Get to Know Davidov Law Group

FIRM OVERVIEW

Davidov Law Group provides estate planning for families all across Nassau County and beyond. The attorneys can assist with elder law planning, special needs plans, asset protection, probate administration, trust administration, LGBT estate planning, wills, pet planning, Medicaid, incapacity planning, and more. The future may be full of uncertainties, but know that you can prepare for it. The firm offers comprehensive, creative plans to protect you and your family in a meaningful and productive way. Learn more about your options, the laws, and the resources available to you. Visit www.davidovlaw.com today.

MICHAEL DAVIDOV

Michael Davidov is a founding partner of the estate planning law firm Davidov Law Group, P.C. His areas of practice include estate planning, elder law, Medicaid planning, tax law, trust/estate administration, Veterans’ benefits, and estate litigation. He has helped hundreds of families create comprehensive, effective plans that are tailored to their unique goals. Mr. Davidov is a V.A. accredited attorney and holds a designation as a Certified Financial Planner™. He has been included on the list of New York Metro Super Lawyers® Rising Stars℠ for his legal advocacy and excellence.

ILANA DAVIDOV

Ilana Davidov is a founding partner of Davidov Law Group, P.C., an estate planning law firm. She is dedicated to helping families create holistic plans that can help them avoid devastating legal complications caused by  death and disability. Her goal is to educate and empower her clients through knowledge and proactive planning. She is passionate about meeting with families, hearing their life story, and helping them achieve their goals. To Ms. Davidov, she finds great reward in being able to protect a family’s legacy in a meaningful and productive way. She is fluent in Hebrew and Russian.

  

CONTACT DAVIDOV LAW GROUP

Address: 1981 Marcus Avenue, Suite 231, New Hyde Park, NY 11042

Phone: (516) 806-4414

Website: http://www.davidovlaw.com/

AWARDS & HONORS

• 10.0 “Superb” Avvo Rating
• Super Lawyers® Rising Stars℠
• Certified Financial Planning™ Professional

AREAS OF PRACTICE

• Estate Planning
• Probate
• Special Needs Planning

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Are Trusts Only for the Rich?

The process of estate planning should involve a significant amount of research. You don t want to limit yourself and make less than ideal decisions based on a lack of information. There are misconceptions out there, and you can make mistakes if you buy into them. One of them is the notion that trusts are only for the rich. Different Types of Trusts There are certain types of trusts that are used exclusively by wealthy people. In many instances these trusts provide estate tax efficiency. There is a federal estate tax in the United States, as well as a New York State estate tax. In 2014 the federal estate tax carries a $5.34 million credit or exclusion. In New York the estate tax exemption is $1 million.  If you are arranging for the transfer of more than this amount to your heirs, you must take steps to mitigate your exposure. Certain types of irrevocable trusts are used in the field of estate planning to provide estate tax efficiency. Trusts that are irrevocable can also be useful fo
http://www.davidovlaw.com/trusts-rich/?utm_source=rss&utm_medium=rss&utm_campaign=trusts-rich

Medicaid and Medicare: What are the Differences?

Medicaid and Medicare - they may have similar sounding names but there significant differences between these two government insurance programs.

http://issuu.com/davidovlawny/docs/medicaid_medicare_what_are_differen

What Is Legacy Wealth Planning in New York?

New York residents who are in possession of a significant amount of wealth have some great responsibilities, and some great opportunities. Accumulating wealth is challenging, but it can be just as challenging to keep these assets in the family over a number of generations. This is where legacy wealth planning in New York becomes important. What is legacy wealth planning? In a general sense it is the process of positioning assets in a manner that allows them to stay intact and perhaps even grow over a number of generations. Your first thought would be that this is quite simple. Assets properly invested are going to appreciate. Plus, each generation will have an opportunity to add to the family fortune. As assets are passed on from generation to generation there is no particular reason why the sum total should decrease. This may be a logical line of thinking if death taxes did not exist. In the United States we have a federal estate tax that carries a 40 percent maximum rate. This tax i

http://www.davidovlaw.com/legacy-wealth-planning-in-new-york/?utm_source=rss&utm_medium=rss&utm_campaign=legacy-wealth-planning-in-new-york

New York Medicaid Planning: Giving Away Assets

You may wonder what Medicaid has to do with your life as a senior citizen. You worked hard as you traversed a career path, and payroll taxes were taken out of your salary for years. You are going to qualify for Medicare coverage when you reach the age of 65. Medicaid is for people who have no financial resources. This is an assumption that can get some people into trouble because they are under the impression that Medicare will indeed cover all of their health care needs during their active retirement years and the twilight years that follow. In truth, Medicare doesn t cover everything in full, so you should be prepared to pay some out-of-pocket expenses even for the things that Medicare does cover. The above having been stated, the reason why Medicaid is indeed relevant to many senior citizens is because Medicare won t pay for long-term care. This is a very big deal because most people are not going to be able to easily and comfortably pay for long-term care out of their retirement s

http://www.davidovlaw.com/york-medicaid-planning-giving-assets/?utm_source=rss&utm_medium=rss&utm_campaign=york-medicaid-planning-giving-assets

A Look at the New York Probate Process

Probate is a very big factor to consider when you are planning your estate. There are potentially numerous different parties that would have an interest in your estate. For this reason, your estate must be probated when you use a last will to arrange for the distribution of your personally owned property. The process of probate is in place to allow the business of the estate to be conducted before the inheritances are distributed to the heirs. Final debts must be paid during probate, including any taxes that may be due. An inventory of all of the probate property must be conducted. This can be very tedious and time-consuming. Property appraisals may be necessary, and liquidation can come next. Ultimately, the heirs to the estate will receive what they are entitled to according to the terms of the last will. The person who takes care of all of this business is the executor of the estate. The probate court supervises the administration. If someone wanted to challenge the will they could

http://www.davidovlaw.com/new-york-probate-process/?utm_source=rss&utm_medium=rss&utm_campaign=new-york-probate-process

When Is it Too Late to Start Medicaid Planning?

Medicaid planning is important for many senior citizens because of the high costs that go along with long-term care. The stark reality is that most people simply cannot pay these expenses comfortably out-of-pocket. This is because we are talking about an average annual expense exceeding $136,000 for nursing home care. One of the misconceptions that is harbored by far to many people is the idea that Medicare will pay for everything once you become eligible for coverage. People who pay into the Medicare program sufficiently are eligible for enrollment at the age of 65 under currently existing laws. Medicare is important, and it is very helpful, but it doesn t cover everything in full, and it doesn t cover long-term care at all. That s right, you re going to have to look elsewhere if you need assistance with your long-term care expenses. That elsewhere is Medicaid for a great many people. The majority of elders in nursing homes are indeed enrolled in the Medicaid program. Many of these p

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