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(845) 896-1106 Phone
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Estate planning is about more than just drafting documents; there are practical issues involved, as well. If your affairs are disorganized, your executor may have to spend time and energy researching information that you could have easily provided. Some of these include: • Who should be notified of your death? • Did you prepare a [...]
Continue reading...Bernard A. Krooks, Esq., of Littman Krooks LLP, will teach a course entitled “Special Needs Trusts: The Basic, the Benefits and the Burdens” at the ALI – ABA (American Law Institute | American Bar Association) 2009 conference on “Sophisticated Estate Planning Techniques.” The ALI-ABA presents a yearly course of study consisting of over 13 hours [...]
Continue reading...Mr. Krooks, in an article featured in the Hudson Valley Business Journal, outlines the ways in which a recession may affect long-term planning. The urge to ignore or put off estate planning can be particularly strong during a downturn in the economy. However, comprehensive estate planning is more important than ever during tough economic times. [...]
Continue reading...Unexpected illness or injury can intrude upon an individual’s life at any time, preventing work and cutting off valuable sources of income. Social Security disability benefits are available to those unable to work due to illness or injury, but many who apply for benefits have their initial claim denied. There is a process for appeal [...]
Continue reading...A lot media attention has been paid to the drama and speculation surrounding Michael Jackson’s estate. After the dust began to settle, however,and the facts about Jackson’s estate emerged, it became apparent that he had, in fact, created a solid estate plan. Several lessons can be learned from Jackson’s estate planning. The first critical thing [...]
Continue reading...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 [...]
Continue reading...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 [...]
Continue reading...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 [...]
Continue reading...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 [...]
Continue reading...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. [...]
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