Frequently Asked Questions

A revocable trust can be changed or canceled during your lifetime, while an irrevocable trust cannot be altered once established. Revocable trusts offer flexibility but limited asset protection, whereas irrevocable trusts provide stronger protection from creditors and may help with Medicaid planning. At Legacy Fiduciary Group, we help clients choose the right trust structure based on their protection and control needs.

Ideally, Medicaid planning should begin at least five years before needing nursing home care due to Medicaid's look-back period for asset transfers. However, crisis planning strategies can still protect assets even during a medical emergency. At Legacy Fiduciary Group, we evaluate eligibility and develop asset protection strategies tailored to your timeline.

Trust administration manages assets held in a trust according to its terms, avoiding probate court involvement. Estate administration, or probate, requires court supervision to validate a will and distribute assets. Trust administration is typically faster, more private, and less expensive than the probate process.

Essential estate planning documents include a will, healthcare directive, durable power of attorney, and often one or more trusts. These documents manage asset distribution, healthcare decisions, and financial matters if you become incapacitated. At Legacy Fiduciary Group, we create comprehensive plans that protect family assets for future generations.

Yes, through proper planning strategies such as irrevocable trusts, asset transfers, and spending down techniques, you can protect some assets while meeting Medicaid eligibility requirements. Timing is critical due to the five-year look-back period. Legacy Fiduciary Group develops strategies that balance asset protection with benefit qualification.

A special needs trust holds assets for a disabled beneficiary without disqualifying them from government benefits like SSI or Medicaid. The trust pays for supplemental expenses such as therapy, equipment, or quality-of-life improvements that benefits don't cover. This structure preserves eligibility while enhancing the beneficiary's care and comfort.

In New York, probate typically takes nine to eighteen months, depending on estate complexity, will contests, and creditor claims. The process includes will validation, debt payment, and asset distribution under court supervision. At Legacy Fiduciary Group, we guide personal representatives through each step to simplify this complex process.

The biggest mistake is waiting until a medical crisis occurs to begin planning, which drastically limits available options and may result in unnecessary asset loss. Early planning allows time to establish trusts, transfer assets properly, and explore all benefit programs. Legacy Fiduciary Group offers crisis intervention when needed, but proactive planning always yields better outcomes.

Qualified veterans and their spouses may receive Aid and Attendance or Housebound benefits to help cover nursing home, assisted living, or in-home care costs. These benefits supplement other funding sources but require proper application and documentation. At Legacy Fiduciary Group, we assist with veterans benefits coordination to maximize available healthcare and financial support.

A trustee manages trust assets, makes distributions to beneficiaries according to trust terms, maintains accurate records, files required tax returns, and ensures compliance with legal requirements. Professional trust administration includes tax minimization strategies and careful documentation. Legacy Fiduciary Group provides professional trustee services to ensure proper management and legal compliance.

Asset protection strategies use legal tools like irrevocable trusts, business entities, gifting programs, and insurance solutions to shield wealth from lawsuits, creditors, and long-term care costs. These strategies must be implemented before risks arise to be effective. At Legacy Fiduciary Group, we design comprehensive protection plans tailored to each family's risk profile.

Without a power of attorney, family members must petition the court for guardianship or conservatorship, which is time-consuming, expensive, and public. The court decides who manages finances and healthcare decisions, which may not align with the person's wishes. Establishing powers of attorney in advance avoids court involvement and ensures your chosen representative can act immediately.