Elder Law & Asset Protection
Safeguarding a lifetime of savings from long-term care costs
Elder Law & Asset Protection focuses on safeguarding a lifetime of savings from the high costs of long-term care, including nursing homes, home care, and assisted living.
The cost of care to recuperate from an illness can deplete funds that took you a lifetime to put aside. But with a custom-tailored plan from Muchnik Elder Law, your assets can be preserved for you and for the people in your life who matter most. Through the use of irrevocable trusts, gifting strategies, and other long-term care planning techniques, we work to shield assets from unnecessary spend-down, lawsuits, and creditor claims, while maintaining access and control where possible.
For many older adults, this can mean strategically moving funds, real estate, and other assets into an irrevocable trust before care is needed. Because asset protection planning is only effective before a debt to a creditor—such as a healthcare facility or provider—has been incurred, early planning is crucial. In most cases, transfers must be completed at least five years in advance, making it important to act well before a crisis arises. The best time to start thinking about financing long-term care is before incapacity or the need for nursing home care or home care arises. That way, you have the time to think about what's most important to you and your family . . . time to clear up problems while they are manageable, before they become major obstacles . . . and time to choose from a broad range of planning options.
Beyond asset protection, our attorneys also guide clients through essential planning tools such as powers of attorney, health care proxies, advance directives, and family care agreements. With offices in both New York and New Jersey, we understand the specific rules, look-back periods, and planning opportunities unique to each state. We bring that knowledge and experience to every matter we handle, helping you protect what you have worked so hard to build and providing you and your family with clarity, security, and peace of mind about the future.