Estate planning attorneys around the country will always emphasize how important it is for gay couples to plan ahead because they have no protections under state intestacy laws of succession. Unmarried committed couples would have no rights with regard to medical decision-making on behalf of domestic partners either. But since gay marriage is legal here in New York we don't have to worry about estate planning, right? The answer is a resounding no. First of all, do you think a heterosexual …
Are Living Trust Assets Countable for Medicaid Purposes?
The Medicaid program ultimately winds up being important for a significant percentage of senior citizens. This can seem like an odd statement if you know that you will be qualified for Medicare when you reach the age of 65, but Medicaid could still be relevant. Long-Term Care Most elder Americans will someday need help with their activities of daily living. In fact, according to the government website longtermcare.gov, the figure is a rather attention-getting 70 percent. Nursing homes and …
Can New York Probate Be Avoided
Can New York Probate Be Avoided from Mark Eghrari Probate is the legal process of estate administration The administration of the estate is supervised by the probate court. In the state of New York, a small estate could potentially be passed through a simplified probate process. Learn more about New York probate be avoided in this presentation. …
Free Report: Why Would I Want a Revocable Living Trusts in New York
The anatomy of a trust will include a trustee who administers the trust, and a beneficiary or beneficiaries who will receive monetary distributions out of the trust after you die. You may be reluctant to create a trust because you are concerned about losing control of the assets while you are living. In fact, you cannot lose control of the resources when you fund a revocable living trust. Topics covered in this report include: The Drawbacks of Probate Revocable Living Trusts …
Social Security Administration: No COLA for 2016
If you want to be appropriately prepared for each succeeding stage of life as you craft a meaningful legacy to leave behind to your loved ones, you should act in a fully informed manner every step of the way. We specialize in estate planning and elder law, but these areas are naturally connected to retirement planning and long-term financial planning in general. When it comes to retirement, Social Security will be a major piece to the puzzle for most people. The monthly payout will certainly …
What Are the Differences Between Medicare and Medicaid
What Are the Differences Between Medicare and Medicaid from Mark Eghrari One of the differences between Medicare and Medicaid is the age requirement Medicaid is potentially available to people of all ages. Learn more about differences between medicare and medicaid in this presentation. …
Free Report: Can I Give Gifts to Avoid the Federal Estate Tax?
The process of estate planning can involve the implementation of wealth preservation strategies if you are exposed to the federal estate tax. This tax is not applicable on transfers to your spouse if you are married to an American citizen, but it can be applied on transfers to others. When you consider the implications, the logical response would be lifetime gift giving. You could essentially give your loved ones their inheritances in advance while you are living to avoid the estate …
Is an Inheritance Taxable Income?
You may wonder about the tax implications that could enter the picture when assets are being transferred after you pass away. Perhaps surprisingly, an inheritance is not considered to be taxable income. You would not have to claim an inheritance when you file your annual tax returns. However, there is the matter of appreciated assets and the capital gains tax. This tax can be applicable when a gain is realized. You realize a gain when you sell an appreciated asset and pocket the …
Should I Take an Early Social Security Benefit?
People sometimes think that sooner is better, but this is not always the case. When it comes to your Social Security benefit, you surrender some of what you have earned if you decide to take your benefit early. It is possible to start to draw a Social Security benefit when you are as young as 62 years of age, assuming you paid into the program sufficiently. You can earn up to four retirement credits per year, and most people do, because the requirements are modest. Once you have 40 credits, …
Free Report: What Is The Federal Estate Tax Marital Deduction
The tax man doesn't mind allowing you to pass along assets to your spouse tax-free, because your spouse will still be exposed to the death tax. Because of this, high net worth individuals must implement tax efficiency strategies in advance. Utilization of the unlimited marital deduction is not a comprehensive estate planning solution for wealthy individuals. Because of the recent Supreme Court ruling that found a portion of the Defense of Marriage Act unconstitutional, the unlimited …
Will My Power of Attorney Be Effective After My Death?
Before we look at the question that serves as the title of this post, we should provide some general information about the value of a power of attorney. Our firm focuses on elder law and estate planning matters. Elder law attorneys help individuals who are preparing for their senior years. In our field, durable powers of attorney are often used to proactively address latter life incapacitation. A surprisingly high percentage of elders become unable to handle all of their own …
Why Would Probate Avoidance Be Beneficial?
When you are first delving the into the subject of estate planning, you may come across the concept of probate avoidance. If you have never heard anything about probate, you would probably wonder exactly what it is, and you would also wonder why someone would want to avoid it. We will endeavor to answer these questions in this blog post. Legal Process of Estate Administration Probate could be described as a legal process. You may be under the impression that a last will is something …
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