By Amy C. O’Hara, CELA 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 over the …
By Laura Brancato, Esq., Littman Krooks LLP Long awaited changes to the New York State Power of Attorney regulations were signed into law by Governor Cuomo on December 15, 2020. The bill, a major overhaul of the existing power of attorney legislation, will substantially change the format and enforceability of the current document in a few key ways. Most significantly, the power of attorney will be condensed from the current …
For many, creating a will is the first step in the estate planning process. However, many people are surprised to learn that, even with a will, the distribution of estate property is not always straightforward. In large part, this is due to the New York probate process. A will is a legal document in which a person outlines how they want their property distributed after their death. When someone who …
As many as six out of every ten Americans have no estate planning documents in place in the event of their death. This shocking statistic, based on a Gallup poll of adults ages 18 and up, poses an excellent question, what will happen if you die without a will? Dying without a will or other estate plan is called dying intestate. The law varies from state to state but in …
For business owners and professionals, legal liability is a major concern. By creating an asset protection plan, business owners and other professionals can restructure their assets to limit their risk of loss in the event of a lawsuit or other event. An asset protection plan uses legal means to remove assets from the reach of creditors without the risk of perjury, fraud or tax evasion. While anyone can employ an …
By Stephanie Goldstein, Esq., Littman Krooks LLP Community Medicaid is a needs-based government assistance program that provides long-term care benefits to individuals at home. To qualify, an applicant’s resources and income limits must fall below a determinative limit that is adjusted annually. For the year 2020, that limit is $15,750 for available (non-exempt) resources and $895 of income for a single individual. For those individuals with excess resources that would …
By Joel Krooks, Esq., Littman Krooks LLP Estate Administration can be a very long and difficult process. It is important to choose the right person as the Executor of your Estate. The Executor is the person responsible for administering your estate. There are five main responsibilities of an Executor (1) Filing for Probate; (2) Marshalling Assets; (3) Determining Cash Needs; (4) Paying Reasonable Debts and Expenses and; (5) Distributing the …
By: Amy C. O’Hara, Esq., Littman Krooks LLP COVID-19 has created many issues, including making the elders in our lives feel stressed, isolated, lonely and hopeless. Below are several helpful tips to keep you connected to your loved one and help support them during this time: Set a time each week when you will call and check on them Seniors prefer schedules, and it gives them something to look forward to Have …
By: Bernard A. Krooks, Certified Elder Law Attorney We hear about it on the news all the time; yet, we think it can’t happen to us. Well, guess what, it can. In fact, it recently happened to me! I received a notice from the NYS Department of Labor advising me that my unemployment benefits had been approved. Really? I am still working and blessed with the opportunity to practice law …
By Brian L. Miller, Esq., Littman Krooks LLP In April 2020, New York State passed laws that significantly changed the Community Medicaid program, making it more difficult for New Yorkers to obtain benefits for long-term care at home. These changes include creating a 30 month lookback of an individual’s finances for Community Medicaid and creating a penalty period for uncompensated transfers made during the 30 month lookback period. These new …