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The Rising Impact of Internet Defamation on Skilled Nursing Facilities
In recent years, skilled nursing facilities, like many other businesses, have all too often faced scathing online criticism in the form of negative reviews and postings on social media outlets. Left unaddressed, such statements can be very damaging to a facility’s professional reputation within the communities it serves. In an effort to combat the impact […]
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Medicaid Alert: Medicaid Renewal / Recertification Required as of July 1, 2023
If you or your loved one receives Medicaid nursing home or home care benefits, they are now required to file a Medicaid recertification application each year in order to maintain eligibility for Medicaid benefits.This is a return to regular Medicaid procedures now that the COVID Public Health Emergency has been deemed concluded. As such, all […]
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What is Asset Protection Planning?
People talk about “asset protection planning”. But what is it? And who should be doing it? Asset protection planning focuses on protecting your money from the high costs of long-term care, such as nursing home care, home care, and assisted living. This can be accomplished by transferring money, investments, real estate or other assets into […]
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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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