Many grandparents want to leave a meaningful gift for their grandchildren, but doing so without affecting eligibility for long-term care or other critical protections can be tricky.
The Feller Group, P.C., can help families plan legacies thoughtfully, protecting both assets and loved ones.
Understand the rules: Direct gifts of money or property can impact eligibility for Medicaid or other needs-based benefits. It’s essential to know the look-back periods and transfer rules in New York.
Use specialized trusts: A properly structured irrevocable trust can hold assets for grandchildren while shielding them from affecting the grandparent’s benefits. These trusts can also manage distributions responsibly as your grandchildren grow.
Consider generation-skipping strategies: Tools like grandchild trusts allow you to leave a legacy for multiple generations while reducing estate taxes and protecting assets.
Plan for flexibility: Life circumstances change. Trusts can be designed with provisions that adapt to changing family needs, schooling costs, or unforeseen events.
Communicate with family: Clear instructions and guidance ensure your legacy supports your grandchildren without creating conflict or misunderstandings.
The Feller Group is ready to help you make your plan. Call them at 845-621-8640 to schedule a FREE discovery meeting.
Based in Mahopac and recently expanding with a new office in Katonah, The Feller Group, P.C. is a boutique law firm with more than two decades of experience in elder law and estate planning. Led by Alan Feller, Esq., the firm uniquely combines legal advisement and Medicaid coordination under one roof—helping families navigate long-term care, asset preservation, and end-of-life planning with compassion and clarity.
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