Retirement accounts are commonly one of our clients’ largest assets. These retirement accounts represent the fruit of a lifetime of labor, years of tax-deferred appreciation, and what many hope will be a lasting legacy that will help their children/beneficiaries in…
In making the decision to meet with an estate planning attorney to create a Last Will and Testament, you will need to decide who to nominate as your Executor. Among other responsibilities, your Executor is the person that will be…
What is the IRA Charitable Rollover and how does it work? The Individual Retirement Account (“IRA”) Charitable Rollover is a “Qualified Charitable Distribution” which allows the IRA owner, who is 70 ½ or older, to make tax free gifts of…
As Elder Law attorneys we are keenly aware of the many serious issues that impact the senior citizen population. We take great pride in being advocates for our senior clients and strive to educate our clients and the general population…
In New York State, in order to contest a person’s Last Will and Testament, the challenger must have the right to do so. This right is known as “standing”. A challenger has standing under the following circumstances: When he or…
A homestead is defined by Medicaid as the primary residence occupied by the applicant, the applicant's spouse, or the applicant's minor, disabled or blind child. A homestead is exempt for purposes of Medicaid eligibility under certain circumstances. The law limits…
You love your pet and want to make sure that he will be taken care of after you pass away. After reaching that decision, most people are still unsure of what arrangements need to be made.
A pet trust is a legal agreement to provide for the care of one or more pets in the event that the pet owner dies or becomes unable to care for them. New York State gives statutory authority for the benefit of pets under Estates, Powers, and Trusts Law, Chapter 17-B.
An individual’s estate plan should include legal documents that authorize a person of your choosing to make the necessary financial and health care decisions for you in the event you are unable to make your own decisions. Every adult individual…
The mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on a loan that is secured by their principal residence or secondary residence. Starting in 2018 the Mortgage Interest…
A guardianship proceeding can be very expensive, very time consuming, and very emotionally and physically draining—for the person who needs a guardian and the family members as well. Why is this? Take a look at the reasons below: You have to file a petition…