Nancy Burner has been named by New York Super Lawyers magazine as one of the top attorneys in the state of New York for 2013. Only five percent of the lawyers in the state are named by Super Lawyers. This is Nancy’s sixth year as an Elder Care and Estate Planning attorney receiving this honor….
This week’s column is a continuation of our column from last week where we answered questions regarding tax-deferred annuities, the different types and the tax benefits and consequences of purchasing or owning one. Included in the questions posed last week was “what are the Medicaid implications for the owner of an annuity.” We address that…
As an Elder Law attorney, many clients consult with me with regard to trust planning to protect assets from the cost of long term care. However, many clients do not realize trusts can also be used to protect assets for your children. These types of trusts are known as Descendants’ Trusts and can be incorporated…
The Community Based (Homecare) Medicaid program can assist families in paying for the cost of care in the home and will also pay for certain adult day care programs so long as certain eligibility requirements are met. First, the applicant must meet the necessary income and assets levels. An individual who is applying for homecare…
Question: My parents are in their eighties. Both are beginning to need assistance with their daily activities. Even so, neither one is ready to move to assisted living or into a nursing facility. Mom and Dad own their home and each receive social security and a pension. Other than that, they do not have much…
Question: I am 50 years old and my financial advisor has suggested a deferred annuity. What is a deferred annuity? What are the tax aspects? What are the Medicaid implications? Answer: Purchasing a tax-deferred annuity can be an excellent idea in certain situations. If needed, an annuity can provide you with a steady stream of…
Question: My friend just created a Revocable Living Trust and I am not sure if I should be considering creating one as well. I am in my sixties and have an estate worth approximately $800,000.00. My current Last Will and Testament disinherits my estranged son. Is a Revocable Trust something I should consider? Answer: A…
Examples of Trusts Commissions Executor’s Commissions The decedent passed away with the following assets titled in her sole name: House valued at $350,000 Bank Accounts valued at $50,000 Stock Accounts valued at $100,000 Total Assets: $500,000 The Executor’s commissions would be calculated as follows: 5% of the first $100,000 ($100,000 x .05) $5,000 4% of…
With people living longer, many turn to a Home Equity Conversion Mortgage, more commonly referred to as a reverse mortgage, for additional income. Reverse mortgages allow seniors to access the equity in their homes and convert same into an income stream. Before the property is sold, or upon the death of the borrower, the amount…
Q: I have several IRA accounts; can you give me advice on completing the beneficiary designation forms? A: Some of the most costly estate planning mistakes we hear about involve IRA’s. For every IRA you should complete a beneficiary designation form. Keep a copy of the form(s) among your important papers. Do not rely on…