There is a new simplified power of attorney coming to New York State. A power of attorney is a legal document which appoints an Agent to act on behalf of the Principal with regards to the Principal’s financial and legal matters. On December 15, 2020, Governor Cuomo signed Assembly Bill A5630A to help simplify the…
Whether a bank account must go through probate depends on how the account was held – jointly or in the decedent’s sole name. Like real property, bank accounts can be owned in many ways. If a bank account is held jointly between two or more parties, there is usually a right of survivorship. This means…
A guardianship proceeding is commenced under Article 81 of New York State Mental Hygiene Law. The purpose of the proceeding is to have a guardian appointed for a person who is deemed incapacitated and unable to make decisions with respect to personal and/or financial matters. The Court must find that the alleged incapacitated person (or…
The 2017 Tax Cuts and Jobs Act (TCJA) doubled the estate tax exemption, which in 2021 is $11.7 million dollars. This exemption is set sunset in 2026, but due to the economy, it may substantially decrease as early as 2021 or 2022 to pre-2017 levels, adjusted for inflation. Some gifting techniques you may want to…
We are finally are putting 2020 behind us and entering a new year with a clean slate! Given how tumultuous the year has been with the pandemic, as well as the change in administration, there are certain estate planning matters that should be a top priority. We put together this checklist so you can make…
What is Immediate Need Medicaid? Immediate need Medicaid is an expedited application process to receive long term care at home paid for by Medicaid. Unlike the standard Medicaid application process, which can take approximately 6 months to receive services, those applying for immediate need Medicaid tend to receive care at home within one month of…
We’re excited to announce that Nancy Burner has been honored as one of Dan’s Papers’ Power Women of Long Island. Nancy accepted this honor on Thursday, December 17th at 7pm at a virtual award ceremony event hosted by Schneps Media. Congrats Nancy!
A deed is a legal document used to convey title to real property. There are different types of deeds that may be used depending upon the circumstances of the transfer. It is always best to consult an experienced real estate attorney who can prepare and advise which type of deed should be used to meet…
The 2017 Tax Cuts and Jobs Act (the “Act”) increased the federal estate tax exclusion amount for decedents dying in years 2018 to 2025. The exclusion amount for 2021 is $11.7 million. This means that an individual can leave $11.7 million and a married couple can leave $23.4 million dollars to their heirs or beneficiaries…
As Elder Law Attorneys, we focus on Medicaid planning for our clients in order to have access to long-term care. It is equally as important to ensure that their beneficiaries will have access to government programs and not be disqualified by the fact that they received an inheritance. If you have a disabled child who…