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Estate planning is not just for the wealthy. Every New York and New Jersey family — regardless of the size of their estate — needs a plan to protect their assets, avoid probate, minimize taxes, and ensure their wishes are carried out. Without a plan, the State of New York decides what happens to your assets, and nursing home costs can wipe out a lifetime of savings in months.
The Law Office of Jay Meyers provides comprehensive estate planning and Medicaid asset protection services to families throughout Staten Island, Brooklyn, Queens, Manhattan, the Bronx, and New Jersey. With over 30 years of experience, we help clients build legally sound plans that protect both their current quality of life and the inheritance they want to leave behind.
The Medicaid Crisis: Nursing home care in New York averages $13,000–$16,000 per month. Without a proper Medicaid plan in place at least 5 years before care is needed, your home, savings, and investments may be consumed entirely. Planning now protects everything you have worked for.
Medicaid Asset Protection Planning
Medicaid planning is arguably the most urgent element of estate planning for New Yorkers over 60. The Medicaid 5-year look-back rule means that any asset transfers within 5 years of applying for Medicaid long-term care benefits will be scrutinized and may cause a period of ineligibility. The time to plan is now — before a health crisis forces your hand.
Irrevocable Medicaid Asset Protection Trust
An irrevocable Medicaid Asset Protection Trust (MAPT) allows you to transfer your home and other assets out of your name — while retaining the right to live in your home and receive income from the trust. After 5 years, those assets are fully protected from Medicaid claims for nursing home costs.
Benefits:
- Protects your home from Medicaid estate recovery after the 5-year period
- You retain a life estate — the right to live in your home for life
- Assets pass to your heirs without going through probate
- Heirs receive a stepped-up tax basis, minimizing capital gains tax
- Can be structured to include cash, investment accounts, and other assets
Spousal Protections
When one spouse requires nursing home care, New York law allows the community spouse (the one remaining at home) to retain significant assets — including the home, a car, retirement accounts, and a portion of other assets. We help families maximize these spousal protections to preserve as much as possible.
Wills & Testamentary Planning
A Last Will and Testament is the foundation of any estate plan. In New York, dying without a will (dying "intestate") means your assets are distributed according to state law — which may not reflect your wishes and can create family conflict. A properly drafted will ensures:
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- Your assets go to the people you choose
- Your choice of executor manages your estate
- Your minor children are cared for by a guardian you have designated
- Specific bequests — heirlooms, gifts to charity — are honored
Powers of Attorney & Health Care Proxies
Two of the most important — and most overlooked — estate planning documents:
Durable Power of Attorney
Designates a person to manage your financial affairs if you become incapacitated. In New York, a properly drafted statutory durable power of attorney can avoid the need for a costly court-appointed guardianship. We draft powers of attorney that are accepted by banks, the IRS, and government agencies without challenge.
Health Care Proxy and Living Will
Designates a person to make medical decisions on your behalf and documents your wishes regarding life-sustaining treatment. Without a health care proxy, medical decisions may be made by people you would not choose, or by court order. We also draft HIPAA authorizations to ensure your designated agent can access your medical records.
Trusts for Asset Protection and Estate Planning
Beyond Medicaid planning, trusts are powerful tools for:
- Avoiding probate — trust assets pass directly to beneficiaries without court proceedings
- Privacy — unlike wills, trusts are not public record
- Protecting inheritances — spendthrift provisions protect beneficiaries from their own creditors
- Providing for special needs beneficiaries without disqualifying them from government benefits
- Multi-generational planning — controlling how and when assets are distributed to children and grandchildren
Estate Administration & Probate
When a loved one passes, we guide families through the New York probate and estate administration process, including:
- Filing the will with the Surrogate's Court
- Obtaining Letters Testamentary or Letters of Administration
- Identifying, valuing, and marshaling estate assets
- Paying valid claims and distributing assets to beneficiaries
- New York estate tax planning and compliance
- Handling disputes among beneficiaries or creditors
Ready to Take the First Step?
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Related Practice Areas
- Bankruptcy & Debt Relief — Overwhelmed by debt? Bankruptcy can eliminate it permanently.
- Foreclosure Defense — Facing foreclosure? We fight to keep you in your home.
- Florida Trusts & Estates — Florida's unlimited homestead and powerful asset protection laws.
- Schedule a Free Consultation — Speak with Jay Meyers about your estate planning needs.
Trusts & Estates FAQ
What is an irrevocable trust and how does it protect assets from Medicaid?
An irrevocable trust permanently removes assets from your taxable estate and, after a 5-year look-back period, protects them from Medicaid claims for nursing home costs. You can transfer your home and other assets into an irrevocable trust while retaining the right to live in the home and receive income from trust assets. This is one of the most effective Medicaid planning tools available to New York seniors.
How much does nursing home care cost in New York?
Nursing home care in New York averages $13,000–$16,000 per month — among the highest in the country. Without proper planning, a prolonged nursing home stay can consume an entire lifetime of savings. Medicaid can cover nursing home costs, but requires careful advance planning to preserve assets for your spouse and heirs.
Do I need a will if I have a trust?
Yes. Even with a trust, you need a pour-over will to catch any assets that were not transferred into the trust during your lifetime. Without a will, these assets pass under New York's intestacy laws — which may not reflect your wishes. A complete estate plan includes a will, trust, power of attorney, and health care proxy.
What is the difference between a power of attorney and a health care proxy?
A power of attorney designates someone to manage your financial affairs if you become incapacitated. A health care proxy designates someone to make medical decisions on your behalf. Both documents are essential — without them, a court proceeding may be required to appoint a guardian, which is expensive and time-consuming.
Can I protect my home from Medicaid in New York?
Yes, through careful advance planning. The most common strategies include transferring your home into an irrevocable Medicaid asset protection trust, which starts the 5-year look-back clock. After the 5-year period, the home is protected from Medicaid estate recovery. You retain the right to live in the home for life. The key is acting early — ideally 5 or more years before nursing home care may be needed.