Category Archive

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:   …

A bill entitled, Disability Integration Act, is scheduled to be introduced in the Senate very soon.  Sponsored by Sen. Charles Schumer, the bill hopes to keep families together and make life accommodating and comfortable for disabled adults.  Basically, it would require health insurance companies to pay for services for disabled …

New York State legislature has passed the Caregiver Advice, Record and Enable (CARE) Act.  It was signed into law by Governor Andrew Cuomo on October 26, 2015 and will take effect in April, 2016.  The primary focus of this new law is to offer assistance to patients and their caregivers …

Medicare announced plans this month to reimburse doctors for talking with patients about what treatments they want — and don’t want — toward the end of life.  This sensible, long-overdue proposal is likely to have a very wide impact.  About 80 percent of people who die in the United States …

Almost everyone who has been divorced or is ending their marriage needs an estate planning checklist for divorce. It’s imperative they revisit their estate planning documents to avoid inadvertently giving their ex control over their estate. While the divorce process attempts to equitably divide assets, it usually falls short of …

Following years of national grassroots advocacy efforts, the community of individuals with special needs and their family members will have at their disposal a new tool with which to maintain a private fund of assets while preserving certain   government benefits. On December 19, 2014, the President   signed the Achieving Better Life …

Our clients often look over the piles of paper (old financial records, mostly) accumulating in their homes, and ask us whether they really need to keep all that stuff. Is it important to hold on to all those documents for legal, tax or other reasons? Sometimes, by the way, the …