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Posts Tagged ‘ny elder’

Special Needs Planning for Children Transitioning into Adulthood

As a child with special needs approaches the age of 18, a variety of circumstances change. Programs that are available to help with the care of minors may no longer be available for adults. Eligibility for public financial benefits is subject to strict rules. Health care decisions may not automatically be left to parents or [...]

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Tax and Estate Planning: Take Advantage of Tax Deductions for Assisted Living Costs

People who are familiar with the costs associated with nursing home care are acutely aware that care is getting more and more expensive every year. Fortunately, a portion of the cost of nursing home care, like other medical expenses, can be deducted as an itemized expense on federal tax returns. Medical expenses, including some longterm [...]

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Estate Planning and Care of Minor Children for GLBT Parents

When planning for the future care of minor children, same sex couples living in New York State can and should take advantage of state adoption laws. Unlike some states that prohibit some or all types of GLBT adoption, New York State provides three legal adoption routes for gay and lesbian parents: single adoption for unmarried [...]

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Proposed Bill Would Increase Housing Opportunities for People with Disabilities

The bipartisan Frank Melville Supportive Housing Investment Act, introduced by Senators Robert Menendez (D-NJ) and Mike Johanns (R-NE) at the end of July, would expand affordable housing options under the Department of Housing and Urban Development’s Section 811 program for people with disabilities. The Section 811 program provides a benefit to individuals with disabilities in [...]

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Obama Administration Declares Federal Defense of Marriage Act “Discriminatory”

The Obama administration Justice Department drew criticism from GLBT groups in June when it moved for the dismissal of a lawsuit challenging the federal Defense of Marriage Act. The administration’s argument for dismissal is based on the premise that DOMA remains law until repealed by Congress, and as law must be defended by the justice [...]

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A Lesson in Contrast: Did Steve McNair Engage in Estate Planning?

The unexpected death of former NFL quarterback Steve McNair has raised a lot of questions about fidelity and domestic violence. Putting McNair’s personal life aside, however, we can use his situation as an example of what can happen when one does not engage in estate planning. We have commented on Michael Jackson’s death and the [...]

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Revoking a Power of Attorney

A durable power of attorney is one of the most important estate planning instruments available. It is extremely important that a trusted individual be named to make financial decisions on your behalf should you become unable to speak for yourself. Since this is such an important decision, it is also important to understand that if [...]

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Nothing in an Estate Plan Is Set in Stone

An estate plan is made up of living documents. Legal documents such as Wills, trusts, and powers of attorney are flexible and, therefore, can and should be reviewed on a regular basis. Most estate planning professionals advise that an estate plan be reviewed, and if necessary, updated every three to five years, or more frequently [...]

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Choosing an Attorney-in-Fact

Naming a financial power of attorney, known in New York as an attorney-in-fact, is an important element of a good estate plan. If you become injured or ill or are for any reason unable to handle your finances, your attorney-in-fact has the power to act on your behalf. This individual can, for example, pay bills, [...]

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Trusts Are Not Just for the Rich and Famous

Trusts are often thought of in association with large estates, especially those of celebrities whose lives and finances are constantly under public scrutiny. You should know, however, that trusts can be used by anyone interested in estate planningand anyone committed to ensuring the best possible outcome for his or her family and beneficiaries. A trust [...]

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