State Steps Back from Pioneering Progressive Social Policy. New “Lookback” Provision to Cause Penalties, Delays.
The care available to New York’s most vulnerable seniors and people with disabilities is facing draconian changes, with new rules announced by the Department of Health that will limit eligibility and access for new Medicaid applicants.
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The opportunity to make proper use of the present $11,700,000 Federal Gift Tax exemption, and the opportunity to fund and sell to Grantor Trusts, form and fund Grantor Retained Annuity Trusts, fund Qualified Personal Residence Trusts and other planning techniques, may be gone in a matter of days.
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By: Pierro, Connor & Strauss Attorneys
Summary: Congratulations to our Founding Partner, Louis W. Pierro, for being named 2022 Lawyer of the Year for Elder Law in Albany, NY.
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By: Pierro, Connor & Strauss Attorneys
Summary: Congratulations to our Founding Partner, Louis W. Pierro, for being named a New York Super Lawyer for Elder Law and to Senior Associate Attorney, Frank Hemming III, for being selected as a New York Rising Star for Elder Law in the 2021 Edition of Super Lawyers.
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By: Pierro, Connor & Strauss Attorneys
Summary: Britney Spears’s legal fight to wrest back control over her personal and financial affairs has flooded the issue of guardianship in Klieg lights. While a full guardianship may be necessary for many individuals who are incapable of managing their own affairs due to dementia or intellectual, developmental or mental health disabilities, the Spears case underlines the option of more limited alternatives.
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By: Louis W. Pierro and Peter J. Strauss, Esq.
Summary: A new law modifies the format, usefulness and enforceability of the current document by: 1. Eliminating the need for a separate statutory gifts rider, which had led to many problems regarding validity 2. Allowing for minor language or formatting variations from the official statutory form rather than declaring the entire document ineffective 3. Authorizing substantial fines on financial institution that fail to honor a valid power of attorney
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By: Staff
Vermont senator Bernie Sanders has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy.
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Public benefits enhance the quality of life for people with disabilities yet eligibility for SSI or Medicaid is based on the financial value of assets the persons possess. So what if parents or grandparents wish to set aside additional financial resources for a child or adult with a disability while maintaining their loved one’s eligibility for public assistance?
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A new administration usually means that tax code changes are coming. While it remains unclear exactly what tax changes President Biden’s administration will propose and what Congress will approve, two possibilities are that estate tax exemption will be reduced and the stepped-up basis on death will be eliminated. The first would affect only multi-millionaires, but the second could have an impact on more modest estates and their heirs.
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