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Creating a Trust May be in Your Best Interest

A Last Will and Testament addresses how a person wishes his or her assets to be distributed upon their death. A Will sets forth detailed information regarding the distribution of any real property, vehicles, boats, tangible and intangible belongings, and often life insurance, among others. In addition, it may also designate certain assets to charitable […]

Duties and Responsibilities of a Trustee

It is important for a named trustee to understand his or her duties and responsibilities. A trustee is responsible for safeguarding the trust assets for the settlor and his or her beneficiaries. A trustee has a fiduciary responsibility, which holds an individual to a higher ethical standard. A trustee shall adhere to the trust documents […]

Stretch Benefit For Retirement Assets

Today, many individuals have retirement assets in the form of a 401K, Traditional IRA, or 403(b). In terms of retirement assets, it is important that the best interests of the designated beneficiary be taken into consideration, especially when the named beneficiary is a minor child or grandchild. It is important to never directly name a […]

Estate Planning to Protect Your Loved One’s Assets

If a family member or loved one is currently receiving Community Medicaid and has a home in his or her name, Medicaid is entitled to issue a claim against the property upon his or her death. In accordance with federal law, a person receiving benefits from the New York State Medicaid program is subject to […]

Mortgaging A Property In A Trust

Many individuals wonder if they can obtain a mortgage on real property that is owned by a Medicaid trust. Unfortunately, a bank will not likely offer a mortgage or home equity line of credit for property that is in an irrevocable trust. However, in New York State, a Medicaid trust that is irrevocable can be […]

Selecting A Trustee For A Special Needs Trust

A Special Needs Trust (SNT) preserves the assets of a person with special needs to support his or her lifestyle. An SNT allows the person to receive supplemental resources without jeopardizing his or her public benefits. Public benefits include Supplemental Security Income (SSI) and Medicaid benefits. An SNT is usually created by a parent or […]

Protecting Loved Ones Against Elder Financial Abuse

Elder financial abuse is a form of exploitation against seniors and older persons that may include, but is not limited to, taking money, property or assets. Older adults who suffer from physical or mental disabilities, such as dementia, or experience feelings of isolation, loneliness or loss may be more susceptible to elder financial abuse.

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Blodnick Fazio & Associates
1325 Franklin Ave.
Suite 555
Garden City, New York 11530
Tel: (516) 280-7105
Fax: (516) 280-7102