to live more modestly. If your home is large, you can sell it and buy a smaller home or rent an apartment. You can move from an expensive state, such as those located in the Northeast, to cheaper, less expensive states in the South and Southwest.

You need to prioritize your needs. Instead of eating out once or twice a week, it is much less expensive to cook your meals and eat at home.

Forced Retirement

Losing your job or being downsized may force you into retirement. Employers may no longer want experienced employees in their fifties and sixties. This tends to raise the cost of their group health care and other group benefit packages. What do you do if you’re downsized and no one wants to hire you?You need to see a job counselor. You need to train yourself to work in another industry. Unfortunately, you also need to downsize your expectations as to what you’ll be earning.

Wills, Trusts and Estates Lawyers

The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issues for 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.

Fewer Family Practice Doctors

doc-150x150Fewer doctors in the United States are going into family practice. Solo medical practitioners involved in family practices are becoming scarcer. The American Academy of Family Physicians, in 1986, represented forty-four percent of the practicing doctors. As of 2008, only eighteen percent of practicing physicians are in family practice and that number continues to grow smaller.

In 2007, twenty-eight percent of the doctors in private practice described themselves as being self-employed. In 1970, almost sixty percent of all doctors were self-employed.

New Doctors Don’t Want Family Practices

Many of the doctors graduating medical school have no interest in small family practices. They seek better life styles, which involve shorter working days and weekends off. They want to avoid patient emergencies.

New Doctors Have to Deal With Debt Obligations

Many doctors going into medical practice today borrowed large sums to help pay for their medical school expenses. These young doctors are looking for steady pay checks that have no risk attached to them.

Will Patients Suffer?

There are benefits for patients who use larger medical practices. These larger practices can provide more preventive medical services. They have the financial ability to use technology to enhance their practice, which gives them greater capabilities.

Loss of the Personal Touch

Generations of Americans have had personal, confidential relationships with their physicians. Physicians were trusted individuals. Patients felt they had a personal relationship with them. Newer, larger medical groups may lack this personal touch. Doctors who are part of larger medical groups have the ability to pool their resources to provide more sophisticated, higher levels of medical care.

There are pluses and minuses involved in a demise of the local family sole practitioner. Although there is a loss of the personal relationship, the patient may end up with more sophisticated medical care!

New York Lawyers

The attorneys at the Law Offices of Schlissel DeCorpo have more than 70 years of combined legal experience. We draft wills and trusts. We probate wills. We litigate will contests. We draft revocable living trusts and irrevocable trusts for our clients. Elliot S. Schlissel is a member of The National Academy of Elder Law Attorneys.

We represent individuals with regard to issues concerning medicaidmedicaid planning techniques and developing special needs trusts for special needs children. We also deal with issues involving nursing home abuse. Feel free to call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Retirement: What if You Haven’t Saved any Money?

retire-150x1503Retirement is supposed to be a time of relaxation and enjoyment for Americans. The current economic situation in the United States may require a re-thinking of retirement issues. A recent study has shown that one in four individuals approaching retirement have saved nothing for their retirement years! The Employee Benefit Research Institute recently revealed that nearly 50% of all individuals who are close to retirement, age 56 through 62, will run out of money if they are retired for twenty years or more.

Planning for Retirement

Planning for retirement is a complicated process. You never know how long you’re going to live! It is difficult to anticipate future medical expenses.

Retirement Facts

In the year 2011, the average individual receiving social security benefits will take in about $1,200 a month. Studies show you’ll need approximately eighty-percent of your pre- retirement income to maintain the same level of life style you maintained in your pre- retirement days. If you are nearing retirement, it is strongly suggested that you obtain literature and/or professional advice concerning retirement. Some retirement organizations offer community seminars. The American Association of Retired Persons (AARP) has an enormous amount of information concerning what you can expect your expenses to be during the course of your retirement.

Are You In Debt

One of the first things that is recommended to individuals approaching retirement is to eliminate debt. The best way to do that is to review your expenses and take affirmative action to reduce these expenses. Examples of reducing expenses would be eating out in restaurants less often. You may have to change your life style and live a simpler, less expensive life.

Can You Downsize Your Home Expenses?

You may be able to sell your home and move into a smaller home. In some situations, you may be forced to sell your home and live in an apartment.

Don’t Retire!

Who says sixty-five years of age is the magic number to retire! People are living much longer today. Working into your early seventies may be the solution to your retirement issues. Another alternative is to simply not retire. I’m sixty-one years of age and I have no intentions of retiring anytime in the near future. I simply wouldn’t know what to do with myself if I retired. I anticipate I would be bored to tears!

Estate Planning Attorneys

Our law office has been handling estate planning matters for our clients for more than thirty years. We draft wills and trusts for our clients. We assist our clients in estate administration and probating wills. We deal with elder care matters involving nursing homes, nursing home abuse, medicaid, medicaid planning and medicaid planning techniques. We also assist our clients in developing special needs trusts for special needs children. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Baby Boomers Will Have Trouble Retiring

baby-150x150Baby Boomers are going to have difficulty retiring. Recent studies indicate that baby boomers will work four years more than earlier generations due to the economic problems they have faced in recent years. The years following retirement are referred to as the “golden years”. There may not be much gold left for the baby boomers!

Baby boomers are individuals who were born between 1946 and 1964. There are approximately 77 million baby boomers. This represents 37% of the nation’s population that are age sixteen or older.

