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2024 Strategies for Long-Term Care Planning in New York

With 10,000 baby boomers turning 65 every day, long-term care planning has become an increasingly important issue across the United States, including in New York. As the population ages, more individuals will require long-term care services and supports, highlighting the need for prudent planning to cover future care costs. There have been recent developments in New York on Medicaid eligibility rules and asset protection strategies.

April 16, 2024
Who owns the property when there is a life estate?

An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest.

January 5, 2022
2022 Updates to Estate and Gift Taxes

The Build Back Better Act was passed by the House of Representatives on November 5, 2021 and is headed for the Senate. None of the major provisions that would have affected estate planning were included in the House version.

December 6, 2021
Leaving Assets to a Non-Citizen Spouse

Couples who are both U.S. citizens receive the benefit of the unlimited marital deduction on federal estate and gift taxes. The idea is that the surviving spouse pays any estate tax at their death. In contrast, transfers from a U.S. citizen to a noncitizen spouse do not enjoy this benefit.

November 8, 2021
What is a contingent beneficiary?

A contingent beneficiary is the person or entity designated to receive proceeds from a life insurance policy, retirement account or transfer on death account if the primary beneficiary predeceases the account owner or otherwise is unable or unwilling to accept the inheritance.

October 27, 2021
What is ACRIS used for?

The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms.

October 15, 2021
Trustee Responsibilities and Obligations

If you have been named as a trustee of someone’s trust, you may be wondering what you are supposed to do. It is important that the trustee understand their duties and responsibilities.  The most important thing to remember as trustee is that the trust assets are not your assets.

October 13, 2021
“Per Stirpes” vs “Per Capita” Estate Distributions

Wills and revocable trusts often refer to the terms “per stirpes” and “per capita”. When you create a last will and testament, or a revocable trust, you choose specific beneficiaries to inherit your estate at your death.

October 6, 2021
Protecting Retirement Assets After the Secure Act

On December 20, 2019, a Federal law relating to retirement plans was enacted, entitled Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The law was implemented on January 1, 2020 and impacts retirement accounts and the rules for those who own and inherit them.

September 3, 2021
Do Grandchildren Have Inheritance Rights?

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.

September 1, 2021
Using a Durable Power of Attorney in Medicaid Planning

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.

August 18, 2021

Our Blog

Thought Leadership

Estate planning is all about preparation and ensuring that your assets are distributed in line with your wishes. It’s a comfort knowing your loved ones will be cared for just as you intend. However, life’s unpredictability sometimes throws a curveball. What if a beneficiary becomes disabled after you’ve finalized your estate plan?

September 8, 2023 Read Article

Estate planning involves careful consideration of various factors to ensure that your assets are protected and distributed according to your wishes. One element that can add an extra layer of flexibility and protection to your trust is the inclusion of a Trust Protector.

July 14, 2023 Read Article

Everyone knows the statistics – almost 50% of marriages in the United States end in divorce. Second and third marriages fail at an even higher rate.

May 15, 2023 Read Article

Mental illness refers to a wide range of conditions that affect an individual’s mood, thinking, and behavior. These conditions can affect a person’s ability to function in daily life and can vary in severity from mild to severe.

April 3, 2023 Read Article

When the SECURE Act passed in 2019, the biggest impact on estate planning was the elimination of the “lifetime stretch” for most beneficiaries of individual retirement plans (IRAs).

March 10, 2023 Read Article

We use the phrase “estate plan” dozens of times every day. It is useful for us attorneys because it describes a group of documents. Unfortunately, estate planning sounds much fancier than it is.

February 6, 2023 Read Article