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By Stacy Sadove, Esq., Littman Krooks LLP In a positive development for seniors and individuals with disabilities, the U.S. Securities and Exchange Commission (“SEC”) has just approved the adoption of the Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 2165 (Financial Exploitation of Specified Adults).  Rule 2165 allows broker-dealers to place a temporary hold on disbursements of funds or securities from the accounts of specified customers if the broker-dealer has a …

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The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017. The new law will have significant effects on estate planning. One major impact of the new law is on the gift and estate tax exemption. Previously, the exemption shielded the first $5 million in gifts during life or after death as part of one’s estate. The amount is indexed for inflation and …

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How to Qualify for Medicare and Medicaid

Medicare and Medicaid are different programs. Medicare provides health insurance for people age 65 and over, and Medicaid covers care for certain low-income individuals. However, it is possible to qualify for both programs at the same time, which is known as “dual eligibility.” There are about 11 million people who are dual eligible, including many seniors who are in nursing homes. Here is what you need to know about qualifying …

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Estate Administration in New York

Serving as the executor of an estate is a serious responsibility that brings with it legal duties. Executors who fail to properly manage an estate can face legal consequences, including personal liability for losses. If you have been named as an executor, you should be aware of common mistakes that you should avoid. Paying the wrong bills first. Estates typically have a variety of debts, and one of the executor’s …

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By Marion M. Walsh, Esq., Littman Krooks LLP All of us at Littman Krooks wish you a holiday season filled with joy, happiness and success.   We know how difficult this season can be for those with disabilities or illnesses who are alone, sad or isolated and for their caregivers.   During this time of year, especially, we remember all of those vulnerable individuals, particularly those who do not have the appropriate …

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New Federal Law Helps Protect Seniors

Bipartisan legislation was passed by Congress and signed by President Trump to protect seniors from financial exploitation. The Court-Appointed Guardian Accountability and Senior Protection Act passed Congress as part of the Elder Abuse Prevention and Prosecution Act and was signed into law on October 18, 2017. The legislation, authored by U.S. Senators John Cornyn, R-Texas and Amy Klobuchar, D-Minnesota, strengthens accountability and oversight for guardians and conservators. Under the new …

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A bill signed into law by Gov. Andrew Cuomo in September requires state agencies to create guidelines that will assist healthcare providers in identifying elder abuse. The law calls for the development of screening tools, questions that healthcare providers can ask, and other resources they can use to report abuse or seek additional assistance. The law aims to help address elder self-neglect as well as abuse by others. Sen. Sue …

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IRS Increases Annual Exclusion for Gifts

By: Amy C. O’Hara, CELA, Partner, Littman Krooks LLP December 31st will be upon us before we know it.  As estate planning attorneys, now is the time of year we work with clients to evaluate their wealth transfer strategies prior to year-end and for the coming year. Effective January 1, 2018, the IRS has confirmed it is increasing the annual gift tax exclusion to $15,000 per individual recipient, up from …

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choosing a health care agent

By Alexis R. Gruttadauria, Esq., Littman Krooks LLP The Social Security Administration (SSA) recently announced a 2% Cost of Living Adjustment (COLA) for beneficiaries of Supplemental Security Income (SSI) and Social Security Benefits. This 2% increase marks the largest COLA increase since 2012 when the COLA increase was 3.2%, and according to the SSA’s October 13, 2017 press release the increase is expected to affect the benefits of approximately 61 …

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