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When seniors need long-term care in a skilled nursing facility, the cost can be significant, and many people rely on Medicaid to pay for it. However, Medicaid has income and asset limits, so applicants often must spend down their assets before they can be eligible. When a married person receives Medicaid benefits for long-term care, such as in a nursing home, Medicaid law provides certain protections so that the healthy …
A person named in a will as the executor of the estate has a significant responsibility. It is important for an executor to know what he or she must do, and – just as important – what not to do. In New York State, an executor’s fiduciary responsibility to: have the last Will and testament probated; collect the decedent’s assets that pass under the Will (not including joint property, insurance …
It is essential for families with significant wealth to be aware of estate and gift tax limits. An important part of estate planning is making sure that as much of your wealth as possible goes to your heirs rather than to pay taxes. The good news is that both the federal and New York State estate tax exemptions have risen quite a bit. The federal estate and gift tax exemption …
More people with developmental disabilities are living to adulthood and even into their senior years. As a child with developmental disabilities grows older, parents begin thinking about how to secure their loved one’s financial future as the care they need can be expensive. While government programs and community resources provide essential help, significant family resources are often needed as well. Planning an inheritance for a child with a developmental disability …
As of April 1, 2014, the New York State estate tax exemption will increase each year until 2019, when it will match the federal exemption amount. That is good news for wealthy New Yorkers planning their estates. However, the estate tax reform was subject to legislative amendments in 2015, which have now been clarified in a Technical Memorandum issued by the New York State Department of Taxation and Finance. The …
Estate planning experts say that everyone should have an estate plan, but not everyone does. Often a life event such as getting married, having children or buying a house motivates people to contact an estate planning attorney and execute a will, any necessary trusts, and advance directives for health care. That is a good thing, but in order to be effective, an estate plan needs to be kept up to …
In an article in the August issue of Vanity Fair, members of Paul Newman’s family claim that the company, Newman’s Own and its foundation are being mismanaged by the man who has served as chief executive for several years. Much of the dispute concerns changes that Newman made to his estate plan in his final years. Newman’s Own was only an idea in 1980. It began with actor Paul Newman …
In a move that could affect the way wealthy families plan their estates; the IRS may put a stop to the tax strategy of using businesses to pass down stock portfolios to heirs at a discount. Tax attorneys say that the issue has been on the IRS’s agenda for some time. The proposed rules could be announced as early as September. The tax strategies in question have often been used …
An upscale continuing care retirement community drew the ire of residents four years ago when it began limiting certain areas and events to its independent living residents. Suddenly, residents in the assisted living or nursing units could no longer attend certain holiday parties or eat meals in the community’s country-club style dining room. According to the Justice Department, the facility’s management was motivated by a desire to attract younger, active …
On April 14, the Labor Department proposed new rules to provide greater protection for retirement savings. The proposed rules, if finalized, would strengthen requirements for brokers and investment advisers to act in the interests of investors with regard to individual retirement accounts (IRAs) and 401(k)s. The proposed rules are intended to protect investors from being steered into investment products that are unduly complex or otherwise inappropriate. One situation where small …
