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What Are the Tax Implications of Transferring Property Into a Trust?
While a trust technically becomes the owner of your home when you sign a deed transferring ownership to a grantor trust, rest assured that you will still receive the same real estate tax exemptions and/or benefits that you received when your home was owned in your individual name.
As of Monday, May 18, 2020, any uncontested probate, administration and small estate matter involving an individual who passed away due to COVID-19 related causes is deemed an essential matter.
It is difficult to escape stories in the news today about the rise in COVID cases in nursing facilities in New York State and around the country. Given the vulnerability of the senior population to the virus, we were not surprised to hear in the beginning of March that the nursing homes were being “locked down.”
Millions of Americans have already received their Economic Impact Payments (EIP) authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Internal Revenue Service (IRS) continues to automatically send the EIP to most eligible individuals. Many have received checks payable to taxpayers who died in 2018 or 2019 since payments were based upon either 2018 or 2019 Income Tax filings.
Question: My husband passed away a couple of months ago. All of our assets were held jointly except for one of our cars, which was held in his sole name. The car is worth about $20,000.00. What do I need to do to transfer the car into my name? Do I need to go to Court?
Retirement can be an exciting new chapter in someone’s life, but it also may be stressful. The change of lifestyle and income source can lead to anxiety for many individuals reaching retirement.
Our elder law specific estate planning sometimes involves both a revocable and irrevocable medicaid asset protection trust to provide flexibility for the unknown future. One issue that comes up is when a client enters an assisted living facility is which trust can help pay the costs of the facility.
Question: My husband may soon need a Nursing Home. I have been told that if he needs to go to a Nursing Home, we will have to spend down all of our assets before he can be eligible for Medicaid benefits, is this true?
On March 21, 2020, the Internal Revenue Service (IRS) announced in IR -2020-58 that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. The IRS also announced that taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.
Question: I have an IRA, and someone told me that once I reach a certain age that I have to take distributions from that IRA. Can you explain this to me?
Question: My aunt has nominated me as the Executor of her estate. Someone told me that I am entitled to payment for serving as Executor, is that true?
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The COVID-19 pandemic has devastated families across the United States, leaving countless people grappling with loss, grief, and unanswered questions. If you’re one of the many people who have lost a loved one to COVID-19, you may be wondering if there is any recourse you can take against the nursing home where your loved one lived.
New York State has recently passed new legislation – NY Executive Law Section 135-c, bringing significant changes to the rules governing notarization.
