Category Archive

Parents and grandparents often have a pretty good sense of when they may want to create a special needs trust (“SNT”) for their child or grandchild with atypical needs. They also understand, perhaps after discussion, when their family’s circumstances warrant a need for money management, or if an inheritance will …

Federal Gift and Estate Tax The 2019 exclusion amount is now $11,400,000; this is a $200,000 increase from last year. New York Gift and Estate Tax New York has no gift tax and for people dying on or after January 1, 2019, actual gifts made will not be taxed as …

  The New York State Department of Health has issued resource and income allowances for the year 2019.  All updated numbers are effective as of January 1, 2019.   Institutional/Nursing Home Care Resource Allowance:  Applicant – $15,450; Community Spouse – $126,420 (maximum) Income Allowance:  Applicant – $50; Community Spouse – …

Many doctors have internet portals to help patients manage their care. But that doesn’t mean older folks will use them. A University of Michigan poll found only about half of patients 50 to 80 years old have set up an online account with their health care provider. “The health care …

A few years ago, the VA suggested changes to its requirements for qualification for the Aid & Attendance pension benefits.  As of September 18th, the new rules were decided on and will take effect on October 18th, 2018.  They are as follows: There will now be a Three-Year Look-Back For …

Many doctors have internet portals to help patients manage their care. But that doesn’t mean older folks will use them. A University of Michigan poll found only about half of patients 50 to 80 years old have set up an online account with their health care provider. “The health care …

The new tax law roughly doubled the federal estate-tax exemption to about $11.2 million per person, meaning most people will not be subject to the tax. But that doesn’t eliminate the need for estate planning.   The sharp increase in the exemption amount, for example, means that old wills and …

Hank is one of 11 million Americans who lives alone, without family or friends nearby. He lost his wife, is estranged from his daughter, and lives more than 1,000 miles away from his son. He is lonely and scared of dying alone, so he did the only logical thing he …

More than 40 million Americans had a disability in 2016, according to the U.S. Census Bureau. For some, physical and cognitive impairments can hinder their ability to make decisions, live independently and provide for themselves financially. While parents may be accustomed to stepping in, every family should prepare for the …

When an elderly person loses the ability to care for her or himself, there is often a network of people collaborating to provide the level of attention and care they need. For people who live in their own homes, this could include family members, nurses or professional at-home caregivers. Others …

Seniors are embracing technology in droves. According to the Pew Research Center, 67% of seniors age 65 and older use the Internet and 42% own smartphones today.   Apps for smartphones or iPads can make life easier and more interesting. But with tens of thousands of apps on the market and more coming out …

When determining whether you can name a special needs trust (SNT) as the beneficiary of your retirement account and accomplish your intended result, you will quickly learn that the answer is “it depends.” It depends on the type of beneficiary designation and on tax laws regarding distribution of retirement account …

There are two types of Special Needs Trusts (SNTs), commonly designated as first-party and third-party SNTs. It is important to determine which type of SNT you have or need. This depends upon whose property is funding the SNT. If the property funding the SNT originates with the SNT beneficiary, then …

Showing up at the local stadium to support your favorite team and enjoy the atmosphere of a sporting event is one of the cornerstones of American life. In the past it was difficult for citizens needing special accommodations to attend but these days most facilities are in compliance with the …

No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to …

One of the biggest flash points in the debate over Republican legislation to repeal and replace the Affordable Care Act is the future of Medicaid.  Here are some basic facts about the 52-year-old program.   What is Medicaid? It’s a public health insurance program largely for low-income people, though some …

Loud and Clear: A Special Needs Conversation   Retirement accounts are often among a family’s largest assets, so you may have thought about leaving a portion to your son or daughter with disabilities. But if they will ever need means-tested benefits, your good intentions could disqualify them for important programs …

Tax Benefit:   STAR – Enhanced   Tax Benefit Details: Reduces school tax liability by exempting a portion of the value of the home from school tax.   Based on the first $65,000 of full value of the home.   Special rules for NYC, Buffalo, Rochester, Yonkers and Syracuse.   …

Tax Benefit:   STAR – Basic (Basic School Tax Relief) Tax Benefit Details: Reduces school tax liability by exempting a portion of the value of home from school tax.  Based on first $30,000 of full value of home.  (Generally)  Special rules for New York City, Buffalo, Rochester, Yonkers and Syracuse. …

For the next three weeks, in an effort to make sure you are properly updated, we will give you the specific details regarding this year’s Real Property Tax Exemptions.  The three we will outline are the Senior Citizen Homeowners’ Exemption (SCHE), Basic STAR and Enhanced STAR.   Tax Benefit:   …