Lenza Law Firm, PLLC-Estate Planning, Elder Law and Medicaid Planning- Staten Island » Lenza Law Firm, PLLC is estate planning and elder law firm with a focus is Elder Law, Probate, Estate Administration, Estate Planning, and Medicaid Asset Protection in Staten Island, New York. Lenza Law Firm, PLLC Island,is dedicated solely to offering legal advice in estate planning, elder law, Medicaid planning, Nursing Home and estate administration matters

Contact me if you would like to join myself and the other members of the Knights of Columbus Saint Anthony of Padua Council at our Annual Golf Outing. Proceeds will benefit Saint Jude’s Children’s Research Hospital.
The event will be held on Wednesday, September 14, 2016 at Silver Lake Golf Course.

All of the pertinent information on attending is in the link below the photo.

I would love to see you there let me know if you would like to attend!

KOC

Golf Outing Package

“Many people know that they need life insurance to replace their income in the event of their passing. But besides life insurance, you also need to have a legal document known as a last will and testament. A will ensures that your property is transferred according to your wishes after your death. This is important because you don’t always designate a beneficiary for your property the way you do for life insurance benefits or retirement accounts.”

 

I found this article over at Nerdwallet.com and I think it breaks down in a very simplistic manner the pitfalls of dying without a will. Read it through!

 

NerdWallet.com 

 

 

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I often come across articles that I think would be particularly of interest for my clients and blog readers. This article is part of a discussion that I have with a lot of my physician clients in the context of their estate planning goals. It was written by my former classmate at Saint John’s and friend Jennifer F. Hillman along with Leora A. Ardanizzone.

Preventive Medicine for the Health of Your Estate

By  Jennifer F. Hillman and Leora A. Ardanizzone

Physicians and other licensed health care providers labor many years to build their practices.  However, unlike many other businesses a health care practice cannot be passed by will or otherwise to the provider’s spouse or children, unless they too maintain the same license.  Even if an heir is also a licensed physician, the State may not approve the transfer of a medical practice to a licensed family member if they do not have adequate credentials to engage in the same specialty.  How then is a health care provider to protect their assets and secure a legacy for their heirs?

For licensed health care providers planning and protection of assets should begin from the time a practice is first established.  Nothing prevents a practitioner from establishing a practice as a sole proprietorship, but doing so makes all the practitioner’s assets (including assets unrelated to the practice, i.e. a primary residence, securities or other valuables) vulnerable to judgment creditors of the practice.  Creating a professional corporation, limited liability company or limited liability partnership can shield such personal assets from certain creditors of the practitioner’s health care business.  No corporate entity will shield the provider from liability arising under professional malpractice, personal guaranties, criminal activity, and/or certain tax related matters, but the corporate structure can certainly help in protecting the provider’s personal assets from certain creditors.

For those practitioners with partners, it is advisable to secure a succession plan among the partners.  Handshake deals and oral understandings will be difficult to prove in a later probate proceeding.  Succession plans can be structured to achieve the transfer of a deceased practitioner’s ownership interest, and can be funded in a variety of ways including insurance.  In this way, a provider’s estate can realize the rewards of years of service in building a practice, even if the provider’s heirs do not elect to follow in a parent’s footsteps.

The health care practice may not be the only entity that needs to be protected.  Considerations should also be made for any real estate holding companies or ancillary businesses which the provider may own, either singly or with partners.  Real estate holding companies are commonly formed by practitioners who want to own the space that houses their practices.  Owning real estate in the provider’s individual capacity can be a risky proposition not only because of the potential for liability that can affect the provider’s personal assets.  If a provider partners with someone in the ownership or tenancy of real estate, and does not adequately provide for certain eventualities, a deceased practitioner’s estate may have to continue paying the carrying charges for real estate (even though the deceased physician is no longer practicing there).

Business and succession planning should be a part of an overall estate plan that also considers utilizing a trust to further protect assets from personal creditors and tax-planning.  Health care providers should also be particularly cognizant of the need for a power of attorney and health care proxy which outline an individual’s wishes concerning financial and health care directives when an individual cannot speak for themselves.  Each of these documents is necessary to protect not only an individual’s assets, but also to ensure that their wishes are honored.

An attorney well versed in health care corporate matters and a competent estate planning attorney are your best bet in protecting your future and your legacy.

See more at: https://www.lexisnexis.com/legalnewsroom/estate-elder/b/estate-elder-blog/archive/2013/04/08/preventive-medicine-for-the-health-of-your-estate.aspx?Redirected=true#sthash.0x9AgjbY.dpuf

SeniorAdultChildA sad reality of my practice is that I often am faced with the realities of Alzheimer’s Disease.  Alzheimer’s Disease isn’t something that you just wake up with one day, as it is a gradual breakdown of the mind and often also begins to manifest itself in physical symptoms.

 

Many people ask me about whether I believe their mom/dad/grandparent/aunt or uncle is suffering from Alzheimer’s Disease, Dementia, or just age related memory loss.  I remind them that only a qualified physician can help to answer those questions, and making a determination about a specific condition is beyond my skill set.

 

This wonderful short 3 minute video linked below discusses exactly what Alzheimer’s Disease is, how it manifests itself, and how we can help those suffering from this terrible disease.

Alzheimer’s Explained