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For many seniors, their most important lifelines are their adult children and spouses. Seniors often rely on adult children to help research and secure health care, social services and housing. Those entering their golden years childless and single, divorced or widowed would be well-served to put in place alternatives to these lifelines. Doing so will improve one’s physical and mental health, safety and longevity. The pointers described below are valuable …
By Erica M. Fitzgerald, Esq., Littman Krooks LLP On December 18, 2017, Governor Andrew Cuomo signed the “Pooled Trust Notification Bill” into law. This law, which is set to take effect on June 18, 2018, requires plain language notification to Medicaid applicants and recipients of the availability of pooled trusts as a means of maintaining Medicaid eligibility while retaining access to the surplus monthly income. The notice must also include …
By Amy C. O’Hara, Esq., Littman Krooks LLP President Trump signed tax reform legislation, Public Law 115-97, generally referred to as the Tax Cuts and Jobs Act, into law on December 22, 2017. The Act is the most sweeping tax legislation to be enacted in decades. It is broad in scope, complicated, and will impact almost every aspect of tax, legal, estate, retirement, business and other planning. While there has …
Our guest this week is Lou Giampa, President and Owner of Right at Home, a NYS Licensed Home Care Agency servicing Westchester County, NY. Lou joins Bernie to discuss home health care, aging parents, and having the conversation with parents about getting help in the home.
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 …
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 …
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 …
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 …
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 …
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 …
