FLUSHING, New York — On June 15, a packed audience gathered at Flushing House to attend a seminar featuring Ronald Fatoullah, a leading elder law attorney. During the event, attendees were treated to an in-depth discussion on topics that included estate planning, trust agreements, Medicare changes for 2024, and the importance of health care proxies.
The event, which was hosted by Nancy Rojas, Vice President of Flushing House, saw Fatoullah address the complex legal and financial challenges associated with aging. His commitment to professional excellence and ethical standards has established his firm, Ronald Fatoullah & Associates, a leading authority in estate planning and elder law in New York City and Long Island.
With over 30 years of experience, Fatoullah and his team offer comprehensive planning resources designed to meet the unique needs of families, ensuring that their futures are secure and well-planned.
Core values and services
At Ronald Fatoullah & Associates, the core values of honesty, integrity, and excellence are paramount. The firm’s dedication to these principles is evident in its meticulous approach to client representation. The team is renowned for their attention to detail and personalized care, ensuring that no aspect of a client’s situation is left unexamined.
This comprehensive service model has earned the firm a reputation for excellence among families and legal professionals alike.
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Estate planning is a cornerstone of the services provided by Ronald Fatoullah & Associates. During the seminar, Fatoullah emphasized the importance of having a well-drafted will and the role of beneficiary designations. He explained that beneficiary designations on accounts take precedence over the directives of a will, which can lead to unequal asset distribution if not properly managed.
On estate planning
“A will sets forth where your assets go when you pass away,” said Fatoullah. “Now, you might say, why do I need a will because I have beneficiary designations on my accounts. The answer is the beneficiary designation takes precedence. So, if you want to ensure equal distribution or address specific needs, a trust might be necessary to complement your will.”
Fatoullah also advocates for the use of trusts in conjunction with wills to streamline the probate process and protect assets. Trusts can help avoid the lengthy probate process, allowing for quicker and more efficient asset distribution. Specialized trusts, such as irrevocable trusts, are also utilized to provide additional protections and benefits, including Medicaid planning.
On Power of Attorneys
He also highlighted the importance of a power of attorney, particularly for those over the age of 55. A power of attorney allows a trusted individual to manage finances in the event of incapacity.
“A power of attorney is essential, especially if you’re over 55,” said Fatoullah. “As you age, there’s a greater chance of becoming incapacitated. You need someone you trust implicitly to handle your finances. We recommend an elder care power of attorney with provisions for Medicaid planning, estate planning, and other crucial financial decisions.”
The firm also recommends health care proxies, which designate someone to make health care decisions on behalf of the client. Fatoullah explained that these documents ensure that medical and financial decisions align with the client’s wishes, even when they are unable to communicate them personally.
“A health care proxy is where you appoint someone else to make your health care decisions. It ensures that medical decisions align with your wishes, even when you can’t make them yourself,” said Fatoullah, adding, “You need to choose someone you trust, just as you would with a power of attorney.”
Navigating Medicare changes
In the evolving landscape of healthcare, staying informed about changes to Medicare is essential, noted Fatoullah.
“Medicare is undergoing significant changes in 2024, and it’s important to understand how these updates might affect your planning,” said Fatoullah. “We stay informed about these changes to ensure our clients can maximize their benefits and incorporate these considerations into their broader estate and elder law planning.”
With a team that’s well-versed on Medicare, Fatoullah’s firm can provide guidance on how to navigate changes, while ensuring one is able to maximize their Medicare benefits and incorporate them into broader estate and elder law planning.
The event also addressed the potential pitfalls of inadequate planning. “We had a client whose assets went to a distant relative they hadn’t spoken to in 20 years because they didn’t have a will,” said Fatoullah. “Without proper documents, the state decides where your assets go, which may not align with your wishes.”
For more information, including what services are offered and other FAQs, please visit the official website here.
Flushing House
3820 Bowne St, Flushing, NY 11354
Tel: (718) 762-3198
With reporting by Mary Lee.
