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Protecting Assets in a Crisis With Promissory Note Planning
Federal laws passed in 2005 severely restricted Medicaid asset protection planning. The law was aimed at eliminating the transfer of asset strategies at the so-called “crisis” phase, that is, last-minute transfers of assets just prior to or immediately after an individual’s placement in a nursing home. However, the federal law left open one planning strategy […]
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Children with Special Needs: Decision Making Options as Your Child Nears Age 18
Privacy laws were enacted so that when a child turns 18, his or her parents are no longer able to make medical or financial decisions for them because that child is now considered a legal adult. This is the case for all children turning 18, even those with special needs and those who are unable […]
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What is a No Contest Clause in a Will?
Sue and John have three children. Although once a close family, they have been estranged from their son, Tim, for the past ten years because of a deteriorating relationship with Tim’s wife, to the point that Sue and John aren’t even able to see their grandchildren anymore. Sue and John were so hurt that when […]
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Three Ways to Protect Your Family Home on Long Island
Many families are concerned about losing their homes to the high cost of health care, and rightfully so. How can you protect your home? There are many ways, each of which has Medicaid planning consequences and tax consequences. 1. Outright Transfer You may give your home to another individual, such as a spouse or child, by signing a […]
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A Guide to Pooled Income-Only Trusts
Medicaid recipients are required to contribute their “surplus” monthly income to their care provider before they can receive benefits. Specifically, an individual is only entitled to keep a maximum income allowance each month and any monthly income over this amount must be “spent down” before Medicaid will pay for the individual’s care. However, qualified elderly […]
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How to Keep Your Estate Plan Current
When and how often do you need to review and update your estate plan? The answer will vary from person to person, family to family, but a number of factors will be influential. Stay Up To Date on Estate Taxes Any changes to the federal and/or New York State estate tax laws may impact your […]
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New Retirement Plan Laws: What You Need to Know
In late December, the SECURE 2.0 Act was signed into law which continues the overhaul of the nation’s retirement system that began in 2019. There are several notable provisions which may affect you. Here are some of the highlights that you need to know: Increase in Age for Required Minimum Distribution Beginning in 2023, you […]
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Top 6 Tips for Maintaining Your Independence
February is Senior Independence Month. We all want to remain independent, stay in our homes, and age in place as long as possible. Here are some tips to help older adults maintain their independence: Stay Physically Active Studies show that even a little exercise, such as a 20-minute walk, has valuable and long-lasting health benefits. […]
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The King’s Daughter’s Codicil
We often hear stories of celebrities with millions of dollars passing away without a Will, like Michael Jackson, Pablo Picasso, Prince, Aretha Franklin, and Aaron Carter, to name a few. Elder law and estate planning attorneys shake their heads and wonder how this could possibly happen and the devastation this may wreak on the surviving […]
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Do I Need a Trust?
As you plan for your future healthcare needs, what steps should you take to protect your assets? Should you set up a trust? If so, how do you know what kind of trust is right for you? Types of Trusts There are many different kinds of trusts, each of which serves a different purpose. Some […]
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