Have you ever heard of the term legalese? It is the language unique to the legal profession that often appears in fine print. This makes it easy to ignore, hard to read and, for the uninitiated, impossible to understand. To complicate matters further, some legal terminology is unique to certain aspects of the law. ... Read More
Did you know that, on October 1, 2020, significant changes to New York’s Medicaid law are anticipated to go into effect? These changes are likely to make it more difficult for many New Yorkers to obtain Medicaid benefits for long-term care costs, including valuable home care costs. Let us discuss a few of the central... Read More
Estate planning topics can be stressful at the best of times. Talking these things through with your aging parents can be especially difficult, both for you and for them. Did you know, however, that asking your parents questions regarding their plans for the future can end up bringing everyone peace of mind? Let us... Read More
Are you aware of what can be addressed by an estate plan? A comprehensive estate plan does not just deal with financial assets and their passage to loved ones after an estate holder’s death, but it also addresses important health care considerations like advance directives and medical privacy releases. In any case,... Read More
Are you caring for an aging parent or grandparent? Are you the primary caregiver for an Older American? Has the time come when you can no longer care for this person safely in your own home? Maybe this responsibility has become too time-consuming as you are working full time as well, or maybe your loved one’s care... Read More
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 losing benefits would likely prevent... Read More
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 living in different states, or... Read More
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 caused by nationwide... Read More
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 IRAs, 401ks, and similar accounts,... Read More
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 you live and the value of your... Read More
