It is never too early to think about your estate planning. Many people think that estate planning is a matter for the elderly, but that is not true. While people with greater assets often think about what will happen to them when they pass, it could be just as beneficial for the young to do … Read More
NYS Banking Law Regarding Joint Accounts
A bill recently passed the senate and is now in the Assembly amending New York State Bank Laws relating to joint accounts. Until now, according to Banking Law Section 675, a deposit made to a joint account in New York State has been considered to be equally owned by the individuals on the account title, … Read More
Are Retirement Accounts Protected When on Medicaid?
Medicaid is a means tested government program. A person is only entitled to Medicaid if they meet certain strict income and asset requirements. The income and asset requirements vary by state, and further vary by program. The following will discuss how retirement accounts are treated when a New York State resident is receiving Medicaid long … Read More
A Gift More Than Just the Inheritance
I recently had two consultations back to back where both sets of prospective clients were seeking guidance on estate administration after the recent loss of a loved one. The dichotomy between the two cases was magnified by the appointments being one after the other. In the first meeting I was able to give the prospective … Read More
Millions of Americans May Lose Their Medicaid Coverage in the Coming Months
Medicaid’s temporary pandemic rules have ended as of April 1 which will mean termination of coverage for millions of Americans in the coming months. Medicaid, the government-provided health insurance that an estimated 85 million Americans are on, is a means-tested program. In order to qualify for Medicaid, there are specific resource and income rules that … Read More
Why it is Better to Include Your Child with Special Needs in Your Estate Plan and Not Disinherit Him or Her
An old fashion approach to estate planning with a disabled child was to disinherit the child and leave the estate to the other child(ren) who would then “take care of” their sibling. Time and experiences have exposed the pitfalls and dangers of such planning. Even with the most trustworthy siblings and the best of intentions, … Read More
Do I Have to Transfer Everything into a Medicaid Asset Protection Trust?
Some people are aware of the concept of Medicaid planning but are very reluctant because they are not ready to transfer their assets into a trust or as some put it, “give all their assets over to their children.” Medicaid planning is not all or nothing. A Medicaid Asset Protection Trust is an irrevocable trust … Read More
Who inherits my estate if I don’t have a will?
Over your lifetime, you probably have accumulated a variety of worldly possessions. Your possessions may include a house, apartment, or multiple properties, a car, boat, or additional vehicles, money in the bank and maybe even under the mattress, investments of all kinds, retirement accounts, corporate interests, artwork, jewelry, a coin or stamp collection, and so … Read More
