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Elder Law & Estate Planning
2025 Estate and Gift Tax Exemptions
By Joel Krooks Ringing in the new year brings updated estate and gift tax exemption amounts for 2025. The federal estate and gift tax exemption have now risen to $13.99 million per person, allowing married couples the advantage of portability, effectively safeguarding $27.98 million from estate taxes upon death. The tax rate for gifts and…
When to Update or Review Your Estate Plan
By Joel Krooks, Esq. Many individuals and families understand the importance of having estate planning in place. However, just because you have your estate planning in place does not mean that you are done. Things change and it is important for you to review your estate planning documents to make sure that your goals and…
Understanding the Pitfalls of Medicaid’s Homestead Exemption
By: Nicholas N. Khayumov For many individuals, their home is their most cherished asset. Whether it’s a co-op apartment, condo, or house, it often represents a lifetime of memories and is at times their most valuable investment. As people age, ensuring that the value of their home is preserved and passed down to their loved…
Understanding Medicaid’s Estate Recovery Program and Proposed Legislative Changes
By: Nicholas N. Khayumov In the legal sphere of elder law, navigating the intricacies of Medicaid is often a crucial step in accessing long-term care services for clients and their loved ones. In New York, Medicaid serves as a lifeline for many individuals seeking assistance with long-term care services, whether at home or in a…
Changes to New York Medicaid Income and Asset Limits in 2024
By Brian L. Miller With the new year upon us, the New York State Department of Health has issued its updates to the allowed income and resource limits for Medicaid applicants and recipients. For new Medicaid applications submitted between January 1, 2024, seeking community Medicaid benefits, an individual is allowed to keep non-exempt resources of…
2024 Estate and Gift Tax Exemptions
By Amy C. O’Hara, CELA Ringing in the new year brings updated estate and gift tax exemption amounts for 2024. The federal estate and gift tax exemption has now risen to $13.61 million per person, allowing married couples the advantage of portability, effectively safeguarding $27.22 million from estate taxes upon death. The tax rate for…
Transferring Real Property to Trust and Informing the Insurance Company
By Joel Krooks, Esq. Transferring your real property to a Revocable or Irrevocable Trust can be an effective estate planning tool to help your estate avoid probate, plan for Medicaid or to avoid an estate recovery from Medicaid. When the real property is transferred to a Trust, it is important to inform your homeowners and umbrella…
What is the SSI Savings Penalty Elimination Act?
By Jessica A. Saio Social Security Income (SSI) provides money to approximately eight million people, including many individuals with disabilities, to help afford daily living. The federal government has had the same rules in place for over thirty years regarding how much money people can earn, save, and have in their bank accounts if they…
Planning Tips When Confronted with a Terminal Illness
The Special Needs Alliance’s new issue of The Voice® is written by fellow SNA member. Nicola Melby of McCarthy Summers Wood Norman Melby & Schultz, PA in Stuart, FL. The firm serves Martin, St. Lucie, Indian River, Okeechobee and Palm Beach counties in Florida in the areas of elder & special needs law, estate planning, guardianship, and wills…
Applying for Supplemental Security Income
By Brian L. Miller, Esq. What is Supplemental Security Income? Supplemental Security Income (SSI) is a federal program through the Social Security Administration (SSA) that provides financial assistance to individuals with disabilities, low-income individuals over the age of 65, and certain blind individuals. To be eligible for SSI benefits, one must meet the following requirements:…