Estate Planning
Making medical decisions for a loved one is extremely difficult, but making end of life decisions for someone is legally impossible without proof of his or her wishes. In New York, nobody may make end of life decisions for another–such as to forgo life sustaining treatments which only serve to artificially prolong one’s life—unless there […]
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What is a Qualified Terminable Interest Property (QTIP) trust and when would I use it? A Qualified Terminable Interest Property trust, commonly known as a QTIP trust for short, is a type of marital trust that offers flexibility in planning for your spouse and remainder beneficiaries upon your death, while also providing estate tax planning […]
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When someone in New York State dies with a small amount of money, the family may be able to avoid probate by using a “1310”, or small estate affidavit. This affidavit may be used by certain family members or the decedent’s creditors to collect assets up to a certain value in the decedent’s sole name. […]
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A common misconception is that spouses have full access to each other’s finances, but this is not the case. Retirement accounts, pensions, and other assets in one’s individual name cannot be accessed by a spouse unless that spouse has been authorized to do so under a valid Power of Attorney. Medicaid recipients with retirement accounts […]
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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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A Revocable Living Trust, also called an intervivos trust, is a trust created during a person’s lifetime and is designed to give the grantor (creator) flexibility and control over his or her assets. With a Revocable Trust, you may act as your own Trustee, thereby maintaining complete control over your assets during your lifetime. With a […]
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More than five million seniors in the United States have been diagnosed with Alzheimer’s disease. Caretaker spouses agonize over what will happen if they were to pass away leaving their husband or wife without someone to care for them. The reality is that in many cases, seniors with Alzheimer’s need a high level of care […]
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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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Real property in the Hamptons has always enjoyed a steady increase in value. But with this increase in value, owners may incur a substantial tax bill from the capital gain in their real property if and when they decide to sell. Federal long-term term capital gains are taxed at the rate of 0%, 15% or […]
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Although it is true that a safe deposit box is a safe place to keep important documents and/or assets, many people do not realize that once the bank is notified of the death of an owner, the box cannot be opened without a court order. This is true even if there is a joint owner […]
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