Estate Planning and Elder Law Blog

Reverse Mortgage Trusts

Question: My mother owns her home and is considering putting it into an irrevocable trust. She is concerned that if in the future she wanted to take a Reverse Mortgage on the property, she would not be able because the house is owned by a trust, is that correct? Answer:  The mere fact that a…

Read More...

Update: Navigating the Changing Landscape of Community Medicaid

Important changes to the Community Medicaid program in New York State were enacted in 2020. Not all of the changes have been immediate and the fate of others remains uncertain. For the time being, the program is being administered in a similar way to how it has been done in the past – but change…

Read More...

Veterans Benefits

Most veterans are not aware of the wide range of benefits they may be entitled to under the United States Department of Veterans Affairs even if they did not directly retire from the military or suffer injuries in the line of duty.  For example, there is a benefit referred to as the improved Pension through…

Read More...

Don’t Just Deed it All Away

In general, when a person dies in New York, that person’s Last Will & Testament must be probated in Surrogate’s Court so that an Executor can be appointed to legally distribute assets. If there is no Will, an administration proceeding will be required and an administrator will be appointed to distribute the decedent’s assets according…

Read More...

Should I Have an Irrevocable Trust?

Question: I am a 72 year old widow. I own my house and have an IRA but have very little in cash assets, do I need a trust? Answer: Yes, you could benefit from having an irrevocable trust. For you, the main purpose of this trust would be to protect your house so that you…

Read More...

It Pays to be Married: an Explanation of the Unlimited Marital Deduction and Portability

It pays to tie the knot, at least according to the IRS. The unlimited marital deduction is a provision in the U.S. Estate and Gift Tax Law that allows individuals to transfer an unrestricted amount of assets to their spouse at any time, free from tax. The unlimited marital deduction is considered an estate preservation…

Read More...

Avoid Tax Traps When Giving Assets to Grandchildren

Generation Skipping Transfer Tax (GSTT) is the tax imposed on transfers made to grandchildren, or individuals (other than a spouse) who are at least 37 ½ years younger than the donor of the gift. GSTT sounds complicated, and can be complicated, but the concept is simple. The tax was instated in 1976 to prevent wealthy…

Read More...

Why Your Estate Planning Attorney & Matrimonial Attorney Should Meet

Any divorce, regardless of the amount of assets of the couple, involves changes to the legal status between two individuals that will have a natural effect on your estate plan.  Meeting with your estate planning attorney and having that attorney coordinate with your matrimonial attorney can prepare you for the most positive outcome.  With input…

Read More...

Should I remove my deceased spouse from the deed to our property?

When a co-owner of real property passes away, what happens next depends on how the co-owners took title to the property. Upon the death of a co-owner, it is necessary to review the last deed of record to make this determination. There are three ways to own property in New York as co-owners: tenants in…

Read More...

Life Insurance in your Estate

What You Need to Know About Life Insurance and Your Estate Many people choose to invest in a life insurance policy. Some choose to purchase a term life insurance policy wherein the insured pays a premium for a period of years and if he or she passes away during that period of time, the policy…

Read More...

Posts

Scroll to Top