Suffolk County, NY Estate Planning and Elder Law Blog
Wednesday, September 17, 2014
Estate Planning for Second Marriages
Question: My spouse and I each have children from previous marriages. While we want to provide for our surviving spouse when the first of us passes away, we want to ensure that each of our respective estates is ultimately going to our respective children. Is there a way to accomplish this?
Answer: That is not an uncommon question at all. There are several issues for you to consider, the first consideration being the execution of a post-nuptial agreement, wherein each of you agree to waive certain interests that spouses have in the other’s estate.Read more . . .
Monday, September 08, 2014
New Parents Estate Planning
Q: My husband and I are expecting our first child. We do not have a lot of assets but we do have retirement plans, insurance policies and a house. Everyone keeps telling us that we need a Will. Is that necessary?
A: As you prepare for the arrival of your child, it is important to begin to think about your estate plan to protect your growing family. “Estate planning” includes signing a Will, but also signing a power of attorney, health care proxy and living will. Executing a Will and making thoughtful designation of beneficiaries for retirement accounts and life insurance policies ensures the best outcome for your family’s well-being.
Read more . . .
Monday, September 08, 2014
Veteran Benefits Programs
Are you or a loved one missing out on unclaimed Veteran benefits?
Many Long Islanders have a family member who has proudly served in our military. Many of these Veterans are unaware of the benefits that may be available to them. Often times, family members and friends are the ones to convince Veterans to pursue benefits for themselves and their dependents. While many seniors seek assistance in maneuvering the complex world of government benefits and entitlements, most are not aware of the various all programs available to Veterans. Read more . . .
Friday, August 29, 2014
Question: My husband is currently receiving services through the Community Medicaid program. He is using a Pooled Income Trust to preserve his excess income. I heard that there are changes that may affect his ability to use the Pooled Income Trust in the future, is this correct?
Answer: Yes. On August 5, 2014, the Department of Health issued a directive advising local Departments of Social Services (the Agency that administers the Community Medicaid program) of a new regulation regarding the income budgeting rules for married individuals enrolled in Community Medicaid through a Managed Long Term Care Plan.Read more . . .
Wednesday, August 27, 2014
Why College Age Young Adults Need a Health Care Proxy and Durable Power of Attorney
Q: My son just turned 18 and is heading off to college in about two weeks. The college is located upstate. Are there any legal documents he should execute before he leaves?
A: Yes, your child should execute a Health Care Proxy and Durable Power of Attorney. These two estate planning documents are essential for young adults. Without these documents, parents do not have the authority to make health care decisions or manage money for their children once they turn 18. Even though parents are paying the tuition, cover their children on their health insurance plans and claim them as dependents on their tax returns. That means if a young adult is in an accident and becomes disabled, even temporarily; a parent might need court intervention and approval through a guardianship proceeding to act on his or her behalf.Read more . . .
Monday, August 18, 2014
Appointing a Guardian for Minors
Question: My wife and I are in our mid-forties. We have two children ages 10 and 13. Should anything happen to my wife and I, how can I ensure that my sister is given legal custody of my children?
Answer: No matter how young you are, if you have minor children, it is a good idea to establish an Estate Plan which includes a designation of a guardian for them in the event that both you and your spouse pass away. Read more . . .
Monday, August 11, 2014
Planning for a Family Member with Special Needs
Caring for a loved one with special needs during your life may be one of the most important jobs you have, but many do not realize the importance of planning for that same person for after you are gone. Since so many disabled individuals receive some kind of government benefits, it is imperative to ensure that these benefits continue, even if they receive an inheritance. This protection can be ensured by creating a Supplemental Needs Trust or Special Needs Trust (“SNT”) for the benefit of the disabled beneficiary.Read more . . .
Monday, August 11, 2014
Probate Estate v. Gross Estate
Question: Someone told me that assets with named beneficiaries are not subject to estate tax, is that correct?
Answer: No, that is not correct. Your “gross taxable estate”, meaning the assets that are subject to estate tax, consists of all of the assets which you have an interest in at death, even if those assets do not pass to your beneficiaries through the probate of your Will. However, if your gross taxable estate is less than the state and federal exemption amounts, there will be no estate taxes due at your death. In 2014, those who die as residents of New York State with less than $2,062,500 will not owe state estate taxes, and those with less than $5,340,000 will not owe federal estate taxes. The New York State exemption amount will increase over the next several years to meet the federal exemption amount in 2019.Read more . . .
Wednesday, August 06, 2014
In a recent United States Supreme Court decision, the Court unanimously found that IRAs that are inherited are not protected from creditors in a bankruptcy proceeding because they are not considered “retirement funds” as interpreted by the Bankruptcy Code.Read more . . .
Wednesday, August 06, 2014
Using Pooled Income Trusts in Homecare Medicaid Planning (UPDATED)
Question: My parents are in their eighties. Both are beginning to need assistance with their daily activities. Even so, neither one is ready to move to assisted living or into a nursing facility. Mom and Dad own their home and each receive social security and a pension. Other than that, they do not have much in savings. I have heard that Medicaid will cover this type of care so long as the recipient is under the income and asset limit set by Medicaid. Is there a way to preserve Dad’s income for Mom and secure services for him at the same time?
Answer: Yes. The situation that you have described is a situation in which many elderly couples find themselves. The good news is that an elderly person’s high income does not automatically disqualify them from receiving Medicaid Homecare Benefits. With careful planning and the use of a Not-for-Profit Pooled Income Trust, many elderly persons are able to age in place, get the homecare services that they need, and preserve their monthly income for payment of household bills. Read more . . .
Friday, August 01, 2014
Article 17A Guardianship
Question: My daughter is 18 years old and is developmentally disabled. She is unable to make medical decisions for herself and cannot handle her own finances. A social worker suggested that I apply for an Article 17A Guardianship. What is an Article 17A Guardianship and is this advisable?
Answer: When your daughter turned 18, she reached the “age of majority”. Once an individual reaches the age of majority, they are both legally permitted and solely responsible for making their own decisions regardless of their disability. Read more . . .
Nancy Burner & Associates, P.C. has offices in Setauket, Westhampton Beach, and Manhattan New York.