Charitable giving – Cash or Credit?
Now is the time to give - before the year ends. Have you ever heard the phrase, “It’s better to give than to receive”? Well, even if you have not, the IRS definitely has. This is evidenced by tax deductions…
Now is the time to give - before the year ends. Have you ever heard the phrase, “It’s better to give than to receive”? Well, even if you have not, the IRS definitely has. This is evidenced by tax deductions…
Our time with our daughter, Theresa, was precious, as it should be for all parents. Our Theresa enjoyed sound, movement and music. Being gently shaken made her giggle. Being hugged made her feel safe. Friendly voices raised a big smile on her face. Having…
The simplest of activities are usually what brings a family together, creating traditions and lifetimes of memories. For many families, this activity is football. If your family has purchased a personal seating license (“PSL”) to get season tickets for your…
Giving assets will not automatically qualify you for Medicaid. The Medicaid program is very complex and irrational. A gift to your child will subject you to a Medicaid transfer penalty for nursing home care coverage if made within five years…
In a recent case, a New York trial court has ordered BNY Mellon to pay back a Special Needs Trust nearly $180,000 for its failure to ensure that the trust’s beneficiary qualified for public benefits. In Liranzo v. LI Jewish…
For many parents of children with special needs there is an inherent fear of death. While most people are afraid of dying, for the parents of a child with special needs this fear goes beyond the normal dread and extends…
The term Life Estate seems like an oxymoron, and may be confusing to someone who is not familiar with the term. A “Life Estate” is a legal arrangement that allows a person to have possession of property during his or…
An Indiana man, Tim Bowers, who was paralyzed from the shoulders down during a recent hunting accident asked that he be removed from life support and died hours later. Bowers, who fell 16 feet from a tree while hunting recently,…
U.S. Department of Veterans Affairs (VA) has reputation for its delays. The process can take a long time from the submission of an application to the actual payment of a benefit. Historically, this process has ranged from a few months…
Don’t overlook states’ inheritance taxes. Delvin thought he had New York State beat - his estate was 1.5 million so there are no estate taxes. His children would get his estate tax free. Most clients’ estates will avoid federal estate…