2009 June | New York Elder Law and New York Estate Planning

Archive for June, 2009

Gifting Programs Can Help With Asset Protection

The federal gift tax exemption is currently $1 million — meaning you can gift up to $1 million cumulatively over the course of your lifetime without incurring any gift tax. There is not marriage penalty; married couples can give up to $1 million per spouse.
A gift made under $13,000 in 2009 will not count against [...]

The Advantage of Using Life Insurance as an Estate Planning Tool

Obtaining life insurance is a necessary way to ensure that expenses are covered after the death of a loved one. This is certainly a benefit of any life insurance policy. Another benefit, not often considered, is the benefit to your estate plan.
There are three types of life insurance: whole life, term life and variable life. [...]

Long Term Care Insurance and Medicaid Planning

When applying for Medicaid benefits, the look-back period for individuals seeking nursing home care is five years. The look-back period is the time period prior to the Medicaid filing Medicaid reviews to confirm the applicant’s financial eligibility. Any assets gifted to children or other individuals within 5 years of the need for nursing home care [...]

Spousal Refusal as an Asset Protection Option

New York is one of the only three states that allow for the option of spousal refusal. Spousal refusal is an asset protection tool used wherein a spouse living the the community refuses turn over his or her assets or income to an ailing or incapacitated spouse for the purpose of seeking nursing home Medicaid [...]

Letters of Intent Aid in the Transition to a New Living Situation

A letter of intent is not a legal document, but it is still an important part of planning for the future of a child with special needs. A letter of intent contains important information about the child such as his or her history, likes, dislikes, current health and emotional status and hopes for the future. [...]

Bypass Trusts Double Estate Tax Exemption

In 2009, any assets below the amount of $3.5 million can be bequeathed to heirs with no federal estate tax penalty. However, assets left to one’s heirs over this estate tax exemption amount will be taxed. Barring any changes by Congress, in 2010 the estate tax will be repealed entirely. However, in 2011, it will [...]