Many clients will ask the question, “When should I update my estate plan?” The answer is usually, whenever something big happens in your life. All too often, clients will execute a Durable Power of Attorney, a Health Care Proxy, a…
Many of our clients are legitimately concerned about what will happen to their homes and their assets if they need to go into a nursing home. They have heard of the five-year lookback related to Medicaid. Often, they show up…
… My spouse died, and I am the surviving tenant by the entirety of our house? … My parent died, and I am the surviving joint tenant of our house? … I inherited a house from a relative and now…
Many individuals who seek counsel in our office come in ready to talk about a DNR (Do Not Resuscitate). They believe it to be a document that allows them to forgo life support in the event of a catastrophic event…
If you die without a Last Will and Testament or a Trust, the New York State laws of intestacy will govern the disposition of your property to your “distributees”, your closest living blood relatives (in priority order). However, if you…
A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living. The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help…
Scams are on the rise! Whether it be in the form of a phone call, email, or direct mailing, scam artists are trying to steal your personal information. The IRS has continuously warned taxpayers to think twice before providing any…
With the Home Care industry already struggling to maintain proper staffing, and Medicaid restructuring their payment system a few years ago, the idea of getting 24-hour coverage by paying privately or through Medicaid has become cumbersome. As a result of…
When advising clients regarding Medicaid asset protection planning, it is common to recommend the transfer of their residence (and other properties they may own) to a Medicaid Asset Protection Trust (“MAPT”). After five years, the trust assets would not be…
New York state has not had a gift tax since it was repealed in 2000. However, even absent a gift tax, New York historically required decedents to include in their New York taxable estate all gifts made within three years…