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The typical Medicaid trust is a grantor trust for income and estate tax purposes. The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control.

The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control. By spreading their income out, the earners were subject to the lower tax brackets.

Do all Wills have to go through probate?

I have three children. My son has been living with me for the past few years. I have heard that there is no reason for me to engage in any estate planning because if I require nursing home care, all of my assets can be transferred to my son. Is that correct?

Each January, the Governor of the State of New York puts out a proposed budget from which the Legislative and Executive branches will base their negotiations to determine a final budget. The budget is set to be passed by March 31; the date that marks the end of the fiscal year for the State. 

years ago, my mother signed a General Durable Power of Attorney and named me as Agent.  I was recently told that there is a possibility that the Power of Attorney may not cover all transactions.  Could that be true?

I read somewhere that the New York State Estate Tax Exemption was increasing again this year, could you explain this to me?

My mother passed away with $20,000 in credit card debt. As the Executor of her estate, am I liable for these bills?

My son has developmental disabilities and, as a result, is unable to make enough money to support himself. He only has a savings account with $25,000 in it; is there any government assistance available for him to receive some income?

I keep hearing that if I apply for Medicaid I will need five years’ worth of financial documents. Could you tell me what are the documents I should be keeping?