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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
Estate Tax Misconception

Many believe estate taxes are unavoidable upon death, but this isn't usually the case. In 2024, New York State has an exemption of up to $6,940,000, while the federal government's exemption is $13,610,000. Estates valued below these thresholds are not subject to estate tax.

March 7, 2024
Mediators: Navigating Family Dynamics and Promoting Harmonious Estate Planning Outcomes

Navigating family dynamics can often prove a difficult course to chart. We all experience the problems in solving even everyday issues in a harmonious way, like which new restaurant to try or which television program to watch. When the stakes are higher, involving potentially life changing inheritance decisions, a family may be well served by consulting with a trained mediator to help assure smooth sailing throughout the estate planning process.

February 27, 2024
Estate Planning for the Modern Family: The Intricacies of Evolving Family Structures

In today's diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common.

February 26, 2024
Estate Planning for Artists: Legal Strategies for Protecting Artistic Legacies

In the realm of estate planning, artists face unique challenges. Their estates often comprise not only tangible artwork, but also a complex bundle of intellectual property rights. Understanding and effectively planning for the management of these assets is critical in ensuring that an artist's legacy is preserved and protected in accordance with their wishes.

February 13, 2024
The “Power” in a Durable Power of Attorney

In the realm of estate planning, a Durable Power of Attorney (DPOA) stands as a crucial document, empowering a designated individual – the agent – to manage your financial and legal affairs.

January 16, 2024
Do I Need an Irrevocable Life Insurance Trust if I Own a Life Insurance Policy?

Q: What is an Irrevocable Life Insurance Trust, and do I need one if I own a life insurance policy?

December 19, 2023
What Does a Power of Attorney Do?

Question: What are the ways a Power of Attorney can help me?

December 18, 2023
Will I Get Taxed on the Inheritance I Receive?

Question: Will I get taxed on the inheritance I receive from my father?

December 14, 2023
Can You Sell a Home Bequeathed to You in a Last Will and Testament?

Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?

December 12, 2023
Capital Gains Tax: Is it Better to Transfer a Home or Sell It?

Q: Are there any taxes or fees due if I transfer my house to my son instead of selling it to him?

December 11, 2023

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Thought Leadership

Question: My spouse and I completed our estate planning with an attorney. In our planning, we left our legacy to our adult children. Should they have their own estate planning?

August 3, 2022 Read Article