Most individuals with special needs rely on Medicaid as a source of much needed health insurance. Since this program is only available to people with very sparse financial resources, there is an income limit. In the state of New York at the time of this writing, the limit on countable assets is just $15,450. If you have a loved one with special needs, you may want to utilize resources to make your family member more comfortable. The fact that there is this asset limit that governs Medicaid …
Have You Considered a Living Trust?
Many people are under the impression that a last will is the only logical choice as an estate plan centerpiece if you are not extraordinarily wealthy. In fact, this is a myth. If you utilize a last will, your loved ones will not receive their inheritances in a timely manner. The executor that is named in the document would be required to admit the will to probate, and the court would supervise the estate administration process. There is one caveat to the above statement here in New York. …
How Do You Qualify for Medicaid?
As elder law attorneys, we are often asked why anyone should care about Medicaid when they will qualify for Medicare when they reach the age of 65. This is a logical question, but there is a very good answer, and it comes as an unpleasant surprise to many people. The United States Department of Health and Human Services maintains a very useful website called longtermcare.gov. There are some interesting statistics on the site, and one of them grabs your attention right away: seven out of every …
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease …
Selecting an Agent
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent …
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts …
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important …
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? …
Uncommon Estate Planning Terms Demystified
Many people do not like to contemplate their own mortality, and as a result, they put estate planning on the back burner. They never really do much research into the intricacies, and they go forward with the idea that estate planning equates to the creation of a last will. In reality, this is a gross oversimplification. There are numerous different estate planning strategies that can be implemented, and the right way to proceed will depend upon the circumstances. The fact is, there are many …
Is Probate Always Necessary in New York?
In many cases, the process of probate will be necessary when an estate is being administered. We practice law in New York, and in our state, probate matters are handled by the Surrogate’s Court. The executor or personal representative would complete the necessary hands-on tasks if there is a will, or if the decedent died intestate. The court would provide supervision during the process. The above being stated, under some circumstances, probate would not be necessary. Plus, some people …
Key 2019 Medicaid Adjustments
If you plan effectively, you can generate the resources that you need to enjoy your golden years to the fullest. You can travel, cross things off your bucket list, enjoy leisure activities, and spend quality time with your family and friends. Most people are well aware of the fact that you have to prepare for this period of your life in advance. However, many of the same individuals do not consider the twilight years that will follow, and this is a huge mistake that can yield significant …
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations …
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