A pooled trust allows disabled individuals who are under age 65 to become financially eligible for public assistance, e.g. Medicaid, SSI, etc. This type of trust provides flexibility—allowing individuals to preserve their assets and monthly income necessary to pay for…
In Do I Need a MOLST Form?, we discussed who might need a MOLST form and in which situations. Below we’ll discuss how a MOLST form is executed. There are certain medical requirements that need to be met in order…
A MOLST (Medical Orders for Life-Sustaining Treatment) form is a medical order form that tells healthcare providers a patient’s medical orders for life-sustaining treatment. The form includes medical orders and patient preferences regarding resuscitation instructions when the patient has no…
Parents of children with special needs will inevitably face the following question: Who is going to make health care and financial decisions for my child when I am unable to do so?
Planning and preparing the appropriate documentation for children with special needs will ensure protection for your loved ones.
Many times when I meet with clients to discuss Medicaid, their children come along with them. One of the most frequent questions I get asked by children is, "Well, mom put me on her checking account, so half of that is…
We often see clients with concerns about loved ones who receive government benefits such as Supplemental Security Income (SSI) and/or Medicaid. Since SSI and Medicaid have very strict rules as to how much money and how much income beneficiaries can…
There are three types of guardianship proceedings in New York State: Article 17 - Guardianship of minors. Article 17A - Guardianship of adult individuals with intellectual or developmental disabilities. Article 81 - A mental hygiene proceeding for adults who had…
Recently, I was helping a couple with planning. Unfortunately, the husband passed away about two weeks ago. After he died, the family realized that he had one bank account that was in his name alone, with about $3,000 in it. They did not realize this before he passed, otherwise they would have taken care of it.
Today (March 6, 2017) marks the last day a fiduciary of a trust or estate can make a distribution from the trust or estate, and still take the 65-day election on the fiduciary income tax return. The general rule is,…
On Long Island, a tax break affecting 35,000 Nassau County seniors was not renewed this year. Recently, Nassau County let a long-standing property tax abatement expire without any notice to the recipients of the abatement. Approximately 35,000 seniors, all earning…