You can change your Will or Trust at any time, even in the middle of a divorce. However, once a divorce proceeding is commenced, both spouses are restricted from transferring assets or changing the designated beneficiary on retirement accounts. This restriction does not extend to the ability to change your last will and testament or…
When both spouses need long term care, they can apply together for Community Medicaid provided that they qualify as a “dual applicant.” As a couple applying for Community Medicaid, the spouses cannot have more than $23,100.00 in total countable resources. This typically includes bank accounts, brokerage accounts, non-qualified annuities, stocks, bonds and cash value of…
Community Medicaid, also known as homecare Medicaid, is not limited to care in one’s current home. A person is eligible for Community Medicaid so long as they reside in New York, do not require a skilled nursing facility, and meet the financial eligibility requirements. Applicants applying for Community Medicaid can have up to $15,750 in…
As fiduciary you are required to account to the beneficiaries, but the type of accounting will vary depending upon the actual beneficiaries and the fiduciary’s relationship with them. There are two types of accounting: informal and judicial accounting. Informal Accounting Typically, the least expensive and fastest way for a fiduciary to account is to prepare…
In order for a person to contest a last will and testament (“will”) in New York, he or she must have legal grounds. This means a reason based in the law that the will is invalid and should not be admitted to probate. Admitting a will to probate means that the executor named in the…
We are happy to announce our attorney Kera Reed’s return from maternity leave on November 4th. Kera and her husband James welcomed sweet baby James into the world on August 12, 2020. Kera and her husband are already parents to soon to be 4 years old Brynna Grace. Before her return to the office, Kera…
Join us in congratulating Nancy Burner on her 13th Super Lawyer achievement! She has also been included on the Top 50 Women in New York for the second consecutive year. Our attorneys Kera Reed, Britt Burner, Brittni Sullivan, Michal Lipshitz and Kimberly Trueman have been selected as Rising Stars 2020. The Super Lawyers list will…
A “closing” in legal lingo is the final step in a real estate transaction. A real estate closing is when the purchaser obtains title to the property, evidenced by a deed from the seller to the purchaser or stock in a cooperative apartment. Simultaneously, the seller obtains the net proceeds from the sale. This event…
The Medicare program is administered jointly by the state and federal government. Medicare is available to adults 65 years of age and older, or to anyone under the age of 65 who is entitled to Social Security Disability. Medicare provides varying levels of medical coverage, depending on the plan you have. Medicare Part A and…
When someone enters a nursing facility for long term placement, there are several ways the Chronic Medicaid program can treat the primary residence. Usually the primary residence is a “countable asset” for the Medicaid applicant and needs to be sold. However, there are some exempt transfer and planning techniques that can preserve the primary residence….