Medicaid has strict rules regarding income and asset limits. In most states, program applicants and enrollees cannot exceed $2,000 in total personal assets or their benefits will be denied or revoked. This would be a disaster for Medicaid-eligible senior nursing home residents, as Continue reading
Category: Blog
Living in Different States Could Help Married Couples Reduce Their Taxes
When it comes to estate planning, creative customized strategies often yield optimal returns. One such strategy applies to married couples and considers the question: Are taxes a reason not to live with your spouse? It may seem absurd but consider the benefits.
For married couples Continue reading
Why ‘GRATs’ Are Attractive Wealth Transfer Vehicles in Bear Markets
Did you know the COVID-19 public health crisis has prompted a surge in estate planning? While it may be more challenging to meet, since most of us are tied to our homes, many people are crafting or updating their wills, trusts, and health care documents. Further, the economic downturn Continue reading
A Standalone Retirement Trust Can Safeguard Your IRA Beneficiaries
A Standalone Retirement Trust solves a number of issues related to leaving behind tax-qualified retirement accounts as an inheritance to non-spousal beneficiaries. In other words, leaving unspent funds from an IRA or 401k directly to your loved ones has some downsides.
People with Continue reading
What Is an Irrevocable Life Insurance Trust and How Can it Advance My Estate Planning Goals?
Life insurance can afford you the peace of mind that if you pass away your loved ones will be provided for in your absence. The downside, however, is that inherited life insurance proceeds can be subject to estate taxes. This means that federal and state taxes, depending on where Continue reading
How to Seek Advice About Leaving a Legacy When You Do Not Have Children
As the saying goes, it takes a village to raise a child. In terms of estate planning, it takes an experienced estate planning attorney to help you prepare for the future, even if you do not have children. As legal professionals we can help you craft a strategy ensuring your wishes Continue reading
Tips on How You Can Protect Your Family Against the Coronavirus
As we shared in our recent law firm announcement, we can no longer ignore the fact that the COVID-19 virus is spreading at an alarming rate around the world. Even with its unprecedented spread, however, there are still many precautions that we can take to protect ourselves, as well Continue reading
Blended Families Should Consider Updating Their New York Estate Plan in the New Year
Blended families, or couples with children from different relationships, should consider updating their New York estate plan in 2020. Creating or updating a personalized New York estate plan is the single most important thing you can do to make sure your decisions are honored should Continue reading
How the New SECURE Act Will Affect Trust-Based Estate Planning
Trusts are a highly advantageous component of estate planning for millions of Americans. A new comprehensive retirement reform, however, has changed the rules in ways that may require immediate attention.
Last year, Congress passed the Setting Every Community Up for Retirement Enhancement Continue reading
Tips for Talking to Your Aging Parents About Senior Scams
Did you know that statistics surrounding seniors and scams continue to rise? Research shows us that the alarming trend of scammers targeting the older generation increases each year, and shows no sign of stopping. From telephone solicitors to email scams to print mail efforts, there Continue reading