Estate Planning

Wills & Trusts

Elder Law Associates PA is a full-service estate planning firm, using wills and trusts to accomplish the most proper end-of-life plan for our clients. These documents may provide for asset protection during life, asset distribution upon death and may allow the estate to avoid probate. We advise clients regarding the benefits, advantages and disadvantages of different trusts and assist clients with funding issues.

Revocable Trusts

We use revocable trusts to allow our clients to avoid the probate process and provide a means for proper asset distribution and proper management of assets in the event of incapacity.

Revocable trusts name a trustee who will continue to properly manage one’s assets in the event of permanent loss of capacity, temporary unavailability or upon death. A revocable trust may be used to retain assets for many later generations and leave a legacy from the grantor while properly planning for all available tax benefits. The administration of a trust typically results in considerably less attorney fees than otherwise applicable probate fees.

Within the revocable trust, there are many available planning options. For example, the trust can provide for protective trusts in the event a beneficiary is an inappropriate spender or too immature to handle the assets, if a beneficiary is disabled in any way, or if a beneficiary is going through a divorce. It also may plan for charitable gifts and specific gifts of property.

In addition, under Florida law, the trustee must provide accountings to all beneficiaries, ensuring that all loved ones are properly and adequately informed and that the assets are being disbursed and handled as the creator of the trust intended.

Irrevocable Trusts

So what’s the difference between a revocable and an irrevocable trust? A revocable trust is just that … it can be revoked or amended during your lifetime, allowing you to use the trust to help you plan for incapacity and to help your family avoid probate upon your death. An irrevocable trust does the same thing, except you can’t amend it and you are not the trustee, so you are essentially giving up control over your assets in the trust. However, the assets in an irrevocable trust are not counted for Medicaid purposes (after the required five-year look-back period), where revocable trusts are fully countable for Medicaid purposes.

Certainly gifting of assets can be done outright, not involving an irrevocable trust. Outright gifts have the advantages of being simple to do with minimal costs involved, including the cost of preparing and recording deeds and the cost of preparing and filing a gift tax return. Many financial institutions have their own documents they use for changing ownership of assets so there are typically no out-of-pocket costs for the transferor.

So, why complicate things with a trust? Why not just keep the planning as simple and inexpensive as possible? The short answer is that gift transaction costs are only part of what needs to be considered. Many important benefits that can result from gifting in trust are forfeited by outright gifting. These benefits are what give value to using irrevocable trusts in Medicaid planning.

Prior to state implementation of the federal Deficit Reduction Act of 2005 (DRA) in recent years (with the exception of California), federal Medicaid law contained a bias against trusts: Most transfers of assets to trusts had a five-year lookback period, whereas there was a three-year lookback period for non-trust transfers. This different standard induced many clients to elect outright gifting in preference to gifting in trust. The DRA leveled the playing field by imposing a five-year lookback period for ALL transfers. Removal of the bias against trusts shifted the discussion of elder law attorneys with clients to the real benefits of gifting in trust versus gifting outright.

Key benefits of gifting in trust are:

  • Asset protection from future creditors of beneficiaries
  • Preservation of the Section 121 exclusion of capital gain upon sale of the settlors’ principal residence (the settlor is the trust maker)
  • Preservation of step-up of basis upon death of the settlors
  • Ability to select whether the settlors or the beneficiaries of the trust will be taxable as to trust income
  • Ability to design who will receive the net distributable income generated in the trust
  • Ability to make assets in the trust noncountable in regard to the beneficiaries’ eligibility for means-based governmental benefits, such as Medicaid and Supplemental Security Income (SSI)
  • Ability to specify certain terms and incentives for beneficiaries’ use of trust assets
  • Ability to decide (through the settlors’ other estate planning documents) which beneficiaries will receive what share, if any, of remaining trust assets after the settlors die
  • Ability to determine who will receive any trust assets after the deaths of the initial beneficiaries
  • Possible avoidance of need to file a federal gift tax return due to asset transfer to the trust

Proper estate planning involves more than wills and trusts, however.


Advance Directive (Incapacity) Planning

A big part of estate planning is planning for the event of incapacity due to illness, injury or dementia. There are five essential advance directive documents that everyone should have.

Elder Law Associates PA assists clients in planning for incapacity by preparing durable powers of attorney. The durable power of attorney is a detailed document providing legal authority for the client’s designee to act on the client’s behalf when the client is unable physically and/or mentally to act on his or her own. The language we use in power of attorney documents relates distinctly to clients who are elderly or have disabilities or special needs.

Our firm prepares designation of health care surrogate documents. The health care surrogate document allows clients to choose loved ones who will make vital healthcare decisions when they are unable to make those decisions for themselves. We take care to ensure all state and federal regulations are complied with, including HIPAA language and Florida statutory requirements.

Our attorneys prepare sophisticated living wills for our clients. This legal document specifies the client’s wishes regarding all life-sustaining devices and must be revised continuously to remain current with new and evolving laws. Living wills are most appropriate for adults aged 18 years and above under various circumstances. The younger population is most susceptible to trauma-related persistent vegetative states. In contrast, seniors’ hospital stays and related illnesses are often the impetus for persistent vegetative states, prompting the need for a living will to limit unnecessary and undesired prolonged medical treatment.

