Elder Law has developed over the past two decades to meet the specialized needs of our older population, particularly addressing potential long-term care cost planning. Originally considered a sub-specialty of estate planning, this field of law has since become independently recognized. When an individual is no longer capable of handling activities of daily living - eating, dressing, bathing, mobility and cognition - high emotional and financial costs are associated with providing for these needs in an appropriate setting. Elder Law attorneys plan to ensure that an individual’s assets are sufficient to provide for the individual and his or her healthy family members over the remainder of their lives. For many, this goal includes planning that will allow the individual to qualify for various public and private benefits. The planning process provides solutions for families during what is generally a difficult time.

Medicaid is a federal program that provides payment for medical care to persons unable to afford to pay for their care. Once a person is made eligible for the program, Medicaid covers physicians’ services, hospital care, medications, supplies and other necessary services. Medicaid also pays for the expenses of long term care in a nursing home or an adult care facility.

Medicaid laws are considered to be one of the most complex sets of laws of the United States and, further complicating matters, each state has its own interpretations of what the laws mean. The Nay & Friedenberg attorneys have carefully studied the Medicaid statutes and regulations and are able to assist clients in assuring their rights under these laws. Our attorneys are also very skilled in working with Medicaid to help plan for long term care needs.

Estate Planning means more than simply preparing a last Will and Testament. In its broad sense, the term “estate planning” entails more than providing for the disposition of your assets upon your death with a minimum amount of taxation. Comprehensive estate planning, of course, provides for that. However, such planning must also provide for the administration and protection of assets during your lifetime and for decision making in the event of a disabling illness.

For a complete estate plan, along with the last Will and Testament, a person needs a durable health care power of attorney, which names an agent responsible for medical decision making, and a durable financial power of attorney, which names an agent responsible for asset management, bill paying and other financial activities. A complete estate plan should also contain a living will or other advance directive giving instructions concerning the type of care one wishes to receive (or avoid) in the event of terminal illness. In some cases, a revocable living trust may be appropriate as well.

It is said that one cannot avoid death and taxes.  Our clients certainly face more taxes than they expect: estate and inheritance, gift and generation-skipping, capital gains and the deferred taxes in pension assets such as IRAs.  In fact, these taxes can be eliminated, greatly reduced or postponed.  But this does not happen without thoughtful planning.
 
For over twenty years Nay & Friedenberg has been advising about tax codes and coordinating them with our client’s plans.  For some families this means proposing options.  In other families this means avoiding unintended tax consequences.  In all cases, the issues are discussed in plain English so that the clients can decide what strategy is most appropriate with a real understanding of the impact on the family.  We want the best tax plan for our clients.

When a family member passes away, he or she may have had assets that were not titled jointly with another person. A loved one may also have left accounts or insurance policies with no designated beneficiary. In such cases, regardless of whether he or she prepared a will, a person leaves an “estate” that must pass through a court process called probate. Whether your family member’s estate is relatively uncomplicated and straightforward, or involves complex, multilayered issues, you will need the assistance of a specialist or an attorney knowledgeable and experienced with wills, probate-court procedure and deadlines, tax ramifications, creditor issues, asset management, transfers and family relations. Nay & Friedenberg has represented hundreds of executors (personal representatives), as well as heirs, devisees, creditors and other interested family members involved in the probate process.

A Guardian is appointed by a court to make personal and health care decisions for a person who is incapacitated, whether because of physical or mental disability. Guardians have the same rights, powers, duties and responsibilities over their wards as parents have over their minor children except that guardians do not have to use their own money to support the wards.

A Conservator is appointed by a court to handle the financial affairs of a person unable to do so for himself. The conservator takes possession of all of the protected person’s assets and must protect, invest and use them for the protected person’s benefit.

A person may need a guardian or a conservator or both. The same person can be appointed in both capacities.

Courts do not casually appoint guardians and conservators. The rules established to protect a person's rights are numerous and complex.

Nay and Friedenberg has many years of expertise in establishing, defending and administering guardianships and conservatorships.

A Living Trust is an agreement between you (the Settlor or Trustor) and an individual or entity (the Trustee) made during your lifetime. The trust agreement determines how assets placed in the Trust will be managed and distributed. Trusts can be Revocable or Irrevocable.

A Revocable Living Trust can provide various benefits to meet lifetime purposes:

An Irrevocable Trust can provide substantial estate tax savings or shelter assets from the uninsured medical expenses of long term care such as the costs of a nursing home. Such trusts require careful planning.

Irrevocable Trusts, cannot be changed or cancelled and have special tax treatment.