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 less than $86,000 a year in income, were receiving approximately $200 a year in tax abatement. But now the abatement has been removed because the county legislature did not re-approve the abatement.
Reporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid.
There may also be different tax ramifications depending on who you are selling the real property to and the structure of the sale. For instance, selling real property outright is different than selling property as an installment sale. In an installment sale, you are receiving payments periodically (annually, monthly, etc.) for an extended period of time and may be able to delay the reporting and taxation of these periodic payments until they are actually received—rather than all at once in an outright sale.
Frank L. Buquicchio, a partner at Russo Law Group, P.C., has been appointed to the board of the Alzheimer’s Disease Resource Center (ADRC), a non-profit organization which raises money through various events and provides valuable service for Long Island families who are facing the challenges of Alzheimer’s Disease. The mission of the ADRC is “to support research that may lead to a cure for Alzheimer’s Disease; to provide care, support, and education programs for families in need; and to be advocates for local families who are coping with Alzheimer’s Disease and other dementias.”
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so that it can be approved as a valid document. During this process, all of the parties that have the legal right to notice will be informed of this proceeding. This will give them a chance to accept or object to the approval of the will.
There are some events in life that we can’t emotionally prepare for. They can come on suddenly and unexpectedly. But an estate planning attorney can help legally prepare for some of them.
There are some life events that can be considered very stressful.
A number of my clients have experienced a gap in their Medicaid coverage because they moved from one state to another to be closer to their families. It is important to remember that Medicaid is not portable. You cannot simply transfer it from one state to another. For example, if you are receiving Medicaid benefits in New York and you move to another state, the New York State Medicaid eligibility will be lost. Meanwhile, there could be a considerable delay before you are enrolled in Medicaid and start to receive benefits in your new home state.
The Supplemental Security Income program, known as SSI, is a federally administered program.
Unlike Medicare or Medicaid, SSI is a federal welfare program that pays monthly cash benefits to individuals who fall within 1 of 3 categories:
Caring for a loved one at the end of his or her life is both a duty and a privilege.
Hospice is a type of care for individuals who have 6 months or less to live. Instead of trying to cure the illness, pain management & symptom relief become the focus of the patient’s medical team. Hospice care can be obtained in home or in a facility.
Commencing January 1, 2016, there are new Medicaid amounts reflecting medicaid eligibility. This is the third of a four-part series of updates for 2016. Click here to read part one or part two. 2016 Asset and Income Allowances One Person Two People…