There is a BIG change on the horizon for asset and income limits for long term care Medicaid recipients. Community-Based Long Term Care Medicaid Starting January 1, 2023, there will be an increase in the allowable monthly income level, as follows: 2022 2023* Individual $934.00 $1,677 Couple $1,367.00 $2,268 Practical Note: The local…
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. If you are the primary beneficiary If you are the primary…
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. In New York, the only relative who cannot be disinherited is a surviving spouse. The surviving…
We’re on the move! We’re excited to announce that we have moved our East Hampton location to 126 North Main Street Suite #4, East Hampton 11937. We look forward to serving you with the same dedication and customer service that has become the hallmark of our practice!
There is a long running joke about lawyers never giving straight answers. We prefer to give clients definitive answers but when clients ask us whether to add a child as a joint account holder, we always say, “it depends.” Adding your child as a co-owner on your bank account can be positive or negative depending…
There is much discourse about estate planning for married couples, but what about seniors who are widowed or have never married? Single people often have more complicated estates – especially if they do not have close natural heir such as a spouse or child. Moreover, maintaining independence requires having Advance Directives in place to plan…
For the charitably inclined, there is always a question of how to be most efficiently leave money to charities in your estate plan. Charitable giving ranges from simple small monetary amounts to more complicated charitable trusts. No matter the option, there are potential income tax and estate tax implications to consider. Specific Bequests to Charities…
What is a lien? A lien is a legal claim against real property by a creditor of the property owner, recorded in the county clerk’s office. The lien remains on the property until the property owner pays off the debt. An unpaid lien can lead to the legal right to seize and sell your real…
The limited liability corporation, or LLC, is designed to combine the flexibility and simplicity of a basic partnership with the protection of a corporation. “LLC” stands for “Limited Liability Company” and owes its name to the fact that the members (owners) of the LLC are not personally liable for the debts and liabilities of the…
When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents. Upon closing, the net proceeds from the sale are payable…
