Social Security 2023 Update
SOCIAL SECURITY 2023 UPDATE SSI FOR NYS RESIDENTS Individual $1,001/month Couple $1,475/month MAXIMUM TAXABLE EARNINGS Social Security (OASDI only) $160,200 QUARTER OF COVERAGE Earnings Required $1,640/quarter SOCIAL SECURITY DISABILITY THRESHOLD Substantial Gainful Activity (SGA) Non-Blind $1,470 Blind $2,460…
Medicare 2023 Figures
MEDICARE 2023 FIGURES MEDICARE PART A: HOSPITAL SERVICES Inpatient hospital deductible $1,600/illness Daily co-insurance $0/day 1-60, $400/day 61-90, $800/day 91-150 Skilled Nursing Facility (SNF) Daily co-insurance amount $0/day 1 - 20, $200/day 21 - 100 Part A Premiums For…
What Should You Sign in a Probate of Will Proceeding
If you are a beneficiary of a trust or estate, or next-of-kin to a decedent whose estate is involved in a Surrogate’s Court probate proceeding, you should consult with a qualified attorney before signing any documents or waiving your rights…
Filing Taxes for Irrevocable Medicaid Asset Protection Trusts
Question: I created an Irrevocable Medicaid Asset Protection Trust. Do I need to file a tax return for the trust? Answer: Let’s start by defining the trust. Appropriately named, a Medicaid Asset Protection Trust (“MAPT”) is created to shield assets from Medicaid…
What is My Trust Tax Identification Number (EIN)?
A trust identification number identifies a trust, like any other legal entity, for tax purposes. You need a trust identification number in order to put assets into your estate planning trust. The number will always be either: The grantor’s Social…
How are Letters Testamentary Used When Settling an Estate?
Sometimes when a loved one passes away, an individual who believes they inherited assets from the decedent will be told at a bank or financial institution that they need “Letters Testamentary” in order to collect those assets. The question most…
Eric J. Einhart, Esq. Appointed as Secretary of the 2022-2023 NAELA Board of Directors
Eric J. Einhart, Esq. has been named to the 2022-2023 Executive Committee of the National Academy of Elder Law Attorneys (NAELA) as incoming Secretary. Established in 1987, NAELA is a non-profit association of attorneys dedicated to improving the quality of…
Vincent Russo on CFN Live: Who are the Players in Your Estate? (Part Two)
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on June 15th to discuss "Who are the Players in Your Estate? (Part Two)" https://www.youtube.com/watch?v=0erJP8WdrYU Vincent J. Russo explains who has the…