Retirement – A Grim View

Baby boomers have supposedly been saving during the course of their lifetimes for their golden retirement years. Unfortunately their savings have been involved in stocks, bonds and real estate that has been devastated by the recent economic crisis in the United States. The past five to seven years have had a negative effect on the net worth of a large portion of the baby boomers who are expected to retire during the next five to seven years.

Even the baby boomers whose investments have not been effected by the recent economic down turn may be hesitant to retire due to concern over their financial future.

In a recent survey by certified public accountants shows that their clients who had assets between $500,000 and $5,000,000 were concerned about retiring and were prepared to work four or more years before retiring. If individuals with such substantial assets are nervous about retiring, the picture is even more bleak for baby boomers who do not have savings.

“Boomers have been scarred by the economic turmoil in the past two years and face complex challenges going forward” Clark M. Blackman III recently stated. Mr. Blackman is the chair of the American Institute of Certified Public Accountants Personal Financial Executive Committee. Baby boomers golden years may be less than golden!

Member of National Academy of Elder Law Attorneys

Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. His law office probates wills, deals with contested wills and estates, drafts wills, and provides estate planning for their clients. They also draft revocable living trusts and irrevocable trusts for their clients. The law office provides all types of elder care legal services including dealing with issues of nursing home abuse, medicaid planning techniques and actually applying for medicaid for their clients. The law office also deals with children with special needs and the drafting of special needs trusts for these children. Call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350- 2802. Link to Wills Website

The New Health Care Law – Affordable Care Act

healthThe Republicans in Congress are challenging the health care law passed in 2010 by President Obama and the Democratic controlled Congress. Question: How does the health care law affect you?

Americans between the ages of fifty and sixty-four will be significantly affected by the Affordable Care Act (ACA). Unfortunately, due to the economic slowdown in the United States, more and more Americans between the ages of 50 and 64 have not been able to afford health insurance.

One Million Americans Lose Health Insurance

It is estimated that more than one million Americans between the ages of fifty and sixty-four lost their health insurance during the 2009 calendar year. Altogether, approximately ten million Americans between the ages of fifty and sixty-four no longer have health insurance. As long as unemployment remains high, the number of Americans in this age group without health insurance will continue to rise. Americans between the ages of fifty and sixty-four often have health problems that cannot be addressed without health insurance. Recent bankruptcy filings indicate that more and more Americans are being forced into bankruptcy because of spiraling health care bills that they cannot afford to pay.

More Americans Given Healthcare Coverage

When the Affordable Care Act comes into effect in the year 2014, approximately seven million Americans who currently don’t have health insurance will obtain subsidized health insurance. Starting in the year of 2014, the Affordable Care Act will expand eligibility requirements under Medicaid to cover adults who have incomes below 133% of the Federal poverty level. The Federal Government will have to provide significant cash payments to the states to meet demands for this increased medical insurance.

Starting in the year 2014, insurance companies will no longer have the ability to reject individuals with preexisting medical conditions or to charge individuals who currently are suffering from illnesses higher premiums for medical insurance.

There are a number of court challenges to the Affordable Health Care Law. Several Federal Judges have set aside the law for various reasons. It will be interesting to see how the Appellate Federal Courts deal with this issue.

New York Wills Lawyers

At the Law Offices of Schlissel DeCorpo, we have five attorneys who assist our clients in Wills, Trusts and Estate matters. Our office has been providing our clients with valuable assistance regarding issues concerning probating of Wills, drafting of Wills, Estate Taxes, Estate Planning, Will Contests and Revocable and Irrevocable Trusts for more than three decades.

Elliot S. Schlissel, Esq. is a member of the National Academy of Elder Law Attorneys. He provides his clients with detailed Elder Care legal services involving Medicaid planning, nursing home issues, special needs trusts and issues involving special children. If you have a probate, Wills, Trusts and Estates or Elder Care matter, we are the law firm that can help you. Call us at 1-800-344-6431; 516-561-6645 and 718-350-2802.

Medicare: How Do We Reform This Program?

meds1-150x150Cutting Doctor Reimbursements

Congress is considering a 23% reduction in the reimbursement to physicians who render medical treatment to Medicare patients. Will doctors accept this type of reduction?
There is concern that the doctors will simply refuse to treat Medicare patients if they are not paid a reasonable fee. This will force Medicare patients to try to find new doctors to treat them.

Slowing Health Care Inflationary Expenses

The best way to stop the inflationary increases of government health care programs is to reduce the rising cost of health care. The Balanced Budget Act of 1997 was designed to reduce Medicare expenses; however, it has not worked. This statute attempted to reduce spending for physician services. It did not take into consideration the growth in volume and complexity of services provided by physicians. It also did not change the “fee for service system”. This system provides greater incentive for doctors to do more procedures for their patients. The statute didn’t determine which procedures will most effectively cut costs!
Reforming Medicare
The best way to reform Medicare is to establish cost control measures utilizing less-expensive alternative medical care procedures. Medicare must be redesigned to move towards a system that rewards medical providers for the quality of the care that is provided, not the quantity that is provided. Medicare costs are a hot political potato. They need to be dealt with. The continuing spiraling costs of Medicare will eventually bankrupt the system. Medicare must be saved!

Elder Care Lawyers

The Law Offices of Schlissel DeCorpo provides elder care legal services to our clients. We draft wills and trusts. We probate wills. We deal with Medicaid planning issues. We assist our clients with nursing home issues. We provide all types of elder care legal representation. We also draft special needs trusts and supplemental needs trusts for our clients. Should you need a will, trust or an elder care attorney, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

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