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Grandchildren do not have automatic inheritance rights except under certain circumstances. In New York, the most common scenario where a grandchild may inherit is when a grandparent passes away without a Will and the grandchild’s parent is no longer living.

Medicaid will pay the long-term care needs for individuals who meet certain income and asset criteria. This means that Medicaid will pay the high cost of home care or nursing home care for seniors.

Currently, the federal estate tax exemption is $11.7 million and the New York State estate tax exemption is $5.93 million. If no further action is taken by Congress, in 2025 the federal estate tax exemption will revert to the former $5 million, indexed for inflation.

In addition to traditional healthcare advance directives, such as a Healthcare Proxy and Living Will, the MOLST form is another directive one can execute to ensure their end-of-life wishes are followed. MOLST stands for “Medical Orders for Life-Sustaining Treatment.”

At long last, it’s here: New York State has amended the laws governing Powers of Attorney (POAs) in our state and the new statute will be in effect after June 13, 2021. This is big news for attorneys, especially those practicing in the areas of estate planning and real estate, and the clients they serve.

Learn estate planning techniques such as the Medicaid Asset Protection Trust, spousal refusal, and exempt transfers that can be utilized when one or both spouses need Community or Chronic Medicaid.

Nancy Burner, Esq. discusses the importance of anticipating issues such as divorce when engaging in estate planning.

There is no such thing as a honeymooner’s will, but maybe there should be. Once the honeymoon is over, the dress put away, and every conceivable photograph posted to social media, it is time to start considering the legal implications of getting married.

Question: My mother owns her home and is considering putting it into an irrevocable trust. She is concerned that if in the future she wanted to take a Reverse Mortgage on the property, she would not be able because the house is owned by a trust, is that correct?

Question: I am a 72 year old widow. I own my house and have an IRA but have very little in cash assets, do I need a trust?