Elderlaw attorney focuses on educating clients to make sound decisions

For Joseph Klein, aiding seniors in developing financial blueprints for the future isn’t just a job, it’s a calling.

Klein, an attorney and CPA who’s a principal in Korsinsky & Klein, LLP, specializes in elderlaw. Among the areas he deals with on a regular basis are estate tax issues, long term care cost issues, dealing with the income tax consequences of inheritances and helping clients arrange their assets in such a way that “whoever they want to inherit them will actually inherit,” as well as probate, guardianship issues, and drawing up such documents as powers of attorney and health care proxies.

“The answer for many of these concerns is to transfer assets to children or to a family trust during one’s lifetime; however, people should discuss their situation first with an attorney or an accountant to make sure there are no adverse tax consequences. If assets will not be transferred during one’s lifetime, a will can avoid disagreements between children later on,” stressed Klein.

Klein also emphasizes that, “It is very important for seniors to have a signed power of attorney and health care proxy available in case a child or a spouse has to step in and assist with financial or health care issues. There are many end-of-life decisions and actions which cannot be made by a child without properly drafted documents.”

While the end goal is making sure that clients have arranged their finances so as to maximize the benefits for themselves and their prospective heirs, for Klein, it all begins with education.

“We educate seniors on the issues that relate to them,” he explained, “and discuss with them what options are available to deal with them, and then come up with a plan. We feel if we educate people up front, so they better understand what needs to be done, they will be happier clients.”

The clients, he stressed, remain in charge. “It’s not us telling them what to do,” said Klein. “It’s them deciding what to do after we have educated them.”

In the area of long-term care, for instance, Klein says that not having a plan can be extremely

costly. With round-the-clock home care costing in the area of $10,000 a month, and nursing home care $12-14,000 a month, the question, he said, is, “How do you protect your assets, and set yourself up so Medicaid can pay those bills? People are living longer these days, so a lot of people are going to have aides for a long time.”

Transferring assets, stressed Klein, doesn’t mean losing the benefits that come from them. “I explain to people that if they need to transfer their assets to qualify for Medicaid, the income still comes to them,” he noted. “For most people, setting up a trust and transferring their assets would not impact their day-to-day lives.”

Time is of the essence, Klein added. There is a five-year waiting period after transferring assets before Medicaid will begin picking up nursing home costs, and while there is currently no waiting period after transferring assets before Medicaid begins picking up home care costs in New York State, New York is the only state to have such an arrangement, and, warned Klein, it could change.

“People shouldn’t wait for the last minute,” he said. “If you haven’t done it, and the law changes, you will be subject to a five-year waiting period.”

With respect to planning a distribution of assets, Klein said, a key is making sure that matters have been arranged so as to prevent siblings and other heirs from doing battle.

“Everyone’s nightmare, if they die, is their kids fighting with each other and not talking to each other,” Klein said. “People say, ‘We don’t want any fights. We want to make sure everything’s clean.’”

Whatever discussion is taking place, Klein said, “We recommend that at least one child comes to meetings, so if something happens to mom or dad, there’s at least one person who knows what is going on all along.”

If you can’t get to the office, or are unable to meet during regular business hours, that’s no problem, said Klein. “We do evening appointments and make house calls at no extra charge,” he explained.

It’s all worth it, he added, to have satisfied clients. “The best part of the job,” noted Klein, “is when clients say they don’t want to do anything and by the end, thank me for convincing them to do it.”

Korsinsky & Klein have two offices, one in Brooklyn at 2926 Avenue L and one in Manhattan at 30 Broad Street, 24^th floor. They can be reached by phone at 212-495-8133 and by fax at 973-679-2750. Klein’s direct email is jk@kklawfirm.com. The firm’s website is kklawfirm.com.