Trusts and Problems to Avoid (Part 2)
So , You get it! You set up a Trust and understand the benefits of the Trusts. Now what? Let's talk about 9 Problems To Avoid with Your Trust. This is second part of my blog Trust and Problems. It…
SNT: Preserving the Future for Individuals with Disabilities
The Nassau County Supreme Court recently granted a preliminary injunction, temporarily restraining a bank from selling the home of a woman with disabilities. This is significant because the bank was the trustee of the very Special Needs Trust (SNT) that…
How Pooled Special Needs Trusts Affect SSI Benefits
A federal district court recently ruled in Williams v. Colvin (N.D. Ill., No. 12C7852, March 31, 2014) that payments from an annuity to a pooled special needs trust are not considered income when determining Supplemental Security Income (SSI) benefits. However, in…
Medicaid Excluded Funds: How to Ensure Proper Exclusion
Nothing is ever simple. If you have excluded funds such as German Reparations, what must be done to make sure they are excluded for Medicaid purposes? The best approach is to make sure that they you do not commingle these…
9 Problems To Avoid with Your Trust (Part 1)
It has been several years since you signed and funded your Living Trust to avoid probate. All seems ok but is it really? #1 Have you funded your trust properly? If you do not re-title or assign your assets to…
Income Tax Benefits for Homeowners: Maximize Your Deductions
Owning your own home is widely considered as the American dream. But as any homeowner will tell you, the expenses associated with home ownership can be a nightmare. Luckily, there are certain tax benefits to paying these expenses. Some homeowners…
How Can I Provide for My Child with Special Needs?
The number of people in the United States with special needs has grown significantly in recent decades as a result of technology and medical advances. This increase has created concerns for the care for the members of this population. The…
Can You Claim Your Child with Special Needs as a Dependent?
Can you claim your child with special needs as a dependent? The answer on the face of it is YES, you can take your child with special needs as a dependent. For someone to be claimed as a qualifying child,…
Retirement Planning: Avoiding Unintentional Consequences
Saving for Retirement is Important, and it is always a good idea to contribute to a retirement plan. However, it is important to understand that once you contribute to certain retirement plans you may not be able to withdraw the…
Reduce Tax Stress with These Helpful Tips
April 15th is right around the corner, and we all know what that means – time to prepare your taxes. For many taxpayers there is still much to do before filing your federal and state income tax returns. All the…