Our Advance Directive package also includes the preparation of HIPAA representative forms. HIPAA refers to the Health Insurance Portability and Accountability Act of 1996, and is also called the Medical Privacy Act. Under HIPAA, a health care provider may not release confidential medical records to anyone other than the patient without specific, written authority to do so. By signing a HIPAA Representative Form, the client can authorize his/her family members to access otherwise confidential medical records.

Finally, we prepare Designations of Pre-Need Guardian documents, in which the client can designate who should serve as his/her legally appointed guardian in the event the client’s advance directives are not sufficient to authorize agents to make decisions on the client’s behalf.

Contact Us for More About Estate Planning

Elder Law Associates PA provides Estate Planning services throughout New York and Florida, and particularly in the following cities/municipalities and surrounding communities in South Florida near our offices:

  • Palm Beach County: Boca Raton, Delray Beach, Boynton Beach, Highland Beach, Lake Worth, West Palm Beach, North Palm Beach, Palm Beach, Royal Palm Beach
  • Broward County: Coconut Creek, Deerfield Beach, Fort Lauderdale, Hollywood, Margate, Plantation, Pompano Beach, Sunrise, Tamarac, Weston
  • Miami-Dade County: Aventura, North Miami, North Miami Beach, Sunny Isles, Miami Shores

For more information, contact us or make an appointment with one of our attorneys today. At Elder Law Associates PA, we give families peace of mind.

Having gone through an extremely difficult Medicaid application process for my father in Florida years ago and with the recent passing of my mother I desperately needed to find a competent and understanding law firm that could expedite and help me with elder care legal issues for my uncle in Boca.

— Name withheld by request

Living in NYC with nobody to take care of my sick uncle 1,400 miles away, I found the expertise and compassion of Howard Krooks and his wonderful firm to be incredible. I would highly recommend them to anyone and already have.

— D.L., New York, NY

When my mom had a stroke -- and unfortunately due to her diabetes -- needed to be moved full time to a nursing home, I needed to qualify her for Medicaid, as the cost of proper care is prohibitive. Ellen and her team did an outstanding job, helping to reallocate my mom's assets and quickly qualifying her for Medicaid benefits. It would be almost impossible for the typical person to get through this process in such a short period of time.

I truly thank Elder Law Associates PA for making this happen.

— M.L., Syosset, NY

Very well satisfied. The service was great in communicating all documents and proceedings with us to fully understand everything. The staff was AWESOME! In the future, (if) I know anyone, I will refer you.

— J.M., Boca Raton, FL

I want to tell you how impressed I am with your video. I love that it is not one of the run-of-the-mill sales-pitch videos. It is warm and friendly and from the heart, and makes the viewer (me) feel very welcome to be friends with both of you, although I never met Howie. The two of you seem to have a partnership made in Heaven ... Hope you get at least 25 more years together. My best wishes to you both, and thank you for the work you did for us.

— B.K., Winter Haven, FL

I have been in the Real Estate Business for a little over 50 years and have dealt with literally thousands of attorneys over that time. Ellen Morris has handled my personal account - every time I always comment how great she is.

— D.C., Leesburg, FL

My wife had dementia and there was the eventual problem of running out of insurance coverage and the tax ramifications when she died. I had business fears from an Industrial Park that I owned and all the liabilities from a few business entities that I also owned, Ellen was recommended at least 8 or 9 years ago. This recommendation was the best recommendation that I have ever received. She not only knows all the laws, but also keeps up with all the new requirements that are here in a changing environment.

— D.C., Leesburg, FL

One of the outstanding things about her firm (Elder Law Associates PA) and especially her (Ellen Morris), is the understanding of all the fears one has, and her solving of them. Every time I have had a question, she was there, with an answer and solution before the day was over. She was over fair with her billing - I always felt it was Christmas and she was giving me a present.

— D.C., Leesburg, FL

I was running a company doing over $100 million in sales and I am over 80 years old, so I am in a position to admire super professionalism and great patience tempered with a great degree of empathy. When asked what attorney to use, there is nobody to hold a candle to Ellen Morris, Esq.

— D.C., Leesburg, FL
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If you would like more information about Elder Law Associates PA and our services, or would like us to get in touch with you to discuss a legal matter, please send us a message.

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Howard S. Krooks
Rated by Super Lawyers

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Ellen S. Morris
Rated by Super Lawyers

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Howard S. Krooks
Rated by Super Lawyers

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Ellen S. Morris
Rated by Super Lawyers

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Howard S. Krooks
Rated by Super Lawyers

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10.0Howard S. Krooks
Boca Raton Probate Attorneys
10.0Ellen Sue Morris
Ellen S Morris Esq. has earned recognition for professional involvement by Lawyer Legion
Howard S Krooks has earned recognition for community leadership by Lawyer Legion
Howard S Krooks has earned recognition for professional involvement by Lawyer Legion