New Power of Attorney Law Takes Effect June 13th in New York State

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

Read more
/by
,

Senators Propose Sweeping Changes to the Taxation of Estates and Inherited Gains

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.  

Read more
/by
,

Four Tips on Creating a Special Needs Estate Plan

Blind young man

By: Michael W. Gadomski, Esq.

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?

Read more
/by

Biden Administration May Spell Changes to Estate Tax and Stepped-Up Basis Rule

By: Caryn B. Keppler, Esq.

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. 

Read more
/by
,

Harsh New Restrictions on NY Medicaid Home Care – Postponed

Favorable regulations to continue until July 2021

For many years, New York didn’t have a look-back period for Medicaid home care. That’s right, an applicant could give away all his or her assets and then apply for Medicaid community-based care the following month, without penalty.

Read more
/by
, ,

How to Create an Estate Plan That Includes Your Pet

Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members. 

While we may think of pets as part of our family, the law considers them to be property. This means that you cannot leave anything in your will directly to a pet. The following are some steps to take to make sure your pet is protected: 

Read more
/by

Can you Visit Nursing Home Residents after they are Vaccinated?

by Staff

COVID vaccines are starting to roll out to nursing homes across the country, signaling the beginning of the end of the pandemic. Once your loved one has had both doses of the vaccine, you may be able to visit, but precautions are still necessary. 

Read more
/by

Ability to Withdraw Money Early from Retirement Plan Without Penalty Expires at the End of the Year

by Staff

If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon. 

Read more
/by

New York Delays Restrictions on Medicaid Eligibility for Home Care

APPLICANTS SHOULD TAKE ADVANTAGE OF ‘EXTRA TIME’ TO APPLY WHILE FAVORABLE RULES REMAIN IN EFFECT


by Louis Pierro and Frank Hemming III

For many years, New York didn’t have a look-back period for Medicaid home care. That’s right, an applicant could give away all his or her assets and then apply for Medicaid community-based care the following month, without penalty.

Read more
/by