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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.
Question: My aunt has nominated me as the Executor of her estate. Someone told me that I am entitled to payment for serving as Executor, is that true?
The Tax Cuts and Jobs Act (the “Act”) increased the federal estate tax exclusion amount for decedents dying in years 2018 to 2025. The act is set to sunset on December 31, 2025.
Question: My mom had a Will from 10 years ago that left everything equally to me and my siblings. Right before she died, I found out my brother made her sign a new Will that left everything to him. I don’t think she understood what she was signing. What should I do?
Losing a spouse is an extremely difficult time in life and handling the administration of their estate can be a stressful experience. When you are ready, it is important to seek the advice of an estate planning and elder law attorney to discuss what needs to be done on behalf of your spouse’s estate and also what planning you need to do for your own estate.
If you are the beneficiary of an estate or trust and you think that the fiduciary or person in charge is not meeting their obligations, there are procedures in which they can be removed. Surrogate’s Court Procedure Act “SCPA” § 719 lists several grounds upon which a fiduciary can be removed.
Question: My mother, who is widowed, is receiving Community Based Medicaid services. She currently owns a home in her own name; she has been hesitant to transfer it out of her name. I am concerned about Medicaid having a claim against the house after her death, am I right to be concerned?
Question: My father recently passed away. I have one brother and one sister. The will divides the assets equally among the three of us. My father’s will has nominated my sister as Executor. She declared bankruptcy several years ago and I do not think that she should serve as Executor. Do you have any advice?
Question: My mother just passed away. She did not have a Will, but I know that she wanted me to inherit everything as I am her only child. She was estranged from her husband, who is not my father. I am afraid that without a Will her assets will be taken by the State. What is going to happen?
Question: My brother is the Executor of my mother’s estate. It has been three years since she died, and he has not distributed anything. What do you recommend I do?
Question: I am the nominated executor of my friend’s estate. If I am appointed as executor, would I get paid for the work I do?
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An Irrevocable Life Insurance Trust (“ILIT”) is a valuable estate planning tool used to reduce estate taxes – known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future.
Whether an executor needs to hire an attorney depends on the type of assets, size of the estate, family dynamics, estate tax considerations, and outstanding bills.
Most people do not realize that a Will likely does not control who collects on a life insurance policy. The beneficiary named on the policy supersedes the Will. So long as the policy owner correctly designated a beneficiary on the policy, that designation controls.
In New York State, a parent has no obligation to leave an inheritance to a child. Many other countries have “forced heirship” which prohibits parents from disinheriting children, but Louisiana is the only US state with such a law.
The word is defined as “the ability to be easily moved,” but in the context of Trusts & Estates, it means much more. In this regard, portability is one of the strongest tools in the planner’s toolbox to reduce or eliminate federal estate taxes after the deaths of a married couple.
Surrogate’s Court hears cases involving the affairs of decedents, the probate of wills, and the administration of estates. The Surrogate’s Court also handles certain types of guardianship petitions and adoptions.
