Elder Law
A revocable trust is not used in Medicaid planning. According to the Medicaid program, assets in a revocable trust are still considered available resources for eligibility purposes. This is because the grantor of a revocable trust has full control of and access to the money and property in the trust, and thus can utilize those […]
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There are several planning methods that can be utilized throughout your lifetime to reduce or eliminate taxes upon your death. Gifting is one option to avoid estate taxes. Anyone can gift up to $15,000 per beneficiary in 2020 without having to pay any gift tax (which is combined with the estate tax). Additionally, the Federal […]
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For certain retirement accounts, the IRS requires you to take distributions based upon your life expectancy once you reach the age of 72 ½ (the required age was raised from 70 ½ with the passage of the SECURE Act in December 2019). As a result of the COVID-19 emergency, the CARES Act suspended the requirement […]
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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. This means if your estate involves a COVID-19 related death and the court will process the matter upon filing of properly completed filings and notice […]
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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 […]
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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 […]
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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 […]
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The new Setting Every Community Up for Retirement Enhancement (SECURE) Act, effective January 1, 2020, is the broadest piece of retirement legislation passed in thirteen years. The law focuses on retirement planning in three areas: modifying required minimum distribution (RMD) rules for retirement plans; expanding retirement plan access and increasing lifetime income options in retirement […]
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Question: I recently heard that the Secure Act passed and that it may affect how my retirement accounts. What changes should I expect and do I need to adjust my estate plan? Answer: Yes, the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act was passed last minute and will be effective January 1, 2020. […]
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Q: My mother needs homecare assistance. She currently has long term health insurance, will she also need to apply for Medicaid? A: Long Term Care (LTC) insurance is a great tool to cover some or all of the costs of long-term care. Depending on the plan she purchased and how much care your mother will […]
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