What You Should Be Asking Your Estate Planning Lawyer in 2026
Like an annual physical, an annual estate planning checkup makes good sense. The economy and life’s circumstances change, and having the advice and input of a knowledgeable, experienced estate planning lawyer is important. Over the years, the estate planning landscape has become more complex. With shifting trust laws, new IRS scrutiny, evolving technology risks, and the looming 2026 estate tax cliff, your strategies may need to change. So what should you be asking your estate lawyer in 2026?
What Changes in Federal Law Affect My Estate Plan in 2026?
Many Federal and state laws take effect at the beginning of the calendar year, so it’s important to ask about changes for calendar year 2026 now. This year, among other things, there are changes in the gift tax exemption and in rules governing charitable contributions and retirement accounts. Your Long Island estate planning attorney can help you determine which changes impact you.
How Do I Include A New Family Member In My Estate?
If you have a new child, new grandchildren, a new spouse, or other people whom you want to include in your estate, you may have to amend your trust or your will.
Trusts are an essential estate planning tool that people and families can use in a variety of ways to plan for the future and protect their assets. Trusts are an increasingly popular method of estate planning, in part because of the benefits they offer compared to wills. Trusts often offer more flexibility and potential tax benefits, and allow you to avoid probate and protect assets from long-term care. Trusts can be revocable or irrevocable, depending on their purpose. The trust can be created such that the trustor/grantor/settlor – the person creating the trust – continues to have the full use of the assets or property while he or she is alive, and the ability to designate what should happen with the assets and/or property when the person passes away.
What Should I Do If I’m Planning On Selling My House In 2026?
Selling a house requires understanding tax implications. For example, you may owe capital gains tax. If your house is in a revocable trust, the sale will be relatively straightforward. That’s because in a revocable trust, the trust creator keeps control of the assets. If your house is in an irrevocable trust, the sale will be more complex than if it were in a revocable trust. It’s important to consult ahead of time with your Long Island estate planning attorney, who will guide you through the proper steps, which may include obtaining approval from other parties, such as beneficiaries.
I Believe My Husband Will Need Long-Term Care Soon – What Should I Do?
If a loved one may need long-term care, it’s important to talk to your Long Island estate planning lawyer about the financial options for care. One issue you should discuss is Medicaid eligibility rules. These rules are complex and raise difficult questions based on unique individual circumstances. It’s important to be aware that as medical, nursing home, and in-home care services increase, many seniors who are not eligible may become eligible later in life after taking the proper regulatory steps to spend down their money.
Since Medicaid is a state program, it’s important to note that eligibility rules vary by state, though there are certain minimum requirements that apply across the board. That includes income and resource limits. In New York, for example, the Medicaid program imposes certain income and asset limits. The limits vary based on whether you are seeking nursing home or in-home care, but in either case, they are very low.
A person who exceeds the income and asset limits may become eligible, including by transferring assets to a trust. By planning ahead, you can ensure your assets are protected while your loved one receives the medical treatment they need, such as nursing home or home care.
My Child Became Disabled in 2025, and I’m Not Sure What To Do Next
You should be talking to your estate planning lawyer about whether guardianship makes sense, and whether it would be prudent to create a Special Needs Trust. Not every person who has a disability needs to have a guardian to manage their financial and personal affairs, but some do, and it should be a considered option. A lot will depend on the person’s age and degree of disability. If appropriate, the guardianship process will be tailored to your loved one’s specific needs. This is a court process that takes time and careful planning, and it’s recommended that the process begin sooner rather than later. It’s important to have an experienced Long Island estate planning attorney help you with this process.
You may also want to consider setting up a Special Needs Trust. A Special Needs Trust (SNT), also called a Supplemental Needs Trust, is like any other trust: a trustee holds assets for the benefit of a beneficiary. What makes an SNT different is that the trust will benefit the person with special needs – the beneficiary – while maintaining their needs-based government benefits. Advantages of an SNT include:
- Asset Protection
- Preserves government benefits while providing needed funds
- Provides trustee management of funds
Contact Davidow, Davidow, Siegel & Stern, LLP
Here at Davidow, Davidow, Siegel & Stern, we have many years of experience helping individuals, couples, and families with estate planning. We are known for our deep knowledge and extensive expertise, as well as our outstanding client service. You can count on us to help you with strategies that protect your financial assets and make you feel more secure. And importantly, we stay up-to-date in the rapidly evolving and changing Federal and state legislative and regulatory spheres. Don’t hesitate to contact us today to see how we can help you.